VXV: 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.
VXV
Largest movements
- Stocks and contracts -€252,336
down €252,336 (-26.4%), from €955,387 to €703,051
- Cash -€25,880
down €25,880 (-97.9%), from €26,443 to €563
mainly Debts after one year (-€238,500) and Other debts (-€52,120)
- Debts after one year -€238,500
down €238,500 (-26.6%), from €895,700 to €657,200
- Other debts -€52,120
down €52,120 (-57.0%), from €91,399 to €39,280
- Trade debts +€12,873
up €12,873 (+608.7%), from €2,115 to €14,988
- Financial charges -€16,680
down €16,680 (-33.1%), from €50,404 to €33,725
- Gross operating margin -€13,545
down €13,545 (-29.0%), from €46,731 to €33,186
- Other operating charges +€3,278
up €3,278 (+315.2%), from €1,040 to €4,317
- Taxes -€1,524
no longer reported in 2025 (was €1,524)
- Depreciation +€503
up €503 (+101.1%), from €497 to €1,000
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 | €985,226 | €705,609 | -€279,617 | -28.4% |
| Fixed assets | 21/28 | €2,502 | €1,502 | -€1,000 | -40.0% |
| Tangible fixed assets | 22/27 | €2,502 | €1,502 | -€1,000 | -40.0% |
| Furniture and vehicles | 24 | €2,502 | €1,502 | -€1,000 | -40.0% |
| Current assets | 29/58 | €982,724 | €704,107 | -€278,617 | -28.4% |
| Stocks and contracts in progress | 3 | €955,387 | €703,051 | -€252,336 | -26.4% |
| Stocks | 30/36 | €955,387 | €703,051 | -€252,336 | -26.4% |
| Cash at bank and in hand | 54/58 | €26,443 | €563 | -€25,880 | -97.9% |
| Deferred charges and accrued income | 490/1 | €894 | €493 | -€401 | -44.9% |
| Total equity and liabilities | 10/49 | €985,226 | €705,609 | -€279,617 | -28.4% |
| Equity | 10/15 | -€4,234 | -€10,089 | -€5,855 | -138.3% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,734 | -€12,589 | -€5,855 | -87.0% |
| Amounts payable | 17/49 | €989,460 | €715,698 | -€273,762 | -27.7% |
| Amounts payable after more than one year | 17 | €895,700 | €657,200 | -€238,500 | -26.6% |
| Financial debts | 170/4 | €895,700 | €657,200 | -€238,500 | -26.6% |
| Amounts payable within one year | 42/48 | €93,760 | €58,098 | -€35,662 | -38.0% |
| Trade debts | 44 | €2,115 | €14,988 | +€12,873 | +608.7% |
| Suppliers | 440/4 | €2,115 | €14,988 | +€12,873 | +608.7% |
| Taxes, remuneration and social security | 45 | €246 | €3,831 | +€3,585 | +1458.7% |
| Taxes | 450/3 | €246 | €3,831 | +€3,585 | +1458.7% |
| Other amounts payable | 47/48 | €91,399 | €39,280 | -€52,120 | -57.0% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €497 | €1,000 | +€503 | +101.1% |
| Other operating charges | 640/8 | €1,040 | €4,317 | +€3,278 | +315.2% |
| Gross operating margin | 9900 | €46,731 | €33,186 | -€13,545 | -29.0% |
| Operating profit (loss) | 9901 | €45,194 | €27,869 | -€17,325 | -38.3% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €50,404 | €33,725 | -€16,680 | -33.1% |
| Recurring financial charges | 65 | €50,404 | €33,725 | -€16,680 | -33.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,210 | -€5,855 | -€645 | -12.4% |
| Income taxes | 67/77 | €1,524 | - | -€1,524 | |
| Profit (loss) for the period | 9904 | -€6,734 | -€5,855 | +€879 | +13.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,734 | -€5,855 | +€879 | +13.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.