V-NET: 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-NET
Largest movements
- Cash -€20,875
down €20,875 (-59.5%), from €35,099 to €14,224
mainly Contributions, distributions and other (-€23,321) and Debts after one year (-€7,840)
- Receivables within one year -€11,593
down €11,593 (-18.2%), from €63,836 to €52,243
of which Trade receivables: -€19,241
- Tangible fixed assets -€10,286
down €10,286 (-12.7%), from €80,865 to €70,579
of which Land and buildings: -€6,206
- Deferred charges and accrued income +€5,061
new in 2025: €5,061
- Reserves -€23,321
down €23,321 (-24.4%), from €95,444 to €72,123
- Debts after one year -€7,840
down €7,840 (-15.4%), from €50,959 to €43,119
- Tax, wage and social debts -€5,835
no longer reported in 2025 (was €5,835)
- Gross operating margin -€55,328
down €55,328 (-79.7%), from €69,435 to €14,107
- Taxes -€17,119
down €17,119 (-95.5%), from €17,919 to €800
- Depreciation -€2,767
down €2,767 (-19.1%), from €14,515 to €11,748
- Financial income +€1,294
up €1,294 (+6,079%), from €21 to €1,315
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 | €180,340 | €142,106 | -€38,234 | -21.2% |
| Fixed assets | 21/28 | €80,865 | €70,579 | -€10,286 | -12.7% |
| Tangible fixed assets | 22/27 | €80,865 | €70,579 | -€10,286 | -12.7% |
| Land and buildings | 22 | €73,312 | €67,106 | -€6,206 | -8.5% |
| Plant, machinery and equipment | 23 | €7,182 | €3,472 | -€3,710 | -51.7% |
| Furniture and vehicles | 24 | €370 | - | -€370 | |
| Current assets | 29/58 | €99,475 | €71,527 | -€27,948 | -28.1% |
| Stocks and contracts in progress | 3 | €541 | - | -€541 | |
| Stocks | 30/36 | €541 | - | -€541 | |
| Amounts receivable within one year | 40/41 | €63,836 | €52,243 | -€11,593 | -18.2% |
| Trade receivables | 40 | €43,505 | €24,264 | -€19,241 | -44.2% |
| Other amounts receivable | 41 | €20,330 | €27,979 | +€7,649 | +37.6% |
| Cash at bank and in hand | 54/58 | €35,099 | €14,224 | -€20,875 | -59.5% |
| Deferred charges and accrued income | 490/1 | - | €5,061 | +€5,061 | |
| Total equity and liabilities | 10/49 | €180,340 | €142,106 | -€38,234 | -21.2% |
| Equity | 10/15 | €107,844 | €83,824 | -€24,021 | -22.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €95,444 | €72,123 | -€23,321 | -24.4% |
| Distributable reserves | 133 | €95,444 | €72,123 | -€23,321 | -24.4% |
| Profit (loss) carried forward | 14 | - | -€699 | -€699 | |
| Amounts payable | 17/49 | €72,496 | €58,282 | -€14,214 | -19.6% |
| Amounts payable after more than one year | 17 | €50,959 | €43,119 | -€7,840 | -15.4% |
| Financial debts | 170/4 | €50,959 | €43,119 | -€7,840 | -15.4% |
| Amounts payable within one year | 42/48 | €20,263 | €15,163 | -€5,100 | -25.2% |
| Current portion of amounts payable after more than one year | 42 | €7,840 | €7,840 | = | 0.0% |
| Trade debts | 44 | €6,588 | €7,323 | +€735 | +11.2% |
| Suppliers | 440/4 | €6,588 | €7,323 | +€735 | +11.2% |
| Taxes, remuneration and social security | 45 | €5,835 | - | -€5,835 | |
| Taxes | 450/3 | €5,835 | - | -€5,835 | |
| Accrued charges and deferred income | 492/3 | €1,274 | - | -€1,274 | |
| Non-recurring operating income | 76A | - | €30,000 | +€30,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,515 | €11,748 | -€2,767 | -19.1% |
| Other operating charges | 640/8 | €2,540 | €1,877 | -€664 | -26.1% |
| Gross operating margin | 9900 | €69,435 | €14,107 | -€55,328 | -79.7% |
| Operating profit (loss) | 9901 | €52,380 | €482 | -€51,898 | -99.1% |
| Financial income | 75/76B | €21 | €1,315 | +€1,294 | +6,079% |
| Recurring financial income | 75 | €21 | €1,315 | +€1,294 | +6,079% |
| Financial charges | 65/66B | €1,727 | €1,696 | -€31 | -1.8% |
| Recurring financial charges | 65 | €1,727 | €1,696 | -€31 | -1.8% |
| Profit (loss) for the period before taxes | 9903 | €50,674 | €101 | -€50,574 | -99.8% |
| Income taxes | 67/77 | €17,919 | €800 | -€17,119 | -95.5% |
| Profit (loss) for the period | 9904 | €32,755 | -€699 | -€33,454 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,755 | -€699 | -€33,454 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.