Done. I've written the full-year FY2025 budget vs actual commentary for your operating review.

**Key findings:**
- **Revenue missed budget by $362K (3.1%)**, concentrated in March, July, and August
- **Operating income fell 33.5% below budget** ($388K actual vs $583K budgeted) due to the revenue shortfall
- **Gross margin compressed 0.9 pts** (25.9% vs 26.8%) as COGS and freight costs exceeded budget
- **Cost controls partially offset the shortfall**: Marketing and Technology came in $38K and $25K under budget respectively, but were overwhelmed by salary overruns ($38K) and freight increases ($29K)

The commentary and supporting data have been saved to `output/bva-note.md` and `output/bva.json`.