I've written the FY2025 budget versus actual commentary to `output/bva-note.md`. Revenue came in **($362K), or (3.1%), below budget** and operating income **($195K), or (33.5%), below**. The script's checks passed: the lines add up to operating income for both December and the full year, and the 12 monthly revenue variances add up to the full-year revenue variance. Every figure in the note is copied exactly from the script's output, `output/bva.json`.

**What the note says:**
- **Revenue:** almost all of the miss came in three months: March ($123K), July ($132K) and August ($105K). Every other month was between ($6K) and $7K of budget.
- **Gross profit:** it fell ($194K) short, and gross margin was 25.9% against a 26.8% budget, a gap of (0.9) pts. Cost of goods sold came in $196K under budget, which cushioned the revenue miss. Freight out still ran ($29K) over budget even though revenue was lower.
- **Operating expenses:** they finished just ($649) over budget in total. Salaries and wages ($38K) and Rent and occupancy ($23K) ran over, and Marketing $38K and Technology $25K came in under, offsetting them.
- **Timing:** Professional fees were ($31K) over budget in March but only ($1K) over by year end, so the early overspend reversed.
- **December:** revenue beat budget by $3K. Operating income was ($5K) below budget.

**Open questions for the review:** the data doesn't show why sales fell short in March, July and August. It also doesn't show whether the Cost of goods sold underspend just follows the lower sales volume or reflects a lower cost per unit. The note marks both as open and asks sales and operations to explain them.