V-Flex: 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-Flex
Largest movements
- Stocks and contracts +€152,500
up €152,500 (+179%), from €85,000 to €237,500
- Receivables within one year -€73,439
down €73,439 (-58.2%), from €126,120 to €52,681
of which Trade receivables: -€72,984
- Tangible fixed assets -€20,945
down €20,945 (-13.8%), from €151,992 to €131,047
of which Land and buildings: -€19,765
- Cash +€17,002
up €17,002 (+166%), from €10,255 to €27,257
mainly Receivables within one year (+€73,439) and Trade debts (+€73,028)
- Trade debts +€73,028
up €73,028 (+2,025%), from €3,607 to €76,634
- Debts after one year -€27,490
down €27,490 (-37.9%), from €72,511 to €45,020
- Short-term financial debts +€13,359
up €13,359 (+8.8%), from €151,447 to €164,807
of which Other loans: +€128,745
- Tax, wage and social debts +€8,666
up €8,666 (+229%), from €3,776 to €12,443
of which Taxes: +€10,486
- Current portion of long-term debt +€6,321
up €6,321 (+55.2%), from €11,462 to €17,783
- Gross operating margin -€25,693
down €25,693 (-36.4%), from €70,505 to €44,813
- Financial charges -€9,534
down €9,534 (-52.6%), from €18,112 to €8,578
- Taxes -€8,348
down €8,348 (-55.7%), from €15,000 to €6,652
- Other operating charges +€2,757
up €2,757 (+186%), from €1,480 to €4,237
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 | €418,029 | €492,801 | +€74,772 | +17.9% |
| Fixed assets | 21/28 | €152,337 | €131,047 | -€21,290 | -14.0% |
| Tangible fixed assets | 22/27 | €151,992 | €131,047 | -€20,945 | -13.8% |
| Land and buildings | 22 | €150,290 | €130,525 | -€19,765 | -13.2% |
| Furniture and vehicles | 24 | €1,702 | €522 | -€1,181 | -69.4% |
| Financial fixed assets | 28 | €345 | €0 | -€345 | -100% |
| Current assets | 29/58 | €265,692 | €361,754 | +€96,063 | +36.2% |
| Stocks and contracts in progress | 3 | €85,000 | €237,500 | +€152,500 | +179% |
| Stocks | 30/36 | €85,000 | €237,500 | +€152,500 | +179% |
| Amounts receivable within one year | 40/41 | €126,120 | €52,681 | -€73,439 | -58.2% |
| Trade receivables | 40 | €122,787 | €49,803 | -€72,984 | -59.4% |
| Other amounts receivable | 41 | €3,334 | €2,879 | -€455 | -13.6% |
| Cash at bank and in hand | 54/58 | €10,255 | €27,257 | +€17,002 | +166% |
| Deferred charges and accrued income | 490/1 | €44,316 | €44,316 | = | 0.0% |
| Total equity and liabilities | 10/49 | €418,029 | €492,801 | +€74,772 | +17.9% |
| Equity | 10/15 | €138,632 | €143,174 | +€4,541 | +3.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €132,432 | €136,974 | +€4,541 | +3.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | - | -€1,855 | |
| Other | 1319 | - | €1,855 | +€1,855 | |
| Distributable reserves | 133 | €130,577 | €135,119 | +€4,541 | +3.5% |
| Amounts payable | 17/49 | €279,396 | €349,627 | +€70,231 | +25.1% |
| Amounts payable after more than one year | 17 | €72,511 | €45,020 | -€27,490 | -37.9% |
| Financial debts | 170/4 | €72,511 | €45,020 | -€27,490 | -37.9% |
| Amounts payable within one year | 42/48 | €206,886 | €304,607 | +€97,721 | +47.2% |
| Current portion of amounts payable after more than one year | 42 | €11,462 | €17,783 | +€6,321 | +55.2% |
| Financial debts | 43 | €151,447 | €164,807 | +€13,359 | +8.8% |
| Credit institutions | 430/8 | €151,447 | €36,062 | -€115,385 | -76.2% |
| Other loans | 439 | - | €128,745 | +€128,745 | |
| Trade debts | 44 | €3,607 | €76,634 | +€73,028 | +2,025% |
| Suppliers | 440/4 | €3,607 | €76,634 | +€73,028 | +2,025% |
| Taxes, remuneration and social security | 45 | €3,776 | €12,443 | +€8,666 | +229% |
| Taxes | 450/3 | €1,956 | €12,443 | +€10,486 | +536% |
| Remuneration and social security | 454/9 | €1,820 | €0 | -€1,820 | -100% |
| Other amounts payable | 47/48 | €36,594 | €32,941 | -€3,653 | -10.0% |
| Non-recurring operating income | 76A | - | €20,543 | +€20,543 | |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,320 | €20,815 | +€496 | +2.4% |
| Other operating charges | 640/8 | €1,480 | €4,237 | +€2,757 | +186% |
| Non-recurring operating charges | 66A | €971 | - | -€971 | |
| Gross operating margin | 9900 | €70,505 | €44,813 | -€25,693 | -36.4% |
| Operating profit (loss) | 9901 | €47,735 | €19,760 | -€27,974 | -58.6% |
| Financial income | 75/76B | €599 | €11 | -€588 | -98.2% |
| Recurring financial income | 75 | €599 | €11 | -€588 | -98.2% |
| Financial charges | 65/66B | €18,112 | €8,578 | -€9,534 | -52.6% |
| Recurring financial charges | 65 | €18,112 | €8,578 | -€9,534 | -52.6% |
| Profit (loss) for the period before taxes | 9903 | €30,221 | €11,194 | -€19,028 | -63.0% |
| Income taxes | 67/77 | €15,000 | €6,652 | -€8,348 | -55.7% |
| Profit (loss) for the period | 9904 | €15,221 | €4,541 | -€10,680 | -70.2% |
| Profit (loss) for the period to be appropriated | 9905 | €15,221 | €4,541 | -€10,680 | -70.2% |
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 13 October 2026 via checked.be.