Vivalis: 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.
Vivalis
Largest movements
- Tangible fixed assets -€118,630
down €118,630 (-23.0%), from €515,118 to €396,488
of which Plant, machinery and equipment: -€84,159
- Receivables after one year -€30,000
down €30,000 (-62.5%), from €48,000 to €18,000
- Receivables within one year -€29,286
down €29,286 (-43.0%), from €68,031 to €38,744
of which Other amounts receivable: -€36,553
- Current investments +€18,000
up €18,000 (+66.3%), from €27,153 to €45,153
- Cash -€12,606
down €12,606 (-6.6%), from €192,271 to €179,666
mainly Contributions, distributions and other (-€158,171) and Current portion of long-term debt (-€99,668)
- Other debts +€110,057
up €110,057 (+268%), from €41,121 to €151,178
- Current portion of long-term debt -€99,668
down €99,668 (-63.7%), from €156,508 to €56,840
- Reserves -€93,735
down €93,735 (-30.0%), from €312,948 to €219,214
of which Distributable reserves: -€93,735
- Debts after one year -€46,796
down €46,796 (-35.1%), from €133,172 to €86,375
- Profit (loss) carried forward -€29,473
no longer reported in 2025 (was €29,473)
- Staff costs -€56,734
down €56,734 (-7.4%), from €771,469 to €714,735
- Gross operating margin -€36,185
down €36,185 (-3.8%), from €960,425 to €924,240
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 | €1,115,294 | €940,730 | -€174,564 | -15.7% |
| Fixed assets | 21/28 | €517,618 | €398,988 | -€118,630 | -22.9% |
| Tangible fixed assets | 22/27 | €515,118 | €396,488 | -€118,630 | -23.0% |
| Plant, machinery and equipment | 23 | €349,493 | €265,333 | -€84,159 | -24.1% |
| Furniture and vehicles | 24 | €4,865 | €3,625 | -€1,240 | -25.5% |
| Leasing and similar rights | 25 | €6,201 | - | -€6,201 | |
| Other tangible fixed assets | 26 | €154,559 | €127,529 | -€27,029 | -17.5% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €597,676 | €541,742 | -€55,934 | -9.4% |
| Amounts receivable after more than one year | 29 | €48,000 | €18,000 | -€30,000 | -62.5% |
| Other amounts receivable | 291 | €48,000 | €18,000 | -€30,000 | -62.5% |
| Stocks and contracts in progress | 3 | €262,220 | €252,030 | -€10,191 | -3.9% |
| Stocks | 30/36 | €262,220 | €252,030 | -€10,191 | -3.9% |
| Amounts receivable within one year | 40/41 | €68,031 | €38,744 | -€29,286 | -43.0% |
| Trade receivables | 40 | €2,035 | €9,302 | +€7,267 | +357% |
| Other amounts receivable | 41 | €65,996 | €29,443 | -€36,553 | -55.4% |
| Current investments | 50/53 | €27,153 | €45,153 | +€18,000 | +66.3% |
| Cash at bank and in hand | 54/58 | €192,271 | €179,666 | -€12,606 | -6.6% |
| Deferred charges and accrued income | 490/1 | - | €8,149 | +€8,149 | |
| Total equity and liabilities | 10/49 | €1,115,294 | €940,730 | -€174,564 | -15.7% |
| Equity | 10/15 | €417,421 | €294,214 | -€123,207 | -29.5% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €312,948 | €219,214 | -€93,735 | -30.0% |
| Non-distributable reserves | 130/1 | €3,029 | €3,029 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,029 | €3,029 | = | 0.0% |
| Distributable reserves | 133 | €309,919 | €216,185 | -€93,735 | -30.2% |
| Profit (loss) carried forward | 14 | €29,473 | - | -€29,473 | |
| Amounts payable | 17/49 | €697,873 | €646,516 | -€51,357 | -7.4% |
| Amounts payable after more than one year | 17 | €133,172 | €86,375 | -€46,796 | -35.1% |
| Financial debts | 170/4 | €133,172 | €86,375 | -€46,796 | -35.1% |
| Amounts payable within one year | 42/48 | €564,701 | €560,119 | -€4,583 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €156,508 | €56,840 | -€99,668 | -63.7% |
| Financial debts | 43 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Credit institutions | 430/8 | €60,000 | €40,000 | -€20,000 | -33.3% |
| Trade debts | 44 | €219,152 | €221,625 | +€2,474 | +1.1% |
| Suppliers | 440/4 | €219,152 | €221,625 | +€2,474 | +1.1% |
| Taxes, remuneration and social security | 45 | €87,920 | €90,474 | +€2,554 | +2.9% |
| Taxes | 450/3 | - | €14,971 | +€14,971 | |
| Remuneration and social security | 454/9 | €87,920 | €75,504 | -€12,416 | -14.1% |
| Other amounts payable | 47/48 | €41,121 | €151,178 | +€110,057 | +268% |
| Accrued charges and deferred income | 492/3 | - | €22 | +€22 | |
| Remuneration, social security and pensions | 62 | €771,469 | €714,735 | -€56,734 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €139,672 | €142,646 | +€2,974 | +2.1% |
| Other operating charges | 640/8 | €837 | €1,886 | +€1,049 | +125% |
| Gross operating margin | 9900 | €960,425 | €924,240 | -€36,185 | -3.8% |
| Operating profit (loss) | 9901 | €48,447 | €64,974 | +€16,527 | +34.1% |
| Financial income | 75/76B | €218 | €239 | +€20 | +9.2% |
| Recurring financial income | 75 | €218 | €239 | +€20 | +9.2% |
| Financial charges | 65/66B | €22,708 | €19,292 | -€3,416 | -15.0% |
| Recurring financial charges | 65 | €22,409 | €19,292 | -€3,117 | -13.9% |
| Non-recurring financial charges | 66B | €299 | - | -€299 | |
| Profit (loss) for the period before taxes | 9903 | €25,958 | €45,921 | +€19,963 | +76.9% |
| Income taxes | 67/77 | €9,890 | €10,957 | +€1,067 | +10.8% |
| Profit (loss) for the period | 9904 | €16,068 | €34,963 | +€18,896 | +118% |
| Profit (loss) for the period to be appropriated | 9905 | €16,068 | €34,963 | +€18,896 | +118% |
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 16 October 2026 via checked.be.