V.W.R.: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
V.W.R.
Largest movements
- Receivables within one year -€2,225
down €2,225 (-2.6%), from €85,709 to €83,483
- Profit (loss) carried forward -€1,406
down €1,406 (-0.9%), from -€157,252 to -€158,658
- Gross operating margin +€940
up €940 (+80.1%), from -€1,175 to -€234
- Financial charges +€541
up €541 (+533%), from €101 to €643
- Other operating charges +€42
up €42 (+3.6%), from €1,178 to €1,221
- Taxes +€40
up €40 (+36.0%), from €110 to €150
- Financial income -€32
down €32 (-3.7%), from €874 to €842
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €86,448 | €85,222 | -€1,226 | -1.4% |
| Current assets | 29/58 | €86,448 | €85,222 | -€1,226 | -1.4% |
| Amounts receivable within one year | 40/41 | €85,709 | €83,483 | -€2,225 | -2.6% |
| Other amounts receivable | 41 | €85,709 | €83,483 | -€2,225 | -2.6% |
| Cash at bank and in hand | 54/58 | €54 | €200 | +€146 | +271% |
| Deferred charges and accrued income | 490/1 | €685 | €1,538 | +€853 | +124% |
| Total equity and liabilities | 10/49 | €86,448 | €85,222 | -€1,226 | -1.4% |
| Equity | 10/15 | €82,142 | €80,736 | -€1,406 | -1.7% |
| Contributions | 10/11 | €223,104 | €223,104 | = | 0.0% |
| Capital | 10 | €223,104 | €223,104 | = | 0.0% |
| Issued capital | 100 | €223,104 | €223,104 | = | 0.0% |
| Reserves | 13 | €16,290 | €16,290 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,379 | €1,379 | = | 0.0% |
| Legal reserve | 130 | €1,379 | €1,379 | = | 0.0% |
| Distributable reserves | 133 | €14,911 | €14,911 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€157,252 | -€158,658 | -€1,406 | -0.9% |
| Amounts payable | 17/49 | €4,306 | €4,486 | +€180 | +4.2% |
| Amounts payable within one year | 42/48 | €4,306 | €4,480 | +€174 | +4.0% |
| Trade debts | 44 | €513 | €605 | +€92 | +17.9% |
| Suppliers | 440/4 | €513 | €605 | +€92 | +17.9% |
| Other amounts payable | 47/48 | €3,793 | €3,875 | +€82 | +2.2% |
| Accrued charges and deferred income | 492/3 | - | €6 | +€6 | |
| Other operating charges | 640/8 | €1,178 | €1,221 | +€42 | +3.6% |
| Gross operating margin | 9900 | -€1,175 | -€234 | +€940 | +80.1% |
| Operating profit (loss) | 9901 | -€2,353 | -€1,455 | +€898 | +38.2% |
| Financial income | 75/76B | €874 | €842 | -€32 | -3.7% |
| Recurring financial income | 75 | €874 | €842 | -€32 | -3.7% |
| Financial charges | 65/66B | €101 | €643 | +€541 | +533% |
| Recurring financial charges | 65 | €101 | €643 | +€541 | +533% |
| Profit (loss) for the period before taxes | 9903 | -€1,580 | -€1,256 | +€325 | +20.5% |
| Income taxes | 67/77 | €110 | €150 | +€40 | +36.0% |
| Profit (loss) for the period | 9904 | -€1,691 | -€1,406 | +€285 | +16.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,691 | -€1,406 | +€285 | +16.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.