V-ESTATE: 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-ESTATE
Largest movements
- Receivables within one year -€405,562
down €405,562 (-96.4%), from €420,641 to €15,079
of which Trade receivables: -€405,962
- Stocks and contracts -€59,870
down €59,870 (-6.4%), from €938,153 to €878,283
- Other debts -€399,475
down €399,475 (-23.4%), from €1.7m to €1.3m
- Trade debts -€110,508
down €110,508 (-59.9%), from €184,602 to €74,094
- Reserves +€52,319
up €52,319 (+19.9%), from €263,289 to €315,608
- Debts after one year -€47,334
down €47,334 (-9.3%), from €511,333 to €463,999
- Gross operating margin -€22,563
down €22,563 (-17.7%), from €127,692 to €105,129
- Financial charges -€10,479
down €10,479 (-57.4%), from €18,243 to €7,764
- Taxes +€9,372
up €9,372 (+332%), from €2,822 to €12,193
- Other operating charges -€1,355
down €1,355 (-21.8%), from €6,212 to €4,857
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 | €2,757,756 | €2,262,131 | -€495,625 | -18.0% |
| Fixed assets | 21/28 | €1,177,777 | €1,162,061 | -€15,717 | -1.3% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €1,177,777 | €1,162,061 | -€15,717 | -1.3% |
| Land and buildings | 22 | €1,172,720 | €1,156,709 | -€16,010 | -1.4% |
| Plant, machinery and equipment | 23 | €5,057 | €4,465 | -€592 | -11.7% |
| Furniture and vehicles | 24 | - | €886 | +€886 | |
| Current assets | 29/58 | €1,579,979 | €1,100,070 | -€479,908 | -30.4% |
| Stocks and contracts in progress | 3 | €938,153 | €878,283 | -€59,870 | -6.4% |
| Stocks | 30/36 | €938,153 | €878,283 | -€59,870 | -6.4% |
| Amounts receivable within one year | 40/41 | €420,641 | €15,079 | -€405,562 | -96.4% |
| Trade receivables | 40 | €410,055 | €4,093 | -€405,962 | -99.0% |
| Other amounts receivable | 41 | €10,586 | €10,986 | +€400 | +3.8% |
| Cash at bank and in hand | 54/58 | €211,443 | €187,092 | -€24,351 | -11.5% |
| Deferred charges and accrued income | 490/1 | €9,742 | €19,617 | +€9,875 | +101% |
| Total equity and liabilities | 10/49 | €2,757,756 | €2,262,131 | -€495,625 | -18.0% |
| Equity | 10/15 | €303,289 | €355,608 | +€52,319 | +17.3% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €263,289 | €315,608 | +€52,319 | +19.9% |
| Distributable reserves | 133 | €263,289 | €315,608 | +€52,319 | +19.9% |
| Amounts payable | 17/49 | €2,454,467 | €1,906,523 | -€547,944 | -22.3% |
| Amounts payable after more than one year | 17 | €511,333 | €463,999 | -€47,334 | -9.3% |
| Financial debts | 170/4 | €511,333 | €463,999 | -€47,334 | -9.3% |
| Amounts payable within one year | 42/48 | €1,943,135 | €1,442,524 | -€500,611 | -25.8% |
| Current portion of amounts payable after more than one year | 42 | €47,334 | €47,334 | = | 0.0% |
| Trade debts | 44 | €184,602 | €74,094 | -€110,508 | -59.9% |
| Suppliers | 440/4 | €184,602 | €74,094 | -€110,508 | -59.9% |
| Taxes, remuneration and social security | 45 | €2,822 | €12,193 | +€9,372 | +332% |
| Taxes | 450/3 | €2,822 | €12,193 | +€9,372 | +332% |
| Other amounts payable | 47/48 | €1,708,378 | €1,308,903 | -€399,475 | -23.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,572 | €27,995 | -€577 | -2.0% |
| Other operating charges | 640/8 | €6,212 | €4,857 | -€1,355 | -21.8% |
| Gross operating margin | 9900 | €127,692 | €105,129 | -€22,563 | -17.7% |
| Operating profit (loss) | 9901 | €92,908 | €72,277 | -€20,631 | -22.2% |
| Financial income | 75/76B | €126 | - | -€126 | |
| Recurring financial income | 75 | €126 | - | -€126 | |
| Financial charges | 65/66B | €18,243 | €7,764 | -€10,479 | -57.4% |
| Recurring financial charges | 65 | €18,243 | €7,764 | -€10,479 | -57.4% |
| Profit (loss) for the period before taxes | 9903 | €74,792 | €64,513 | -€10,279 | -13.7% |
| Income taxes | 67/77 | €2,822 | €12,193 | +€9,372 | +332% |
| Profit (loss) for the period | 9904 | €71,970 | €52,319 | -€19,651 | -27.3% |
| Profit (loss) for the period to be appropriated | 9905 | €71,970 | €52,319 | -€19,651 | -27.3% |
Source: filed annual accounts (NBB), financial years ended 14 March 2024 and 14 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.