The ultrafast-rotating (P_rot ≈ 0.44 d) fully convective single M4 dwarf V374 Peg is a well-known laboratory for studying intense stellar activity in a stable magnetic topology. As an observable proxy for the stellar magnetic field, we study the stability of the light curve, hence the spot configuration. We also measure the occurrence rate of flares and coronal mass ejections (CMEs). We have analysed spectroscopic observations, BV(RI)_C photometry covering 5 yrs, and additional R_C photometry that expands the temporal base over 16 yr. The light curve suggests an almost rigid-body rotation and a spot configuration that is stable over about 16 yrs, confirming the previous indications of a very stable magnetic field. We observed small changes on a nightly timescale and frequent flaring, including a possible sympathetic flare. The strongest flares seem to be more concentrated around the phase where the light curve indicates a smaller active region. Spectral data suggest a complex CME with falling-back and re-ejected material with a maximal projected velocity of ~675 km s^-1. We observed a CME rate that is much lower than expected from extrapolations of the solar flare-CME relation to active stars.