V.R. Racing: 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.R. Racing
Largest movements
- Stocks and contracts +€158,532
up €158,532 (+10.7%), from €1.5m to €1.6m
- Tangible fixed assets -€53,836
down €53,836 (-96.0%), from €56,109 to €2,272
of which Furniture and vehicles: -€53,296
- Receivables within one year +€36,979
up €36,979 (+1,160%), from €3,187 to €40,166
of which Trade receivables: +€39,406
- Cash -€24,025
down €24,025 (-57.8%), from €41,580 to €17,555
mainly Stocks and contracts (-€158,532) and Net result for the year (-€68,635)
- Trade debts +€181,416
up €181,416 (+13,606%), from €1,333 to €182,749
- Profit (loss) carried forward -€68,635
down €68,635 (-2.8%), from -€2.4m to -€2.5m
- Financial charges -€27,006
down €27,006 (-89.8%), from €30,086 to €3,080
- Depreciation -€24,402
down €24,402 (-97.4%), from €25,050 to €647
- Gross operating margin -€22,300
down €22,300 (-64.5%), from -€34,591 to -€56,892
- Other operating charges -€15,437
down €15,437 (-86.0%), from €17,953 to €2,516
- Staff costs +€2,406
new in 2025: €2,406
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 | €1,594,409 | €1,709,693 | +€115,284 | +7.2% |
| Fixed assets | 21/28 | €56,109 | €4,711 | -€51,398 | -91.6% |
| Intangible fixed assets | 21 | - | €2,438 | +€2,438 | |
| Tangible fixed assets | 22/27 | €56,109 | €2,272 | -€53,836 | -96.0% |
| Plant, machinery and equipment | 23 | €1,290 | €900 | -€390 | -30.2% |
| Furniture and vehicles | 24 | €54,370 | €1,073 | -€53,296 | -98.0% |
| Other tangible fixed assets | 26 | €449 | €299 | -€150 | -33.3% |
| Current assets | 29/58 | €1,538,301 | €1,704,982 | +€166,682 | +10.8% |
| Stocks and contracts in progress | 3 | €1,487,308 | €1,645,840 | +€158,532 | +10.7% |
| Stocks | 30/36 | €1,487,308 | €1,645,840 | +€158,532 | +10.7% |
| Amounts receivable within one year | 40/41 | €3,187 | €40,166 | +€36,979 | +1,160% |
| Trade receivables | 40 | - | €39,406 | +€39,406 | |
| Other amounts receivable | 41 | €3,187 | €760 | -€2,427 | -76.2% |
| Current investments | 50/53 | €5,435 | €0 | -€5,435 | -100% |
| Cash at bank and in hand | 54/58 | €41,580 | €17,555 | -€24,025 | -57.8% |
| Deferred charges and accrued income | 490/1 | €790 | €1,422 | +€631 | +79.9% |
| Total equity and liabilities | 10/49 | €1,594,409 | €1,709,693 | +€115,284 | +7.2% |
| Equity | 10/15 | €588,045 | €519,411 | -€68,635 | -11.7% |
| Contributions | 10/11 | €3,000,000 | €3,000,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,411,955 | -€2,480,589 | -€68,635 | -2.8% |
| Amounts payable | 17/49 | €1,006,364 | €1,190,282 | +€183,919 | +18.3% |
| Amounts payable after more than one year | 17 | €830,865 | €828,967 | -€1,898 | -0.2% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €830,865 | €828,967 | -€1,898 | -0.2% |
| Amounts payable within one year | 42/48 | €175,499 | €361,315 | +€185,816 | +106% |
| Trade debts | 44 | €1,333 | €182,749 | +€181,416 | +13,606% |
| Suppliers | 440/4 | €1,333 | €182,749 | +€181,416 | +13,606% |
| Taxes, remuneration and social security | 45 | €0 | €7,779 | +€7,779 | |
| Taxes | 450/3 | €0 | €7,779 | +€7,779 | |
| Other amounts payable | 47/48 | €174,166 | €170,788 | -€3,378 | -1.9% |
| Non-recurring operating income | 76A | €0 | €119,257 | +€119,257 | |
| Remuneration, social security and pensions | 62 | - | €2,406 | +€2,406 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,050 | €647 | -€24,402 | -97.4% |
| Other operating charges | 640/8 | €17,953 | €2,516 | -€15,437 | -86.0% |
| Gross operating margin | 9900 | -€34,591 | -€56,892 | -€22,300 | -64.5% |
| Operating profit (loss) | 9901 | -€77,593 | -€62,461 | +€15,132 | +19.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €30,086 | €3,080 | -€27,006 | -89.8% |
| Recurring financial charges | 65 | €30,086 | €3,080 | -€27,006 | -89.8% |
| Profit (loss) for the period before taxes | 9903 | -€107,679 | -€65,541 | +€42,139 | +39.1% |
| Income taxes | 67/77 | €1,530 | €3,094 | +€1,564 | +102% |
| Profit (loss) for the period | 9904 | -€109,209 | -€68,635 | +€40,575 | +37.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€109,209 | -€68,635 | +€40,575 | +37.2% |
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 30 October 2026 via checked.be.