V.B.: 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.
V.B.
Largest movements
- Current investments -€33,886
down €33,886 (-8.9%), from €381,327 to €347,441
- Cash +€30,684
up €30,684 (+22.9%), from €133,791 to €164,475
mainly Net result for the year (+€232,354) and Depreciation (+€58,436)
- Reserves +€100,000
up €100,000 (+17.2%), from €582,450 to €682,450
of which Distributable reserves: +€100,000
- Debts after one year -€47,415
down €47,415 (-20.5%), from €231,165 to €183,750
- Trade debts -€34,815
down €34,815 (-88.4%), from €39,373 to €4,558
- Tax, wage and social debts -€25,012
down €25,012 (-55.1%), from €45,363 to €20,352
of which Taxes: -€25,181
- Gross operating margin +€45,838
up €45,838 (+11.6%), from €393,675 to €439,513
- Taxes +€14,190
up €14,190 (+15.5%), from €91,690 to €105,879
- Depreciation +€13,091
up €13,091 (+28.9%), from €45,345 to €58,436
- Financial income -€5,073
down €5,073 (-62.5%), from €8,113 to €3,040
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 | €1,186,234 | €1,181,768 | -€4,466 | -0.4% |
| Fixed assets | 21/28 | €338,954 | €327,147 | -€11,808 | -3.5% |
| Tangible fixed assets | 22/27 | €338,669 | €326,862 | -€11,808 | -3.5% |
| Land and buildings | 22 | €196,663 | €187,736 | -€8,927 | -4.5% |
| Plant, machinery and equipment | 23 | €121,327 | €105,332 | -€15,995 | -13.2% |
| Furniture and vehicles | 24 | €20,679 | €33,793 | +€13,114 | +63.4% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €847,280 | €854,621 | +€7,341 | +0.9% |
| Amounts receivable within one year | 40/41 | €326,496 | €337,432 | +€10,936 | +3.3% |
| Trade receivables | 40 | €156,960 | €195,255 | +€38,294 | +24.4% |
| Other amounts receivable | 41 | €169,535 | €142,177 | -€27,358 | -16.1% |
| Current investments | 50/53 | €381,327 | €347,441 | -€33,886 | -8.9% |
| Cash at bank and in hand | 54/58 | €133,791 | €164,475 | +€30,684 | +22.9% |
| Deferred charges and accrued income | 490/1 | €5,667 | €5,274 | -€392 | -6.9% |
| Total equity and liabilities | 10/49 | €1,186,234 | €1,181,768 | -€4,466 | -0.4% |
| Equity | 10/15 | €627,450 | €727,450 | +€100,000 | +15.9% |
| Contributions | 10/11 | €45,000 | €45,000 | = | 0.0% |
| Reserves | 13 | €582,450 | €682,450 | +€100,000 | +17.2% |
| Non-distributable reserves | 130/1 | €4,500 | €4,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,500 | €4,500 | = | 0.0% |
| Distributable reserves | 133 | €577,950 | €677,950 | +€100,000 | +17.3% |
| Amounts payable | 17/49 | €558,784 | €454,318 | -€104,466 | -18.7% |
| Amounts payable after more than one year | 17 | €231,165 | €183,750 | -€47,415 | -20.5% |
| Financial debts | 170/4 | €231,165 | €183,750 | -€47,415 | -20.5% |
| Amounts payable within one year | 42/48 | €327,619 | €270,568 | -€57,051 | -17.4% |
| Current portion of amounts payable after more than one year | 42 | €112,072 | €113,304 | +€1,232 | +1.1% |
| Trade debts | 44 | €39,373 | €4,558 | -€34,815 | -88.4% |
| Suppliers | 440/4 | €39,373 | €4,558 | -€34,815 | -88.4% |
| Taxes, remuneration and social security | 45 | €45,363 | €20,352 | -€25,012 | -55.1% |
| Taxes | 450/3 | €41,061 | €15,879 | -€25,181 | -61.3% |
| Remuneration and social security | 454/9 | €4,303 | €4,473 | +€170 | +3.9% |
| Other amounts payable | 47/48 | €130,811 | €132,354 | +€1,543 | +1.2% |
| Remuneration, social security and pensions | 62 | €38,006 | €39,558 | +€1,552 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,345 | €58,436 | +€13,091 | +28.9% |
| Other operating charges | 640/8 | €1,125 | €536 | -€589 | -52.4% |
| Gross operating margin | 9900 | €393,675 | €439,513 | +€45,838 | +11.6% |
| Operating profit (loss) | 9901 | €309,200 | €340,984 | +€31,783 | +10.3% |
| Financial income | 75/76B | €8,113 | €3,040 | -€5,073 | -62.5% |
| Recurring financial income | 75 | €8,113 | €3,040 | -€5,073 | -62.5% |
| Financial charges | 65/66B | €6,405 | €5,790 | -€615 | -9.6% |
| Recurring financial charges | 65 | €6,405 | €5,790 | -€615 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €310,907 | €338,233 | +€27,326 | +8.8% |
| Income taxes | 67/77 | €91,690 | €105,879 | +€14,190 | +15.5% |
| Profit (loss) for the period | 9904 | €219,218 | €232,354 | +€13,136 | +6.0% |
| Profit (loss) for the period to be appropriated | 9905 | €219,218 | €232,354 | +€13,136 | +6.0% |
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 29 September 2026 via checked.be.