V-Render: what changed
Two fiscal 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-Render
Largest movements
- Cash +€38,887
up €38,887 (+543.8%), from €7,151 to €46,038
mainly Net result for the year (+€63,236) and Receivables within one year (+€14,484)
- Receivables within one year -€14,484
down €14,484 (-10.6%), from €137,146 to €122,662
of which Other amounts receivable: -€14,802
- Intangible fixed assets -€2,682
down €2,682 (-63.0%), from €4,258 to €1,575
- Tangible fixed assets -€1,913
down €1,913 (-9.4%), from €20,250 to €18,337
of which Plant, machinery and equipment: -€4,519
- Reserves +€63,236
up €63,236 (+170.8%), from €37,015 to €100,251
- Trade debts -€41,313
down €41,313 (-50.9%), from €81,220 to €39,907
- Tax, wage and social debts -€7,384
down €7,384 (-15.5%), from €47,570 to €40,186
of which Taxes: -€12,573
- Accrued charges and deferred income +€5,269
new in 2025: €5,269
- Gross operating margin +€50,343
up €50,343 (+67.8%), from €74,226 to €124,569
- Staff costs -€22,662
down €22,662 (-43.9%), from €51,609 to €28,948
- Taxes +€12,114
up €12,114 (+246.5%), from €4,915 to €17,029
- Financial charges +€2,243
up €2,243 (+149.0%), from €1,506 to €3,749
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 | €168,806 | €188,613 | +€19,807 | +11.7% |
| Fixed assets | 21/28 | €24,508 | €19,913 | -€4,595 | -18.7% |
| Intangible fixed assets | 21 | €4,258 | €1,575 | -€2,682 | -63.0% |
| Tangible fixed assets | 22/27 | €20,250 | €18,337 | -€1,913 | -9.4% |
| Land and buildings | 22 | €6,906 | €6,043 | -€863 | -12.5% |
| Plant, machinery and equipment | 23 | €11,999 | €7,480 | -€4,519 | -37.7% |
| Furniture and vehicles | 24 | €1,345 | €4,814 | +€3,469 | +257.8% |
| Current assets | 29/58 | €144,297 | €168,700 | +€24,403 | +16.9% |
| Amounts receivable within one year | 40/41 | €137,146 | €122,662 | -€14,484 | -10.6% |
| Trade receivables | 40 | €48,004 | €48,322 | +€318 | +0.7% |
| Other amounts receivable | 41 | €89,142 | €74,340 | -€14,802 | -16.6% |
| Cash at bank and in hand | 54/58 | €7,151 | €46,038 | +€38,887 | +543.8% |
| Total equity and liabilities | 10/49 | €168,806 | €188,613 | +€19,807 | +11.7% |
| Equity | 10/15 | €40,015 | €103,251 | +€63,236 | +158.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €37,015 | €100,251 | +€63,236 | +170.8% |
| Distributable reserves | 133 | €37,015 | €100,251 | +€63,236 | +170.8% |
| Amounts payable | 17/49 | €128,790 | €85,362 | -€43,428 | -33.7% |
| Amounts payable within one year | 42/48 | €128,790 | €80,093 | -€48,698 | -37.8% |
| Trade debts | 44 | €81,220 | €39,907 | -€41,313 | -50.9% |
| Suppliers | 440/4 | €81,220 | €39,907 | -€41,313 | -50.9% |
| Taxes, remuneration and social security | 45 | €47,570 | €40,186 | -€7,384 | -15.5% |
| Taxes | 450/3 | €47,208 | €34,634 | -€12,573 | -26.6% |
| Remuneration and social security | 454/9 | €362 | €5,552 | +€5,189 | +1431.6% |
| Accrued charges and deferred income | 492/3 | - | €5,269 | +€5,269 | |
| Remuneration, social security and pensions | 62 | €51,609 | €28,948 | -€22,662 | -43.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,005 | €9,830 | +€825 | +9.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,145 | +€1,145 | |
| Other operating charges | 640/8 | €1,079 | €716 | -€363 | -33.6% |
| Gross operating margin | 9900 | €74,226 | €124,569 | +€50,343 | +67.8% |
| Operating profit (loss) | 9901 | €12,533 | €83,930 | +€71,397 | +569.7% |
| Financial income | 75/76B | €0 | €83 | +€83 | +36187.0% |
| Recurring financial income | 75 | €0 | €83 | +€83 | +36187.0% |
| Financial charges | 65/66B | €1,506 | €3,749 | +€2,243 | +149.0% |
| Recurring financial charges | 65 | €1,506 | €3,749 | +€2,243 | +149.0% |
| Profit (loss) for the period before taxes | 9903 | €11,027 | €80,264 | +€69,237 | +627.9% |
| Income taxes | 67/77 | €4,915 | €17,029 | +€12,114 | +246.5% |
| Profit (loss) for the period | 9904 | €6,112 | €63,236 | +€57,124 | +934.6% |
| Profit (loss) for the period to be appropriated | 9905 | €6,112 | €63,236 | +€57,124 | +934.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.