V2I: 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.
V2I
Largest movements
- Cash +€783,924
up €783,924 (+84.2%), from €931,567 to €1.7m
mainly Net result for the year (+€814,477) and Receivables within one year (+€376,942)
- Receivables within one year -€376,942
down €376,942 (-16.6%), from €2.3m to €1.9m
of which Other amounts receivable: -€425,884
- Profit (loss) carried forward +€774,454
up €774,454 (+73.6%), from €1.1m to €1.8m
- Accrued charges and deferred income -€538,265
down €538,265 (-41.6%), from €1.3m to €755,993
- Trade debts +€314,990
up €314,990 (+139%), from €226,668 to €541,658
- Debts after one year -€170,203
down €170,203 (-21.4%), from €796,746 to €626,543
- Gross operating margin +€446,732
up €446,732 (+23.3%), from €1.9m to €2.4m
- Staff costs +€166,307
up €166,307 (+16.7%), from €998,263 to €1.2m
- Depreciation +€51,740
up €51,740 (+16.6%), from €312,438 to €364,178
- Financial income -€31,070
down €31,070 (-61.5%), from €50,557 to €19,487
of which Financial income: -€26,927
- Financial charges -€27,267
down €27,267 (-54.4%), from €50,162 to €22,895
of which Non-recurring financial charges: -€23,246
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 | €5,385,198 | €5,747,936 | +€362,738 | +6.7% |
| Fixed assets | 21/28 | €2,157,122 | €2,110,481 | -€46,641 | -2.2% |
| Intangible fixed assets | 21 | €76,119 | €31,134 | -€44,985 | -59.1% |
| Tangible fixed assets | 22/27 | €1,909,900 | €1,916,245 | +€6,345 | +0.3% |
| Land and buildings | 22 | €1,161,551 | €1,123,856 | -€37,695 | -3.2% |
| Plant, machinery and equipment | 23 | €486,313 | €552,141 | +€65,828 | +13.5% |
| Furniture and vehicles | 24 | €262,036 | €240,248 | -€21,788 | -8.3% |
| Financial fixed assets | 28 | €171,103 | €163,102 | -€8,001 | -4.7% |
| Current assets | 29/58 | €3,228,076 | €3,637,455 | +€409,379 | +12.7% |
| Amounts receivable within one year | 40/41 | €2,264,625 | €1,887,683 | -€376,942 | -16.6% |
| Trade receivables | 40 | €678,221 | €727,163 | +€48,942 | +7.2% |
| Other amounts receivable | 41 | €1,586,404 | €1,160,520 | -€425,884 | -26.8% |
| Cash at bank and in hand | 54/58 | €931,567 | €1,715,491 | +€783,924 | +84.2% |
| Deferred charges and accrued income | 490/1 | €31,884 | €34,281 | +€2,397 | +7.5% |
| Total equity and liabilities | 10/49 | €5,385,198 | €5,747,936 | +€362,738 | +6.7% |
| Equity | 10/15 | €2,642,312 | €3,404,143 | +€761,831 | +28.8% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Capital | 10 | €90,000 | €90,000 | = | 0.0% |
| Issued capital | 100 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €1,282,000 | €1,282,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,000 | €9,000 | = | 0.0% |
| Legal reserve | 130 | €9,000 | €9,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €23,000 | €23,000 | = | 0.0% |
| Distributable reserves | 133 | €1,250,000 | €1,250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,052,639 | €1,827,093 | +€774,454 | +73.6% |
| Investment grants | 15 | €217,673 | €205,050 | -€12,623 | -5.8% |
| Amounts payable | 17/49 | €2,742,886 | €2,343,793 | -€399,093 | -14.6% |
| Amounts payable after more than one year | 17 | €796,746 | €626,543 | -€170,203 | -21.4% |
| Financial debts | 170/4 | €796,746 | €626,543 | -€170,203 | -21.4% |
| Amounts payable within one year | 42/48 | €651,882 | €961,257 | +€309,375 | +47.5% |
| Current portion of amounts payable after more than one year | 42 | €223,977 | €177,373 | -€46,604 | -20.8% |
| Trade debts | 44 | €226,668 | €541,658 | +€314,990 | +139% |
| Suppliers | 440/4 | €226,668 | €541,658 | +€314,990 | +139% |
| Taxes, remuneration and social security | 45 | €200,192 | €193,712 | -€6,480 | -3.2% |
| Taxes | 450/3 | €50,509 | €17,094 | -€33,415 | -66.2% |
| Remuneration and social security | 454/9 | €149,683 | €176,618 | +€26,935 | +18.0% |
| Other amounts payable | 47/48 | €1,045 | €48,514 | +€47,469 | +4,542% |
| Accrued charges and deferred income | 492/3 | €1,294,258 | €755,993 | -€538,265 | -41.6% |
| Remuneration, social security and pensions | 62 | €998,263 | €1,164,570 | +€166,307 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €312,438 | €364,178 | +€51,740 | +16.6% |
| Other operating charges | 640/8 | €24,538 | €19,242 | -€5,296 | -21.6% |
| Gross operating margin | 9900 | €1,920,974 | €2,367,706 | +€446,732 | +23.3% |
| Operating profit (loss) | 9901 | €585,735 | €819,716 | +€233,981 | +39.9% |
| Financial income | 75/76B | €50,557 | €19,487 | -€31,070 | -61.5% |
| Recurring financial income | 75 | €46,414 | €19,487 | -€26,927 | -58.0% |
| Non-recurring financial income | 76B | €4,143 | - | -€4,143 | |
| Financial charges | 65/66B | €50,162 | €22,895 | -€27,267 | -54.4% |
| Recurring financial charges | 65 | €26,907 | €22,886 | -€4,021 | -14.9% |
| Non-recurring financial charges | 66B | €23,255 | €9 | -€23,246 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €586,130 | €816,308 | +€230,178 | +39.3% |
| Income taxes | 67/77 | €1,844 | €1,831 | -€13 | -0.7% |
| Profit (loss) for the period | 9904 | €584,286 | €814,477 | +€230,191 | +39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €584,286 | €814,477 | +€230,191 | +39.4% |
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 14 October 2026 via checked.be.