V - SYSTEMS: 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.
What changed
V - SYSTEMS
NACE 43.990, Other specialised construction activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€639,099
2024 · €1.3m-€622,288
Equity
€2.7m
2024 · €2.1m+€564,099
Cash
€328,691
2024 · €672,423-€343,731
Balance sheet total
€4.2m
2024 · €4.7m-€497,412
Largest movements
Assets
- Receivables within one year +€400,203
up €400,203 (+26.4%), from €1.5m to €1.9m
of which Trade receivables: +€336,602
- Current investments -€400,000
down €400,000 (-66.7%), from €600,000 to €200,000
- Cash -€343,731
down €343,731 (-51.1%), from €672,423 to €328,691
mainly Other debts (-€974,225) and Investment in fixed assets (net) (-€411,265)
- Tangible fixed assets -€133,577
down €133,577 (-9.2%), from €1.5m to €1.3m
of which Plant, machinery and equipment: -€80,907
Equity and liabilities
- Other debts -€974,225
down €974,225 (-91.9%), from €1.1m to €85,553
- Reserves +€564,050
up €564,050 (+26.8%), from €2.1m to €2.7m
of which Distributable reserves: +€570,200
- Debts after one year -€49,102
down €49,102 (-24.4%), from €201,542 to €152,440
Income statement
- Gross operating margin -€706,447
down €706,447 (-24.7%), from €2.9m to €2.2m
- Taxes -€154,486
down €154,486 (-44.2%), from €349,383 to €194,897
- Financial income -€78,374
down €78,374 (-72.4%), from €108,325 to €29,951
of which Non-recurring financial income: -€67,870
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.
Result 2024
€1.3m
Gross operating margin
-€706,447
Staff costs
+€7,605
Depreciation
-€8,123
Write-downs
+€20,310
Other operating charges
-€11,526
Other operating items
+€661
Financial income
-€78,374
Financial charges
-€879
Taxes
+€154,486
Result 2025
€639,099
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.
From operations
-€180,420
Investment
-€11,265
Financing
-€152,045
Cash 2024
€672,423
From operations (derived)
-€180,420
Net result for the year
+€639,099
Depreciation
+€539,406
Stocks and contracts
+€15,857
Receivables within one year
-€400,203
Deferred charges and accrued income
+€9,886
Provisions
-€2,050
Trade debts
+€21,395
Tax, wage and social debts
-€29,585
Other debts
-€974,225
Investment (derived)
-€11,265
Investment in fixed assets (net)
-€411,265
Current investments
+€400,000
Financing
-€152,045
Debts after one year
-€49,102
Current portion of long-term debt
-€27,944
Contributions, distributions and other
-€75,000
Cash 2025
€328,691
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,673,939 | €4,176,527 | -€497,412 | -10.6% |
| Fixed assets | 21/28 | €1,786,360 | €1,658,220 | -€128,140 | -7.2% |
| Intangible fixed assets | 21 | €77,665 | €64,094 | -€13,571 | -17.5% |
| Tangible fixed assets | 22/27 | €1,455,925 | €1,322,349 | -€133,577 | -9.2% |
| Plant, machinery and equipment | 23 | €1,097,438 | €1,016,531 | -€80,907 | -7.4% |
| Furniture and vehicles | 24 | €41,572 | €34,076 | -€7,497 | -18.0% |
| Leasing and similar rights | 25 | €308,916 | €265,961 | -€42,955 | -13.9% |
| Other tangible fixed assets | 26 | €7,999 | €5,781 | -€2,218 | -27.7% |
| Financial fixed assets | 28 | €252,770 | €271,777 | +€19,008 | +7.5% |
| Current assets | 29/58 | €2,887,578 | €2,518,307 | -€369,272 | -12.8% |
| Stocks and contracts in progress | 3 | €78,064 | €62,207 | -€15,857 | -20.3% |
| Stocks | 30/36 | €78,064 | €62,207 | -€15,857 | -20.3% |
| Amounts receivable within one year | 40/41 | €1,515,264 | €1,915,466 | +€400,203 | +26.4% |
| Trade receivables | 40 | €1,480,319 | €1,816,922 | +€336,602 | +22.7% |
| Other amounts receivable | 41 | €34,944 | €98,544 | +€63,600 | +182.0% |
| Current investments | 50/53 | €600,000 | €200,000 | -€400,000 | -66.7% |
| Cash at bank and in hand | 54/58 | €672,423 | €328,691 | -€343,731 | -51.1% |
| Deferred charges and accrued income | 490/1 | €21,828 | €11,942 | -€9,886 | -45.3% |
| Total equity and liabilities | 10/49 | €4,673,939 | €4,176,527 | -€497,412 | -10.6% |
| Equity | 10/15 | €2,125,740 | €2,689,839 | +€564,099 | +26.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,106,483 | €2,670,533 | +€564,050 | +26.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €13,623 | €7,473 | -€6,150 | -45.1% |
| Distributable reserves | 133 | €2,091,000 | €2,661,200 | +€570,200 | +27.3% |
| Profit (loss) carried forward | 14 | €656 | €705 | +€49 | +7.5% |
| Provisions and deferred taxes | 16 | €54,541 | €52,491 | -€2,050 | -3.8% |
| Provisions for liabilities and charges | 160/5 | €50,000 | €50,000 | = | 0.0% |
| Other liabilities and charges | 164/5 | €50,000 | €50,000 | = | 0.0% |
| Deferred taxes | 168 | €4,541 | €2,491 | -€2,050 | -45.1% |
| Amounts payable | 17/49 | €2,493,658 | €1,434,197 | -€1.1m | -42.5% |
| Amounts payable after more than one year | 17 | €201,542 | €152,440 | -€49,102 | -24.4% |
| Financial debts | 170/4 | €201,542 | €152,440 | -€49,102 | -24.4% |
| Amounts payable within one year | 42/48 | €2,292,116 | €1,281,757 | -€1.0m | -44.1% |
| Current portion of amounts payable after more than one year | 42 | €150,279 | €122,335 | -€27,944 | -18.6% |
| Trade debts | 44 | €970,548 | €991,943 | +€21,395 | +2.2% |
| Suppliers | 440/4 | €970,548 | €991,943 | +€21,395 | +2.2% |
| Taxes, remuneration and social security | 45 | €111,511 | €81,925 | -€29,585 | -26.5% |
| Taxes | 450/3 | €47,867 | €29,232 | -€18,635 | -38.9% |
| Remuneration and social security | 454/9 | €63,644 | €52,693 | -€10,950 | -17.2% |
| Other amounts payable | 47/48 | €1,059,778 | €85,553 | -€974,225 | -91.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €0 | €12,461 | +€12,461 | |
| Remuneration, social security and pensions | 62 | €779,799 | €772,195 | -€7,605 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €531,283 | €539,406 | +€8,123 | +1.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €23,885 | €3,575 | -€20,310 | -85.0% |
| Other operating charges | 640/8 | €14,736 | €26,262 | +€11,526 | +78.2% |
| Non-recurring operating charges | 66A | €1,533 | €872 | -€661 | -43.1% |
| Gross operating margin | 9900 | €2,858,544 | €2,152,097 | -€706,447 | -24.7% |
| Operating profit (loss) | 9901 | €1,507,309 | €809,788 | -€697,521 | -46.3% |
| Financial income | 75/76B | €108,325 | €29,951 | -€78,374 | -72.4% |
| Recurring financial income | 75 | €25,475 | €14,971 | -€10,504 | -41.2% |
| Non-recurring financial income | 76B | €82,850 | €14,980 | -€67,870 | -81.9% |
| Financial charges | 65/66B | €6,914 | €7,793 | +€879 | +12.7% |
| Recurring financial charges | 65 | €6,914 | €7,793 | +€879 | +12.7% |
| Profit (loss) for the period before taxes | 9903 | €1,608,720 | €831,946 | -€776,774 | -48.3% |
| Transfer from deferred taxes | 780 | €2,050 | €2,050 | = | 0.0% |
| Income taxes | 67/77 | €349,383 | €194,897 | -€154,486 | -44.2% |
| Profit (loss) for the period | 9904 | €1,261,387 | €639,099 | -€622,288 | -49.3% |
| Transfer from tax-exempt reserves | 789 | €6,150 | €6,150 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,267,537 | €645,249 | -€622,288 | -49.1% |
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 4 October 2026 via checked.be.