V2R: 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.
V2R
Largest movements
- Tangible fixed assets +€122,502
up €122,502 (+159%), from €76,861 to €199,363
of which Furniture and vehicles: +€126,903
- Receivables within one year +€99,129
up €99,129 (+489%), from €20,257 to €119,386
of which Other amounts receivable: +€93,684
- Current investments -€75,000
down €75,000 (-100%), from €75,000 to €0
- Cash +€74,421
up €74,421 (+111%), from €67,237 to €141,658
mainly Net result for the year (+€145,951) and Debts after one year (+€103,828)
- Debts after one year +€103,828
new in 2025: €103,828
- Other debts +€83,572
up €83,572 (+238%), from €35,041 to €118,613
- Current portion of long-term debt +€38,406
up €38,406, from €0 to €38,406
- Tax, wage and social debts +€31,696
up €31,696 (+252%), from €12,587 to €44,283
- Reserves -€26,290
down €26,290 (-15.3%), from €172,241 to €145,951
- Gross operating margin -€13,013
down €13,013 (-5.4%), from €239,190 to €226,178
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 | €307,992 | €527,396 | +€219,404 | +71.2% |
| Fixed assets | 21/28 | €126,861 | €249,363 | +€122,502 | +96.6% |
| Tangible fixed assets | 22/27 | €76,861 | €199,363 | +€122,502 | +159% |
| Plant, machinery and equipment | 23 | €37,897 | €33,496 | -€4,401 | -11.6% |
| Furniture and vehicles | 24 | €38,964 | €165,866 | +€126,903 | +326% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €181,131 | €278,033 | +€96,902 | +53.5% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €13,250 | €13,250 | = | 0.0% |
| Stocks | 30/36 | €13,250 | €13,250 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €20,257 | €119,386 | +€99,129 | +489% |
| Trade receivables | 40 | €20,252 | €25,698 | +€5,446 | +26.9% |
| Other amounts receivable | 41 | €5 | €93,689 | +€93,684 | +1,968,146% |
| Current investments | 50/53 | €75,000 | €0 | -€75,000 | -100% |
| Cash at bank and in hand | 54/58 | €67,237 | €141,658 | +€74,421 | +111% |
| Deferred charges and accrued income | 490/1 | €5,387 | €3,739 | -€1,648 | -30.6% |
| Total equity and liabilities | 10/49 | €307,992 | €527,396 | +€219,404 | +71.2% |
| Equity | 10/15 | €247,241 | €220,951 | -€26,290 | -10.6% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €172,241 | €145,951 | -€26,290 | -15.3% |
| Distributable reserves | 133 | €172,241 | €145,951 | -€26,290 | -15.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €60,750 | €306,445 | +€245,695 | +404% |
| Amounts payable after more than one year | 17 | - | €103,828 | +€103,828 | |
| Financial debts | 170/4 | - | €103,828 | +€103,828 | |
| Amounts payable within one year | 42/48 | €60,750 | €201,302 | +€140,552 | +231% |
| Current portion of amounts payable after more than one year | 42 | €0 | €38,406 | +€38,406 | |
| Trade debts | 44 | €13,122 | €0 | -€13,122 | -100% |
| Suppliers | 440/4 | €13,122 | €0 | -€13,122 | -100% |
| Taxes, remuneration and social security | 45 | €12,587 | €44,283 | +€31,696 | +252% |
| Taxes | 450/3 | €12,587 | €44,283 | +€31,696 | +252% |
| Other amounts payable | 47/48 | €35,041 | €118,613 | +€83,572 | +238% |
| Accrued charges and deferred income | 492/3 | - | €1,314 | +€1,314 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,204 | €31,291 | +€1,087 | +3.6% |
| Other operating charges | 640/8 | €742 | €1,378 | +€637 | +85.9% |
| Gross operating margin | 9900 | €239,190 | €226,178 | -€13,013 | -5.4% |
| Operating profit (loss) | 9901 | €208,245 | €193,509 | -€14,737 | -7.1% |
| Financial income | 75/76B | €4,086 | €3,106 | -€980 | -24.0% |
| Recurring financial income | 75 | €4,086 | €3,106 | -€980 | -24.0% |
| Financial charges | 65/66B | €186 | €2,492 | +€2,306 | +1,240% |
| Recurring financial charges | 65 | €186 | €2,492 | +€2,306 | +1,240% |
| Profit (loss) for the period before taxes | 9903 | €212,145 | €194,122 | -€18,023 | -8.5% |
| Income taxes | 67/77 | €49,459 | €48,171 | -€1,288 | -2.6% |
| Profit (loss) for the period | 9904 | €162,686 | €145,951 | -€16,735 | -10.3% |
| Profit (loss) for the period to be appropriated | 9905 | €162,686 | €145,951 | -€16,735 | -10.3% |
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 19 October 2026 via checked.be.