VIERWEG: 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.
VIERWEG
Largest movements
- Receivables within one year -€4.2m
down €4.2m (-92.8%), from €4.5m to €327,329
of which Trade receivables: -€3.8m
- Tangible fixed assets +€4.0m
up €4.0m (+448%), from €882,685 to €4.8m
of which Land and buildings: +€3.0m
- Current investments +€2.0m
new in 2025: €2.0m
- Financial fixed assets -€202,500
down €202,500 (-99.4%), from €203,795 to €1,295
- Debts after one year +€1.7m
up €1.7m (+208%), from €841,551 to €2.6m
- Current portion of long-term debt -€248,262
down €248,262 (-68.0%), from €365,144 to €116,882
- Other debts +€157,711
up €157,711 (+167%), from €94,426 to €252,137
- Reserves -€114,448
down €114,448 (-2.7%), from €4.3m to €4.2m
of which Distributable reserves: -€73,698
- Advances received +€89,143
up €89,143 (+383%), from €23,253 to €112,396
- Gross operating margin -€3.1m
down €3.1m (-90.3%), from €3.4m to €330,081
- Taxes -€714,625
down €714,625 (-100.0%), from €714,965 to €340
- Depreciation +€416,868
up €416,868 (+492%), from €84,811 to €501,679
- Staff costs -€347,335
down €347,335 (-97.6%), from €355,713 to €8,377
- Financial income +€111,942
up €111,942 (+7,277%), from €1,538 to €113,480
of which Non-recurring financial income: +€67,500
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 | €6,113,559 | €7,742,330 | +€1.6m | +26.6% |
| Fixed assets | 21/28 | €1,086,480 | €4,840,988 | +€3.8m | +346% |
| Tangible fixed assets | 22/27 | €882,685 | €4,839,693 | +€4.0m | +448% |
| Land and buildings | 22 | €751,070 | €3,800,084 | +€3.0m | +406% |
| Plant, machinery and equipment | 23 | €109,838 | €785,139 | +€675,301 | +615% |
| Furniture and vehicles | 24 | €21,777 | €254,470 | +€232,693 | +1,069% |
| Financial fixed assets | 28 | €203,795 | €1,295 | -€202,500 | -99.4% |
| Current assets | 29/58 | €5,027,079 | €2,901,342 | -€2.1m | -42.3% |
| Stocks and contracts in progress | 3 | €6,500 | €6,500 | = | 0.0% |
| Stocks | 30/36 | €6,500 | €6,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,515,191 | €327,329 | -€4.2m | -92.8% |
| Trade receivables | 40 | €3,949,492 | €194,026 | -€3.8m | -95.1% |
| Other amounts receivable | 41 | €565,699 | €133,303 | -€432,396 | -76.4% |
| Current investments | 50/53 | - | €2,000,000 | +€2.0m | |
| Cash at bank and in hand | 54/58 | €476,500 | €529,585 | +€53,084 | +11.1% |
| Deferred charges and accrued income | 490/1 | €28,888 | €37,928 | +€9,040 | +31.3% |
| Total equity and liabilities | 10/49 | €6,113,559 | €7,742,330 | +€1.6m | +26.6% |
| Equity | 10/15 | €4,294,041 | €4,179,593 | -€114,448 | -2.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €4,281,641 | €4,167,193 | -€114,448 | -2.7% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,120,124 | €1,079,374 | -€40,750 | -3.6% |
| Distributable reserves | 133 | €3,159,662 | €3,085,964 | -€73,698 | -2.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €251,782 | €237,936 | -€13,846 | -5.5% |
| Deferred taxes | 168 | €251,782 | €237,936 | -€13,846 | -5.5% |
| Amounts payable | 17/49 | €1,567,737 | €3,324,801 | +€1.8m | +112% |
| Amounts payable after more than one year | 17 | €841,551 | €2,589,612 | +€1.7m | +208% |
| Financial debts | 170/4 | €841,551 | €2,589,612 | +€1.7m | +208% |
| Amounts payable within one year | 42/48 | €722,025 | €721,436 | -€589 | -0.1% |
| Current portion of amounts payable after more than one year | 42 | €365,144 | €116,882 | -€248,262 | -68.0% |
| Trade debts | 44 | €151,076 | €237,267 | +€86,192 | +57.1% |
| Suppliers | 440/4 | €151,076 | €237,267 | +€86,192 | +57.1% |
| Advances received on contracts in progress | 46 | €23,253 | €112,396 | +€89,143 | +383% |
| Taxes, remuneration and social security | 45 | €88,126 | €2,754 | -€85,373 | -96.9% |
| Taxes | 450/3 | €39,877 | €1,462 | -€38,414 | -96.3% |
| Remuneration and social security | 454/9 | €48,250 | €1,291 | -€46,959 | -97.3% |
| Other amounts payable | 47/48 | €94,426 | €252,137 | +€157,711 | +167% |
| Accrued charges and deferred income | 492/3 | €4,161 | €13,753 | +€9,592 | +231% |
| Non-recurring operating income | 76A | €2,500 | €0 | -€2,500 | -100% |
| Remuneration, social security and pensions | 62 | €355,713 | €8,377 | -€347,335 | -97.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,811 | €501,679 | +€416,868 | +492% |
| Other operating charges | 640/8 | €41,246 | €5,854 | -€35,392 | -85.8% |
| Non-recurring operating charges | 66A | €45,205 | €0 | -€45,205 | -100% |
| Gross operating margin | 9900 | €3,392,136 | €330,081 | -€3.1m | -90.3% |
| Operating profit (loss) | 9901 | €2,865,160 | -€185,830 | -€3.1m | |
| Financial income | 75/76B | €1,538 | €113,480 | +€111,942 | +7,277% |
| Recurring financial income | 75 | €1,538 | €45,980 | +€44,442 | +2,889% |
| Non-recurring financial income | 76B | - | €67,500 | +€67,500 | |
| Financial charges | 65/66B | €35,508 | €55,604 | +€20,096 | +56.6% |
| Recurring financial charges | 65 | €35,508 | €55,604 | +€20,096 | +56.6% |
| Profit (loss) for the period before taxes | 9903 | €2,831,191 | -€127,953 | -€3.0m | |
| Transfer from deferred taxes | 780 | €89,812 | €13,846 | -€75,967 | -84.6% |
| Transfer to deferred taxes | 680 | €238,445 | €0 | -€238,445 | -100% |
| Income taxes | 67/77 | €714,965 | €340 | -€714,625 | -100.0% |
| Profit (loss) for the period | 9904 | €1,967,593 | -€114,448 | -€2.1m | |
| Transfer from tax-exempt reserves | 789 | €357,719 | €40,750 | -€316,969 | -88.6% |
| Transfer to tax-exempt reserves | 689 | €925,834 | €0 | -€925,834 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €1,399,479 | -€73,698 | -€1.5m |
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 19 October 2026 via checked.be.