V-CON: what changed
V-CON
Largest movements
- Receivables within one year +€71,470
up €71,470 (+105%), from €68,374 to €139,844
of which Other amounts receivable: +€40,194
- Tangible fixed assets -€35,450
down €35,450 (-6.3%), from €560,097 to €524,647
of which Furniture and vehicles: -€18,080
- Cash -€27,363
down €27,363 (-18.6%), from €146,758 to €119,394
mainly Receivables within one year (-€71,470) and Contributions, distributions and other (-€52,195)
- Reserves -€51,632
down €51,632 (-15.6%), from €331,156 to €279,524
- Other debts +€49,409
up €49,409 (+1,773%), from €2,786 to €52,195
- Profit (loss) carried forward +€42,995
up €42,995 (+97.0%), from -€44,306 to -€1,311
- Debts after one year -€36,025
down €36,025 (-9.3%), from €389,071 to €353,046
- Depreciation -€68,355
down €68,355 (-54.5%), from €125,308 to €56,953
- Gross operating margin +€40,137
up €40,137 (+26.4%), from €151,823 to €191,960
- Taxes +€16,408
up €16,408 (+2,651%), from €619 to €17,027
- Other operating charges +€3,901
up €3,901 (+287%), from €1,360 to €5,260
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 | €777,629 | €787,491 | +€9,862 | +1.3% |
| Fixed assets | 21/28 | €560,097 | €524,647 | -€35,450 | -6.3% |
| Tangible fixed assets | 22/27 | €560,097 | €524,647 | -€35,450 | -6.3% |
| Land and buildings | 22 | €480,042 | €463,747 | -€16,295 | -3.4% |
| Furniture and vehicles | 24 | €78,592 | €60,512 | -€18,080 | -23.0% |
| Other tangible fixed assets | 26 | €1,463 | €388 | -€1,075 | -73.5% |
| Current assets | 29/58 | €217,532 | €262,844 | +€45,312 | +20.8% |
| Amounts receivable within one year | 40/41 | €68,374 | €139,844 | +€71,470 | +105% |
| Trade receivables | 40 | €54,504 | €85,780 | +€31,276 | +57.4% |
| Other amounts receivable | 41 | €13,869 | €54,064 | +€40,194 | +290% |
| Cash at bank and in hand | 54/58 | €146,758 | €119,394 | -€27,363 | -18.6% |
| Deferred charges and accrued income | 490/1 | €2,401 | €3,607 | +€1,206 | +50.2% |
| Total equity and liabilities | 10/49 | €777,629 | €787,491 | +€9,862 | +1.3% |
| Equity | 10/15 | €305,400 | €296,763 | -€8,637 | -2.8% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €331,156 | €279,524 | -€51,632 | -15.6% |
| Distributable reserves | 133 | €331,156 | €279,524 | -€51,632 | -15.6% |
| Profit (loss) carried forward | 14 | -€44,306 | -€1,311 | +€42,995 | +97.0% |
| Amounts payable | 17/49 | €472,229 | €490,728 | +€18,499 | +3.9% |
| Amounts payable after more than one year | 17 | €389,071 | €353,046 | -€36,025 | -9.3% |
| Financial debts | 170/4 | €389,071 | €353,046 | -€36,025 | -9.3% |
| Amounts payable within one year | 42/48 | €83,158 | €137,682 | +€54,524 | +65.6% |
| Current portion of amounts payable after more than one year | 42 | €42,446 | €43,328 | +€882 | +2.1% |
| Trade debts | 44 | €9,900 | €8,781 | -€1,119 | -11.3% |
| Suppliers | 440/4 | €9,900 | €8,781 | -€1,119 | -11.3% |
| Taxes, remuneration and social security | 45 | €28,026 | €33,379 | +€5,353 | +19.1% |
| Taxes | 450/3 | €18,134 | €22,691 | +€4,557 | +25.1% |
| Remuneration and social security | 454/9 | €9,892 | €10,687 | +€796 | +8.0% |
| Other amounts payable | 47/48 | €2,786 | €52,195 | +€49,409 | +1,773% |
| Remuneration, social security and pensions | 62 | €54,361 | €55,711 | +€1,350 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,308 | €56,953 | -€68,355 | -54.5% |
| Other operating charges | 640/8 | €1,360 | €5,260 | +€3,901 | +287% |
| Gross operating margin | 9900 | €151,823 | €191,960 | +€40,137 | +26.4% |
| Operating profit (loss) | 9901 | -€29,205 | €74,035 | +€103,240 | |
| Financial income | 75/76B | €183 | €1,241 | +€1,058 | +580% |
| Recurring financial income | 75 | €183 | €1,241 | +€1,058 | +580% |
| Financial charges | 65/66B | €14,664 | €14,691 | +€26 | +0.2% |
| Recurring financial charges | 65 | €14,664 | €14,691 | +€26 | +0.2% |
| Profit (loss) for the period before taxes | 9903 | -€43,687 | €60,585 | +€104,272 | |
| Income taxes | 67/77 | €619 | €17,027 | +€16,408 | +2,651% |
| Profit (loss) for the period | 9904 | -€44,306 | €43,558 | +€87,864 | |
| Profit (loss) for the period to be appropriated | 9905 | -€44,306 | €43,558 | +€87,864 |
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 2 November 2026 via checked.be.