V2AM: 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.
V2AM
Largest movements
- Tangible fixed assets +€58,939
up €58,939 (+42.0%), from €140,252 to €199,190
of which Leasing and similar rights: +€45,072
- Cash -€9,631
down €9,631 (-63.4%), from €15,187 to €5,556
mainly Investment in fixed assets (net) (-€95,461) and Deferred charges and accrued income (-€2,797)
- Deferred charges and accrued income +€2,797
new in 2025: €2,797
- Reserves +€22,215
up €22,215 (+68.9%), from €32,255 to €54,470
- Debts after one year +€10,863
up €10,863 (+22.0%), from €49,269 to €60,133
- Current portion of long-term debt +€8,444
up €8,444 (+42.5%), from €19,871 to €28,315
- Tax, wage and social debts +€5,069
up €5,069 (+32.1%), from €15,804 to €20,873
of which Taxes: +€7,868
- Trade debts +€4,301
up €4,301 (+13.9%), from €30,912 to €35,212
- Gross operating margin +€14,144
up €14,144 (+13.6%), from €104,270 to €118,414
- Depreciation +€13,400
up €13,400 (+57.9%), from €23,123 to €36,523
- Taxes +€6,210
up €6,210 (+217.0%), from €2,862 to €9,072
- Financial charges +€1,667
up €1,667 (+34.0%), from €4,897 to €6,564
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 | €198,111 | €247,003 | +€48,892 | +24.7% |
| Fixed assets | 21/28 | €154,535 | €213,473 | +€58,939 | +38.1% |
| Tangible fixed assets | 22/27 | €140,252 | €199,190 | +€58,939 | +42.0% |
| Land and buildings | 22 | €83,094 | €74,997 | -€8,097 | -9.7% |
| Plant, machinery and equipment | 23 | €31,684 | €26,477 | -€5,207 | -16.4% |
| Furniture and vehicles | 24 | €25,474 | €52,644 | +€27,171 | +106.7% |
| Leasing and similar rights | 25 | - | €45,072 | +€45,072 | |
| Financial fixed assets | 28 | €14,283 | €14,283 | = | 0.0% |
| Current assets | 29/58 | €43,576 | €33,530 | -€10,047 | -23.1% |
| Stocks and contracts in progress | 3 | €23,049 | €21,391 | -€1,657 | -7.2% |
| Stocks | 30/36 | €23,049 | €21,391 | -€1,657 | -7.2% |
| Amounts receivable within one year | 40/41 | €5,341 | €3,785 | -€1,556 | -29.1% |
| Trade receivables | 40 | - | €890 | +€890 | |
| Other amounts receivable | 41 | €5,341 | €2,895 | -€2,446 | -45.8% |
| Cash at bank and in hand | 54/58 | €15,187 | €5,556 | -€9,631 | -63.4% |
| Deferred charges and accrued income | 490/1 | - | €2,797 | +€2,797 | |
| Total equity and liabilities | 10/49 | €198,111 | €247,003 | +€48,892 | +24.7% |
| Equity | 10/15 | €80,255 | €102,470 | +€22,215 | +27.7% |
| Contributions | 10/11 | €48,000 | €48,000 | = | 0.0% |
| Reserves | 13 | €32,255 | €54,470 | +€22,215 | +68.9% |
| Distributable reserves | 133 | €32,255 | €54,470 | +€22,215 | +68.9% |
| Amounts payable | 17/49 | €117,856 | €144,534 | +€26,678 | +22.6% |
| Amounts payable after more than one year | 17 | €49,269 | €60,133 | +€10,863 | +22.0% |
| Financial debts | 170/4 | €49,269 | €60,133 | +€10,863 | +22.0% |
| Amounts payable within one year | 42/48 | €66,587 | €84,401 | +€17,814 | +26.8% |
| Current portion of amounts payable after more than one year | 42 | €19,871 | €28,315 | +€8,444 | +42.5% |
| Trade debts | 44 | €30,912 | €35,212 | +€4,301 | +13.9% |
| Suppliers | 440/4 | €30,912 | €35,212 | +€4,301 | +13.9% |
| Taxes, remuneration and social security | 45 | €15,804 | €20,873 | +€5,069 | +32.1% |
| Taxes | 450/3 | €10,896 | €18,764 | +€7,868 | +72.2% |
| Remuneration and social security | 454/9 | €4,907 | €2,109 | -€2,799 | -57.0% |
| Accrued charges and deferred income | 492/3 | €2,000 | - | -€2,000 | |
| Remuneration, social security and pensions | 62 | €42,644 | €41,755 | -€890 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,123 | €36,523 | +€13,400 | +57.9% |
| Other operating charges | 640/8 | €2,137 | €2,335 | +€199 | +9.3% |
| Gross operating margin | 9900 | €104,270 | €118,414 | +€14,144 | +13.6% |
| Operating profit (loss) | 9901 | €36,367 | €37,802 | +€1,435 | +3.9% |
| Financial income | 75/76B | €7 | €48 | +€42 | +604.2% |
| Recurring financial income | 75 | €7 | €48 | +€42 | +604.2% |
| Financial charges | 65/66B | €4,897 | €6,564 | +€1,667 | +34.0% |
| Recurring financial charges | 65 | €4,897 | €6,564 | +€1,667 | +34.0% |
| Profit (loss) for the period before taxes | 9903 | €31,477 | €31,286 | -€190 | -0.6% |
| Income taxes | 67/77 | €2,862 | €9,072 | +€6,210 | +217.0% |
| Profit (loss) for the period | 9904 | €28,615 | €22,215 | -€6,401 | -22.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,615 | €22,215 | -€6,401 | -22.4% |
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 6 October 2026 via checked.be.