V-Depot: 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-Depot
Largest movements
- Cash +€505,347
up €505,347 (+241%), from €209,899 to €715,245
mainly Current investments (+€500,000) and Depreciation (+€22,474)
- Current investments -€500,000
no longer reported in 2025 (was €500,000)
- Tangible fixed assets -€22,474
down €22,474 (-4.6%), from €492,119 to €469,645
of which Furniture and vehicles: -€11,603
- Reserves -€13,936
down €13,936 (-2.6%), from €530,569 to €516,633
of which Distributable reserves: -€13,936
- Gross operating margin -€83,303
down €83,303 (-87.7%), from €94,989 to €11,686
- Taxes -€24,998
down €24,998 (-99.4%), from €25,138 to €140
- Financial income -€22,129
down €22,129 (-65.5%), from €33,786 to €11,658
- Depreciation +€10,060
up €10,060 (+81.0%), from €12,414 to €22,474
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 | €1,226,283 | €1,209,006 | -€17,278 | -1.4% |
| Fixed assets | 21/28 | €492,119 | €469,645 | -€22,474 | -4.6% |
| Tangible fixed assets | 22/27 | €492,119 | €469,645 | -€22,474 | -4.6% |
| Land and buildings | 22 | €448,186 | €441,183 | -€7,004 | -1.6% |
| Plant, machinery and equipment | 23 | €32,330 | €28,462 | -€3,868 | -12.0% |
| Furniture and vehicles | 24 | €11,603 | - | -€11,603 | |
| Current assets | 29/58 | €734,164 | €739,361 | +€5,197 | +0.7% |
| Amounts receivable within one year | 40/41 | €24,265 | €24,115 | -€150 | -0.6% |
| Trade receivables | 40 | €12,124 | €8,766 | -€3,358 | -27.7% |
| Other amounts receivable | 41 | €12,141 | €15,349 | +€3,208 | +26.4% |
| Current investments | 50/53 | €500,000 | - | -€500,000 | |
| Cash at bank and in hand | 54/58 | €209,899 | €715,245 | +€505,347 | +241% |
| Total equity and liabilities | 10/49 | €1,226,283 | €1,209,006 | -€17,278 | -1.4% |
| Equity | 10/15 | €1,173,462 | €1,159,526 | -€13,936 | -1.2% |
| Contributions | 10/11 | €642,894 | €642,894 | = | 0.0% |
| Capital | 10 | €642,894 | €642,894 | = | 0.0% |
| Issued capital | 100 | €642,894 | €642,894 | = | 0.0% |
| Reserves | 13 | €530,569 | €516,633 | -€13,936 | -2.6% |
| Non-distributable reserves | 130/1 | €113,758 | €113,758 | = | 0.0% |
| Legal reserve | 130 | €64,289 | €64,289 | = | 0.0% |
| Reserves not available under the articles | 1311 | €49,468 | €49,468 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €406,811 | €392,875 | -€13,936 | -3.4% |
| Provisions and deferred taxes | 16 | €11,455 | €11,455 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €11,455 | €11,455 | = | 0.0% |
| Environmental obligations | 163 | €11,455 | €11,455 | = | 0.0% |
| Amounts payable | 17/49 | €41,366 | €38,024 | -€3,342 | -8.1% |
| Amounts payable within one year | 42/48 | €41,366 | €38,024 | -€3,342 | -8.1% |
| Trade debts | 44 | €694 | €3,110 | +€2,416 | +348% |
| Suppliers | 440/4 | €694 | €3,110 | +€2,416 | +348% |
| Taxes, remuneration and social security | 45 | €8,961 | €5,164 | -€3,797 | -42.4% |
| Taxes | 450/3 | €8,961 | €5,164 | -€3,797 | -42.4% |
| Other amounts payable | 47/48 | €31,711 | €29,751 | -€1,961 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,414 | €22,474 | +€10,060 | +81.0% |
| Other operating charges | 640/8 | €11,833 | €11,871 | +€38 | +0.3% |
| Gross operating margin | 9900 | €94,989 | €11,686 | -€83,303 | -87.7% |
| Operating profit (loss) | 9901 | €70,742 | -€22,659 | -€93,400 | |
| Financial income | 75/76B | €33,786 | €11,658 | -€22,129 | -65.5% |
| Recurring financial income | 75 | €33,786 | €11,658 | -€22,129 | -65.5% |
| Financial charges | 65/66B | €2,573 | €2,795 | +€223 | +8.7% |
| Recurring financial charges | 65 | €2,573 | €2,795 | +€223 | +8.7% |
| Profit (loss) for the period before taxes | 9903 | €101,956 | -€13,796 | -€115,752 | |
| Income taxes | 67/77 | €25,138 | €140 | -€24,998 | -99.4% |
| Profit (loss) for the period | 9904 | €76,818 | -€13,936 | -€90,754 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,818 | -€13,936 | -€90,754 |
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 18 October 2026 via checked.be.