V-Max Construct: 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-Max Construct
Largest movements
- Cash -€48,140
down €48,140 (-93.0%), from €51,761 to €3,621
mainly Contributions, distributions and other (-€150,000) and Debts after one year (-€50,000)
- Deferred charges and accrued income +€12,604
up €12,604 (+35.0%), from €36,056 to €48,660
- Profit (loss) carried forward -€106,289
down €106,289 (-42.9%), from €247,782 to €141,493
- Other debts +€90,624
up €90,624 (+290.8%), from €31,158 to €121,783
- Debts after one year -€50,000
down €50,000 (-51.0%), from €98,000 to €48,000
- Accrued charges and deferred income +€30,941
up €30,941 (+116.7%), from €26,519 to €57,460
- Other operating charges +€13,699
up €13,699 (+76.9%), from €17,808 to €31,508
- Financial income -€5,710
down €5,710 (-30.2%), from €18,923 to €13,213
- Taxes -€4,340
down €4,340 (-22.9%), from €18,984 to €14,644
- Gross operating margin +€2,296
up €2,296 (+3.0%), from €77,713 to €80,009
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 | €444,855 | €410,299 | -€34,556 | -7.8% |
| Fixed assets | 21/28 | €6,128 | €3,439 | -€2,690 | -43.9% |
| Tangible fixed assets | 22/27 | €6,128 | €3,439 | -€2,690 | -43.9% |
| Furniture and vehicles | 24 | €6,128 | €3,439 | -€2,690 | -43.9% |
| Current assets | 29/58 | €438,727 | €406,861 | -€31,866 | -7.3% |
| Amounts receivable within one year | 40/41 | €350,910 | €354,580 | +€3,670 | +1.0% |
| Trade receivables | 40 | €9,680 | €9,075 | -€605 | -6.2% |
| Other amounts receivable | 41 | €341,230 | €345,505 | +€4,275 | +1.3% |
| Cash at bank and in hand | 54/58 | €51,761 | €3,621 | -€48,140 | -93.0% |
| Deferred charges and accrued income | 490/1 | €36,056 | €48,660 | +€12,604 | +35.0% |
| Total equity and liabilities | 10/49 | €444,855 | €410,299 | -€34,556 | -7.8% |
| Equity | 10/15 | €272,782 | €166,493 | -€106,289 | -39.0% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €247,782 | €141,493 | -€106,289 | -42.9% |
| Amounts payable | 17/49 | €172,072 | €243,806 | +€71,733 | +41.7% |
| Amounts payable after more than one year | 17 | €98,000 | €48,000 | -€50,000 | -51.0% |
| Financial debts | 170/4 | €98,000 | €48,000 | -€50,000 | -51.0% |
| Amounts payable within one year | 42/48 | €47,554 | €138,346 | +€90,792 | +190.9% |
| Financial debts | 43 | €7,602 | €9,694 | +€2,092 | +27.5% |
| Credit institutions | 430/8 | €7,602 | €9,694 | +€2,092 | +27.5% |
| Trade debts | 44 | €3,335 | €1,294 | -€2,041 | -61.2% |
| Suppliers | 440/4 | €3,335 | €1,294 | -€2,041 | -61.2% |
| Taxes, remuneration and social security | 45 | €5,459 | €5,576 | +€117 | +2.1% |
| Taxes | 450/3 | €5,459 | €5,576 | +€117 | +2.1% |
| Other amounts payable | 47/48 | €31,158 | €121,783 | +€90,624 | +290.8% |
| Accrued charges and deferred income | 492/3 | €26,519 | €57,460 | +€30,941 | +116.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,864 | €2,690 | -€174 | -6.1% |
| Other operating charges | 640/8 | €17,808 | €31,508 | +€13,699 | +76.9% |
| Gross operating margin | 9900 | €77,713 | €80,009 | +€2,296 | +3.0% |
| Operating profit (loss) | 9901 | €57,041 | €45,811 | -€11,230 | -19.7% |
| Financial income | 75/76B | €18,923 | €13,213 | -€5,710 | -30.2% |
| Recurring financial income | 75 | €18,923 | €13,213 | -€5,710 | -30.2% |
| Financial charges | 65/66B | €1,117 | €669 | -€448 | -40.1% |
| Recurring financial charges | 65 | €1,117 | €669 | -€448 | -40.1% |
| Profit (loss) for the period before taxes | 9903 | €74,847 | €58,355 | -€16,492 | -22.0% |
| Income taxes | 67/77 | €18,984 | €14,644 | -€4,340 | -22.9% |
| Profit (loss) for the period | 9904 | €55,863 | €43,711 | -€12,152 | -21.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,863 | €43,711 | -€12,152 | -21.8% |
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 11 October 2026 via checked.be.