VcV: 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.
VcV
Largest movements
- Cash -€69,967
down €69,967 (-27.4%), from €255,455 to €185,488
mainly Contributions, distributions and other (-€174,140) and Accrued charges and deferred income (-€1,341)
- Receivables within one year -€13,287
down €13,287 (-49.3%), from €26,969 to €13,682
of which Trade receivables: -€12,424
- Deferred charges and accrued income -€6,044
down €6,044 (-92.8%), from €6,511 to €467
- Reserves -€119,067
down €119,067 (-41.1%), from €290,024 to €170,957
- Other debts +€26,939
up €26,939 (+70.3%), from €38,300 to €65,240
- Gross operating margin +€4,436
up €4,436 (+3.4%), from €129,660 to €134,096
- Financial income -€3,135
down €3,135 (-42.8%), from €7,327 to €4,192
- Staff costs +€1,831
up €1,831 (+3.5%), from €51,980 to €53,811
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.
Derived cash bridge
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 | €342,902 | €251,360 | -€91,542 | -26.7% |
| Fixed assets | 21/28 | €3,968 | €1,724 | -€2,244 | -56.6% |
| Tangible fixed assets | 22/27 | €3,968 | €1,724 | -€2,244 | -56.6% |
| Furniture and vehicles | 24 | €3,968 | €1,724 | -€2,244 | -56.6% |
| Current assets | 29/58 | €338,934 | €249,636 | -€89,298 | -26.3% |
| Amounts receivable within one year | 40/41 | €26,969 | €13,682 | -€13,287 | -49.3% |
| Trade receivables | 40 | €25,918 | €13,494 | -€12,424 | -47.9% |
| Other amounts receivable | 41 | €1,051 | €188 | -€863 | -82.1% |
| Current investments | 50/53 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €255,455 | €185,488 | -€69,967 | -27.4% |
| Deferred charges and accrued income | 490/1 | €6,511 | €467 | -€6,044 | -92.8% |
| Total equity and liabilities | 10/49 | €342,902 | €251,360 | -€91,542 | -26.7% |
| Equity | 10/15 | €290,024 | €170,957 | -€119,067 | -41.1% |
| Reserves | 13 | €290,024 | €170,957 | -€119,067 | -41.1% |
| Distributable reserves | 133 | €290,024 | €170,957 | -€119,067 | -41.1% |
| Amounts payable | 17/49 | €52,879 | €80,404 | +€27,525 | +52.1% |
| Amounts payable within one year | 42/48 | €51,538 | €80,404 | +€28,866 | +56.0% |
| Taxes, remuneration and social security | 45 | €13,237 | €15,164 | +€1,927 | +14.6% |
| Taxes | 450/3 | €7,461 | €9,180 | +€1,720 | +23.1% |
| Remuneration and social security | 454/9 | €5,777 | €5,984 | +€207 | +3.6% |
| Other amounts payable | 47/48 | €38,300 | €65,240 | +€26,939 | +70.3% |
| Accrued charges and deferred income | 492/3 | €1,341 | - | -€1,341 | |
| Remuneration, social security and pensions | 62 | €51,980 | €53,811 | +€1,831 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,218 | €2,244 | +€26 | +1.2% |
| Other operating charges | 640/8 | €955 | €981 | +€26 | +2.7% |
| Gross operating margin | 9900 | €129,660 | €134,096 | +€4,436 | +3.4% |
| Operating profit (loss) | 9901 | €74,506 | €77,060 | +€2,554 | +3.4% |
| Financial income | 75/76B | €7,327 | €4,192 | -€3,135 | -42.8% |
| Recurring financial income | 75 | €7,327 | €4,192 | -€3,135 | -42.8% |
| Financial charges | 65/66B | €101 | €42 | -€59 | -58.3% |
| Recurring financial charges | 65 | €101 | €42 | -€59 | -58.3% |
| Profit (loss) for the period before taxes | 9903 | €81,732 | €81,210 | -€522 | -0.6% |
| Income taxes | 67/77 | €26,302 | €26,137 | -€165 | -0.6% |
| Profit (loss) for the period | 9904 | €55,430 | €55,073 | -€357 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €55,430 | €55,073 | -€357 | -0.6% |
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 1 November 2026 via checked.be.