WV MANAGEMENT: 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.
WV MANAGEMENT
Largest movements
- Tangible fixed assets -€49,205
down €49,205 (-9.5%), from €516,869 to €467,663
of which Furniture and vehicles: -€38,462
- Current investments +€12,000
up €12,000 (+15.4%), from €77,905 to €89,905
- Other debts +€84,103
up €84,103 (+362.9%), from €23,174 to €107,277
- Reserves -€72,446
down €72,446 (-95.7%), from €75,685 to €3,239
- Debts after one year -€61,768
down €61,768 (-8.9%), from €691,514 to €629,746
of which Financial debts: -€61,768
- Trade debts +€18,623
up €18,623 (+3551.4%), from €524 to €19,147
- Depreciation +€23,645
up €23,645 (+59.8%), from €39,561 to €63,205
- Gross operating margin +€15,150
up €15,150 (+19.8%), from €76,496 to €91,646
- Other operating charges -€4,837
down €4,837 (-86.3%), from €5,604 to €768
- Financial charges +€3,638
up €3,638 (+22.0%), from €16,501 to €20,139
- Taxes -€2,717
down €2,717 (-35.3%), from €7,704 to €4,987
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 | €879,884 | €856,736 | -€23,148 | -2.6% |
| Fixed assets | 21/28 | €516,869 | €467,663 | -€49,205 | -9.5% |
| Tangible fixed assets | 22/27 | €516,869 | €467,663 | -€49,205 | -9.5% |
| Land and buildings | 22 | €355,947 | €333,392 | -€22,554 | -6.3% |
| Plant, machinery and equipment | 23 | €2,761 | €14,571 | +€11,810 | +427.8% |
| Furniture and vehicles | 24 | €158,162 | €119,700 | -€38,462 | -24.3% |
| Current assets | 29/58 | €363,015 | €389,073 | +€26,058 | +7.2% |
| Stocks and contracts in progress | 3 | €259,916 | €265,153 | +€5,238 | +2.0% |
| Stocks | 30/36 | €259,916 | €265,153 | +€5,238 | +2.0% |
| Amounts receivable within one year | 40/41 | €7,796 | €10,559 | +€2,763 | +35.4% |
| Trade receivables | 40 | €0 | €2,750 | +€2,750 | |
| Other amounts receivable | 41 | €7,796 | €7,809 | +€13 | +0.2% |
| Current investments | 50/53 | €77,905 | €89,905 | +€12,000 | +15.4% |
| Cash at bank and in hand | 54/58 | €17,399 | €22,847 | +€5,448 | +31.3% |
| Deferred charges and accrued income | 490/1 | - | €609 | +€609 | |
| Total equity and liabilities | 10/49 | €879,884 | €856,736 | -€23,148 | -2.6% |
| Equity | 10/15 | €95,685 | €23,239 | -€72,446 | -75.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €75,685 | €3,239 | -€72,446 | -95.7% |
| Distributable reserves | 133 | €75,685 | €3,239 | -€72,446 | -95.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €784,199 | €833,497 | +€49,298 | +6.3% |
| Amounts payable after more than one year | 17 | €691,514 | €629,746 | -€61,768 | -8.9% |
| Financial debts | 170/4 | €541,514 | €479,746 | -€61,768 | -11.4% |
| Other amounts payable | 178/9 | €150,000 | €150,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €92,205 | €203,751 | +€111,545 | +121.0% |
| Current portion of amounts payable after more than one year | 42 | €60,171 | €61,768 | +€1,597 | +2.7% |
| Trade debts | 44 | €524 | €19,147 | +€18,623 | +3551.4% |
| Suppliers | 440/4 | €524 | €19,147 | +€18,623 | +3551.4% |
| Taxes, remuneration and social security | 45 | €8,336 | €15,559 | +€7,223 | +86.6% |
| Taxes | 450/3 | €8,336 | €15,559 | +€7,223 | +86.6% |
| Other amounts payable | 47/48 | €23,174 | €107,277 | +€84,103 | +362.9% |
| Accrued charges and deferred income | 492/3 | €480 | €0 | -€480 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,561 | €63,205 | +€23,645 | +59.8% |
| Other operating charges | 640/8 | €5,604 | €768 | -€4,837 | -86.3% |
| Gross operating margin | 9900 | €76,496 | €91,646 | +€15,150 | +19.8% |
| Operating profit (loss) | 9901 | €31,331 | €27,673 | -€3,658 | -11.7% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €16,501 | €20,139 | +€3,638 | +22.0% |
| Recurring financial charges | 65 | €16,501 | €20,139 | +€3,638 | +22.0% |
| Profit (loss) for the period before taxes | 9903 | €14,829 | €7,541 | -€7,288 | -49.1% |
| Income taxes | 67/77 | €7,704 | €4,987 | -€2,717 | -35.3% |
| Profit (loss) for the period | 9904 | €7,125 | €2,554 | -€4,571 | -64.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,125 | €2,554 | -€4,571 | -64.2% |
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.