If the sound is getting through then the cable works - end of.
I agree this appears like a HDCP problem.
Look at item 3 under Specification:
http://en.wikipedia.org/wiki/Hdcp
The player (in this case the V+ box) has to ensure that the receiver (in this case the Aquos) is a bona-fide screen and not some sort of recorder. Perhaps the key for the Aquos has been compromised and has found itself on the banned list. VM are probably more diligent at keeping this list up-to-date because they are so heavily reliant on content.
A new mainboard will likely mean a new key too.