VC INVEST PROJECTS: 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.
VC INVEST PROJECTS
Largest movements
- Current investments +€115,784
up €115,784 (+34.3%), from €337,223 to €453,007
- Tangible fixed assets -€37,764
down €37,764 (-6.1%), from €619,091 to €581,328
of which Land and buildings: -€34,977
- Cash -€26,212
down €26,212 (-34.0%), from €77,024 to €50,811
mainly Current investments (-€115,784) and Deferred charges and accrued income (-€14,088)
- Deferred charges and accrued income +€14,088
up €14,088 (+2,147%), from €656 to €14,744
- Reserves +€76,001
up €76,001 (+6.9%), from €1.1m to €1.2m
of which Distributable reserves: +€76,001
- Financial income +€32,333
new in 2025: €32,333
- Gross operating margin +€28,204
up €28,204 (+28.5%), from €99,103 to €127,307
- Taxes +€22,227
up €22,227 (+161%), from €13,837 to €36,065
- Other operating charges +€3,030
up €3,030 (+113%), from €2,693 to €5,723
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 | €1,325,986 | €1,402,857 | +€76,871 | +5.8% |
| Fixed assets | 21/28 | €619,091 | €581,328 | -€37,764 | -6.1% |
| Tangible fixed assets | 22/27 | €619,091 | €581,328 | -€37,764 | -6.1% |
| Land and buildings | 22 | €616,144 | €581,167 | -€34,977 | -5.7% |
| Furniture and vehicles | 24 | €2,947 | €161 | -€2,787 | -94.6% |
| Current assets | 29/58 | €706,895 | €821,530 | +€114,635 | +16.2% |
| Amounts receivable after more than one year | 29 | €275,000 | €275,000 | = | 0.0% |
| Trade receivables | 290 | €275,000 | - | -€275,000 | |
| Other amounts receivable | 291 | - | €275,000 | +€275,000 | |
| Amounts receivable within one year | 40/41 | €16,992 | €27,968 | +€10,976 | +64.6% |
| Other amounts receivable | 41 | €16,992 | €27,968 | +€10,976 | +64.6% |
| Current investments | 50/53 | €337,223 | €453,007 | +€115,784 | +34.3% |
| Cash at bank and in hand | 54/58 | €77,024 | €50,811 | -€26,212 | -34.0% |
| Deferred charges and accrued income | 490/1 | €656 | €14,744 | +€14,088 | +2,147% |
| Total equity and liabilities | 10/49 | €1,325,986 | €1,402,857 | +€76,871 | +5.8% |
| Equity | 10/15 | €1,311,402 | €1,387,403 | +€76,001 | +5.8% |
| Contributions | 10/11 | €11,750 | €11,750 | = | 0.0% |
| Reserves | 13 | €1,098,063 | €1,174,065 | +€76,001 | +6.9% |
| Tax-exempt reserves | 132 | €16,157 | €16,157 | = | 0.0% |
| Distributable reserves | 133 | €1,081,907 | €1,157,908 | +€76,001 | +7.0% |
| Profit (loss) carried forward | 14 | €201,589 | €201,589 | = | 0.0% |
| Amounts payable | 17/49 | €14,584 | €15,454 | +€870 | +6.0% |
| Amounts payable within one year | 42/48 | €14,584 | €15,454 | +€870 | +6.0% |
| Trade debts | 44 | €9,721 | €4,759 | -€4,961 | -51.0% |
| Suppliers | 440/4 | €9,721 | €4,759 | -€4,961 | -51.0% |
| Taxes, remuneration and social security | 45 | €4,863 | €10,695 | +€5,832 | +120% |
| Taxes | 450/3 | €4,863 | €10,695 | +€5,832 | +120% |
| Non-recurring operating income | 76A | - | €7,779 | +€7,779 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,033 | €37,764 | -€269 | -0.7% |
| Other operating charges | 640/8 | €2,693 | €5,723 | +€3,030 | +113% |
| Gross operating margin | 9900 | €99,103 | €127,307 | +€28,204 | +28.5% |
| Operating profit (loss) | 9901 | €58,377 | €83,820 | +€25,443 | +43.6% |
| Financial income | 75/76B | - | €32,333 | +€32,333 | |
| Recurring financial income | 75 | - | €32,333 | +€32,333 | |
| Financial charges | 65/66B | €5,153 | €4,088 | -€1,065 | -20.7% |
| Recurring financial charges | 65 | €5,153 | €4,088 | -€1,065 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €53,225 | €112,066 | +€58,841 | +111% |
| Income taxes | 67/77 | €13,837 | €36,065 | +€22,227 | +161% |
| Profit (loss) for the period | 9904 | €39,387 | €76,001 | +€36,614 | +93.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,387 | €76,001 | +€36,614 | +93.0% |
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 26 October 2026 via checked.be.