VWE: 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.
VWE
Largest movements
- Cash +€46,230
up €46,230 (+332.0%), from €13,923 to €60,152
mainly Depreciation (+€69,783) and Receivables within one year (+€28,942)
- Receivables within one year -€28,942
down €28,942 (-40.3%), from €71,815 to €42,873
of which Trade receivables: -€33,350
- Tangible fixed assets -€18,874
down €18,874 (-2.7%), from €695,673 to €676,799
of which Furniture and vehicles: -€11,824
- Debts after one year -€31,112
down €31,112 (-5.5%), from €568,551 to €537,439
- Other debts +€26,718
up €26,718 (+7858.3%), from €340 to €27,058
- Current portion of long-term debt +€8,807
up €8,807 (+16.2%), from €54,261 to €63,067
- Staff costs -€41,956
down €41,956 (-31.3%), from €134,165 to €92,209
- Gross operating margin -€39,080
down €39,080 (-15.5%), from €252,613 to €213,533
- Depreciation +€4,444
up €4,444 (+6.8%), from €65,339 to €69,783
- Taxes -€3,073
down €3,073 (-31.7%), from €9,688 to €6,616
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 | €826,805 | €830,825 | +€4,020 | +0.5% |
| Fixed assets | 21/28 | €695,793 | €676,919 | -€18,874 | -2.7% |
| Tangible fixed assets | 22/27 | €695,673 | €676,799 | -€18,874 | -2.7% |
| Land and buildings | 22 | €642,835 | €637,167 | -€5,668 | -0.9% |
| Plant, machinery and equipment | 23 | €2,625 | €1,243 | -€1,382 | -52.6% |
| Furniture and vehicles | 24 | €50,213 | €38,389 | -€11,824 | -23.5% |
| Financial fixed assets | 28 | €120 | €120 | = | 0.0% |
| Current assets | 29/58 | €131,012 | €153,906 | +€22,894 | +17.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €39,865 | €46,463 | +€6,598 | +16.6% |
| Stocks | 30/36 | €39,865 | €46,463 | +€6,598 | +16.6% |
| Amounts receivable within one year | 40/41 | €71,815 | €42,873 | -€28,942 | -40.3% |
| Trade receivables | 40 | €57,011 | €23,661 | -€33,350 | -58.5% |
| Other amounts receivable | 41 | €14,804 | €19,213 | +€4,409 | +29.8% |
| Cash at bank and in hand | 54/58 | €13,923 | €60,152 | +€46,230 | +332.0% |
| Deferred charges and accrued income | 490/1 | €5,410 | €4,418 | -€992 | -18.3% |
| Total equity and liabilities | 10/49 | €826,805 | €830,825 | +€4,020 | +0.5% |
| Equity | 10/15 | €159,453 | €156,637 | -€2,816 | -1.8% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €113,060 | €110,950 | -€2,110 | -1.9% |
| Distributable reserves | 133 | €113,060 | €110,950 | -€2,110 | -1.9% |
| Profit (loss) carried forward | 14 | €27,670 | €27,678 | +€8 | 0.0% |
| Investment grants | 15 | €8,723 | €8,009 | -€714 | -8.2% |
| Amounts payable | 17/49 | €667,352 | €674,188 | +€6,836 | +1.0% |
| Amounts payable after more than one year | 17 | €568,551 | €537,439 | -€31,112 | -5.5% |
| Financial debts | 170/4 | €568,551 | €537,439 | -€31,112 | -5.5% |
| Amounts payable within one year | 42/48 | €98,740 | €136,682 | +€37,942 | +38.4% |
| Current portion of amounts payable after more than one year | 42 | €54,261 | €63,067 | +€8,807 | +16.2% |
| Trade debts | 44 | €30,743 | €38,219 | +€7,476 | +24.3% |
| Suppliers | 440/4 | €30,743 | €38,219 | +€7,476 | +24.3% |
| Taxes, remuneration and social security | 45 | €13,396 | €8,338 | -€5,058 | -37.8% |
| Taxes | 450/3 | €4,436 | €8,329 | +€3,893 | +87.8% |
| Remuneration and social security | 454/9 | €8,960 | €9 | -€8,952 | -99.9% |
| Other amounts payable | 47/48 | €340 | €27,058 | +€26,718 | +7858.3% |
| Accrued charges and deferred income | 492/3 | €61 | €67 | +€5 | +8.9% |
| Remuneration, social security and pensions | 62 | €134,165 | €92,209 | -€41,956 | -31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,339 | €69,783 | +€4,444 | +6.8% |
| Other operating charges | 640/8 | €5,200 | €6,195 | +€995 | +19.1% |
| Gross operating margin | 9900 | €252,613 | €213,533 | -€39,080 | -15.5% |
| Operating profit (loss) | 9901 | €47,909 | €45,346 | -€2,563 | -5.3% |
| Financial income | 75/76B | €4,543 | €2,326 | -€2,218 | -48.8% |
| Recurring financial income | 75 | €2,293 | €2,326 | +€32 | +1.4% |
| Non-recurring financial income | 76B | €2,250 | - | -€2,250 | |
| Financial charges | 65/66B | €14,314 | €16,358 | +€2,044 | +14.3% |
| Recurring financial charges | 65 | €14,314 | €16,358 | +€2,044 | +14.3% |
| Profit (loss) for the period before taxes | 9903 | €38,139 | €31,314 | -€6,825 | -17.9% |
| Income taxes | 67/77 | €9,688 | €6,616 | -€3,073 | -31.7% |
| Profit (loss) for the period | 9904 | €28,450 | €24,698 | -€3,752 | -13.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,450 | €24,698 | -€3,752 | -13.2% |
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 3 October 2026 via checked.be.