VV Analytics: what changed
Two fiscal 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.
VV Analytics
Largest movements
- Intangible fixed assets -€11,705
down €11,705 (-6.0%), from €196,485 to €184,779
- Receivables within one year -€6,333
down €6,333 (-79.3%), from €7,982 to €1,648
of which Other amounts receivable: -€5,136
- Investment grants -€16,500
down €16,500 (-51.8%), from €31,825 to €15,325
- Debts after one year +€5,362
up €5,362 (+5.4%), from €99,214 to €104,576
- Tax, wage and social debts -€2,856
down €2,856 (-95.4%), from €2,996 to €139
- Other debts -€2,587
down €2,587 (-5.5%), from €46,863 to €44,276
- Gross operating margin +€28,360
up €28,360 (+51.2%), from €55,423 to €83,783
- Financial charges +€11,018
up €11,018 (+3124.2%), from €353 to €11,371
- Depreciation +€10,691
up €10,691 (+14.1%), from €75,703 to €86,394
- Financial income -€3,926
down €3,926 (-19.2%), from €20,470 to €16,544
- Other operating charges +€3,781
up €3,781 (+631.2%), from €599 to €4,380
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 | €229,890 | €210,832 | -€19,058 | -8.3% |
| Formation expenses | 20 | €615 | €176 | -€439 | -71.4% |
| Fixed assets | 21/28 | €198,037 | €185,583 | -€12,453 | -6.3% |
| Intangible fixed assets | 21 | €196,485 | €184,779 | -€11,705 | -6.0% |
| Tangible fixed assets | 22/27 | €1,457 | €709 | -€748 | -51.3% |
| Plant, machinery and equipment | 23 | €763 | €247 | -€517 | -67.7% |
| Furniture and vehicles | 24 | €694 | €462 | -€231 | -33.3% |
| Financial fixed assets | 28 | €95 | €95 | = | 0.0% |
| Current assets | 29/58 | €31,238 | €25,073 | -€6,165 | -19.7% |
| Amounts receivable within one year | 40/41 | €7,982 | €1,648 | -€6,333 | -79.3% |
| Trade receivables | 40 | €1,873 | €675 | -€1,198 | -64.0% |
| Other amounts receivable | 41 | €6,109 | €973 | -€5,136 | -84.1% |
| Cash at bank and in hand | 54/58 | €22,299 | €21,816 | -€484 | -2.2% |
| Deferred charges and accrued income | 490/1 | €958 | €1,609 | +€652 | +68.1% |
| Total equity and liabilities | 10/49 | €229,890 | €210,832 | -€19,058 | -8.3% |
| Equity | 10/15 | €76,832 | €58,407 | -€18,425 | -24.0% |
| Contributions | 10/11 | €146,600 | €146,600 | = | 0.0% |
| Reserves | 13 | €66,076 | €66,076 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €64,216 | €64,216 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€167,669 | -€169,594 | -€1,925 | -1.1% |
| Investment grants | 15 | €31,825 | €15,325 | -€16,500 | -51.8% |
| Amounts payable | 17/49 | €153,058 | €152,426 | -€633 | -0.4% |
| Amounts payable after more than one year | 17 | €99,214 | €104,576 | +€5,362 | +5.4% |
| Financial debts | 170/4 | €99,214 | €104,576 | +€5,362 | +5.4% |
| Amounts payable within one year | 42/48 | €53,844 | €47,849 | -€5,995 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €2,246 | - | -€2,246 | |
| Trade debts | 44 | €1,740 | €2,617 | +€877 | +50.4% |
| Suppliers | 440/4 | €1,740 | €2,617 | +€877 | +50.4% |
| Advances received on contracts in progress | 46 | - | €817 | +€817 | |
| Taxes, remuneration and social security | 45 | €2,996 | €139 | -€2,856 | -95.4% |
| Taxes | 450/3 | €2,996 | €139 | -€2,856 | -95.4% |
| Other amounts payable | 47/48 | €46,863 | €44,276 | -€2,587 | -5.5% |
| Non-recurring operating income | 76A | €47,688 | - | -€47,688 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,703 | €86,394 | +€10,691 | +14.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,966 | - | -€1,966 | |
| Other operating charges | 640/8 | €599 | €4,380 | +€3,781 | +631.2% |
| Gross operating margin | 9900 | €55,423 | €83,783 | +€28,360 | +51.2% |
| Operating profit (loss) | 9901 | -€22,845 | -€6,990 | +€15,855 | +69.4% |
| Financial income | 75/76B | €20,470 | €16,544 | -€3,926 | -19.2% |
| Recurring financial income | 75 | €20,470 | €16,544 | -€3,926 | -19.2% |
| Financial charges | 65/66B | €353 | €11,371 | +€11,018 | +3124.2% |
| Recurring financial charges | 65 | €353 | €11,371 | +€11,018 | +3124.2% |
| Profit (loss) for the period before taxes | 9903 | -€2,728 | -€1,817 | +€911 | +33.4% |
| Income taxes | 67/77 | €137 | €108 | -€28 | -20.7% |
| Profit (loss) for the period | 9904 | -€2,864 | -€1,925 | +€939 | +32.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,864 | -€1,925 | +€939 | +32.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.