VVC MANAGEMENT: 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.
VVC MANAGEMENT
Largest movements
- Receivables within one year -€13,278
no longer reported in 2025 (was €13,278)
of which Trade receivables: -€12,597
- Debts after one year -€27,295
down €27,295 (-9.3%), from €293,916 to €266,621
- Reserves +€22,203
up €22,203 (+13.8%), from €161,306 to €183,509
- Other debts -€16,986
down €16,986 (-29.9%), from €56,802 to €39,815
- Gross operating margin +€9,192
up €9,192 (+29.4%), from €31,274 to €40,466
- Taxes +€1,678
up €1,678 (+38.9%), from €4,316 to €5,994
- Depreciation -€1,125
down €1,125 (-34.9%), from €3,224 to €2,100
- Financial charges +€930
up €930 (+10.7%), from €8,718 to €9,647
- Financial income -€925
no longer reported in 2025 (was €925)
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 | €565,734 | €548,584 | -€17,150 | -3.0% |
| Fixed assets | 21/28 | €550,684 | €548,584 | -€2,100 | -0.4% |
| Tangible fixed assets | 22/27 | €3,730 | €1,630 | -€2,100 | -56.3% |
| Land and buildings | 22 | €655 | €548 | -€107 | -16.4% |
| Plant, machinery and equipment | 23 | €1,210 | €382 | -€828 | -68.4% |
| Furniture and vehicles | 24 | €1,865 | €700 | -€1,165 | -62.4% |
| Financial fixed assets | 28 | €546,954 | €546,954 | = | 0.0% |
| Current assets | 29/58 | €15,051 | - | -€15,051 | |
| Amounts receivable within one year | 40/41 | €13,278 | - | -€13,278 | |
| Trade receivables | 40 | €12,597 | - | -€12,597 | |
| Other amounts receivable | 41 | €681 | - | -€681 | |
| Cash at bank and in hand | 54/58 | €1,773 | - | -€1,773 | |
| Total equity and liabilities | 10/49 | €565,734 | €548,584 | -€17,150 | -3.0% |
| Equity | 10/15 | €169,490 | €191,693 | +€22,203 | +13.1% |
| Contributions | 10/11 | €8,184 | €8,184 | = | 0.0% |
| Reserves | 13 | €161,306 | €183,509 | +€22,203 | +13.8% |
| Distributable reserves | 133 | €161,306 | €183,509 | +€22,203 | +13.8% |
| Amounts payable | 17/49 | €396,245 | €356,891 | -€39,353 | -9.9% |
| Amounts payable after more than one year | 17 | €293,916 | €266,621 | -€27,295 | -9.3% |
| Financial debts | 170/4 | €293,916 | €266,621 | -€27,295 | -9.3% |
| Amounts payable within one year | 42/48 | €102,329 | €90,270 | -€12,058 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €26,761 | €27,295 | +€534 | +2.0% |
| Financial debts | 43 | - | €3,075 | +€3,075 | |
| Credit institutions | 430/8 | - | €3,075 | +€3,075 | |
| Trade debts | 44 | €6,947 | €2,951 | -€3,997 | -57.5% |
| Suppliers | 440/4 | €6,947 | €2,951 | -€3,997 | -57.5% |
| Taxes, remuneration and social security | 45 | €11,819 | €17,134 | +€5,315 | +45.0% |
| Taxes | 450/3 | €11,819 | €17,134 | +€5,315 | +45.0% |
| Other amounts payable | 47/48 | €56,802 | €39,815 | -€16,986 | -29.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,224 | €2,100 | -€1,125 | -34.9% |
| Other operating charges | 640/8 | €115 | €522 | +€407 | +354% |
| Non-recurring operating charges | 66A | €576 | - | -€576 | |
| Gross operating margin | 9900 | €31,274 | €40,466 | +€9,192 | +29.4% |
| Operating profit (loss) | 9901 | €27,359 | €37,845 | +€10,486 | +38.3% |
| Financial income | 75/76B | €925 | - | -€925 | |
| Recurring financial income | 75 | €925 | - | -€925 | |
| Financial charges | 65/66B | €8,718 | €9,647 | +€930 | +10.7% |
| Recurring financial charges | 65 | €8,718 | €9,647 | +€930 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €19,566 | €28,197 | +€8,632 | +44.1% |
| Income taxes | 67/77 | €4,316 | €5,994 | +€1,678 | +38.9% |
| Profit (loss) for the period | 9904 | €15,249 | €22,203 | +€6,954 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,249 | €22,203 | +€6,954 | +45.6% |
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 26 October 2026 via checked.be.