V PARTNERS: 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 PARTNERS
Largest movements
- Intangible fixed assets -€92,657
down €92,657 (-71.8%), from €129,133 to €36,476
- Tangible fixed assets -€15,176
down €15,176 (-26.0%), from €58,342 to €43,166
of which Leasing and similar rights: -€12,562
- Cash +€12,304
up €12,304 (+117%), from €10,501 to €22,805
mainly Depreciation (+€112,360) and Net result for the year (+€54,002)
- Receivables within one year -€9,230
down €9,230 (-7.9%), from €116,626 to €107,395
of which Trade receivables: -€4,728
- Current portion of long-term debt -€89,556
down €89,556 (-87.7%), from €102,148 to €12,593
- Other debts +€29,002
up €29,002, from €0 to €29,002
- Reserves -€26,109
down €26,109 (-54.4%), from €47,975 to €21,866
- Trade debts -€14,941
down €14,941 (-18.2%), from €81,889 to €66,948
- Debts after one year -€12,593
down €12,593 (-40.6%), from €30,992 to €18,399
- Gross operating margin +€63,545
up €63,545 (+22.0%), from €289,447 to €352,993
- Taxes +€16,177
up €16,177 (+225%), from €7,202 to €23,379
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 | €330,609 | €225,172 | -€105,437 | -31.9% |
| Fixed assets | 21/28 | €187,474 | €79,642 | -€107,833 | -57.5% |
| Intangible fixed assets | 21 | €129,133 | €36,476 | -€92,657 | -71.8% |
| Tangible fixed assets | 22/27 | €58,342 | €43,166 | -€15,176 | -26.0% |
| Plant, machinery and equipment | 23 | €3,218 | €2,098 | -€1,120 | -34.8% |
| Furniture and vehicles | 24 | €12,265 | €10,771 | -€1,494 | -12.2% |
| Leasing and similar rights | 25 | €42,859 | €30,297 | -€12,562 | -29.3% |
| Current assets | 29/58 | €143,135 | €145,530 | +€2,395 | +1.7% |
| Amounts receivable within one year | 40/41 | €116,626 | €107,395 | -€9,230 | -7.9% |
| Trade receivables | 40 | €110,347 | €105,619 | -€4,728 | -4.3% |
| Other amounts receivable | 41 | €6,279 | €1,776 | -€4,502 | -71.7% |
| Cash at bank and in hand | 54/58 | €10,501 | €22,805 | +€12,304 | +117% |
| Deferred charges and accrued income | 490/1 | €16,008 | €15,330 | -€678 | -4.2% |
| Total equity and liabilities | 10/49 | €330,609 | €225,172 | -€105,437 | -31.9% |
| Equity | 10/15 | €92,975 | €66,866 | -€26,109 | -28.1% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €47,975 | €21,866 | -€26,109 | -54.4% |
| Distributable reserves | 133 | €47,975 | €21,866 | -€26,109 | -54.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €237,634 | €158,305 | -€79,328 | -33.4% |
| Amounts payable after more than one year | 17 | €30,992 | €18,399 | -€12,593 | -40.6% |
| Financial debts | 170/4 | €30,992 | €18,399 | -€12,593 | -40.6% |
| Amounts payable within one year | 42/48 | €206,641 | €137,943 | -€68,699 | -33.2% |
| Current portion of amounts payable after more than one year | 42 | €102,148 | €12,593 | -€89,556 | -87.7% |
| Trade debts | 44 | €81,889 | €66,948 | -€14,941 | -18.2% |
| Suppliers | 440/4 | €81,889 | €66,948 | -€14,941 | -18.2% |
| Taxes, remuneration and social security | 45 | €22,604 | €29,401 | +€6,796 | +30.1% |
| Taxes | 450/3 | €6,107 | €13,463 | +€7,356 | +120% |
| Remuneration and social security | 454/9 | €16,498 | €15,938 | -€560 | -3.4% |
| Other amounts payable | 47/48 | €0 | €29,002 | +€29,002 | |
| Accrued charges and deferred income | 492/3 | €0 | €1,963 | +€1,963 | |
| Remuneration, social security and pensions | 62 | €158,427 | €158,924 | +€497 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,267 | €112,360 | +€1,093 | +1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,215 | €0 | -€1,215 | -100% |
| Other operating charges | 640/8 | €2,519 | €2,359 | -€160 | -6.4% |
| Non-recurring operating charges | 66A | €1,500 | €0 | -€1,500 | -100% |
| Gross operating margin | 9900 | €289,447 | €352,993 | +€63,545 | +22.0% |
| Operating profit (loss) | 9901 | €14,519 | €79,350 | +€64,831 | +447% |
| Financial income | 75/76B | €0 | €1 | +€1 | +975% |
| Recurring financial income | 75 | €0 | €1 | +€1 | +975% |
| Financial charges | 65/66B | €4,320 | €1,970 | -€2,350 | -54.4% |
| Recurring financial charges | 65 | €4,320 | €1,970 | -€2,350 | -54.4% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €10,200 | €77,381 | +€67,181 | +659% |
| Income taxes | 67/77 | €7,202 | €23,379 | +€16,177 | +225% |
| Profit (loss) for the period | 9904 | €2,998 | €54,002 | +€51,004 | +1,701% |
| Profit (loss) for the period to be appropriated | 9905 | €2,998 | €54,002 | +€51,004 | +1,701% |
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 14 October 2026 via checked.be.