V-Bio Fund 2: 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-Bio Fund 2
Largest movements
- Financial fixed assets +€20.7m
up €20.7m (+73.8%), from €28.0m to €48.7m
- Cash +€2.5m
up €2.5m (+1,726%), from €147,042 to €2.7m
mainly Contributions, distributions and other (+€26.3m) and Depreciation (+€34,762)
- Contributions +€26.3m
up €26.3m (+68.9%), from €38.2m to €64.5m
of which Capital: +€26.3m
- Profit (loss) carried forward -€2.2m
down €2.2m (-21.1%), from -€10.5m to -€12.7m
- Trade debts -€532,400
no longer reported in 2025 (was €532,400)
- Financial charges +€276,882
new in 2025: €276,882
of which Financial charges: +€276,882
- Financial income +€228,356
up €228,356 (+2,230%), from €10,238 to €238,594
From the 2024 result to the 2025 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 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,213,544 | €51,781,968 | +€23.6m | +83.5% |
| Formation expenses | 20 | €42,314 | €7,552 | -€34,762 | -82.2% |
| Fixed assets | 21/28 | €28,014,602 | €48,685,549 | +€20.7m | +73.8% |
| Financial fixed assets | 28 | €28,014,602 | €48,685,549 | +€20.7m | +73.8% |
| Current assets | 29/58 | €156,628 | €3,088,867 | +€2.9m | +1,872% |
| Amounts receivable within one year | 40/41 | €9,586 | €12,743 | +€3,157 | +32.9% |
| Other amounts receivable | 41 | €9,586 | €12,743 | +€3,157 | +32.9% |
| Cash at bank and in hand | 54/58 | €147,042 | €2,684,617 | +€2.5m | +1,726% |
| Deferred charges and accrued income | 490/1 | - | €391,507 | +€391,507 | |
| Total equity and liabilities | 10/49 | €28,213,544 | €51,781,968 | +€23.6m | +83.5% |
| Equity | 10/15 | €27,681,144 | €51,781,968 | +€24.1m | +87.1% |
| Contributions | 10/11 | €38,182,708 | €64,501,460 | +€26.3m | +68.9% |
| Capital | 10 | €38,129,078 | €64,447,830 | +€26.3m | +69.0% |
| Issued capital | 100 | €44,100,000 | €66,100,000 | +€22.0m | +49.9% |
| Uncalled capital | 101 | €5,970,922 | €1,652,170 | -€4.3m | -72.3% |
| Contributions outside capital | 11 | €53,630 | €53,630 | = | 0.0% |
| Share premium | 1100/10 | €53,630 | €53,630 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€10,501,564 | -€12,719,492 | -€2.2m | -21.1% |
| Amounts payable | 17/49 | €532,400 | - | -€532,400 | |
| Amounts payable within one year | 42/48 | €532,400 | - | -€532,400 | |
| Trade debts | 44 | €532,400 | - | -€532,400 | |
| Suppliers | 440/4 | €532,400 | - | -€532,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,091 | €34,762 | -€1,329 | -3.7% |
| Gross operating margin | 9900 | -€2,129,600 | -€2,144,878 | -€15,278 | -0.7% |
| Operating profit (loss) | 9901 | -€2,165,691 | -€2,179,640 | -€13,949 | -0.6% |
| Financial income | 75/76B | €10,238 | €238,594 | +€228,356 | +2,230% |
| Recurring financial income | 75 | €10,238 | €238,594 | +€228,356 | +2,230% |
| Financial charges | 65/66B | - | €276,882 | +€276,882 | |
| Recurring financial charges | 65 | - | €276,882 | +€276,882 | |
| Non-recurring financial charges | 66B | - | €276,882 | +€276,882 | |
| Profit (loss) for the period before taxes | 9903 | -€2,155,453 | -€2,217,928 | -€62,475 | -2.9% |
| Profit (loss) for the period | 9904 | -€2,155,453 | -€2,217,928 | -€62,475 | -2.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,155,453 | -€2,217,928 | -€62,475 | -2.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.