C-VRO: 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.
C-VRO
Largest movements
- Receivables within one year -€25,624
down €25,624 (-63.5%), from €40,374 to €14,750
of which Trade receivables: -€22,768
- Cash -€15,210
down €15,210 (-14.3%), from €106,023 to €90,813
mainly Contributions, distributions and other (-€72,343) and Debts after one year (-€12,000)
- Tangible fixed assets -€2,262
down €2,262 (-7.9%), from €28,750 to €26,488
of which Furniture and vehicles: -€1,609
- Contributions -€18,100
down €18,100 (-97.3%), from €18,600 to €500
- Debts after one year -€12,000
no longer reported in 2025 (was €12,000)
- Reserves -€10,000
down €10,000 (-8.4%), from €119,225 to €109,225
- Trade debts -€6,209
down €6,209 (-68.5%), from €9,059 to €2,850
- Other debts +€5,099
up €5,099 (+12.3%), from €41,549 to €46,648
- Gross operating margin +€13,120
up €13,120 (+24.9%), from €52,704 to €65,824
- Financial charges -€3,860
down €3,860 (-81.6%), from €4,729 to €869
of which Non-recurring financial charges: -€2,410
- Taxes +€3,315
up €3,315 (+40.7%), from €8,154 to €11,469
- Depreciation +€2,339
up €2,339 (+33.3%), from €7,018 to €9,357
- Financial income +€692
up €692 (+635.3%), from €109 to €801
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 | €203,595 | €160,510 | -€43,086 | -21.2% |
| Fixed assets | 21/28 | €28,750 | €26,488 | -€2,262 | -7.9% |
| Tangible fixed assets | 22/27 | €28,750 | €26,488 | -€2,262 | -7.9% |
| Plant, machinery and equipment | 23 | €22,104 | €21,197 | -€907 | -4.1% |
| Furniture and vehicles | 24 | €5,789 | €4,180 | -€1,609 | -27.8% |
| Other tangible fixed assets | 26 | €857 | €1,111 | +€254 | +29.7% |
| Current assets | 29/58 | €174,845 | €134,021 | -€40,824 | -23.3% |
| Amounts receivable within one year | 40/41 | €40,374 | €14,750 | -€25,624 | -63.5% |
| Trade receivables | 40 | €35,878 | €13,110 | -€22,768 | -63.5% |
| Other amounts receivable | 41 | €4,495 | €1,640 | -€2,856 | -63.5% |
| Current investments | 50/53 | €20,208 | €20,208 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €106,023 | €90,813 | -€15,210 | -14.3% |
| Deferred charges and accrued income | 490/1 | €8,241 | €8,251 | +€10 | +0.1% |
| Total equity and liabilities | 10/49 | €203,595 | €160,510 | -€43,086 | -21.2% |
| Equity | 10/15 | €137,825 | €109,725 | -€28,100 | -20.4% |
| Contributions | 10/11 | €18,600 | €500 | -€18,100 | -97.3% |
| Reserves | 13 | €119,225 | €109,225 | -€10,000 | -8.4% |
| Distributable reserves | 133 | €119,225 | €109,225 | -€10,000 | -8.4% |
| Amounts payable | 17/49 | €65,770 | €50,785 | -€14,986 | -22.8% |
| Amounts payable after more than one year | 17 | €12,000 | - | -€12,000 | |
| Financial debts | 170/4 | €12,000 | - | -€12,000 | |
| Amounts payable within one year | 42/48 | €53,013 | €49,623 | -€3,390 | -6.4% |
| Trade debts | 44 | €9,059 | €2,850 | -€6,209 | -68.5% |
| Suppliers | 440/4 | €9,059 | €2,850 | -€6,209 | -68.5% |
| Taxes, remuneration and social security | 45 | €2,405 | €126 | -€2,280 | -94.8% |
| Taxes | 450/3 | €2,405 | €126 | -€2,280 | -94.8% |
| Other amounts payable | 47/48 | €41,549 | €46,648 | +€5,099 | +12.3% |
| Accrued charges and deferred income | 492/3 | €757 | €1,162 | +€405 | +53.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,018 | €9,357 | +€2,339 | +33.3% |
| Other operating charges | 640/8 | €449 | €688 | +€238 | +53.0% |
| Gross operating margin | 9900 | €52,704 | €65,824 | +€13,120 | +24.9% |
| Operating profit (loss) | 9901 | €45,237 | €55,780 | +€10,543 | +23.3% |
| Financial income | 75/76B | €109 | €801 | +€692 | +635.3% |
| Recurring financial income | 75 | €109 | €801 | +€692 | +635.3% |
| Financial charges | 65/66B | €4,729 | €869 | -€3,860 | -81.6% |
| Recurring financial charges | 65 | €2,319 | €869 | -€1,450 | -62.5% |
| Non-recurring financial charges | 66B | €2,410 | - | -€2,410 | |
| Profit (loss) for the period before taxes | 9903 | €40,616 | €55,712 | +€15,096 | +37.2% |
| Income taxes | 67/77 | €8,154 | €11,469 | +€3,315 | +40.7% |
| Profit (loss) for the period | 9904 | €32,462 | €44,243 | +€11,781 | +36.3% |
| Profit (loss) for the period to be appropriated | 9905 | €32,462 | €44,243 | +€11,781 | +36.3% |
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 10 October 2026 via checked.be.