V Cube Ventures: what changed
Two fiscal 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 Cube Ventures
Largest movements
- Financial fixed assets +€17.4m
up €17.4m (+97.4%), from €17.9m to €35.3m
- Cash +€867,786
up €867,786 (+319.5%), from €271,568 to €1.1m
mainly Contributions, distributions and other (+€19.0m) and Depreciation (+€729)
- Contributions +€19.0m
up €19.0m (+98.0%), from €19.4m to €38.4m
- Profit (loss) carried forward -€581,214
down €581,214 (-43.1%), from -€1.3m to -€1.9m
- Gross operating margin -€125,889
down €125,889 (-28.4%), from -€443,311 to -€569,200
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.
Cash bridge derived
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 | €18,152,068 | €36,454,201 | +€18.3m | +100.8% |
| Formation expenses | 20 | - | €6,405 | +€6,405 | |
| Fixed assets | 21/28 | €17,876,850 | €35,280,972 | +€17.4m | +97.4% |
| Financial fixed assets | 28 | €17,876,850 | €35,280,972 | +€17.4m | +97.4% |
| Current assets | 29/58 | €275,218 | €1,166,825 | +€891,607 | +324.0% |
| Amounts receivable within one year | 40/41 | €3,650 | €27,470 | +€23,821 | +652.6% |
| Other amounts receivable | 41 | €3,650 | €27,470 | +€23,821 | +652.6% |
| Cash at bank and in hand | 54/58 | €271,568 | €1,139,354 | +€867,786 | +319.5% |
| Total equity and liabilities | 10/49 | €18,152,068 | €36,454,201 | +€18.3m | +100.8% |
| Equity | 10/15 | €18,029,433 | €36,438,219 | +€18.4m | +102.1% |
| Contributions | 10/11 | €19,379,062 | €38,369,062 | +€19.0m | +98.0% |
| Capital | 10 | €19,379,062 | €38,369,062 | +€19.0m | +98.0% |
| Issued capital | 100 | €25,000,000 | €50,000,000 | +€25.0m | +100.0% |
| Uncalled capital | 101 | €5,620,938 | €11,630,938 | +€6.0m | +106.9% |
| Profit (loss) carried forward | 14 | -€1,349,629 | -€1,930,843 | -€581,214 | -43.1% |
| Amounts payable | 17/49 | €122,635 | €15,983 | -€106,653 | -87.0% |
| Amounts payable within one year | 42/48 | €122,635 | €15,983 | -€106,653 | -87.0% |
| Trade debts | 44 | €122,635 | €15,983 | -€106,653 | -87.0% |
| Suppliers | 440/4 | €122,635 | €15,983 | -€106,653 | -87.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €729 | +€729 | |
| Other operating charges | 640/8 | €387 | €998 | +€611 | +157.8% |
| Gross operating margin | 9900 | -€443,311 | -€569,200 | -€125,889 | -28.4% |
| Operating profit (loss) | 9901 | -€443,698 | -€570,928 | -€127,230 | -28.7% |
| Financial income | 75/76B | €4,685 | €1,116 | -€3,569 | -76.2% |
| Recurring financial income | 75 | €4,685 | €1,116 | -€3,569 | -76.2% |
| Financial charges | 65/66B | €7,098 | €11,402 | +€4,304 | +60.6% |
| Recurring financial charges | 65 | €7,098 | €11,402 | +€4,304 | +60.6% |
| Profit (loss) for the period before taxes | 9903 | -€446,111 | -€581,214 | -€135,103 | -30.3% |
| Profit (loss) for the period | 9904 | -€446,111 | -€581,214 | -€135,103 | -30.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€446,111 | -€581,214 | -€135,103 | -30.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.