V2-INVEST: 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.
V2-INVEST
Largest movements
- Cash -€147,782
down €147,782 (-40.3%), from €367,084 to €219,302
mainly Trade debts (-€111,317) and Contributions, distributions and other (-€40,413)
- Tangible fixed assets -€11,992
down €11,992 (-4.5%), from €265,882 to €253,890
of which Land and buildings: -€10,270
- Receivables within one year +€11,442
up €11,442 (+7.6%), from €150,261 to €161,702
of which Trade receivables: +€14,416
- Deferred charges and accrued income +€11,026
up €11,026 (+151%), from €7,326 to €18,352
- Trade debts -€111,317
down €111,317 (-89.7%), from €124,111 to €12,794
- Debts after one year -€22,878
down €22,878 (-11.9%), from €192,578 to €169,700
- Reserves -€19,576
down €19,576 (-5.1%), from €380,263 to €360,686
of which Distributable reserves: -€19,576
- Other debts +€15,163
up €15,163 (+60.9%), from €24,888 to €40,050
- Gross operating margin +€40,327
up €40,327 (+30.1%), from €134,167 to €174,494
- Taxes +€11,824
up €11,824 (+4,803%), from €246 to €12,070
- Staff costs +€3,466
up €3,466 (+2.8%), from €122,615 to €126,080
- Other operating charges -€2,053
down €2,053 (-64.2%), from €3,199 to €1,146
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 | €790,553 | €653,246 | -€137,307 | -17.4% |
| Fixed assets | 21/28 | €265,882 | €253,890 | -€11,992 | -4.5% |
| Tangible fixed assets | 22/27 | €265,882 | €253,890 | -€11,992 | -4.5% |
| Land and buildings | 22 | €259,963 | €249,693 | -€10,270 | -4.0% |
| Furniture and vehicles | 24 | €5,919 | €4,197 | -€1,722 | -29.1% |
| Current assets | 29/58 | €524,671 | €399,356 | -€125,315 | -23.9% |
| Amounts receivable within one year | 40/41 | €150,261 | €161,702 | +€11,442 | +7.6% |
| Trade receivables | 40 | €135,688 | €150,104 | +€14,416 | +10.6% |
| Other amounts receivable | 41 | €14,573 | €11,598 | -€2,975 | -20.4% |
| Cash at bank and in hand | 54/58 | €367,084 | €219,302 | -€147,782 | -40.3% |
| Deferred charges and accrued income | 490/1 | €7,326 | €18,352 | +€11,026 | +151% |
| Total equity and liabilities | 10/49 | €790,553 | €653,246 | -€137,307 | -17.4% |
| Equity | 10/15 | €387,865 | €368,289 | -€19,576 | -5.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €380,263 | €360,686 | -€19,576 | -5.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €378,403 | €358,826 | -€19,576 | -5.2% |
| Profit (loss) carried forward | 14 | €1,402 | €1,402 | = | 0.0% |
| Amounts payable | 17/49 | €402,688 | €284,957 | -€117,731 | -29.2% |
| Amounts payable after more than one year | 17 | €192,578 | €169,700 | -€22,878 | -11.9% |
| Financial debts | 170/4 | €192,578 | €169,700 | -€22,878 | -11.9% |
| Amounts payable within one year | 42/48 | €205,442 | €115,258 | -€90,184 | -43.9% |
| Current portion of amounts payable after more than one year | 42 | €22,620 | €22,878 | +€258 | +1.1% |
| Trade debts | 44 | €124,111 | €12,794 | -€111,317 | -89.7% |
| Suppliers | 440/4 | €124,111 | €12,794 | -€111,317 | -89.7% |
| Taxes, remuneration and social security | 45 | €33,823 | €39,535 | +€5,712 | +16.9% |
| Taxes | 450/3 | €10,345 | €13,142 | +€2,797 | +27.0% |
| Remuneration and social security | 454/9 | €23,478 | €26,393 | +€2,915 | +12.4% |
| Other amounts payable | 47/48 | €24,888 | €40,050 | +€15,163 | +60.9% |
| Accrued charges and deferred income | 492/3 | €4,668 | - | -€4,668 | |
| Remuneration, social security and pensions | 62 | €122,615 | €126,080 | +€3,466 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,648 | €11,992 | -€656 | -5.2% |
| Other operating charges | 640/8 | €3,199 | €1,146 | -€2,053 | -64.2% |
| Gross operating margin | 9900 | €134,167 | €174,494 | +€40,327 | +30.1% |
| Operating profit (loss) | 9901 | -€4,295 | €35,275 | +€39,570 | |
| Financial income | 75/76B | €148 | €152 | +€3 | +2.2% |
| Recurring financial income | 75 | €148 | €152 | +€3 | +2.2% |
| Financial charges | 65/66B | €2,732 | €2,519 | -€213 | -7.8% |
| Recurring financial charges | 65 | €2,732 | €2,519 | -€213 | -7.8% |
| Profit (loss) for the period before taxes | 9903 | -€6,878 | €32,907 | +€39,786 | |
| Income taxes | 67/77 | €246 | €12,070 | +€11,824 | +4,803% |
| Profit (loss) for the period | 9904 | -€7,124 | €20,837 | +€27,961 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,124 | €20,837 | +€27,961 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.