W.V.D.: 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.
W.V.D.
Largest movements
- Receivables within one year +€64,373
up €64,373 (+18.4%), from €350,297 to €414,670
- Tangible fixed assets -€49,444
down €49,444 (-15.4%), from €320,589 to €271,145
of which Land and buildings: -€46,817
- Cash +€20,512
up €20,512 (+8.6%), from €238,022 to €258,534
mainly Net result for the year (+€52,893) and Depreciation (+€49,444)
- Deferred charges and accrued income +€15,000
new in 2025: €15,000
- Reserves +€42,524
up €42,524 (+14.9%), from €285,947 to €328,471
of which Distributable reserves: +€42,524
- Other debts +€9,642
new in 2025: €9,642
- Gross operating margin -€54,205
down €54,205 (-30.4%), from €178,455 to €124,250
- Taxes -€21,708
down €21,708 (-52.1%), from €41,644 to €19,936
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 | €908,908 | €959,349 | +€50,441 | +5.5% |
| Fixed assets | 21/28 | €320,589 | €271,145 | -€49,444 | -15.4% |
| Tangible fixed assets | 22/27 | €320,589 | €271,145 | -€49,444 | -15.4% |
| Land and buildings | 22 | €315,335 | €268,518 | -€46,817 | -14.8% |
| Furniture and vehicles | 24 | €5,253 | €2,627 | -€2,627 | -50.0% |
| Current assets | 29/58 | €588,319 | €688,204 | +€99,885 | +17.0% |
| Amounts receivable within one year | 40/41 | €350,297 | €414,670 | +€64,373 | +18.4% |
| Other amounts receivable | 41 | €350,297 | €414,670 | +€64,373 | +18.4% |
| Cash at bank and in hand | 54/58 | €238,022 | €258,534 | +€20,512 | +8.6% |
| Deferred charges and accrued income | 490/1 | - | €15,000 | +€15,000 | |
| Total equity and liabilities | 10/49 | €908,908 | €959,349 | +€50,441 | +5.5% |
| Equity | 10/15 | €890,947 | €933,471 | +€42,524 | +4.8% |
| Contributions | 10/11 | €605,000 | €605,000 | = | 0.0% |
| Reserves | 13 | €285,947 | €328,471 | +€42,524 | +14.9% |
| Non-distributable reserves | 130/1 | €60,500 | €60,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €60,500 | €60,500 | = | 0.0% |
| Distributable reserves | 133 | €225,447 | €267,971 | +€42,524 | +18.9% |
| Amounts payable | 17/49 | €17,961 | €25,877 | +€7,917 | +44.1% |
| Amounts payable within one year | 42/48 | €17,961 | €25,877 | +€7,917 | +44.1% |
| Trade debts | 44 | €21 | €834 | +€813 | +3791.0% |
| Suppliers | 440/4 | €21 | €834 | +€813 | +3791.0% |
| Taxes, remuneration and social security | 45 | €17,939 | €15,401 | -€2,538 | -14.2% |
| Taxes | 450/3 | €17,939 | €15,401 | -€2,538 | -14.2% |
| Other amounts payable | 47/48 | - | €9,642 | +€9,642 | |
| Non-recurring operating income | 76A | €0 | - | -€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,444 | €49,444 | = | 0.0% |
| Other operating charges | 640/8 | €1,389 | €1,509 | +€120 | +8.6% |
| Gross operating margin | 9900 | €178,455 | €124,250 | -€54,205 | -30.4% |
| Operating profit (loss) | 9901 | €127,622 | €73,297 | -€54,325 | -42.6% |
| Financial charges | 65/66B | €381 | €468 | +€86 | +22.6% |
| Recurring financial charges | 65 | €381 | €468 | +€86 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €127,241 | €72,830 | -€54,411 | -42.8% |
| Income taxes | 67/77 | €41,644 | €19,936 | -€21,708 | -52.1% |
| Profit (loss) for the period | 9904 | €85,597 | €52,893 | -€32,703 | -38.2% |
| Profit (loss) for the period to be appropriated | 9905 | €85,597 | €52,893 | -€32,703 | -38.2% |
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 8 October 2026 via checked.be.