VV Concept: 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 Concept
Largest movements
- Tangible fixed assets +€471,432
up €471,432 (+13.5%), from €3.5m to €4.0m
- Debts after one year +€798,348
up €798,348 (+28.9%), from €2.8m to €3.6m
of which Financial debts: +€786,286
- Other debts -€232,032
no longer reported in 2025 (was €232,032)
- Profit (loss) carried forward -€131,643
down €131,643 (-143%), from -€92,194 to -€223,837
- Current portion of long-term debt +€48,116
up €48,116 (+33.6%), from €143,203 to €191,319
- Depreciation +€105,380
up €105,380 (+245%), from €43,069 to €148,449
- Gross operating margin +€66,936
up €66,936 (+135%), from €49,586 to €116,522
- Financial charges +€52,378
up €52,378 (+138%), from €38,038 to €90,415
- Other operating charges +€1,671
up €1,671 (+54.7%), from €3,057 to €4,728
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 | €3,556,894 | €4,035,841 | +€478,947 | +13.5% |
| Fixed assets | 21/28 | €3,490,531 | €3,961,963 | +€471,432 | +13.5% |
| Tangible fixed assets | 22/27 | €3,490,531 | €3,961,963 | +€471,432 | +13.5% |
| Land and buildings | 22 | €3,490,531 | €3,961,963 | +€471,432 | +13.5% |
| Current assets | 29/58 | €66,363 | €73,878 | +€7,515 | +11.3% |
| Amounts receivable within one year | 40/41 | €1,817 | €2,750 | +€933 | +51.3% |
| Trade receivables | 40 | - | €2,750 | +€2,750 | |
| Other amounts receivable | 41 | €1,817 | - | -€1,817 | |
| Cash at bank and in hand | 54/58 | €61,229 | €67,782 | +€6,553 | +10.7% |
| Deferred charges and accrued income | 490/1 | €3,318 | €3,346 | +€29 | +0.9% |
| Total equity and liabilities | 10/49 | €3,556,894 | €4,035,841 | +€478,947 | +13.5% |
| Equity | 10/15 | €407,806 | €276,163 | -€131,643 | -32.3% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€92,194 | -€223,837 | -€131,643 | -143% |
| Amounts payable | 17/49 | €3,149,088 | €3,759,678 | +€610,590 | +19.4% |
| Amounts payable after more than one year | 17 | €2,758,860 | €3,557,207 | +€798,348 | +28.9% |
| Financial debts | 170/4 | €2,746,730 | €3,533,015 | +€786,286 | +28.6% |
| Other amounts payable | 178/9 | €12,130 | €24,192 | +€12,062 | +99.4% |
| Amounts payable within one year | 42/48 | €378,986 | €202,471 | -€176,516 | -46.6% |
| Current portion of amounts payable after more than one year | 42 | €143,203 | €191,319 | +€48,116 | +33.6% |
| Trade debts | 44 | €2,651 | €1,467 | -€1,184 | -44.7% |
| Suppliers | 440/4 | €2,651 | €1,467 | -€1,184 | -44.7% |
| Advances received on contracts in progress | 46 | €1,100 | - | -€1,100 | |
| Taxes, remuneration and social security | 45 | - | €9,685 | +€9,685 | |
| Taxes | 450/3 | - | €9,685 | +€9,685 | |
| Other amounts payable | 47/48 | €232,032 | - | -€232,032 | |
| Accrued charges and deferred income | 492/3 | €11,242 | - | -€11,242 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,069 | €148,449 | +€105,380 | +245% |
| Other operating charges | 640/8 | €3,057 | €4,728 | +€1,671 | +54.7% |
| Non-recurring operating charges | 66A | - | €4,983 | +€4,983 | |
| Gross operating margin | 9900 | €49,586 | €116,522 | +€66,936 | +135% |
| Operating profit (loss) | 9901 | €3,461 | -€41,638 | -€45,098 | |
| Financial income | 75/76B | €2 | €410 | +€408 | +23,727% |
| Recurring financial income | 75 | €2 | €410 | +€408 | +23,727% |
| Financial charges | 65/66B | €38,038 | €90,415 | +€52,378 | +138% |
| Recurring financial charges | 65 | €38,038 | €90,415 | +€52,378 | +138% |
| Profit (loss) for the period before taxes | 9903 | -€34,575 | -€131,643 | -€97,068 | -281% |
| Profit (loss) for the period | 9904 | -€34,575 | -€131,643 | -€97,068 | -281% |
| Profit (loss) for the period to be appropriated | 9905 | -€34,575 | -€131,643 | -€97,068 | -281% |
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 19 October 2026 via checked.be.