VVR 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.
VVR Management
Largest movements
- Cash +€32,669
up €32,669 (+34.6%), from €94,387 to €127,056
mainly Net result for the year (+€43,121) and Depreciation (+€2,021)
- Receivables within one year +€8,321
up €8,321 (+91.7%), from €9,075 to €17,396
of which Other amounts receivable: +€7,448
- Reserves +€43,121
up €43,121 (+54.9%), from €78,588 to €121,709
- Other debts -€1,763
down €1,763 (-100%), from €1,763 to €0
- Gross operating margin +€12,164
up €12,164 (+26.4%), from €46,020 to €58,183
- Taxes +€2,317
up €2,317 (+26.6%), from €8,719 to €11,036
- Financial charges +€677
up €677 (+47.5%), from €1,425 to €2,102
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 | €107,557 | €148,217 | +€40,661 | +37.8% |
| Fixed assets | 21/28 | €2,768 | €2,291 | -€476 | -17.2% |
| Tangible fixed assets | 22/27 | €2,768 | €2,291 | -€476 | -17.2% |
| Furniture and vehicles | 24 | €2,768 | €2,291 | -€476 | -17.2% |
| Current assets | 29/58 | €104,789 | €145,926 | +€41,137 | +39.3% |
| Amounts receivable within one year | 40/41 | €9,075 | €17,396 | +€8,321 | +91.7% |
| Trade receivables | 40 | €9,075 | €9,948 | +€873 | +9.6% |
| Other amounts receivable | 41 | - | €7,448 | +€7,448 | |
| Cash at bank and in hand | 54/58 | €94,387 | €127,056 | +€32,669 | +34.6% |
| Deferred charges and accrued income | 490/1 | €1,327 | €1,474 | +€147 | +11.1% |
| Total equity and liabilities | 10/49 | €107,557 | €148,217 | +€40,661 | +37.8% |
| Equity | 10/15 | €83,588 | €126,709 | +€43,121 | +51.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €78,588 | €121,709 | +€43,121 | +54.9% |
| Distributable reserves | 133 | €78,588 | €121,709 | +€43,121 | +54.9% |
| Amounts payable | 17/49 | €23,968 | €21,508 | -€2,460 | -10.3% |
| Amounts payable within one year | 42/48 | €23,968 | €21,508 | -€2,460 | -10.3% |
| Trade debts | 44 | €1,520 | €1,118 | -€402 | -26.4% |
| Suppliers | 440/4 | €1,520 | €1,118 | -€402 | -26.4% |
| Taxes, remuneration and social security | 45 | €20,685 | €20,390 | -€295 | -1.4% |
| Taxes | 450/3 | €20,685 | €20,390 | -€295 | -1.4% |
| Other amounts payable | 47/48 | €1,763 | €0 | -€1,763 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,895 | €2,021 | +€126 | +6.6% |
| Other operating charges | 640/8 | €62 | €62 | = | 0.0% |
| Gross operating margin | 9900 | €46,020 | €58,183 | +€12,164 | +26.4% |
| Operating profit (loss) | 9901 | €44,062 | €56,100 | +€12,038 | +27.3% |
| Financial income | 75/76B | €0 | €158 | +€158 | +1,583,000% |
| Recurring financial income | 75 | €0 | €158 | +€158 | +1,583,000% |
| Financial charges | 65/66B | €1,425 | €2,102 | +€677 | +47.5% |
| Recurring financial charges | 65 | €1,425 | €2,102 | +€677 | +47.5% |
| Profit (loss) for the period before taxes | 9903 | €42,637 | €54,156 | +€11,519 | +27.0% |
| Income taxes | 67/77 | €8,719 | €11,036 | +€2,317 | +26.6% |
| Profit (loss) for the period | 9904 | €33,918 | €43,121 | +€9,203 | +27.1% |
| Profit (loss) for the period to be appropriated | 9905 | €33,918 | €43,121 | +€9,203 | +27.1% |
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.