Vivaldi 2.0: 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 2.0
Largest movements
- Cash -€18,744
down €18,744 (-32.4%), from €57,775 to €39,031
mainly Contributions, distributions and other (-€54,724) and Debts after one year (-€16,591)
- Tangible fixed assets -€11,500
down €11,500 (-28.8%), from €39,942 to €28,441
of which Other tangible fixed assets: -€9,717
- Intangible fixed assets -€5,000
down €5,000 (-19.6%), from €25,560 to €20,560
- Reserves -€45,440
down €45,440 (-91.2%), from €49,849 to €4,409
- Other debts +€25,065
up €25,065 (+6683.9%), from €375 to €25,440
- Debts after one year -€16,591
down €16,591 (-35.8%), from €46,332 to €29,741
- Trade debts +€2,389
up €2,389 (+44.5%), from €5,370 to €7,759
- Gross operating margin -€8,520
down €8,520 (-15.0%), from €56,861 to €48,340
- Staff costs -€2,327
down €2,327 (-17.4%), from €13,388 to €11,061
- Financial charges -€998
down €998 (-16.3%), from €6,107 to €5,109
- Depreciation -€632
down €632 (-3.7%), from €17,132 to €16,500
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.
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 | €127,834 | €93,424 | -€34,411 | -26.9% |
| Fixed assets | 21/28 | €68,652 | €52,151 | -€16,500 | -24.0% |
| Intangible fixed assets | 21 | €25,560 | €20,560 | -€5,000 | -19.6% |
| Tangible fixed assets | 22/27 | €39,942 | €28,441 | -€11,500 | -28.8% |
| Plant, machinery and equipment | 23 | €2,304 | €996 | -€1,308 | -56.8% |
| Furniture and vehicles | 24 | €1,021 | €545 | -€476 | -46.6% |
| Other tangible fixed assets | 26 | €36,616 | €26,899 | -€9,717 | -26.5% |
| Financial fixed assets | 28 | €3,150 | €3,150 | = | 0.0% |
| Current assets | 29/58 | €59,183 | €41,272 | -€17,910 | -30.3% |
| Stocks and contracts in progress | 3 | €1,380 | €965 | -€415 | -30.0% |
| Stocks | 30/36 | €1,380 | €965 | -€415 | -30.0% |
| Amounts receivable within one year | 40/41 | €27 | €697 | +€670 | +2458.9% |
| Trade receivables | 40 | - | €239 | +€239 | |
| Other amounts receivable | 41 | €27 | €458 | +€431 | +1581.5% |
| Cash at bank and in hand | 54/58 | €57,775 | €39,031 | -€18,744 | -32.4% |
| Deferred charges and accrued income | 490/1 | - | €578 | +€578 | |
| Total equity and liabilities | 10/49 | €127,834 | €93,424 | -€34,411 | -26.9% |
| Equity | 10/15 | €52,849 | €7,409 | -€45,440 | -86.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €49,849 | €4,409 | -€45,440 | -91.2% |
| Distributable reserves | 133 | €49,849 | €4,409 | -€45,440 | -91.2% |
| Amounts payable | 17/49 | €74,986 | €86,015 | +€11,029 | +14.7% |
| Amounts payable after more than one year | 17 | €46,332 | €29,741 | -€16,591 | -35.8% |
| Financial debts | 170/4 | €46,332 | €29,741 | -€16,591 | -35.8% |
| Amounts payable within one year | 42/48 | €28,653 | €56,274 | +€27,620 | +96.4% |
| Current portion of amounts payable after more than one year | 42 | €15,360 | €15,906 | +€546 | +3.6% |
| Trade debts | 44 | €5,370 | €7,759 | +€2,389 | +44.5% |
| Suppliers | 440/4 | €5,370 | €7,759 | +€2,389 | +44.5% |
| Taxes, remuneration and social security | 45 | €7,548 | €7,168 | -€380 | -5.0% |
| Taxes | 450/3 | €2,666 | €2,157 | -€508 | -19.1% |
| Remuneration and social security | 454/9 | €4,883 | €5,011 | +€128 | +2.6% |
| Other amounts payable | 47/48 | €375 | €25,440 | +€25,065 | +6683.9% |
| Remuneration, social security and pensions | 62 | €13,388 | €11,061 | -€2,327 | -17.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,132 | €16,500 | -€632 | -3.7% |
| Other operating charges | 640/8 | €2,040 | €1,976 | -€64 | -3.2% |
| Gross operating margin | 9900 | €56,861 | €48,340 | -€8,520 | -15.0% |
| Operating profit (loss) | 9901 | €24,300 | €18,803 | -€5,497 | -22.6% |
| Financial income | 75/76B | €132 | €131 | -€1 | -0.6% |
| Recurring financial income | 75 | €132 | €131 | -€1 | -0.6% |
| Financial charges | 65/66B | €6,107 | €5,109 | -€998 | -16.3% |
| Recurring financial charges | 65 | €6,107 | €5,109 | -€998 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €18,326 | €13,826 | -€4,500 | -24.6% |
| Income taxes | 67/77 | €4,973 | €4,542 | -€431 | -8.7% |
| Profit (loss) for the period | 9904 | €13,353 | €9,284 | -€4,069 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €13,353 | €9,284 | -€4,069 | -30.5% |
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 12 October 2026 via checked.be.