V.B.G.: 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.G.
Largest movements
- Cash -€33,867
down €33,867 (-99.9%), from €33,888 to €21
mainly Receivables within one year (-€23,451) and Investment in fixed assets (net) (-€16,209)
- Receivables within one year +€23,451
up €23,451 (+37.2%), from €63,095 to €86,547
of which Other amounts receivable: +€22,709
- Tangible fixed assets +€13,556
up €13,556 (+17.4%), from €78,080 to €91,636
of which Land and buildings: +€49,260
- Debts after one year -€7,749
down €7,749 (-9.2%), from €83,779 to €76,030
- Current portion of long-term debt +€5,236
up €5,236 (+208%), from €2,513 to €7,749
- Other debts +€3,387
up €3,387 (+45.2%), from €7,500 to €10,887
- Depreciation +€2,653
new in 2025: €2,653
- Financial income +€1,039
up €1,039 (+93.7%), from €1,109 to €2,149
- Financial charges +€692
up €692 (+24.4%), from €2,834 to €3,526
- Gross operating margin -€578
down €578 (-3.2%), from €18,271 to €17,693
- Other operating charges +€203
up €203 (+3.3%), from €6,058 to €6,261
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 | €177,527 | €180,353 | +€2,826 | +1.6% |
| Fixed assets | 21/28 | €78,080 | €91,636 | +€13,556 | +17.4% |
| Tangible fixed assets | 22/27 | €78,080 | €91,636 | +€13,556 | +17.4% |
| Land and buildings | 22 | €42,376 | €91,636 | +€49,260 | +116% |
| Assets under construction and advance payments | 27 | €35,704 | - | -€35,704 | |
| Current assets | 29/58 | €99,447 | €88,717 | -€10,730 | -10.8% |
| Amounts receivable within one year | 40/41 | €63,095 | €86,547 | +€23,451 | +37.2% |
| Trade receivables | 40 | - | €742 | +€742 | |
| Other amounts receivable | 41 | €63,095 | €85,805 | +€22,709 | +36.0% |
| Cash at bank and in hand | 54/58 | €33,888 | €21 | -€33,867 | -99.9% |
| Deferred charges and accrued income | 490/1 | €2,463 | €2,149 | -€315 | -12.8% |
| Total equity and liabilities | 10/49 | €177,527 | €180,353 | +€2,826 | +1.6% |
| Equity | 10/15 | €82,681 | €83,881 | +€1,200 | +1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €64,000 | €65,000 | +€1,000 | +1.6% |
| Distributable reserves | 133 | €64,000 | €65,000 | +€1,000 | +1.6% |
| Profit (loss) carried forward | 14 | €81 | €281 | +€200 | +249% |
| Amounts payable | 17/49 | €94,846 | €96,471 | +€1,625 | +1.7% |
| Amounts payable after more than one year | 17 | €83,779 | €76,030 | -€7,749 | -9.2% |
| Financial debts | 170/4 | €83,779 | €76,030 | -€7,749 | -9.2% |
| Amounts payable within one year | 42/48 | €11,067 | €20,429 | +€9,362 | +84.6% |
| Current portion of amounts payable after more than one year | 42 | €2,513 | €7,749 | +€5,236 | +208% |
| Trade debts | 44 | €387 | €425 | +€37 | +9.7% |
| Suppliers | 440/4 | €387 | €425 | +€37 | +9.7% |
| Taxes, remuneration and social security | 45 | €667 | €1,369 | +€702 | +105% |
| Taxes | 450/3 | €667 | €1,369 | +€702 | +105% |
| Other amounts payable | 47/48 | €7,500 | €10,887 | +€3,387 | +45.2% |
| Accrued charges and deferred income | 492/3 | - | €12 | +€12 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,653 | +€2,653 | |
| Other operating charges | 640/8 | €6,058 | €6,261 | +€203 | +3.3% |
| Non-recurring operating charges | 66A | €25 | - | -€25 | |
| Gross operating margin | 9900 | €18,271 | €17,693 | -€578 | -3.2% |
| Operating profit (loss) | 9901 | €12,188 | €8,779 | -€3,408 | -28.0% |
| Financial income | 75/76B | €1,109 | €2,149 | +€1,039 | +93.7% |
| Recurring financial income | 75 | €1,109 | €2,149 | +€1,039 | +93.7% |
| Financial charges | 65/66B | €2,834 | €3,526 | +€692 | +24.4% |
| Recurring financial charges | 65 | €2,834 | €3,526 | +€692 | +24.4% |
| Profit (loss) for the period before taxes | 9903 | €10,463 | €7,403 | -€3,061 | -29.3% |
| Income taxes | 67/77 | €667 | €702 | +€35 | +5.3% |
| Profit (loss) for the period | 9904 | €9,797 | €6,700 | -€3,096 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,797 | €6,700 | -€3,096 | -31.6% |
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 13 October 2026 via checked.be.