V-COORD: 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-COORD
Largest movements
- Current investments -€82,000
no longer reported in 2025 (was €82,000)
- Cash +€75,533
up €75,533 (+86.8%), from €87,054 to €162,587
mainly Current investments (+€82,000) and Investment in fixed assets (net) (+€32,647)
- Tangible fixed assets -€35,906
down €35,906 (-71.2%), from €50,396 to €14,490
of which Land and buildings: -€35,194
- Receivables within one year -€3,479
down €3,479 (-31.3%), from €11,098 to €7,619
of which Trade receivables: -€2,524
- Deferred charges and accrued income +€2,924
up €2,924 (+41.6%), from €7,024 to €9,948
- Profit (loss) carried forward -€39,849
down €39,849 (-49.8%), from €80,026 to €40,177
- Gross operating margin -€37,029
down €37,029 (-74.5%), from €49,700 to €12,671
- Depreciation -€19,491
down €19,491 (-85.7%), from €22,750 to €3,258
- Taxes -€6,310
down €6,310 (-96.2%), from €6,559 to €249
- Financial income +€1,421
up €1,421 (+359%), from €396 to €1,817
- Other operating charges -€1,021
down €1,021 (-24.1%), from €4,237 to €3,216
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 | €237,572 | €194,645 | -€42,928 | -18.1% |
| Fixed assets | 21/28 | €50,396 | €14,490 | -€35,906 | -71.2% |
| Tangible fixed assets | 22/27 | €50,396 | €14,490 | -€35,906 | -71.2% |
| Land and buildings | 22 | €35,194 | - | -€35,194 | |
| Plant, machinery and equipment | 23 | - | €2,142 | +€2,142 | |
| Furniture and vehicles | 24 | €5,957 | €4,141 | -€1,815 | -30.5% |
| Other tangible fixed assets | 26 | €9,245 | €8,206 | -€1,038 | -11.2% |
| Current assets | 29/58 | €187,177 | €180,155 | -€7,022 | -3.8% |
| Amounts receivable within one year | 40/41 | €11,098 | €7,619 | -€3,479 | -31.3% |
| Trade receivables | 40 | €7,069 | €4,546 | -€2,524 | -35.7% |
| Other amounts receivable | 41 | €4,029 | €3,073 | -€955 | -23.7% |
| Current investments | 50/53 | €82,000 | - | -€82,000 | |
| Cash at bank and in hand | 54/58 | €87,054 | €162,587 | +€75,533 | +86.8% |
| Deferred charges and accrued income | 490/1 | €7,024 | €9,948 | +€2,924 | +41.6% |
| Total equity and liabilities | 10/49 | €237,572 | €194,645 | -€42,928 | -18.1% |
| Equity | 10/15 | €196,104 | €156,255 | -€39,849 | -20.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €97,478 | €97,478 | = | 0.0% |
| Distributable reserves | 133 | €97,478 | €97,478 | = | 0.0% |
| Profit (loss) carried forward | 14 | €80,026 | €40,177 | -€39,849 | -49.8% |
| Amounts payable | 17/49 | €41,468 | €38,389 | -€3,079 | -7.4% |
| Amounts payable within one year | 42/48 | €38,682 | €35,990 | -€2,693 | -7.0% |
| Trade debts | 44 | €1,271 | €532 | -€739 | -58.1% |
| Suppliers | 440/4 | €1,271 | €532 | -€739 | -58.1% |
| Taxes, remuneration and social security | 45 | €3,155 | €1,925 | -€1,231 | -39.0% |
| Taxes | 450/3 | €3,155 | €1,925 | -€1,231 | -39.0% |
| Other amounts payable | 47/48 | €34,256 | €33,533 | -€723 | -2.1% |
| Accrued charges and deferred income | 492/3 | €2,785 | €2,400 | -€386 | -13.8% |
| Non-recurring operating income | 76A | €2,518 | €2,254 | -€264 | -10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,750 | €3,258 | -€19,491 | -85.7% |
| Other operating charges | 640/8 | €4,237 | €3,216 | -€1,021 | -24.1% |
| Non-recurring operating charges | 66A | - | €42,830 | +€42,830 | |
| Gross operating margin | 9900 | €49,700 | €12,671 | -€37,029 | -74.5% |
| Operating profit (loss) | 9901 | €22,714 | -€36,633 | -€59,347 | |
| Financial income | 75/76B | €396 | €1,817 | +€1,421 | +359% |
| Recurring financial income | 75 | €396 | €1,817 | +€1,421 | +359% |
| Financial charges | 65/66B | €4,520 | €4,784 | +€263 | +5.8% |
| Recurring financial charges | 65 | €4,520 | €4,784 | +€263 | +5.8% |
| Profit (loss) for the period before taxes | 9903 | €18,590 | -€39,600 | -€58,189 | |
| Income taxes | 67/77 | €6,559 | €249 | -€6,310 | -96.2% |
| Profit (loss) for the period | 9904 | €12,030 | -€39,849 | -€51,880 | |
| Profit (loss) for the period to be appropriated | 9905 | €12,030 | -€39,849 | -€51,880 |
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 15 October 2026 via checked.be.