desk Vra: 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.
desk Vra
Largest movements
- Cash +€241,140
up €241,140 (+90.3%), from €267,034 to €508,174
mainly Current investments (+€146,605) and Other debts (+€102,081)
- Current investments -€146,605
down €146,605 (-41.2%), from €355,589 to €208,984
- Tangible fixed assets -€11,110
down €11,110 (-21.6%), from €51,508 to €40,398
- Other debts +€102,081
up €102,081 (+3,380%), from €3,020 to €105,101
- Reserves -€25,667
down €25,667 (-3.9%), from €655,847 to €630,179
of which Distributable reserves: -€25,667
- Taxes -€15,436
down €15,436 (-31.5%), from €49,026 to €33,590
- Gross operating margin -€14,195
down €14,195 (-10.4%), from €136,142 to €121,947
- Depreciation +€7,916
up €7,916 (+248%), from €3,195 to €11,110
- Financial income -€7,466
down €7,466 (-44.7%), from €16,692 to €9,225
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.
Derived cash bridge
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 | €693,221 | €774,621 | +€81,399 | +11.7% |
| Fixed assets | 21/28 | €51,508 | €40,398 | -€11,110 | -21.6% |
| Tangible fixed assets | 22/27 | €51,508 | €40,398 | -€11,110 | -21.6% |
| Furniture and vehicles | 24 | €51,508 | €40,398 | -€11,110 | -21.6% |
| Current assets | 29/58 | €641,713 | €734,223 | +€92,510 | +14.4% |
| Amounts receivable within one year | 40/41 | €15,842 | €15,557 | -€285 | -1.8% |
| Trade receivables | 40 | €13,566 | €13,834 | +€268 | +2.0% |
| Other amounts receivable | 41 | €2,276 | €1,723 | -€553 | -24.3% |
| Current investments | 50/53 | €355,589 | €208,984 | -€146,605 | -41.2% |
| Cash at bank and in hand | 54/58 | €267,034 | €508,174 | +€241,140 | +90.3% |
| Deferred charges and accrued income | 490/1 | €3,249 | €1,508 | -€1,741 | -53.6% |
| Total equity and liabilities | 10/49 | €693,221 | €774,621 | +€81,399 | +11.7% |
| Equity | 10/15 | €655,847 | €630,179 | -€25,667 | -3.9% |
| Reserves | 13 | €655,847 | €630,179 | -€25,667 | -3.9% |
| Tax-exempt reserves | 132 | €0 | - | = | |
| Distributable reserves | 133 | €655,847 | €630,179 | -€25,667 | -3.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €37,374 | €144,441 | +€107,067 | +286% |
| Amounts payable within one year | 42/48 | €36,182 | €143,600 | +€107,419 | +297% |
| Trade debts | 44 | €1,476 | €559 | -€917 | -62.1% |
| Suppliers | 440/4 | €1,476 | €559 | -€917 | -62.1% |
| Taxes, remuneration and social security | 45 | €31,686 | €37,940 | +€6,255 | +19.7% |
| Taxes | 450/3 | €31,686 | €37,940 | +€6,255 | +19.7% |
| Other amounts payable | 47/48 | €3,020 | €105,101 | +€102,081 | +3,380% |
| Accrued charges and deferred income | 492/3 | €1,193 | €841 | -€352 | -29.5% |
| Non-recurring operating income | 76A | €7,000 | €0 | -€7,000 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,195 | €11,110 | +€7,916 | +248% |
| Other operating charges | 640/8 | €1,244 | €630 | -€614 | -49.3% |
| Gross operating margin | 9900 | €136,142 | €121,947 | -€14,195 | -10.4% |
| Operating profit (loss) | 9901 | €131,704 | €110,207 | -€21,497 | -16.3% |
| Financial income | 75/76B | €16,692 | €9,225 | -€7,466 | -44.7% |
| Recurring financial income | 75 | €16,692 | €9,225 | -€7,466 | -44.7% |
| Financial charges | 65/66B | €439 | €388 | -€51 | -11.6% |
| Recurring financial charges | 65 | €439 | €388 | -€51 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €147,956 | €119,044 | -€28,912 | -19.5% |
| Income taxes | 67/77 | €49,026 | €33,590 | -€15,436 | -31.5% |
| Profit (loss) for the period | 9904 | €98,930 | €85,454 | -€13,477 | -13.6% |
| Transfer from tax-exempt reserves | 789 | €31,000 | €0 | -€31,000 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €129,930 | €85,454 | -€44,477 | -34.2% |
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 25 October 2026 via checked.be.