V-con: 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-con
Largest movements
- Receivables within one year -€53,744
down €53,744 (-44.1%), from €121,988 to €68,244
of which Trade receivables: -€55,524
- Deferred charges and accrued income +€17,274
up €17,274 (+530%), from €3,257 to €20,531
- Tangible fixed assets -€16,193
down €16,193 (-57.1%), from €28,352 to €12,159
of which Other tangible fixed assets: -€9,506
- Accrued charges and deferred income -€36,279
down €36,279 (-99.4%), from €36,506 to €227
- Current portion of long-term debt -€9,425
down €9,425 (-91.6%), from €10,293 to €867
- Profit (loss) carried forward -€7,087
down €7,087 (-41.6%), from -€17,042 to -€24,129
- Short-term financial debts +€2,148
up €2,148 (+20.8%), from €10,323 to €12,471
- Trade debts -€1,779
down €1,779 (-9.8%), from €18,084 to €16,305
- Gross operating margin -€30,215
down €30,215, from €24,577 to -€5,638
- Write-downs -€17,520
new in 2025: -€17,520
- Depreciation -€4,429
down €4,429 (-21.5%), from €20,623 to €16,193
- Financial income +€1,180
up €1,180 (+2,369%), from €50 to €1,230
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 | €154,597 | €101,934 | -€52,663 | -34.1% |
| Fixed assets | 21/28 | €28,352 | €12,159 | -€16,193 | -57.1% |
| Tangible fixed assets | 22/27 | €28,352 | €12,159 | -€16,193 | -57.1% |
| Plant, machinery and equipment | 23 | €1,859 | €503 | -€1,356 | -73.0% |
| Furniture and vehicles | 24 | €6,009 | €678 | -€5,331 | -88.7% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €20,484 | €10,978 | -€9,506 | -46.4% |
| Current assets | 29/58 | €126,245 | €89,775 | -€36,470 | -28.9% |
| Stocks and contracts in progress | 3 | €1,000 | €1,000 | = | 0.0% |
| Stocks | 30/36 | €1,000 | €1,000 | = | 0.0% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €121,988 | €68,244 | -€53,744 | -44.1% |
| Trade receivables | 40 | €84,708 | €29,184 | -€55,524 | -65.5% |
| Other amounts receivable | 41 | €37,280 | €39,060 | +€1,780 | +4.8% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €3,257 | €20,531 | +€17,274 | +530% |
| Total equity and liabilities | 10/49 | €154,597 | €101,934 | -€52,663 | -34.1% |
| Equity | 10/15 | €78,524 | €71,437 | -€7,087 | -9.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €85,566 | €85,566 | = | 0.0% |
| Distributable reserves | 133 | €85,566 | €85,566 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,042 | -€24,129 | -€7,087 | -41.6% |
| Amounts payable | 17/49 | €76,073 | €30,497 | -€45,576 | -59.9% |
| Amounts payable after more than one year | 17 | €867 | €0 | -€867 | -100% |
| Financial debts | 170/4 | €867 | €0 | -€867 | -100% |
| Amounts payable within one year | 42/48 | €38,699 | €30,270 | -€8,429 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €10,293 | €867 | -€9,425 | -91.6% |
| Financial debts | 43 | €10,323 | €12,471 | +€2,148 | +20.8% |
| Credit institutions | 430/8 | €10,323 | €12,471 | +€2,148 | +20.8% |
| Trade debts | 44 | €18,084 | €16,305 | -€1,779 | -9.8% |
| Suppliers | 440/4 | €18,084 | €16,305 | -€1,779 | -9.8% |
| Taxes, remuneration and social security | 45 | €0 | €627 | +€627 | |
| Taxes | 450/3 | €0 | €627 | +€627 | |
| Accrued charges and deferred income | 492/3 | €36,506 | €227 | -€36,279 | -99.4% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,623 | €16,193 | -€4,429 | -21.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€17,520 | -€17,520 | |
| Other operating charges | 640/8 | €1,814 | €1,886 | +€72 | +4.0% |
| Gross operating margin | 9900 | €24,577 | -€5,638 | -€30,215 | |
| Operating profit (loss) | 9901 | €2,141 | -€6,198 | -€8,338 | |
| Financial income | 75/76B | €50 | €1,230 | +€1,180 | +2,369% |
| Recurring financial income | 75 | €50 | €1,230 | +€1,180 | +2,369% |
| Financial charges | 65/66B | €2,123 | €2,120 | -€3 | -0.1% |
| Recurring financial charges | 65 | €2,123 | €2,120 | -€3 | -0.1% |
| Profit (loss) for the period before taxes | 9903 | €68 | -€7,087 | -€7,155 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €68 | -€7,087 | -€7,155 | |
| Profit (loss) for the period to be appropriated | 9905 | €68 | -€7,087 | -€7,155 |
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 30 October 2026 via checked.be.