V&V: 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.
V&V
Largest movements
- Cash +€454,501
up €454,501 (+365%), from €124,476 to €578,977
mainly Receivables within one year (+€323,500) and Stocks and contracts (+€170,852)
- Receivables within one year -€323,500
down €323,500 (-100%), from €323,500 to €0
of which Trade receivables: -€323,500
- Stocks and contracts -€170,852
down €170,852 (-16.9%), from €1.0m to €841,486
- Short-term financial debts -€408,969
down €408,969 (-70.3%), from €582,044 to €173,075
- Other debts +€142,100
up €142,100 (+26.4%), from €537,637 to €679,737
- Reserves +€109,115
up €109,115 (+56.3%), from €193,874 to €302,989
- Tax, wage and social debts +€72,246
up €72,246 (+102%), from €70,885 to €143,130
- Trade debts +€44,946
up €44,946 (+78.4%), from €57,351 to €102,296
- Gross operating margin +€59,455
up €59,455 (+51.5%), from €115,547 to €175,002
- Taxes +€14,660
up €14,660 (+82.5%), from €17,780 to €32,440
- Depreciation +€13,380
up €13,380 (+3,218%), from €416 to €13,795
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,529,709 | €1,476,236 | -€53,473 | -3.5% |
| Fixed assets | 21/28 | €68,561 | €54,765 | -€13,795 | -20.1% |
| Tangible fixed assets | 22/27 | €68,561 | €54,765 | -€13,795 | -20.1% |
| Leasing and similar rights | 25 | €68,561 | €54,765 | -€13,795 | -20.1% |
| Current assets | 29/58 | €1,461,149 | €1,421,471 | -€39,678 | -2.7% |
| Stocks and contracts in progress | 3 | €1,012,338 | €841,486 | -€170,852 | -16.9% |
| Stocks | 30/36 | €1,012,338 | €841,486 | -€170,852 | -16.9% |
| Amounts receivable within one year | 40/41 | €323,500 | €0 | -€323,500 | -100% |
| Trade receivables | 40 | €323,500 | €0 | -€323,500 | -100% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €124,476 | €578,977 | +€454,501 | +365% |
| Deferred charges and accrued income | 490/1 | €835 | €1,007 | +€172 | +20.6% |
| Total equity and liabilities | 10/49 | €1,529,709 | €1,476,236 | -€53,473 | -3.5% |
| Equity | 10/15 | €213,874 | €322,989 | +€109,115 | +51.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €193,874 | €302,989 | +€109,115 | +56.3% |
| Distributable reserves | 133 | €193,874 | €302,989 | +€109,115 | +56.3% |
| Amounts payable | 17/49 | €1,315,836 | €1,153,247 | -€162,589 | -12.4% |
| Amounts payable after more than one year | 17 | €55,009 | €41,651 | -€13,357 | -24.3% |
| Financial debts | 170/4 | €55,009 | €41,651 | -€13,357 | -24.3% |
| Amounts payable within one year | 42/48 | €1,260,827 | €1,111,596 | -€149,231 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €12,912 | €13,357 | +€446 | +3.5% |
| Financial debts | 43 | €582,044 | €173,075 | -€408,969 | -70.3% |
| Credit institutions | 430/8 | €582,044 | €173,075 | -€408,969 | -70.3% |
| Trade debts | 44 | €57,351 | €102,296 | +€44,946 | +78.4% |
| Suppliers | 440/4 | €57,351 | €102,296 | +€44,946 | +78.4% |
| Taxes, remuneration and social security | 45 | €70,885 | €143,130 | +€72,246 | +102% |
| Taxes | 450/3 | €70,885 | €143,130 | +€72,246 | +102% |
| Other amounts payable | 47/48 | €537,637 | €679,737 | +€142,100 | +26.4% |
| Non-recurring operating income | 76A | - | €1,200 | +€1,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €416 | €13,795 | +€13,380 | +3,218% |
| Other operating charges | 640/8 | €507 | €1,123 | +€616 | +121% |
| Gross operating margin | 9900 | €115,547 | €175,002 | +€59,455 | +51.5% |
| Operating profit (loss) | 9901 | €114,624 | €160,083 | +€45,459 | +39.7% |
| Financial income | 75/76B | €1,174 | €1 | -€1,174 | -99.9% |
| Recurring financial income | 75 | €1,174 | €1 | -€1,174 | -99.9% |
| Financial charges | 65/66B | €20,147 | €18,528 | -€1,619 | -8.0% |
| Recurring financial charges | 65 | €20,147 | €18,528 | -€1,619 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | €95,651 | €141,555 | +€45,904 | +48.0% |
| Income taxes | 67/77 | €17,780 | €32,440 | +€14,660 | +82.5% |
| Profit (loss) for the period | 9904 | €77,871 | €109,115 | +€31,244 | +40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €77,871 | €109,115 | +€31,244 | +40.1% |
Source: filed annual accounts (NBB), financial years ended 30 June 2025 and 30 June 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.