V² Construct: 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.
V² Construct
Largest movements
- Receivables within one year -€585,745
down €585,745 (-87.7%), from €667,753 to €82,008
of which Trade receivables: -€572,801
- Tangible fixed assets -€128,161
down €128,161 (-14.5%), from €880,992 to €752,831
of which Other tangible fixed assets: -€79,387
- Stocks and contracts -€47,399
no longer reported in 2025 (was €47,399)
- Current investments +€30,160
up €30,160 (+221%), from €13,649 to €43,809
- Contributions +€1.6m
up €1.6m (+161,926%), from €1,000 to €1.6m
- Debts after one year -€1.3m
down €1.3m (-94.0%), from €1.4m to €80,940
- Profit (loss) carried forward -€525,185
down €525,185 (-108%), from -€485,163 to -€1.0m
- Other debts -€329,169
down €329,169 (-82.5%), from €399,140 to €69,971
- Trade debts -€147,392
down €147,392 (-62.0%), from €237,761 to €90,369
- Gross operating margin +€643,392
up €643,392 (+68.0%), from -€945,489 to -€302,098
- Financial charges +€28,185
up €28,185 (+42.9%), from €65,710 to €93,895
- Depreciation +€20,818
up €20,818 (+19.1%), from €108,888 to €129,706
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 | €1,634,011 | €889,662 | -€744,349 | -45.6% |
| Fixed assets | 21/28 | €880,992 | €752,831 | -€128,161 | -14.5% |
| Tangible fixed assets | 22/27 | €880,992 | €752,831 | -€128,161 | -14.5% |
| Plant, machinery and equipment | 23 | €25,802 | €22,607 | -€3,194 | -12.4% |
| Furniture and vehicles | 24 | €123,030 | €77,450 | -€45,580 | -37.0% |
| Other tangible fixed assets | 26 | €732,160 | €652,773 | -€79,387 | -10.8% |
| Current assets | 29/58 | €753,019 | €136,831 | -€616,188 | -81.8% |
| Stocks and contracts in progress | 3 | €47,399 | - | -€47,399 | |
| Stocks | 30/36 | €47,399 | - | -€47,399 | |
| Amounts receivable within one year | 40/41 | €667,753 | €82,008 | -€585,745 | -87.7% |
| Trade receivables | 40 | €654,809 | €82,008 | -€572,801 | -87.5% |
| Other amounts receivable | 41 | €12,944 | - | -€12,944 | |
| Current investments | 50/53 | €13,649 | €43,809 | +€30,160 | +221% |
| Cash at bank and in hand | 54/58 | €11,803 | €9,927 | -€1,876 | -15.9% |
| Deferred charges and accrued income | 490/1 | €12,415 | €1,087 | -€11,328 | -91.2% |
| Total equity and liabilities | 10/49 | €1,634,011 | €889,662 | -€744,349 | -45.6% |
| Equity | 10/15 | -€484,163 | €609,911 | +€1.1m | |
| Contributions | 10/11 | €1,000 | €1,620,259 | +€1.6m | +161,926% |
| Profit (loss) carried forward | 14 | -€485,163 | -€1,010,348 | -€525,185 | -108% |
| Amounts payable | 17/49 | €2,118,173 | €279,751 | -€1.8m | -86.8% |
| Amounts payable after more than one year | 17 | €1,356,443 | €80,940 | -€1.3m | -94.0% |
| Financial debts | 170/4 | €1,356,443 | €80,940 | -€1.3m | -94.0% |
| Amounts payable within one year | 42/48 | €761,730 | €198,811 | -€562,919 | -73.9% |
| Current portion of amounts payable after more than one year | 42 | €24,762 | €25,504 | +€742 | +3.0% |
| Trade debts | 44 | €237,761 | €90,369 | -€147,392 | -62.0% |
| Suppliers | 440/4 | €237,761 | €90,369 | -€147,392 | -62.0% |
| Taxes, remuneration and social security | 45 | €100,067 | €12,967 | -€87,100 | -87.0% |
| Taxes | 450/3 | €100,067 | €12,967 | -€87,100 | -87.0% |
| Other amounts payable | 47/48 | €399,140 | €69,971 | -€329,169 | -82.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €108,888 | €129,706 | +€20,818 | +19.1% |
| Other operating charges | 640/8 | €1,707 | €1,730 | +€23 | +1.4% |
| Non-recurring operating charges | 66A | - | €940 | +€940 | |
| Gross operating margin | 9900 | -€945,489 | -€302,098 | +€643,392 | +68.0% |
| Operating profit (loss) | 9901 | -€1,056,084 | -€434,474 | +€621,610 | +58.9% |
| Financial income | 75/76B | €7,883 | €3,642 | -€4,241 | -53.8% |
| Recurring financial income | 75 | €7,883 | €3,642 | -€4,241 | -53.8% |
| Financial charges | 65/66B | €65,710 | €93,895 | +€28,185 | +42.9% |
| Recurring financial charges | 65 | €65,710 | €93,895 | +€28,185 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,113,911 | -€524,727 | +€589,184 | +52.9% |
| Income taxes | 67/77 | €468 | €458 | -€10 | -2.2% |
| Profit (loss) for the period | 9904 | -€1,114,379 | -€525,185 | +€589,194 | +52.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,114,379 | -€525,185 | +€589,194 | +52.9% |
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 31 October 2026 via checked.be.