A. VREYS: 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.
A. VREYS
Largest movements
- Tangible fixed assets +€59,512
up €59,512 (+162.4%), from €36,641 to €96,153
of which Furniture and vehicles: +€64,829
- Cash -€24,682
down €24,682 (-24.1%), from €102,361 to €77,679
mainly Investment in fixed assets (net) (-€81,440) and Stocks and contracts (-€3,135)
- Receivables within one year -€8,251
down €8,251 (-11.1%), from €74,522 to €66,272
of which Trade receivables: -€8,526
- Debts after one year +€12,558
up €12,558 (+39.1%), from €32,096 to €44,653
- Trade debts +€7,457
up €7,457 (+22.3%), from €33,442 to €40,898
- Short-term financial debts +€6,901
up €6,901 (+34.3%), from €20,135 to €27,036
- Gross operating margin +€83,900
up €83,900, from -€52,410 to €31,490
- Other operating charges -€20,667
down €20,667 (-83.7%), from €24,696 to €4,029
- Depreciation +€5,690
up €5,690 (+35.0%), from €16,238 to €21,928
- Financial income -€2,450
down €2,450 (-77.5%), from €3,161 to €711
- Write-downs +€962
up €962 (+269.0%), from €358 to €1,320
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 | €503,679 | €535,093 | +€31,414 | +6.2% |
| Fixed assets | 21/28 | €36,815 | €96,327 | +€59,512 | +161.7% |
| Tangible fixed assets | 22/27 | €36,641 | €96,153 | +€59,512 | +162.4% |
| Plant, machinery and equipment | 23 | €33,865 | €28,548 | -€5,317 | -15.7% |
| Furniture and vehicles | 24 | €2,776 | €67,605 | +€64,829 | +2335.1% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Financial fixed assets | 28 | €174 | €174 | = | 0.0% |
| Current assets | 29/58 | €466,864 | €438,766 | -€28,098 | -6.0% |
| Stocks and contracts in progress | 3 | €289,111 | €292,245 | +€3,135 | +1.1% |
| Stocks | 30/36 | €289,111 | €292,245 | +€3,135 | +1.1% |
| Amounts receivable within one year | 40/41 | €74,522 | €66,272 | -€8,251 | -11.1% |
| Trade receivables | 40 | €73,305 | €64,779 | -€8,526 | -11.6% |
| Other amounts receivable | 41 | €1,217 | €1,492 | +€275 | +22.6% |
| Cash at bank and in hand | 54/58 | €102,361 | €77,679 | -€24,682 | -24.1% |
| Deferred charges and accrued income | 490/1 | €870 | €2,571 | +€1,701 | +195.5% |
| Total equity and liabilities | 10/49 | €503,679 | €535,093 | +€31,414 | +6.2% |
| Equity | 10/15 | €401,924 | €402,634 | +€711 | +0.2% |
| Contributions | 10/11 | €221,320 | €221,320 | = | 0.0% |
| Reserves | 13 | €49,616 | €49,616 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,680 | €12,680 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,680 | €12,680 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,094 | €18,094 | = | 0.0% |
| Distributable reserves | 133 | €18,842 | €18,842 | = | 0.0% |
| Profit (loss) carried forward | 14 | €130,987 | €131,698 | +€711 | +0.5% |
| Amounts payable | 17/49 | €101,755 | €132,459 | +€30,704 | +30.2% |
| Amounts payable after more than one year | 17 | €32,096 | €44,653 | +€12,558 | +39.1% |
| Financial debts | 170/4 | €32,096 | €44,653 | +€12,558 | +39.1% |
| Amounts payable within one year | 42/48 | €69,659 | €87,805 | +€18,146 | +26.0% |
| Financial debts | 43 | €20,135 | €27,036 | +€6,901 | +34.3% |
| Credit institutions | 430/8 | €20,135 | €27,036 | +€6,901 | +34.3% |
| Trade debts | 44 | €33,442 | €40,898 | +€7,457 | +22.3% |
| Suppliers | 440/4 | €33,442 | €40,898 | +€7,457 | +22.3% |
| Taxes, remuneration and social security | 45 | €15,843 | €19,571 | +€3,728 | +23.5% |
| Taxes | 450/3 | €15,843 | €15,166 | -€677 | -4.3% |
| Remuneration and social security | 454/9 | - | €4,405 | +€4,405 | |
| Other amounts payable | 47/48 | €240 | €300 | +€60 | +25.0% |
| Remuneration, social security and pensions | 62 | -€800 | - | +€800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,238 | €21,928 | +€5,690 | +35.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €358 | €1,320 | +€962 | +269.0% |
| Other operating charges | 640/8 | €24,696 | €4,029 | -€20,667 | -83.7% |
| Gross operating margin | 9900 | -€52,410 | €31,490 | +€83,900 | |
| Operating profit (loss) | 9901 | -€92,901 | €4,213 | +€97,114 | |
| Financial income | 75/76B | €3,161 | €711 | -€2,450 | -77.5% |
| Recurring financial income | 75 | €3,161 | €711 | -€2,450 | -77.5% |
| Financial charges | 65/66B | €3,706 | €3,674 | -€33 | -0.9% |
| Recurring financial charges | 65 | €3,706 | €3,674 | -€33 | -0.9% |
| Profit (loss) for the period before taxes | 9903 | -€93,446 | €1,250 | +€94,696 | |
| Income taxes | 67/77 | €641 | €540 | -€101 | -15.8% |
| Profit (loss) for the period | 9904 | -€94,087 | €711 | +€94,797 | |
| Profit (loss) for the period to be appropriated | 9905 | -€94,087 | €711 | +€94,797 |
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 7 October 2026 via checked.be.