VIVALDI: 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.
VIVALDI
Largest movements
- Tangible fixed assets +€350,383
up €350,383 (+143%), from €245,873 to €596,255
of which Land and buildings: +€339,069
- Cash -€125,686
down €125,686 (-86.9%), from €144,658 to €18,972
- Debts after one year +€158,523
up €158,523 (+90.9%), from €174,309 to €332,831
- Reserves +€40,022
up €40,022 (+21.1%), from €189,273 to €229,294
of which Distributable reserves: +€74,782
- Current portion of long-term debt +€20,914
up €20,914 (+85.1%), from €24,578 to €45,492
- Short-term financial debts -€10,765
down €10,765 (-45.9%), from €23,443 to €12,678
- Tax, wage and social debts -€9,922
down €9,922 (-90.7%), from €10,936 to €1,014
- Gross operating margin -€56,395
down €56,395 (-26.8%), from €210,251 to €153,855
- Depreciation +€19,501
up €19,501 (+79.4%), from €24,548 to €44,049
- Taxes -€17,678
down €17,678 (-39.1%), from €45,188 to €27,510
- Other operating charges -€14,978
down €14,978 (-58.5%), from €25,619 to €10,641
- Financial charges +€12,377
up €12,377 (+224%), from €5,537 to €17,914
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €624,968 | €846,267 | +€221,298 | +35.4% |
| Fixed assets | 21/28 | €246,273 | €596,255 | +€349,983 | +142% |
| Tangible fixed assets | 22/27 | €245,873 | €596,255 | +€350,383 | +143% |
| Land and buildings | 22 | €229,364 | €568,432 | +€339,069 | +148% |
| Plant, machinery and equipment | 23 | €11,140 | €25,282 | +€14,143 | +127% |
| Furniture and vehicles | 24 | €5,369 | €2,541 | -€2,828 | -52.7% |
| Financial fixed assets | 28 | €400 | €0 | -€400 | -100% |
| Current assets | 29/58 | €378,696 | €250,011 | -€128,684 | -34.0% |
| Stocks and contracts in progress | 3 | €2,046 | €2,070 | +€24 | +1.2% |
| Stocks | 30/36 | €2,046 | €2,070 | +€24 | +1.2% |
| Amounts receivable within one year | 40/41 | €229,516 | €227,835 | -€1,682 | -0.7% |
| Trade receivables | 40 | €207,488 | €189,169 | -€18,319 | -8.8% |
| Other amounts receivable | 41 | €22,028 | €38,666 | +€16,637 | +75.5% |
| Cash at bank and in hand | 54/58 | €144,658 | €18,972 | -€125,686 | -86.9% |
| Deferred charges and accrued income | 490/1 | €2,475 | €1,134 | -€1,341 | -54.2% |
| Total equity and liabilities | 10/49 | €624,968 | €846,267 | +€221,298 | +35.4% |
| Equity | 10/15 | €376,993 | €423,832 | +€46,839 | +12.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €189,273 | €229,294 | +€40,022 | +21.1% |
| Tax-exempt reserves | 132 | €34,760 | €0 | -€34,760 | -100% |
| Distributable reserves | 133 | €154,513 | €229,294 | +€74,782 | +48.4% |
| Profit (loss) carried forward | 14 | €169,128 | €175,945 | +€6,817 | +4.0% |
| Amounts payable | 17/49 | €247,975 | €422,435 | +€174,460 | +70.4% |
| Amounts payable after more than one year | 17 | €174,309 | €332,831 | +€158,523 | +90.9% |
| Financial debts | 170/4 | €174,309 | €332,831 | +€158,523 | +90.9% |
| Amounts payable within one year | 42/48 | €73,667 | €89,604 | +€15,937 | +21.6% |
| Current portion of amounts payable after more than one year | 42 | €24,578 | €45,492 | +€20,914 | +85.1% |
| Financial debts | 43 | €23,443 | €12,678 | -€10,765 | -45.9% |
| Credit institutions | 430/8 | €23,443 | €12,678 | -€10,765 | -45.9% |
| Trade debts | 44 | €14,710 | €23,366 | +€8,656 | +58.8% |
| Suppliers | 440/4 | €14,710 | €23,366 | +€8,656 | +58.8% |
| Taxes, remuneration and social security | 45 | €10,936 | €1,014 | -€9,922 | -90.7% |
| Taxes | 450/3 | €10,936 | €1,014 | -€9,922 | -90.7% |
| Other amounts payable | 47/48 | - | €7,053 | +€7,053 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,548 | €44,049 | +€19,501 | +79.4% |
| Other operating charges | 640/8 | €25,619 | €10,641 | -€14,978 | -58.5% |
| Gross operating margin | 9900 | €210,251 | €153,855 | -€56,395 | -26.8% |
| Operating profit (loss) | 9901 | €160,084 | €99,165 | -€60,919 | -38.1% |
| Financial income | 75/76B | - | €151 | +€151 | |
| Recurring financial income | 75 | - | €151 | +€151 | |
| Financial charges | 65/66B | €5,537 | €17,914 | +€12,377 | +224% |
| Recurring financial charges | 65 | €5,537 | €17,914 | +€12,377 | +224% |
| Profit (loss) for the period before taxes | 9903 | €154,547 | €81,401 | -€73,145 | -47.3% |
| Income taxes | 67/77 | €45,188 | €27,510 | -€17,678 | -39.1% |
| Profit (loss) for the period | 9904 | €109,359 | €53,892 | -€55,467 | -50.7% |
| Transfer from tax-exempt reserves | 789 | - | €34,760 | +€34,760 | |
| Profit (loss) for the period to be appropriated | 9905 | €109,359 | €88,652 | -€20,707 | -18.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.