vNEXT: 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.
vNEXT
Largest movements
- Receivables within one year -€20,179
down €20,179 (-55.4%), from €36,448 to €16,269
of which Trade receivables: -€16,946
- Receivables after one year -€13,093
down €13,093 (-23.1%), from €56,746 to €43,652
- Tangible fixed assets +€12,167
up €12,167 (+25.6%), from €47,565 to €59,733
of which Other tangible fixed assets: +€9,960
- Cash -€8,010
down €8,010 (-35.0%), from €22,911 to €14,902
mainly Contributions, distributions and other (-€46,005) and Investment in fixed assets (net) (-€21,372)
- Reserves -€18,903
down €18,903 (-20.3%), from €93,103 to €74,200
of which Distributable reserves: -€18,903
- Trade debts -€17,962
down €17,962 (-83.4%), from €21,545 to €3,583
- Debts after one year +€5,928
up €5,928 (+15.8%), from €37,590 to €43,519
- Current portion of long-term debt +€4,773
up €4,773 (+763.6%), from €625 to €5,398
- Gross operating margin -€12,322
down €12,322 (-17.7%), from €69,680 to €57,358
- Other operating charges -€4,429
down €4,429 (-66.8%), from €6,626 to €2,197
- Depreciation +€3,198
up €3,198 (+53.2%), from €6,007 to €9,204
- Taxes -€2,747
down €2,747 (-17.5%), from €15,724 to €12,978
- Financial charges +€834
up €834 (+16.5%), from €5,054 to €5,888
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 | €168,153 | €140,462 | -€27,691 | -16.5% |
| Fixed assets | 21/28 | €47,864 | €60,032 | +€12,167 | +25.4% |
| Tangible fixed assets | 22/27 | €47,565 | €59,733 | +€12,167 | +25.6% |
| Furniture and vehicles | 24 | €4,484 | €6,691 | +€2,208 | +49.2% |
| Other tangible fixed assets | 26 | €43,082 | €53,041 | +€9,960 | +23.1% |
| Financial fixed assets | 28 | €299 | €299 | = | 0.0% |
| Current assets | 29/58 | €120,289 | €80,430 | -€39,858 | -33.1% |
| Amounts receivable after more than one year | 29 | €56,746 | €43,652 | -€13,093 | -23.1% |
| Other amounts receivable | 291 | €56,746 | €43,652 | -€13,093 | -23.1% |
| Amounts receivable within one year | 40/41 | €36,448 | €16,269 | -€20,179 | -55.4% |
| Trade receivables | 40 | €30,921 | €13,976 | -€16,946 | -54.8% |
| Other amounts receivable | 41 | €5,527 | €2,294 | -€3,233 | -58.5% |
| Cash at bank and in hand | 54/58 | €22,911 | €14,902 | -€8,010 | -35.0% |
| Deferred charges and accrued income | 490/1 | €4,183 | €5,607 | +€1,424 | +34.0% |
| Total equity and liabilities | 10/49 | €168,153 | €140,462 | -€27,691 | -16.5% |
| Equity | 10/15 | €102,836 | €83,933 | -€18,903 | -18.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €93,103 | €74,200 | -€18,903 | -20.3% |
| 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 | €91,243 | €72,340 | -€18,903 | -20.7% |
| Profit (loss) carried forward | 14 | €3,533 | €3,533 | = | 0.0% |
| Amounts payable | 17/49 | €65,317 | €56,529 | -€8,788 | -13.5% |
| Amounts payable after more than one year | 17 | €37,590 | €43,519 | +€5,928 | +15.8% |
| Financial debts | 170/4 | €37,590 | €43,519 | +€5,928 | +15.8% |
| Amounts payable within one year | 42/48 | €27,726 | €13,010 | -€14,716 | -53.1% |
| Current portion of amounts payable after more than one year | 42 | €625 | €5,398 | +€4,773 | +763.6% |
| Trade debts | 44 | €21,545 | €3,583 | -€17,962 | -83.4% |
| Suppliers | 440/4 | €21,545 | €3,583 | -€17,962 | -83.4% |
| Taxes, remuneration and social security | 45 | €5,556 | €4,029 | -€1,527 | -27.5% |
| Taxes | 450/3 | €5,556 | €4,029 | -€1,527 | -27.5% |
| Non-recurring operating income | 76A | €29,531 | - | -€29,531 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,007 | €9,204 | +€3,198 | +53.2% |
| Other operating charges | 640/8 | €6,626 | €2,197 | -€4,429 | -66.8% |
| Gross operating margin | 9900 | €69,680 | €57,358 | -€12,322 | -17.7% |
| Operating profit (loss) | 9901 | €57,047 | €45,957 | -€11,090 | -19.4% |
| Financial income | 75/76B | €11 | €11 | +€0 | +0.8% |
| Recurring financial income | 75 | €11 | €11 | +€0 | +0.8% |
| Financial charges | 65/66B | €5,054 | €5,888 | +€834 | +16.5% |
| Recurring financial charges | 65 | €5,054 | €5,888 | +€834 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €52,004 | €40,080 | -€11,924 | -22.9% |
| Income taxes | 67/77 | €15,724 | €12,978 | -€2,747 | -17.5% |
| Profit (loss) for the period | 9904 | €36,279 | €27,102 | -€9,177 | -25.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,279 | €27,102 | -€9,177 | -25.3% |
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 5 October 2026 via checked.be.