V+ PROJECT: what changed
V+ PROJECT
Largest movements
- Stocks and contracts +€14,196
up €14,196 (+218%), from €6,510 to €20,706
of which Contracts in progress: +€10,410
- Cash -€11,875
down €11,875 (-71.5%), from €16,598 to €4,723
mainly Contributions, distributions and other (-€20,973) and Stocks and contracts (-€14,196)
- Tangible fixed assets -€8,147
down €8,147 (-20.0%), from €40,824 to €32,677
of which Furniture and vehicles: -€15,423
- Receivables within one year -€5,999
down €5,999 (-24.6%), from €24,403 to €18,404
of which Other amounts receivable: -€5,428
- Reserves -€17,693
down €17,693 (-84.4%), from €20,973 to €3,279
- Other debts +€17,478
up €17,478 (+753%), from €2,321 to €19,799
- Debts after one year -€9,197
down €9,197 (-42.4%), from €21,675 to €12,478
- Current portion of long-term debt -€5,562
down €5,562 (-31.0%), from €17,935 to €12,373
- Tax, wage and social debts +€4,043
up €4,043 (+37.5%), from €10,786 to €14,829
of which Taxes: +€4,043
- Gross operating margin -€4,162
down €4,162 (-12.7%), from €32,847 to €28,685
- Depreciation +€2,160
up €2,160 (+12.0%), from €17,979 to €20,139
- Staff costs -€2,130
down €2,130 (-69.6%), from €3,059 to €929
- Taxes -€721
down €721 (-25.9%), from €2,782 to €2,061
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €93,492 | €80,985 | -€12,507 | -13.4% |
| Fixed assets | 21/28 | €43,974 | €35,827 | -€8,147 | -18.5% |
| Tangible fixed assets | 22/27 | €40,824 | €32,677 | -€8,147 | -20.0% |
| Plant, machinery and equipment | 23 | €17,923 | €13,210 | -€4,712 | -26.3% |
| Furniture and vehicles | 24 | €22,902 | €7,478 | -€15,423 | -67.3% |
| Other tangible fixed assets | 26 | - | €11,988 | +€11,988 | |
| Financial fixed assets | 28 | €3,150 | €3,150 | = | 0.0% |
| Current assets | 29/58 | €49,518 | €45,158 | -€4,359 | -8.8% |
| Stocks and contracts in progress | 3 | €6,510 | €20,706 | +€14,196 | +218% |
| Stocks | 30/36 | €6,510 | €10,297 | +€3,786 | +58.2% |
| Contracts in progress | 37 | - | €10,410 | +€10,410 | |
| Amounts receivable within one year | 40/41 | €24,403 | €18,404 | -€5,999 | -24.6% |
| Trade receivables | 40 | €16,496 | €15,925 | -€571 | -3.5% |
| Other amounts receivable | 41 | €7,907 | €2,478 | -€5,428 | -68.7% |
| Cash at bank and in hand | 54/58 | €16,598 | €4,723 | -€11,875 | -71.5% |
| Deferred charges and accrued income | 490/1 | €2,007 | €1,325 | -€681 | -34.0% |
| Total equity and liabilities | 10/49 | €93,492 | €80,985 | -€12,507 | -13.4% |
| Equity | 10/15 | €26,973 | €9,279 | -€17,693 | -65.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €20,973 | €3,279 | -€17,693 | -84.4% |
| Distributable reserves | 133 | €20,973 | €3,279 | -€17,693 | -84.4% |
| Amounts payable | 17/49 | €66,520 | €71,706 | +€5,187 | +7.8% |
| Amounts payable after more than one year | 17 | €21,675 | €12,478 | -€9,197 | -42.4% |
| Financial debts | 170/4 | €21,675 | €12,478 | -€9,197 | -42.4% |
| Amounts payable within one year | 42/48 | €44,845 | €59,228 | +€14,383 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | €17,935 | €12,373 | -€5,562 | -31.0% |
| Trade debts | 44 | €13,803 | €12,228 | -€1,575 | -11.4% |
| Suppliers | 440/4 | €13,803 | €12,228 | -€1,575 | -11.4% |
| Taxes, remuneration and social security | 45 | €10,786 | €14,829 | +€4,043 | +37.5% |
| Taxes | 450/3 | €6,786 | €10,829 | +€4,043 | +59.6% |
| Remuneration and social security | 454/9 | €4,000 | €4,000 | = | 0.0% |
| Other amounts payable | 47/48 | €2,321 | €19,799 | +€17,478 | +753% |
| Remuneration, social security and pensions | 62 | €3,059 | €929 | -€2,130 | -69.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,979 | €20,139 | +€2,160 | +12.0% |
| Other operating charges | 640/8 | €1,202 | €1,149 | -€53 | -4.4% |
| Gross operating margin | 9900 | €32,847 | €28,685 | -€4,162 | -12.7% |
| Operating profit (loss) | 9901 | €10,608 | €6,468 | -€4,140 | -39.0% |
| Financial income | 75/76B | €68 | €136 | +€69 | +102% |
| Recurring financial income | 75 | €68 | €136 | +€69 | +102% |
| Financial charges | 65/66B | €1,588 | €1,264 | -€324 | -20.4% |
| Recurring financial charges | 65 | €1,588 | €1,264 | -€324 | -20.4% |
| Profit (loss) for the period before taxes | 9903 | €9,088 | €5,341 | -€3,747 | -41.2% |
| Income taxes | 67/77 | €2,782 | €2,061 | -€721 | -25.9% |
| Profit (loss) for the period | 9904 | €6,306 | €3,279 | -€3,026 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,306 | €3,279 | -€3,026 | -48.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.