V2A Management: what changed
Two fiscal 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.
V2A Management
Largest movements
- Tangible fixed assets -€59,378
down €59,378 (-5.5%), from €1.1m to €1.0m
of which Land and buildings: -€60,399
- Cash -€32,804
down €32,804 (-72.2%), from €45,416 to €12,613
mainly Debts after one year (-€77,571) and Contributions, distributions and other (-€42,680)
- Current investments +€31,950
up €31,950 (+14.8%), from €216,489 to €248,439
- Receivables within one year +€29,794
up €29,794 (+17.8%), from €166,914 to €196,708
of which Trade receivables: +€21,800
- Debts after one year -€77,571
down €77,571 (-6.0%), from €1.3m to €1.2m
- Other debts +€39,364
up €39,364 (+38.3%), from €102,796 to €142,159
- Gross operating margin -€25,343
down €25,343 (-12.7%), from €199,681 to €174,338
- Depreciation -€23,592
down €23,592 (-26.9%), from €87,648 to €64,056
- Financial charges +€8,509
up €8,509 (+24.7%), from €34,454 to €42,963
- Financial income -€6,307
down €6,307 (-84.0%), from €7,506 to €1,199
- Taxes -€2,581
down €2,581 (-10.0%), from €25,909 to €23,328
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 | €1,619,188 | €1,592,684 | -€26,503 | -1.6% |
| Fixed assets | 21/28 | €1,186,626 | €1,130,582 | -€56,044 | -4.7% |
| Tangible fixed assets | 22/27 | €1,071,626 | €1,012,248 | -€59,378 | -5.5% |
| Land and buildings | 22 | €1,068,967 | €1,008,568 | -€60,399 | -5.7% |
| Furniture and vehicles | 24 | €2,659 | €3,680 | +€1,021 | +38.4% |
| Financial fixed assets | 28 | €115,000 | €118,334 | +€3,334 | +2.9% |
| Current assets | 29/58 | €432,562 | €462,102 | +€29,541 | +6.8% |
| Amounts receivable within one year | 40/41 | €166,914 | €196,708 | +€29,794 | +17.8% |
| Trade receivables | 40 | €34,485 | €56,285 | +€21,800 | +63.2% |
| Other amounts receivable | 41 | €132,429 | €140,423 | +€7,994 | +6.0% |
| Current investments | 50/53 | €216,489 | €248,439 | +€31,950 | +14.8% |
| Cash at bank and in hand | 54/58 | €45,416 | €12,613 | -€32,804 | -72.2% |
| Deferred charges and accrued income | 490/1 | €3,742 | €4,343 | +€601 | +16.1% |
| Total equity and liabilities | 10/49 | €1,619,188 | €1,592,684 | -€26,503 | -1.6% |
| Equity | 10/15 | €20,460 | €20,460 | = | 0.0% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Amounts payable | 17/49 | €1,598,728 | €1,572,224 | -€26,503 | -1.7% |
| Amounts payable after more than one year | 17 | €1,282,475 | €1,204,904 | -€77,571 | -6.0% |
| Financial debts | 170/4 | €1,282,475 | €1,204,904 | -€77,571 | -6.0% |
| Amounts payable within one year | 42/48 | €221,766 | €257,320 | +€35,555 | +16.0% |
| Current portion of amounts payable after more than one year | 42 | €75,773 | €77,571 | +€1,798 | +2.4% |
| Financial debts | 43 | €15,219 | €4,806 | -€10,413 | -68.4% |
| Other loans | 439 | €15,219 | €4,806 | -€10,413 | -68.4% |
| Trade debts | 44 | €10,180 | €6,912 | -€3,267 | -32.1% |
| Suppliers | 440/4 | €10,180 | €6,912 | -€3,267 | -32.1% |
| Taxes, remuneration and social security | 45 | €17,799 | €25,871 | +€8,073 | +45.4% |
| Taxes | 450/3 | €17,799 | €25,871 | +€8,073 | +45.4% |
| Other amounts payable | 47/48 | €102,796 | €142,159 | +€39,364 | +38.3% |
| Accrued charges and deferred income | 492/3 | €94,487 | €110,000 | +€15,513 | +16.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €87,648 | €64,056 | -€23,592 | -26.9% |
| Other operating charges | 640/8 | €4,413 | €2,510 | -€1,902 | -43.1% |
| Gross operating margin | 9900 | €199,681 | €174,338 | -€25,343 | -12.7% |
| Operating profit (loss) | 9901 | €107,620 | €107,772 | +€151 | +0.1% |
| Financial income | 75/76B | €7,506 | €1,199 | -€6,307 | -84.0% |
| Recurring financial income | 75 | €7,506 | €1,199 | -€6,307 | -84.0% |
| Financial charges | 65/66B | €34,454 | €42,963 | +€8,509 | +24.7% |
| Recurring financial charges | 65 | €34,454 | €42,963 | +€8,509 | +24.7% |
| Profit (loss) for the period before taxes | 9903 | €80,673 | €66,008 | -€14,665 | -18.2% |
| Income taxes | 67/77 | €25,909 | €23,328 | -€2,581 | -10.0% |
| Profit (loss) for the period | 9904 | €54,764 | €42,680 | -€12,084 | -22.1% |
| Profit (loss) for the period to be appropriated | 9905 | €54,764 | €42,680 | -€12,084 | -22.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.