VV & B: 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.
VV & B
Largest movements
- Tangible fixed assets -€281,829
down €281,829 (-4.1%), from €6.9m to €6.6m
- Receivables within one year +€173,981
up €173,981 (+555%), from €31,351 to €205,332
of which Trade receivables: +€174,315
- Cash +€109,982
up €109,982 (+37.6%), from €292,451 to €402,434
mainly Depreciation (+€281,829) and Net result for the year (+€120,637)
- Reserves +€120,455
up €120,455 (+2.9%), from €4.2m to €4.3m
of which Distributable reserves: +€181,000
- Debts after one year -€100,802
down €100,802 (-4.6%), from €2.2m to €2.1m
of which Financial debts: -€100,802
- Gross operating margin -€128,777
down €128,777 (-17.7%), from €726,293 to €597,516
- Taxes -€32,767
down €32,767 (-35.2%), from €93,160 to €60,394
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 | €7,200,610 | €7,204,924 | +€4,314 | +0.1% |
| Fixed assets | 21/28 | €6,871,189 | €6,589,360 | -€281,829 | -4.1% |
| Tangible fixed assets | 22/27 | €6,871,189 | €6,589,360 | -€281,829 | -4.1% |
| Land and buildings | 22 | €6,871,189 | €6,589,360 | -€281,829 | -4.1% |
| Current assets | 29/58 | €329,421 | €615,564 | +€286,143 | +86.9% |
| Amounts receivable within one year | 40/41 | €31,351 | €205,332 | +€173,981 | +555% |
| Trade receivables | 40 | €5,844 | €180,159 | +€174,315 | +2,983% |
| Other amounts receivable | 41 | €25,507 | €25,174 | -€334 | -1.3% |
| Cash at bank and in hand | 54/58 | €292,451 | €402,434 | +€109,982 | +37.6% |
| Deferred charges and accrued income | 490/1 | €5,618 | €7,798 | +€2,180 | +38.8% |
| Total equity and liabilities | 10/49 | €7,200,610 | €7,204,924 | +€4,314 | +0.1% |
| Equity | 10/15 | €4,553,854 | €4,674,491 | +€120,637 | +2.6% |
| Contributions | 10/11 | €375,000 | €375,000 | = | 0.0% |
| Capital | 10 | €375,000 | €375,000 | = | 0.0% |
| Issued capital | 100 | €375,000 | €375,000 | = | 0.0% |
| Reserves | 13 | €4,178,606 | €4,299,061 | +€120,455 | +2.9% |
| Non-distributable reserves | 130/1 | €37,500 | €37,500 | = | 0.0% |
| Legal reserve | 130 | €37,500 | €37,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €992,106 | €931,561 | -€60,545 | -6.1% |
| Distributable reserves | 133 | €3,149,000 | €3,330,000 | +€181,000 | +5.7% |
| Profit (loss) carried forward | 14 | €249 | €430 | +€182 | +73.1% |
| Provisions and deferred taxes | 16 | €330,702 | €310,520 | -€20,182 | -6.1% |
| Deferred taxes | 168 | €330,702 | €310,520 | -€20,182 | -6.1% |
| Amounts payable | 17/49 | €2,316,054 | €2,219,913 | -€96,141 | -4.2% |
| Amounts payable after more than one year | 17 | €2,212,040 | €2,111,238 | -€100,802 | -4.6% |
| Financial debts | 170/4 | €212,040 | €111,238 | -€100,802 | -47.5% |
| Other amounts payable | 178/9 | €2,000,000 | €2,000,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €104,014 | €108,675 | +€4,661 | +4.5% |
| Current portion of amounts payable after more than one year | 42 | €99,031 | €100,802 | +€1,771 | +1.8% |
| Trade debts | 44 | €1,827 | €4,327 | +€2,500 | +137% |
| Suppliers | 440/4 | €1,827 | €4,327 | +€2,500 | +137% |
| Taxes, remuneration and social security | 45 | €3,156 | €3,546 | +€389 | +12.3% |
| Taxes | 450/3 | €3,156 | €3,546 | +€389 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €281,829 | €281,829 | = | 0.0% |
| Other operating charges | 640/8 | €145,175 | €149,503 | +€4,328 | +3.0% |
| Gross operating margin | 9900 | €726,293 | €597,516 | -€128,777 | -17.7% |
| Operating profit (loss) | 9901 | €299,289 | €166,183 | -€133,105 | -44.5% |
| Financial income | 75/76B | €14 | €18 | +€4 | +29.1% |
| Recurring financial income | 75 | €14 | €18 | +€4 | +29.1% |
| Financial charges | 65/66B | €7,387 | €5,352 | -€2,035 | -27.5% |
| Recurring financial charges | 65 | €7,387 | €5,352 | -€2,035 | -27.5% |
| Profit (loss) for the period before taxes | 9903 | €291,916 | €160,849 | -€131,066 | -44.9% |
| Transfer from deferred taxes | 780 | €20,182 | €20,182 | = | 0.0% |
| Income taxes | 67/77 | €93,160 | €60,394 | -€32,767 | -35.2% |
| Profit (loss) for the period | 9904 | €218,937 | €120,637 | -€98,300 | -44.9% |
| Transfer from tax-exempt reserves | 789 | €60,545 | €60,545 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €279,481 | €181,182 | -€98,300 | -35.2% |
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 25 October 2026 via checked.be.