V4R: 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.
V4R
Largest movements
- Cash +€206,764
up €206,764 (+85.1%), from €243,040 to €449,804
mainly Other debts (+€212,198) and Current investments (+€150,000)
- Current investments -€150,000
down €150,000 (-50.0%), from €300,000 to €150,000
- Other debts +€212,198
up €212,198 (+70203.7%), from €302 to €212,500
- Reserves -€145,000
down €145,000 (-28.0%), from €517,000 to €372,000
- Tax, wage and social debts -€13,650
down €13,650 (-24.5%), from €55,700 to €42,050
- Gross operating margin -€94,379
down €94,379 (-39.7%), from €237,673 to €143,294
- Taxes -€10,776
down €10,776 (-19.3%), from €55,704 to €44,927
- Financial income +€9,601
up €9,601 (+1129518.8%), from €1 to €9,602
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 | €573,828 | €628,014 | +€54,186 | +9.4% |
| Fixed assets | 21/28 | €3,055 | €2,596 | -€460 | -15.0% |
| Tangible fixed assets | 22/27 | €3,055 | €2,596 | -€460 | -15.0% |
| Furniture and vehicles | 24 | €3,055 | €2,596 | -€460 | -15.0% |
| Current assets | 29/58 | €570,772 | €625,418 | +€54,646 | +9.6% |
| Amounts receivable within one year | 40/41 | €26,888 | €24,738 | -€2,150 | -8.0% |
| Trade receivables | 40 | €26,622 | €21,622 | -€5,000 | -18.8% |
| Other amounts receivable | 41 | €266 | €3,116 | +€2,850 | +1071.3% |
| Current investments | 50/53 | €300,000 | €150,000 | -€150,000 | -50.0% |
| Cash at bank and in hand | 54/58 | €243,040 | €449,804 | +€206,764 | +85.1% |
| Deferred charges and accrued income | 490/1 | €845 | €876 | +€31 | +3.7% |
| Total equity and liabilities | 10/49 | €573,828 | €628,014 | +€54,186 | +9.4% |
| Equity | 10/15 | €517,561 | €373,234 | -€144,327 | -27.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €517,000 | €372,000 | -€145,000 | -28.0% |
| Distributable reserves | 133 | €517,000 | €372,000 | -€145,000 | -28.0% |
| Profit (loss) carried forward | 14 | €461 | €1,134 | +€673 | +146.2% |
| Amounts payable | 17/49 | €56,267 | €254,780 | +€198,513 | +352.8% |
| Amounts payable within one year | 42/48 | €56,267 | €254,780 | +€198,513 | +352.8% |
| Trade debts | 44 | €265 | €230 | -€35 | -13.2% |
| Suppliers | 440/4 | €265 | €230 | -€35 | -13.2% |
| Taxes, remuneration and social security | 45 | €55,700 | €42,050 | -€13,650 | -24.5% |
| Taxes | 450/3 | €55,700 | €42,050 | -€13,650 | -24.5% |
| Other amounts payable | 47/48 | €302 | €212,500 | +€212,198 | +70203.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,492 | €1,720 | +€228 | +15.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €237,673 | €143,294 | -€94,379 | -39.7% |
| Operating profit (loss) | 9901 | €235,793 | €141,174 | -€94,619 | -40.1% |
| Financial income | 75/76B | €1 | €9,602 | +€9,601 | +1129518.8% |
| Recurring financial income | 75 | €1 | €9,602 | +€9,601 | +1129518.8% |
| Financial charges | 65/66B | €119 | €175 | +€56 | +47.4% |
| Recurring financial charges | 65 | €119 | €175 | +€56 | +47.4% |
| Profit (loss) for the period before taxes | 9903 | €235,675 | €150,601 | -€85,075 | -36.1% |
| Income taxes | 67/77 | €55,704 | €44,927 | -€10,776 | -19.3% |
| Profit (loss) for the period | 9904 | €179,972 | €105,673 | -€74,298 | -41.3% |
| Profit (loss) for the period to be appropriated | 9905 | €179,972 | €105,673 | -€74,298 | -41.3% |
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 2 October 2026 via checked.be.