V-INITIATIVE: 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-INITIATIVE
Largest movements
- Receivables within one year +€51,939
up €51,939 (+289.9%), from €17,919 to €69,858
of which Other amounts receivable: +€50,243
- Cash +€31,022
up €31,022 (+46.4%), from €66,870 to €97,892
mainly Net result for the year (+€49,572) and Depreciation (+€21,405)
- Tangible fixed assets -€12,405
down €12,405 (-26.8%), from €46,290 to €33,885
of which Furniture and vehicles: -€12,145
- Intangible fixed assets -€9,000
down €9,000 (-27.3%), from €33,000 to €24,000
- Reserves +€49,572
up €49,572 (+36.1%), from €137,247 to €186,819
- Tax, wage and social debts +€15,461
up €15,461 (+77.7%), from €19,886 to €35,347
- Trade debts -€2,547
down €2,547 (-70.8%), from €3,598 to €1,051
- Gross operating margin -€26,892
down €26,892 (-23.9%), from €112,342 to €85,451
- Taxes -€6,078
down €6,078 (-30.6%), from €19,886 to €13,808
- Depreciation +€3,973
up €3,973 (+22.8%), from €17,432 to €21,405
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 | €165,731 | €228,217 | +€62,486 | +37.7% |
| Fixed assets | 21/28 | €79,790 | €58,385 | -€21,405 | -26.8% |
| Intangible fixed assets | 21 | €33,000 | €24,000 | -€9,000 | -27.3% |
| Tangible fixed assets | 22/27 | €46,290 | €33,885 | -€12,405 | -26.8% |
| Furniture and vehicles | 24 | €45,126 | €32,982 | -€12,145 | -26.9% |
| Other tangible fixed assets | 26 | €1,164 | €903 | -€260 | -22.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €85,941 | €169,832 | +€83,891 | +97.6% |
| Amounts receivable within one year | 40/41 | €17,919 | €69,858 | +€51,939 | +289.9% |
| Trade receivables | 40 | €15,370 | €17,067 | +€1,696 | +11.0% |
| Other amounts receivable | 41 | €2,548 | €52,791 | +€50,243 | +1971.6% |
| Cash at bank and in hand | 54/58 | €66,870 | €97,892 | +€31,022 | +46.4% |
| Deferred charges and accrued income | 490/1 | €1,152 | €2,082 | +€930 | +80.7% |
| Total equity and liabilities | 10/49 | €165,731 | €228,217 | +€62,486 | +37.7% |
| Equity | 10/15 | €142,247 | €191,819 | +€49,572 | +34.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €137,247 | €186,819 | +€49,572 | +36.1% |
| Distributable reserves | 133 | €137,247 | €186,819 | +€49,572 | +36.1% |
| Amounts payable | 17/49 | €23,484 | €36,398 | +€12,914 | +55.0% |
| Amounts payable within one year | 42/48 | €23,484 | €36,398 | +€12,914 | +55.0% |
| Trade debts | 44 | €3,598 | €1,051 | -€2,547 | -70.8% |
| Suppliers | 440/4 | €3,598 | €1,051 | -€2,547 | -70.8% |
| Taxes, remuneration and social security | 45 | €19,886 | €35,347 | +€15,461 | +77.7% |
| Taxes | 450/3 | €19,886 | €35,347 | +€15,461 | +77.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,432 | €21,405 | +€3,973 | +22.8% |
| Other operating charges | 640/8 | €575 | €595 | +€20 | +3.5% |
| Gross operating margin | 9900 | €112,342 | €85,451 | -€26,892 | -23.9% |
| Operating profit (loss) | 9901 | €94,335 | €63,450 | -€30,885 | -32.7% |
| Financial charges | 65/66B | €63 | €70 | +€8 | +12.2% |
| Recurring financial charges | 65 | €63 | €70 | +€8 | +12.2% |
| Profit (loss) for the period before taxes | 9903 | €94,272 | €63,380 | -€30,893 | -32.8% |
| Income taxes | 67/77 | €19,886 | €13,808 | -€6,078 | -30.6% |
| Profit (loss) for the period | 9904 | €74,386 | €49,572 | -€24,815 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €74,386 | €49,572 | -€24,815 | -33.4% |
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 5 October 2026 via checked.be.