V-XPERT: 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-XPERT
Largest movements
- Cash -€6,867
down €6,867 (-43.0%), from €15,984 to €9,118
mainly Contributions, distributions and other (-€59,234) and Current portion of long-term debt (-€11,449)
- Receivables within one year -€2,656
down €2,656 (-14.5%), from €18,344 to €15,688
of which Trade receivables: -€1,960
- Current portion of long-term debt -€11,449
no longer reported in 2025 (was €11,449)
- Profit (loss) carried forward +€3,520
up €3,520 (+14.0%), from €25,078 to €28,599
- Tax, wage and social debts -€1,474
down €1,474 (-8.7%), from €16,886 to €15,412
- Gross operating margin +€9,368
up €9,368 (+12.8%), from €73,239 to €82,607
- Depreciation -€8,926
down €8,926 (-73.0%), from €12,224 to €3,298
- Taxes +€2,046
up €2,046 (+14.5%), from €14,113 to €16,159
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 | €53,942 | €45,197 | -€8,745 | -16.2% |
| Fixed assets | 21/28 | €18,352 | €18,612 | +€260 | +1.4% |
| Tangible fixed assets | 22/27 | €15,852 | €16,112 | +€260 | +1.6% |
| Furniture and vehicles | 24 | €11,209 | €4,133 | -€7,076 | -63.1% |
| Leasing and similar rights | 25 | - | €8,204 | +€8,204 | |
| Other tangible fixed assets | 26 | €4,643 | €3,776 | -€867 | -18.7% |
| Financial fixed assets | 28 | €2,500 | €2,500 | = | 0.0% |
| Current assets | 29/58 | €35,590 | €26,585 | -€9,005 | -25.3% |
| Amounts receivable within one year | 40/41 | €18,344 | €15,688 | -€2,656 | -14.5% |
| Trade receivables | 40 | €17,182 | €15,222 | -€1,960 | -11.4% |
| Other amounts receivable | 41 | €1,162 | €466 | -€696 | -59.9% |
| Cash at bank and in hand | 54/58 | €15,984 | €9,118 | -€6,867 | -43.0% |
| Deferred charges and accrued income | 490/1 | €1,262 | €1,779 | +€518 | +41.0% |
| Total equity and liabilities | 10/49 | €53,942 | €45,197 | -€8,745 | -16.2% |
| Equity | 10/15 | €25,078 | €28,599 | +€3,520 | +14.0% |
| Profit (loss) carried forward | 14 | €25,078 | €28,599 | +€3,520 | +14.0% |
| Amounts payable | 17/49 | €28,864 | €16,599 | -€12,265 | -42.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €28,812 | €16,599 | -€12,213 | -42.4% |
| Current portion of amounts payable after more than one year | 42 | €11,449 | - | -€11,449 | |
| Trade debts | 44 | €478 | €845 | +€367 | +76.7% |
| Suppliers | 440/4 | €478 | €845 | +€367 | +76.7% |
| Taxes, remuneration and social security | 45 | €16,886 | €15,412 | -€1,474 | -8.7% |
| Taxes | 450/3 | €16,886 | €15,412 | -€1,474 | -8.7% |
| Other amounts payable | 47/48 | €0 | €342 | +€342 | |
| Accrued charges and deferred income | 492/3 | €52 | - | -€52 | |
| Remuneration, social security and pensions | 62 | €849 | €113 | -€737 | -86.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,224 | €3,298 | -€8,926 | -73.0% |
| Other operating charges | 640/8 | €229 | - | -€229 | |
| Gross operating margin | 9900 | €73,239 | €82,607 | +€9,368 | +12.8% |
| Operating profit (loss) | 9901 | €59,937 | €79,196 | +€19,260 | +32.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | +1950.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1950.0% |
| Financial charges | 65/66B | €463 | €283 | -€180 | -38.8% |
| Recurring financial charges | 65 | €463 | €283 | -€180 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €59,473 | €78,913 | +€19,440 | +32.7% |
| Income taxes | 67/77 | €14,113 | €16,159 | +€2,046 | +14.5% |
| Profit (loss) for the period | 9904 | €45,360 | €62,754 | +€17,394 | +38.3% |
| Profit (loss) for the period to be appropriated | 9905 | €45,360 | €62,754 | +€17,394 | +38.3% |
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 7 October 2026 via checked.be.