V-Invest: what changed
What changed
V-Invest
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€2.5m
2024 · €1.8m-€4.3m
Equity
€1.2m
2024 · €3.7m-€2.5m
Cash
€4,370
2024 · €3,413+€957
Balance sheet total
€4.6m
2024 · €6.7m-€2.2m
Largest movements
Assets
- Receivables within one year -€1.7m
down €1.7m (-27.5%), from €6.1m to €4.4m
of which Trade receivables: -€1.7m
- Stocks and contracts -€454,080
down €454,080 (-100%), from €454,080 to €0
Equity and liabilities
- Profit (loss) carried forward -€2.5m
down €2.5m (-564%), from -€445,247 to -€3.0m
- Other debts +€665,748
up €665,748 (+59.5%), from €1.1m to €1.8m
- Debts after one year -€300,000
down €300,000 (-30.0%), from €1.0m to €700,000
of which Other amounts payable: -€1.0m
- Tax, wage and social debts -€217,237
down €217,237 (-38.4%), from €565,851 to €348,613
of which Taxes: -€271,063
- Trade debts +€134,680
up €134,680 (+42.7%), from €315,237 to €449,917
Income statement
- Gross operating margin -€4.2m
down €4.2m, from €1.9m to -€2.3m
- Other operating charges +€93,025
up €93,025 (+1,701%), from €5,467 to €98,493
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€1.8m
Gross operating margin
-€4.2m
Staff costs
+€65
Depreciation
+€369
Other operating charges
-€93,025
Other operating items
-€5,665
Financial charges
+€1,190
Taxes
-€13,776
Result 2025
-€2.5m
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€306,787
Investment
-€5,830
Financing
-€300,000
Cash 2024
€3,413
From operations (derived)
+€306,787
Net result for the year
-€2.5m
Depreciation
+€53,523
Stocks and contracts
+€454,080
Receivables within one year
+€1.7m
Deferred charges and accrued income
-€9,799
Trade debts
+€134,680
Tax, wage and social debts
-€217,237
Other debts
+€665,748
Accrued charges and deferred income
+€59,986
Investment (derived)
-€5,830
Investment in fixed assets (net)
-€5,830
Financing
-€300,000
Debts after one year
-€300,000
Cash 2025
€4,370
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,740,853 | €4,574,523 | -€2.2m | -32.1% |
| Fixed assets | 21/28 | €180,972 | €133,279 | -€47,692 | -26.4% |
| Tangible fixed assets | 22/27 | €180,782 | €133,089 | -€47,692 | -26.4% |
| Land and buildings | 22 | €124,991 | €89,991 | -€35,000 | -28.0% |
| Plant, machinery and equipment | 23 | €9,090 | €7,227 | -€1,863 | -20.5% |
| Furniture and vehicles | 24 | €46,701 | €35,872 | -€10,829 | -23.2% |
| Financial fixed assets | 28 | €190 | €190 | = | 0.0% |
| Current assets | 29/58 | €6,559,881 | €4,441,243 | -€2.1m | -32.3% |
| Stocks and contracts in progress | 3 | €454,080 | €0 | -€454,080 | -100% |
| Stocks | 30/36 | €454,080 | €0 | -€454,080 | -100% |
| Amounts receivable within one year | 40/41 | €6,102,389 | €4,427,075 | -€1.7m | -27.5% |
| Trade receivables | 40 | €6,090,803 | €4,376,479 | -€1.7m | -28.1% |
| Other amounts receivable | 41 | €11,586 | €50,596 | +€39,010 | +337% |
| Cash at bank and in hand | 54/58 | €3,413 | €4,370 | +€957 | +28.0% |
| Deferred charges and accrued income | 490/1 | - | €9,799 | +€9,799 | |
| Total equity and liabilities | 10/49 | €6,740,853 | €4,574,523 | -€2.2m | -32.1% |
| Equity | 10/15 | €3,716,087 | €1,206,581 | -€2.5m | -67.5% |
| Contributions | 10/11 | €4,125,000 | €4,125,000 | = | 0.0% |
| Reserves | 13 | €36,334 | €36,334 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €29,834 | €29,834 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€445,247 | -€2,954,753 | -€2.5m | -564% |
| Amounts payable | 17/49 | €3,024,765 | €3,367,941 | +€343,176 | +11.3% |
| Amounts payable after more than one year | 17 | €1,000,000 | €700,000 | -€300,000 | -30.0% |
| Trade debts | 175 | - | €700,000 | +€700,000 | |
| Other amounts payable | 178/9 | €1,000,000 | - | -€1.0m | |
| Amounts payable within one year | 42/48 | €1,999,794 | €2,582,985 | +€583,190 | +29.2% |
| Trade debts | 44 | €315,237 | €449,917 | +€134,680 | +42.7% |
| Suppliers | 440/4 | €315,237 | €449,917 | +€134,680 | +42.7% |
| Taxes, remuneration and social security | 45 | €565,851 | €348,613 | -€217,237 | -38.4% |
| Taxes | 450/3 | €517,883 | €246,820 | -€271,063 | -52.3% |
| Remuneration and social security | 454/9 | €47,968 | €101,793 | +€53,825 | +112% |
| Other amounts payable | 47/48 | €1,118,707 | €1,784,455 | +€665,748 | +59.5% |
| Accrued charges and deferred income | 492/3 | €24,971 | €84,957 | +€59,986 | +240% |
| Remuneration, social security and pensions | 62 | €35,301 | €35,237 | -€65 | -0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,892 | €53,523 | -€369 | -0.7% |
| Other operating charges | 640/8 | €5,467 | €98,493 | +€93,025 | +1,701% |
| Non-recurring operating charges | 66A | - | €5,665 | +€5,665 | |
| Gross operating margin | 9900 | €1,935,708 | -€2,292,851 | -€4.2m | |
| Operating profit (loss) | 9901 | €1,841,047 | -€2,485,768 | -€4.3m | |
| Financial charges | 65/66B | €11,153 | €9,962 | -€1,190 | -10.7% |
| Recurring financial charges | 65 | €10,622 | €9,962 | -€659 | -6.2% |
| Non-recurring financial charges | 66B | €531 | - | -€531 | |
| Profit (loss) for the period before taxes | 9903 | €1,829,895 | -€2,495,730 | -€4.3m | |
| Income taxes | 67/77 | - | €13,776 | +€13,776 | |
| Profit (loss) for the period | 9904 | €1,829,895 | -€2,509,506 | -€4.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,829,895 | -€2,509,506 | -€4.3m |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.