vWv: 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.
vWv
Largest movements
- Intangible fixed assets -€206,000
down €206,000 (-12.1%), from €1.7m to €1.5m
- Receivables within one year +€123,119
up €123,119 (+120.8%), from €101,960 to €225,079
of which Other amounts receivable: +€80,676
- Cash +€111,511
up €111,511 (+1635.9%), from €6,817 to €118,328
mainly Depreciation (+€216,637) and Net result for the year (+€162,526)
- Deferred charges and accrued income -€20,967
no longer reported in 2025 (was €20,967)
- Debts after one year -€180,366
down €180,366 (-15.1%), from €1.2m to €1.0m
- Reserves +€161,756
up €161,756 (+38.8%), from €417,344 to €579,100
of which Distributable reserves: +€163,616
- Gross operating margin +€170,974
up €170,974 (+20.8%), from €822,390 to €993,364
- Staff costs +€95,958
up €95,958 (+24.7%), from €387,795 to €483,753
- Taxes +€23,286
up €23,286 (+38.4%), from €60,575 to €83,862
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 | €1,866,973 | €1,867,334 | +€360 | 0.0% |
| Fixed assets | 21/28 | €1,737,229 | €1,523,927 | -€213,303 | -12.3% |
| Intangible fixed assets | 21 | €1,708,733 | €1,502,733 | -€206,000 | -12.1% |
| Tangible fixed assets | 22/27 | €22,796 | €15,494 | -€7,303 | -32.0% |
| Plant, machinery and equipment | 23 | €18,040 | €13,913 | -€4,127 | -22.9% |
| Furniture and vehicles | 24 | €2,983 | €1,397 | -€1,586 | -53.2% |
| Other tangible fixed assets | 26 | €1,773 | €183 | -€1,590 | -89.7% |
| Financial fixed assets | 28 | €5,700 | €5,700 | = | 0.0% |
| Current assets | 29/58 | €129,744 | €343,407 | +€213,663 | +164.7% |
| Amounts receivable within one year | 40/41 | €101,960 | €225,079 | +€123,119 | +120.8% |
| Trade receivables | 40 | €100,497 | €142,941 | +€42,443 | +42.2% |
| Other amounts receivable | 41 | €1,462 | €82,139 | +€80,676 | +5516.6% |
| Cash at bank and in hand | 54/58 | €6,817 | €118,328 | +€111,511 | +1635.9% |
| Deferred charges and accrued income | 490/1 | €20,967 | - | -€20,967 | |
| Total equity and liabilities | 10/49 | €1,866,973 | €1,867,334 | +€360 | 0.0% |
| Equity | 10/15 | €435,944 | €598,470 | +€162,526 | +37.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €417,344 | €579,100 | +€161,756 | +38.8% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €415,484 | €579,100 | +€163,616 | +39.4% |
| Profit (loss) carried forward | 14 | - | €770 | +€770 | |
| Amounts payable | 17/49 | €1,431,029 | €1,268,864 | -€162,166 | -11.3% |
| Amounts payable after more than one year | 17 | €1,194,888 | €1,014,522 | -€180,366 | -15.1% |
| Financial debts | 170/4 | €1,194,888 | €1,014,522 | -€180,366 | -15.1% |
| Amounts payable within one year | 42/48 | €236,142 | €240,206 | +€4,064 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €175,372 | €180,366 | +€4,994 | +2.8% |
| Trade debts | 44 | €11,286 | €6,215 | -€5,071 | -44.9% |
| Suppliers | 440/4 | €11,286 | €6,215 | -€5,071 | -44.9% |
| Taxes, remuneration and social security | 45 | €48,105 | €52,246 | +€4,141 | +8.6% |
| Taxes | 450/3 | €1,399 | - | -€1,399 | |
| Remuneration and social security | 454/9 | €46,706 | €52,246 | +€5,540 | +11.9% |
| Other amounts payable | 47/48 | €1,379 | €1,379 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €14,136 | +€14,136 | |
| Non-recurring operating income | 76A | €13,854 | €7,333 | -€6,521 | -47.1% |
| Remuneration, social security and pensions | 62 | €387,795 | €483,753 | +€95,958 | +24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €217,313 | €216,637 | -€677 | -0.3% |
| Other operating charges | 640/8 | €707 | €951 | +€244 | +34.5% |
| Non-recurring operating charges | 66A | €2,282 | - | -€2,282 | |
| Gross operating margin | 9900 | €822,390 | €993,364 | +€170,974 | +20.8% |
| Operating profit (loss) | 9901 | €214,293 | €292,024 | +€77,731 | +36.3% |
| Financial income | 75/76B | €3,920 | €13 | -€3,907 | -99.7% |
| Recurring financial income | 75 | €3,920 | €13 | -€3,907 | -99.7% |
| Financial charges | 65/66B | €49,837 | €45,649 | -€4,188 | -8.4% |
| Recurring financial charges | 65 | €49,837 | €45,082 | -€4,755 | -9.5% |
| Non-recurring financial charges | 66B | - | €566 | +€566 | |
| Profit (loss) for the period before taxes | 9903 | €168,376 | €246,388 | +€78,012 | +46.3% |
| Income taxes | 67/77 | €60,575 | €83,862 | +€23,286 | +38.4% |
| Profit (loss) for the period | 9904 | €107,800 | €162,526 | +€54,726 | +50.8% |
| Profit (loss) for the period to be appropriated | 9905 | €107,800 | €162,526 | +€54,726 | +50.8% |
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 11 October 2026 via checked.be.