V.B.C.O.: 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.
V.B.C.O.
Largest movements
- Stocks and contracts +€302,866
up €302,866 (+1,070%), from €28,297 to €331,162
- Cash -€172,669
down €172,669 (-97.0%), from €178,074 to €5,405
mainly Stocks and contracts (-€302,866) and Contributions, distributions and other (-€297,620)
- Receivables within one year -€16,980
down €16,980 (-6.0%), from €282,937 to €265,956
of which Other amounts receivable: -€44,922
- Other debts +€319,515
up €319,515 (+1,187%), from €26,922 to €346,437
- Reserves -€297,620
down €297,620 (-85.1%), from €349,899 to €52,280
of which Distributable reserves: -€297,620
- Short-term financial debts +€246,751
new in 2025: €246,751
- Debts after one year -€64,379
down €64,379 (-22.8%), from €282,044 to €217,665
of which Other amounts payable: -€50,000
- Profit (loss) carried forward -€36,168
new in 2025: -€36,168
- Gross operating margin -€76,491
down €76,491, from €62,515 to -€13,977
- Financial charges -€21,710
down €21,710 (-53.2%), from €40,828 to €19,118
- Taxes -€4,997
no longer reported in 2025 (was €4,997)
- Depreciation -€4,676
down €4,676 (-74.8%), from €6,249 to €1,573
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 | €1,008,007 | €1,117,790 | +€109,783 | +10.9% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €516,840 | €515,267 | -€1,573 | -0.3% |
| Tangible fixed assets | 22/27 | €208,949 | €207,376 | -€1,573 | -0.8% |
| Land and buildings | 22 | €207,944 | €207,376 | -€567 | -0.3% |
| Furniture and vehicles | 24 | €1,005 | €0 | -€1,005 | -100% |
| Financial fixed assets | 28 | €307,891 | €307,891 | = | 0.0% |
| Current assets | 29/58 | €491,167 | €602,523 | +€111,356 | +22.7% |
| Stocks and contracts in progress | 3 | €28,297 | €331,162 | +€302,866 | +1,070% |
| Stocks | 30/36 | €28,297 | €331,162 | +€302,866 | +1,070% |
| Amounts receivable within one year | 40/41 | €282,937 | €265,956 | -€16,980 | -6.0% |
| Trade receivables | 40 | €221,994 | €249,936 | +€27,942 | +12.6% |
| Other amounts receivable | 41 | €60,943 | €16,020 | -€44,922 | -73.7% |
| Cash at bank and in hand | 54/58 | €178,074 | €5,405 | -€172,669 | -97.0% |
| Deferred charges and accrued income | 490/1 | €1,860 | - | -€1,860 | |
| Total equity and liabilities | 10/49 | €1,008,007 | €1,117,790 | +€109,783 | +10.9% |
| Equity | 10/15 | €368,499 | €34,711 | -€333,788 | -90.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €349,899 | €52,280 | -€297,620 | -85.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €348,039 | €50,420 | -€297,620 | -85.5% |
| Profit (loss) carried forward | 14 | - | -€36,168 | -€36,168 | |
| Provisions and deferred taxes | 16 | €122,243 | €103,848 | -€18,395 | -15.0% |
| Provisions for liabilities and charges | 160/5 | €122,243 | €103,848 | -€18,395 | -15.0% |
| Environmental obligations | 163 | €122,243 | €103,848 | -€18,395 | -15.0% |
| Amounts payable | 17/49 | €517,265 | €979,230 | +€461,966 | +89.3% |
| Amounts payable after more than one year | 17 | €282,044 | €217,665 | -€64,379 | -22.8% |
| Financial debts | 170/4 | €76,004 | €61,625 | -€14,379 | -18.9% |
| Other amounts payable | 178/9 | €206,040 | €156,040 | -€50,000 | -24.3% |
| Amounts payable within one year | 42/48 | €198,857 | €727,121 | +€528,263 | +266% |
| Current portion of amounts payable after more than one year | 42 | €13,990 | €14,379 | +€389 | +2.8% |
| Financial debts | 43 | - | €246,751 | +€246,751 | |
| Credit institutions | 430/8 | - | €246,751 | +€246,751 | |
| Trade debts | 44 | €126,257 | €114,640 | -€11,617 | -9.2% |
| Suppliers | 440/4 | €126,257 | €114,640 | -€11,617 | -9.2% |
| Taxes, remuneration and social security | 45 | €31,689 | €4,914 | -€26,775 | -84.5% |
| Taxes | 450/3 | €31,689 | €4,914 | -€26,775 | -84.5% |
| Other amounts payable | 47/48 | €26,922 | €346,437 | +€319,515 | +1,187% |
| Accrued charges and deferred income | 492/3 | €36,364 | €34,445 | -€1,919 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,249 | €1,573 | -€4,676 | -74.8% |
| Other operating charges | 640/8 | €1,277 | €1,852 | +€575 | +45.0% |
| Gross operating margin | 9900 | €62,515 | -€13,977 | -€76,491 | |
| Operating profit (loss) | 9901 | €54,989 | -€17,401 | -€72,390 | |
| Financial income | 75/76B | €373 | €351 | -€23 | -6.1% |
| Recurring financial income | 75 | €373 | €351 | -€23 | -6.1% |
| Financial charges | 65/66B | €40,828 | €19,118 | -€21,710 | -53.2% |
| Recurring financial charges | 65 | €40,828 | €19,118 | -€21,710 | -53.2% |
| Profit (loss) for the period before taxes | 9903 | €14,534 | -€36,168 | -€50,702 | |
| Income taxes | 67/77 | €4,997 | - | -€4,997 | |
| Profit (loss) for the period | 9904 | €9,537 | -€36,168 | -€45,705 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,537 | -€36,168 | -€45,705 |
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 22 October 2026 via checked.be.