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.
What changed
VIVALDI
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€54,059
2024 · -€132,253+€186,312
Equity
€6.8m
2024 · €6.8m+€50,092
Cash
€0
2024 · €0
Balance sheet total
€12.0m
2024 · €11.7m+€258,541
Largest movements
Assets
- Stocks and contracts +€652,845
up €652,845 (+23.9%), from €2.7m to €3.4m
- Tangible fixed assets -€249,921
down €249,921 (-17.0%), from €1.5m to €1.2m
of which Land and buildings: -€249,921
- Receivables after one year -€175,000
no longer reported in 2025 (was €175,000)
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin +€218,792
up €218,792 (+266%), from €82,226 to €301,019
- Financial charges +€27,158
up €27,158 (+16.5%), from €164,178 to €191,336
- Other operating charges +€7,935
up €7,935 (+100%), from €7,914 to €15,849
- Depreciation -€4,062
down €4,062 (-8.3%), from €48,884 to €44,821
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.
Result 2024
-€132,253
Gross operating margin
+€218,792
Staff costs
-€1,449
Depreciation
+€4,062
Other operating charges
-€7,935
Financial charges
-€27,158
Result 2025
€54,059
raises the resultlowers the result
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.
From operations
-€407,392
Investment
+€205,100
Financing
+€202,292
Cash 2024
€0
From operations (derived)
-€407,392
Net result for the year
+€54,059
Depreciation
+€44,821
Receivables after one year
+€175,000
Stocks and contracts
-€652,845
Receivables within one year
-€563
Deferred charges and accrued income
-€30,054
Provisions
-€6,495
Trade debts
+€1,844
Other debts
+€6,841
Investment (derived)
+€205,100
Investment in fixed assets (net)
+€205,100
Financing
+€202,292
Debts after one year
+€118,057
Current portion of long-term debt
+€54,598
Short-term financial debts
+€33,605
Contributions, distributions and other
-€3,967
Cash 2025
€0
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,699,421 | €11,957,962 | +€258,541 | +2.2% |
| Fixed assets | 21/28 | €8,776,340 | €8,526,419 | -€249,921 | -2.8% |
| Tangible fixed assets | 22/27 | €1,467,575 | €1,217,654 | -€249,921 | -17.0% |
| Land and buildings | 22 | €1,467,575 | €1,217,654 | -€249,921 | -17.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €7,308,765 | €7,308,765 | = | 0.0% |
| Current assets | 29/58 | €2,923,081 | €3,431,543 | +€508,462 | +17.4% |
| Amounts receivable after more than one year | 29 | €175,000 | - | -€175,000 | |
| Other amounts receivable | 291 | €175,000 | - | -€175,000 | |
| Stocks and contracts in progress | 3 | €2,726,630 | €3,379,475 | +€652,845 | +23.9% |
| Stocks | 30/36 | €2,726,630 | €3,379,475 | +€652,845 | +23.9% |
| Amounts receivable within one year | 40/41 | €21,450 | €22,014 | +€563 | +2.6% |
| Trade receivables | 40 | €20,948 | €22,014 | +€1,066 | +5.1% |
| Other amounts receivable | 41 | €503 | €0 | -€503 | -100% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | |
| Deferred charges and accrued income | 490/1 | - | €30,054 | +€30,054 | |
| Total equity and liabilities | 10/49 | €11,699,421 | €11,957,962 | +€258,541 | +2.2% |
| Equity | 10/15 | €6,788,569 | €6,838,661 | +€50,092 | +0.7% |
| Contributions | 10/11 | €18,592 | €38,592 | +€20,000 | +108% |
| Revaluation surpluses | 12 | €3,988,460 | €3,988,460 | = | 0.0% |
| Reserves | 13 | €1,794,842 | €1,775,356 | -€19,486 | -1.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €451,689 | €432,202 | -€19,486 | -4.3% |
| Distributable reserves | 133 | €1,341,295 | €1,341,295 | = | 0.0% |
| Profit (loss) carried forward | 14 | €986,675 | €1,036,253 | +€49,578 | +5.0% |
| Provisions and deferred taxes | 16 | €150,563 | €144,067 | -€6,495 | -4.3% |
| Deferred taxes | 168 | €150,563 | €144,067 | -€6,495 | -4.3% |
| Amounts payable | 17/49 | €4,760,289 | €4,975,233 | +€214,945 | +4.5% |
| Amounts payable after more than one year | 17 | €1,807,900 | €1,925,957 | +€118,057 | +6.5% |
| Financial debts | 170/4 | €1,807,900 | €1,925,957 | +€118,057 | +6.5% |
| Amounts payable within one year | 42/48 | €2,902,408 | €2,999,295 | +€96,887 | +3.3% |
| Current portion of amounts payable after more than one year | 42 | - | €54,598 | +€54,598 | |
| Financial debts | 43 | €2,661,102 | €2,694,707 | +€33,605 | +1.3% |
| Credit institutions | 430/8 | €2,661,102 | €2,694,707 | +€33,605 | +1.3% |
| Trade debts | 44 | €7,738 | €9,582 | +€1,844 | +23.8% |
| Suppliers | 440/4 | €7,738 | €9,582 | +€1,844 | +23.8% |
| Other amounts payable | 47/48 | €233,567 | €240,408 | +€6,841 | +2.9% |
| Accrued charges and deferred income | 492/3 | €49,981 | €49,981 | = | 0.0% |
| Non-recurring operating income | 76A | - | €209,681 | +€209,681 | |
| Remuneration, social security and pensions | 62 | - | €1,449 | +€1,449 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,884 | €44,821 | -€4,062 | -8.3% |
| Other operating charges | 640/8 | €7,914 | €15,849 | +€7,935 | +100% |
| Gross operating margin | 9900 | €82,226 | €301,019 | +€218,792 | +266% |
| Operating profit (loss) | 9901 | €25,429 | €238,900 | +€213,471 | +839% |
| Financial charges | 65/66B | €164,178 | €191,336 | +€27,158 | +16.5% |
| Recurring financial charges | 65 | €164,178 | €191,336 | +€27,158 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | -€138,749 | €47,563 | +€186,312 | |
| Transfer from deferred taxes | 780 | €6,495 | €6,495 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€132,253 | €54,059 | +€186,312 | |
| Transfer from tax-exempt reserves | 789 | €19,486 | €19,486 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€112,767 | €73,545 | +€186,312 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.