V.W.S.: 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.S.
Largest movements
- Receivables within one year -€7,058
down €7,058 (-30.9%), from €22,810 to €15,753
of which Other amounts receivable: -€11,115
- Deferred charges and accrued income -€5,363
down €5,363 (-24.2%), from €22,152 to €16,788
- Tangible fixed assets -€4,287
down €4,287 (-2.5%), from €169,000 to €164,713
of which Leasing and similar rights: -€4,738
- Cash +€3,424
up €3,424 (+7.4%), from €46,434 to €49,858
mainly Net result for the year (+€28,055) and Depreciation (+€9,830)
- Debts after one year -€16,909
down €16,909 (-37.3%), from €45,293 to €28,384
- Other debts +€7,991
up €7,991 (+88.8%), from €9,000 to €16,991
- Current portion of long-term debt -€3,480
down €3,480 (-13.5%), from €25,861 to €22,381
- Taxes +€2,390
up €2,390 (+32.1%), from €7,451 to €9,841
- Gross operating margin +€2,040
up €2,040 (+4.2%), from €48,741 to €50,781
- Financial charges -€780
down €780 (-19.2%), from €4,056 to €3,277
- Other operating charges -€517
down €517 (-27.3%), from €1,894 to €1,377
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.
Cash bridge derived
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 | €300,396 | €287,112 | -€13,285 | -4.4% |
| Fixed assets | 21/28 | €169,000 | €164,713 | -€4,287 | -2.5% |
| Tangible fixed assets | 22/27 | €169,000 | €164,713 | -€4,287 | -2.5% |
| Land and buildings | 22 | €162,621 | €162,794 | +€174 | +0.1% |
| Plant, machinery and equipment | 23 | €1,642 | €1,919 | +€277 | +16.9% |
| Leasing and similar rights | 25 | €4,738 | - | -€4,738 | |
| Current assets | 29/58 | €131,396 | €122,399 | -€8,998 | -6.8% |
| Amounts receivable after more than one year | 29 | €40,000 | €40,000 | = | 0.0% |
| Other amounts receivable | 291 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,810 | €15,753 | -€7,058 | -30.9% |
| Trade receivables | 40 | €9,188 | €13,245 | +€4,057 | +44.2% |
| Other amounts receivable | 41 | €13,623 | €2,507 | -€11,115 | -81.6% |
| Cash at bank and in hand | 54/58 | €46,434 | €49,858 | +€3,424 | +7.4% |
| Deferred charges and accrued income | 490/1 | €22,152 | €16,788 | -€5,363 | -24.2% |
| Total equity and liabilities | 10/49 | €300,396 | €287,112 | -€13,285 | -4.4% |
| Equity | 10/15 | €164,595 | €165,332 | +€737 | +0.4% |
| Reserves | 13 | €157,012 | €157,612 | +€600 | +0.4% |
| Tax-exempt reserves | 132 | €8,500 | €8,500 | = | 0.0% |
| Distributable reserves | 133 | €148,512 | €149,112 | +€600 | +0.4% |
| Profit (loss) carried forward | 14 | €7,583 | €7,720 | +€137 | +1.8% |
| Provisions and deferred taxes | 16 | €49,252 | €49,252 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €49,252 | €49,252 | = | 0.0% |
| Pensions and similar obligations | 160 | €49,252 | €49,252 | = | 0.0% |
| Amounts payable | 17/49 | €86,549 | €72,528 | -€14,022 | -16.2% |
| Amounts payable after more than one year | 17 | €45,293 | €28,384 | -€16,909 | -37.3% |
| Financial debts | 170/4 | €45,293 | €28,384 | -€16,909 | -37.3% |
| Amounts payable within one year | 42/48 | €41,256 | €44,144 | +€2,887 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €25,861 | €22,381 | -€3,480 | -13.5% |
| Trade debts | 44 | €2,505 | €352 | -€2,152 | -85.9% |
| Suppliers | 440/4 | €2,505 | €352 | -€2,152 | -85.9% |
| Taxes, remuneration and social security | 45 | €3,891 | €4,419 | +€528 | +13.6% |
| Taxes | 450/3 | €3,891 | €4,419 | +€528 | +13.6% |
| Other amounts payable | 47/48 | €9,000 | €16,991 | +€7,991 | +88.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,955 | €9,830 | -€125 | -1.3% |
| Other operating charges | 640/8 | €1,894 | €1,377 | -€517 | -27.3% |
| Gross operating margin | 9900 | €48,741 | €50,781 | +€2,040 | +4.2% |
| Operating profit (loss) | 9901 | €36,892 | €39,574 | +€2,682 | +7.3% |
| Financial income | 75/76B | €1,439 | €1,598 | +€159 | +11.0% |
| Recurring financial income | 75 | €1,439 | €1,598 | +€159 | +11.0% |
| Financial charges | 65/66B | €4,056 | €3,277 | -€780 | -19.2% |
| Recurring financial charges | 65 | €4,056 | €3,277 | -€780 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €34,275 | €37,895 | +€3,620 | +10.6% |
| Income taxes | 67/77 | €7,451 | €9,841 | +€2,390 | +32.1% |
| Profit (loss) for the period | 9904 | €26,824 | €28,055 | +€1,231 | +4.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,824 | €28,055 | +€1,231 | +4.6% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.