VWO: 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.
VWO
Largest movements
- Receivables within one year -€30,144
down €30,144 (-31.8%), from €94,760 to €64,616
of which Trade receivables: -€23,858
- Tangible fixed assets +€21,480
up €21,480 (+7.5%), from €287,720 to €309,201
of which Plant, machinery and equipment: +€86,007
- Cash -€6,336
down €6,336 (-32.8%), from €19,337 to €13,002
mainly Investment in fixed assets (net) (-€124,465) and Net result for the year (-€60,130)
- Profit (loss) carried forward -€60,130
down €60,130, from €22,797 to -€37,332
- Debts after one year +€51,624
up €51,624 (+73.7%), from €70,084 to €121,707
- Trade debts -€32,537
down €32,537 (-71.9%), from €45,249 to €12,712
- Other debts +€17,862
up €17,862 (+7.6%), from €233,907 to €251,769
- Current portion of long-term debt +€12,940
up €12,940 (+46.9%), from €27,570 to €40,510
- Gross operating margin -€45,499
down €45,499 (-46.9%), from €97,083 to €51,584
- Depreciation +€13,710
up €13,710 (+15.3%), from €89,775 to €103,484
- Financial charges +€3,562
up €3,562 (+82.8%), from €4,304 to €7,865
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 | €423,510 | €411,072 | -€12,438 | -2.9% |
| Fixed assets | 21/28 | €291,720 | €312,701 | +€20,980 | +7.2% |
| Intangible fixed assets | 21 | €4,000 | €3,500 | -€500 | -12.5% |
| Tangible fixed assets | 22/27 | €287,720 | €309,201 | +€21,480 | +7.5% |
| Plant, machinery and equipment | 23 | €71,843 | €157,851 | +€86,007 | +119.7% |
| Furniture and vehicles | 24 | €214,897 | €150,676 | -€64,221 | -29.9% |
| Assets under construction and advance payments | 27 | €980 | €674 | -€306 | -31.2% |
| Current assets | 29/58 | €131,790 | €98,372 | -€33,418 | -25.4% |
| Stocks and contracts in progress | 3 | €10,038 | €12,059 | +€2,020 | +20.1% |
| Stocks | 30/36 | €10,038 | €12,059 | +€2,020 | +20.1% |
| Amounts receivable within one year | 40/41 | €94,760 | €64,616 | -€30,144 | -31.8% |
| Trade receivables | 40 | €86,575 | €62,717 | -€23,858 | -27.6% |
| Other amounts receivable | 41 | €8,186 | €1,899 | -€6,286 | -76.8% |
| Cash at bank and in hand | 54/58 | €19,337 | €13,002 | -€6,336 | -32.8% |
| Deferred charges and accrued income | 490/1 | €7,654 | €8,695 | +€1,041 | +13.6% |
| Total equity and liabilities | 10/49 | €423,510 | €411,072 | -€12,438 | -2.9% |
| Equity | 10/15 | €32,797 | -€27,332 | -€60,130 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,797 | -€37,332 | -€60,130 | |
| Amounts payable | 17/49 | €390,713 | €438,405 | +€47,692 | +12.2% |
| Amounts payable after more than one year | 17 | €70,084 | €121,707 | +€51,624 | +73.7% |
| Financial debts | 170/4 | €70,084 | €121,707 | +€51,624 | +73.7% |
| Amounts payable within one year | 42/48 | €320,629 | €312,697 | -€7,932 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €27,570 | €40,510 | +€12,940 | +46.9% |
| Trade debts | 44 | €45,249 | €12,712 | -€32,537 | -71.9% |
| Suppliers | 440/4 | €45,249 | €12,712 | -€32,537 | -71.9% |
| Taxes, remuneration and social security | 45 | €13,903 | €7,706 | -€6,197 | -44.6% |
| Taxes | 450/3 | €7,892 | €122 | -€7,771 | -98.5% |
| Remuneration and social security | 454/9 | €6,011 | €7,584 | +€1,573 | +26.2% |
| Other amounts payable | 47/48 | €233,907 | €251,769 | +€17,862 | +7.6% |
| Accrued charges and deferred income | 492/3 | - | €4,000 | +€4,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €89,775 | €103,484 | +€13,710 | +15.3% |
| Other operating charges | 640/8 | €809 | €684 | -€125 | -15.5% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €97,083 | €51,584 | -€45,499 | -46.9% |
| Operating profit (loss) | 9901 | €6,500 | -€52,584 | -€59,084 | |
| Financial income | 75/76B | €305 | €320 | +€15 | +4.8% |
| Recurring financial income | 75 | €305 | €320 | +€15 | +4.8% |
| Financial charges | 65/66B | €4,304 | €7,865 | +€3,562 | +82.8% |
| Recurring financial charges | 65 | €4,304 | €7,865 | +€3,562 | +82.8% |
| Profit (loss) for the period before taxes | 9903 | €2,501 | -€60,130 | -€62,631 | |
| Income taxes | 67/77 | €614 | €0 | -€614 | -100.0% |
| Profit (loss) for the period | 9904 | €1,887 | -€60,130 | -€62,016 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,887 | -€60,130 | -€62,016 |
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 9 October 2026 via checked.be.