V-hub: 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-hub
Largest movements
- Cash +€78,959
up €78,959 (+904%), from €8,736 to €87,696
mainly Net result for the year (+€61,747) and Depreciation (+€10,049)
- Tangible fixed assets -€10,049
down €10,049 (-41.7%), from €24,101 to €14,052
of which Plant, machinery and equipment: -€9,870
- Receivables within one year -€6,323
down €6,323 (-21.2%), from €29,777 to €23,455
of which Trade receivables: -€9,039
- Profit (loss) carried forward +€44,747
up €44,747, from -€42,254 to €2,493
- Reserves +€17,000
up €17,000 (+94.4%), from €18,000 to €35,000
- Accrued charges and deferred income +€5,116
up €5,116 (+274%), from €1,866 to €6,982
- Other debts -€3,039
down €3,039 (-6.1%), from €49,547 to €46,507
- Gross operating margin +€125,561
up €125,561, from -€45,413 to €80,148
- Financial charges +€3,646
up €3,646 (+203%), from €1,794 to €5,440
- Taxes +€2,265
up €2,265 (+1,885%), from €120 to €2,385
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 | €63,541 | €126,107 | +€62,567 | +98.5% |
| Fixed assets | 21/28 | €24,101 | €14,052 | -€10,049 | -41.7% |
| Tangible fixed assets | 22/27 | €24,101 | €14,052 | -€10,049 | -41.7% |
| Plant, machinery and equipment | 23 | €23,729 | €13,859 | -€9,870 | -41.6% |
| Furniture and vehicles | 24 | €372 | €193 | -€179 | -48.1% |
| Current assets | 29/58 | €39,440 | €112,055 | +€72,616 | +184% |
| Amounts receivable within one year | 40/41 | €29,777 | €23,455 | -€6,323 | -21.2% |
| Trade receivables | 40 | €18,253 | €9,214 | -€9,039 | -49.5% |
| Other amounts receivable | 41 | €11,524 | €14,240 | +€2,716 | +23.6% |
| Cash at bank and in hand | 54/58 | €8,736 | €87,696 | +€78,959 | +904% |
| Deferred charges and accrued income | 490/1 | €926 | €905 | -€21 | -2.3% |
| Total equity and liabilities | 10/49 | €63,541 | €126,107 | +€62,567 | +98.5% |
| Equity | 10/15 | €5,746 | €67,493 | +€61,747 | +1,075% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €18,000 | €35,000 | +€17,000 | +94.4% |
| Distributable reserves | 133 | €18,000 | €35,000 | +€17,000 | +94.4% |
| Profit (loss) carried forward | 14 | -€42,254 | €2,493 | +€44,747 | |
| Amounts payable | 17/49 | €57,794 | €58,614 | +€820 | +1.4% |
| Amounts payable within one year | 42/48 | €55,928 | €51,632 | -€4,296 | -7.7% |
| Trade debts | 44 | €3,945 | €3,775 | -€170 | -4.3% |
| Suppliers | 440/4 | €3,945 | €3,775 | -€170 | -4.3% |
| Taxes, remuneration and social security | 45 | €2,437 | €1,350 | -€1,087 | -44.6% |
| Taxes | 450/3 | €2,437 | €1,350 | -€1,087 | -44.6% |
| Other amounts payable | 47/48 | €49,547 | €46,507 | -€3,039 | -6.1% |
| Accrued charges and deferred income | 492/3 | €1,866 | €6,982 | +€5,116 | +274% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,502 | €10,049 | +€547 | +5.8% |
| Other operating charges | 640/8 | €631 | €528 | -€103 | -16.3% |
| Gross operating margin | 9900 | -€45,413 | €80,148 | +€125,561 | |
| Operating profit (loss) | 9901 | -€55,546 | €69,571 | +€125,117 | |
| Financial income | 75/76B | €0 | €1 | +€1 | +467% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +467% |
| Financial charges | 65/66B | €1,794 | €5,440 | +€3,646 | +203% |
| Recurring financial charges | 65 | €1,794 | €5,440 | +€3,646 | +203% |
| Profit (loss) for the period before taxes | 9903 | -€57,340 | €64,132 | +€121,472 | |
| Income taxes | 67/77 | €120 | €2,385 | +€2,265 | +1,885% |
| Profit (loss) for the period | 9904 | -€57,460 | €61,747 | +€119,207 | |
| Profit (loss) for the period to be appropriated | 9905 | -€57,460 | €61,747 | +€119,207 |
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.