Done. The full-year budget versus actual commentary is written to `output/bva-note.md`.

The headline captures the two key takeaways: revenue missed by $362K (3.1% unfavourable), while operating income fell short by $195K (33.5% unfavourable). The results table shows COGS efficiency of $196K favourable offset by freight overruns of $29K unfavourable and salary pressure of $38K unfavourable. The monthly section covers December, and the drivers section identifies three months where revenue concentrated its shortfall (March, July, August) and names the three largest cost lines working against the profit target.