V-AGM: what changed
V-AGM
Largest movements
- Deferred charges and accrued income +€41,668
up €41,668 (+19.8%), from €210,060 to €251,728
- Stocks and contracts +€38,538
up €38,538 (+16.6%), from €232,802 to €271,340
- Receivables within one year +€31,175
up €31,175 (+77.6%), from €40,194 to €71,369
of which Trade receivables: +€29,530
- Tangible fixed assets -€30,544
down €30,544 (-12.3%), from €248,780 to €218,236
of which Plant, machinery and equipment: -€22,420
- Debts after one year +€63,954
up €63,954 (+20.7%), from €308,675 to €372,629
- Advances received +€57,819
up €57,819 (+14.5%), from €398,977 to €456,796
- Other debts -€37,271
down €37,271 (-95.3%), from €39,122 to €1,851
- Profit (loss) carried forward -€34,919
down €34,919 (-28.7%), from -€121,733 to -€156,652
- Trade debts +€20,118
up €20,118 (+97.1%), from €20,720 to €40,838
- Gross operating margin +€138,173
up €138,173 (+465%), from €29,702 to €167,875
- Staff costs +€62,524
up €62,524 (+55.9%), from €111,808 to €174,332
- Financial income +€7,043
up €7,043 (+33.8%), from €20,868 to €27,911
- Financial charges -€4,907
down €4,907 (-22.7%), from €21,634 to €16,727
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €804,171 | €876,458 | +€72,287 | +9.0% |
| Formation expenses | 20 | €70,354 | €62,537 | -€7,817 | -11.1% |
| Fixed assets | 21/28 | €248,780 | €218,236 | -€30,544 | -12.3% |
| Tangible fixed assets | 22/27 | €248,780 | €218,236 | -€30,544 | -12.3% |
| Plant, machinery and equipment | 23 | €201,772 | €179,352 | -€22,420 | -11.1% |
| Furniture and vehicles | 24 | €47,008 | €38,884 | -€8,124 | -17.3% |
| Current assets | 29/58 | €485,037 | €595,685 | +€110,648 | +22.8% |
| Stocks and contracts in progress | 3 | €232,802 | €271,340 | +€38,538 | +16.6% |
| Stocks | 30/36 | €232,802 | €271,340 | +€38,538 | +16.6% |
| Amounts receivable within one year | 40/41 | €40,194 | €71,369 | +€31,175 | +77.6% |
| Trade receivables | 40 | €40,194 | €69,724 | +€29,530 | +73.5% |
| Other amounts receivable | 41 | - | €1,645 | +€1,645 | |
| Cash at bank and in hand | 54/58 | €1,981 | €1,248 | -€733 | -37.0% |
| Deferred charges and accrued income | 490/1 | €210,060 | €251,728 | +€41,668 | +19.8% |
| Total equity and liabilities | 10/49 | €804,171 | €876,458 | +€72,287 | +9.0% |
| Equity | 10/15 | -€21,733 | -€56,652 | -€34,919 | -161% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€121,733 | -€156,652 | -€34,919 | -28.7% |
| Amounts payable | 17/49 | €825,904 | €933,110 | +€107,206 | +13.0% |
| Amounts payable after more than one year | 17 | €308,675 | €372,629 | +€63,954 | +20.7% |
| Financial debts | 170/4 | €308,675 | €372,629 | +€63,954 | +20.7% |
| Amounts payable within one year | 42/48 | €517,229 | €560,481 | +€43,252 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €58,410 | €60,996 | +€2,586 | +4.4% |
| Trade debts | 44 | €20,720 | €40,838 | +€20,118 | +97.1% |
| Suppliers | 440/4 | €20,720 | €40,838 | +€20,118 | +97.1% |
| Advances received on contracts in progress | 46 | €398,977 | €456,796 | +€57,819 | +14.5% |
| Other amounts payable | 47/48 | €39,122 | €1,851 | -€37,271 | -95.3% |
| Remuneration, social security and pensions | 62 | €111,808 | €174,332 | +€62,524 | +55.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,361 | €38,361 | = | 0.0% |
| Other operating charges | 640/8 | €500 | €944 | +€444 | +88.8% |
| Gross operating margin | 9900 | €29,702 | €167,875 | +€138,173 | +465% |
| Operating profit (loss) | 9901 | -€120,967 | -€45,762 | +€75,205 | +62.2% |
| Financial income | 75/76B | €20,868 | €27,911 | +€7,043 | +33.8% |
| Recurring financial income | 75 | €20,868 | €27,911 | +€7,043 | +33.8% |
| Financial charges | 65/66B | €21,634 | €16,727 | -€4,907 | -22.7% |
| Recurring financial charges | 65 | €21,634 | €16,727 | -€4,907 | -22.7% |
| Profit (loss) for the period before taxes | 9903 | -€121,733 | -€34,578 | +€87,155 | +71.6% |
| Income taxes | 67/77 | - | €341 | +€341 | |
| Profit (loss) for the period | 9904 | -€121,733 | -€34,919 | +€86,814 | +71.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€121,733 | -€34,919 | +€86,814 | +71.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.