Vierwege: 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.
Vierwege
Largest movements
- Tangible fixed assets +€67,052
up €67,052 (+20.3%), from €330,355 to €397,407
of which Plant, machinery and equipment: +€81,965
- Cash -€15,615
down €15,615 (-18.4%), from €84,722 to €69,107
mainly Investment in fixed assets (net) (-€95,905) and Contributions, distributions and other (-€10,231)
- Receivables within one year -€11,774
down €11,774 (-100%), from €11,774 to €0
- Reserves +€24,898
up €24,898 (+33.0%), from €75,352 to €100,250
- Current portion of long-term debt +€12,644
up €12,644 (+37.3%), from €33,859 to €46,502
- Debts after one year -€7,383
down €7,383 (-3.0%), from €242,864 to €235,481
- Gross operating margin +€11,317
up €11,317 (+14.2%), from €79,546 to €90,863
- Depreciation +€8,645
up €8,645 (+37.2%), from €23,208 to €31,853
- Taxes +€3,247
up €3,247 (+29.0%), from €11,203 to €14,450
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 | €440,409 | €477,875 | +€37,466 | +8.5% |
| Fixed assets | 21/28 | €339,105 | €403,157 | +€64,052 | +18.9% |
| Intangible fixed assets | 21 | €8,750 | €5,750 | -€3,000 | -34.3% |
| Tangible fixed assets | 22/27 | €330,355 | €397,407 | +€67,052 | +20.3% |
| Land and buildings | 22 | €305,089 | €292,750 | -€12,339 | -4.0% |
| Plant, machinery and equipment | 23 | €17,128 | €99,093 | +€81,965 | +479% |
| Furniture and vehicles | 24 | €8,138 | €5,564 | -€2,574 | -31.6% |
| Current assets | 29/58 | €101,304 | €74,718 | -€26,586 | -26.2% |
| Stocks and contracts in progress | 3 | €2,500 | €3,200 | +€700 | +28.0% |
| Stocks | 30/36 | €2,500 | €3,200 | +€700 | +28.0% |
| Amounts receivable within one year | 40/41 | €11,774 | €0 | -€11,774 | -100% |
| Other amounts receivable | 41 | €11,774 | €0 | -€11,774 | -100% |
| Cash at bank and in hand | 54/58 | €84,722 | €69,107 | -€15,615 | -18.4% |
| Deferred charges and accrued income | 490/1 | €2,308 | €2,411 | +€103 | +4.5% |
| Total equity and liabilities | 10/49 | €440,409 | €477,875 | +€37,466 | +8.5% |
| Equity | 10/15 | €151,642 | €176,540 | +€24,898 | +16.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €75,352 | €100,250 | +€24,898 | +33.0% |
| Distributable reserves | 133 | €75,352 | €100,250 | +€24,898 | +33.0% |
| Profit (loss) carried forward | 14 | €66,290 | €66,290 | = | 0.0% |
| Amounts payable | 17/49 | €288,767 | €301,335 | +€12,567 | +4.4% |
| Amounts payable after more than one year | 17 | €242,864 | €235,481 | -€7,383 | -3.0% |
| Financial debts | 170/4 | €242,864 | €235,481 | -€7,383 | -3.0% |
| Amounts payable within one year | 42/48 | €45,604 | €65,431 | +€19,826 | +43.5% |
| Current portion of amounts payable after more than one year | 42 | €33,859 | €46,502 | +€12,644 | +37.3% |
| Trade debts | 44 | €406 | €3,918 | +€3,513 | +866% |
| Suppliers | 440/4 | €406 | €3,918 | +€3,513 | +866% |
| Taxes, remuneration and social security | 45 | €9,622 | €11,523 | +€1,901 | +19.8% |
| Taxes | 450/3 | €9,622 | €4,323 | -€5,299 | -55.1% |
| Remuneration and social security | 454/9 | €0 | €7,200 | +€7,200 | |
| Other amounts payable | 47/48 | €1,718 | €3,487 | +€1,769 | +103% |
| Accrued charges and deferred income | 492/3 | €299 | €423 | +€124 | +41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,208 | €31,853 | +€8,645 | +37.2% |
| Other operating charges | 640/8 | €3,727 | €3,712 | -€15 | -0.4% |
| Gross operating margin | 9900 | €79,546 | €90,863 | +€11,317 | +14.2% |
| Operating profit (loss) | 9901 | €52,610 | €55,298 | +€2,687 | +5.1% |
| Financial income | 75/76B | €656 | €479 | -€177 | -27.0% |
| Recurring financial income | 75 | €656 | €479 | -€177 | -27.0% |
| Financial charges | 65/66B | €5,384 | €6,197 | +€813 | +15.1% |
| Recurring financial charges | 65 | €5,384 | €6,197 | +€813 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €47,882 | €49,580 | +€1,697 | +3.5% |
| Income taxes | 67/77 | €11,203 | €14,450 | +€3,247 | +29.0% |
| Profit (loss) for the period | 9904 | €36,679 | €35,130 | -€1,550 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,679 | €35,130 | -€1,550 | -4.2% |
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 1 November 2026 via checked.be.