V.B.K.: 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.K.
Largest movements
- Current investments +€125,942
up €125,942 (+43.1%), from €292,381 to €418,323
- Cash -€43,833
down €43,833 (-15.6%), from €280,597 to €236,764
mainly Current investments (-€125,942) and Stocks and contracts (-€14,399)
- Tangible fixed assets -€22,055
down €22,055 (-20.5%), from €107,541 to €85,487
of which Furniture and vehicles: -€17,460
- Receivables within one year -€19,878
down €19,878 (-21.5%), from €92,642 to €72,764
of which Trade receivables: -€19,926
- Stocks and contracts +€14,399
up €14,399 (+34.9%), from €41,232 to €55,631
- Reserves +€61,538
up €61,538 (+21.7%), from €283,700 to €345,238
of which Distributable reserves: +€54,530
- Other debts -€13,264
down €13,264 (-13.8%), from €96,206 to €82,942
- Gross operating margin -€26,408
down €26,408 (-7.3%), from €360,295 to €333,887
- Taxes -€8,693
down €8,693 (-20.7%), from €41,972 to €33,278
- Staff costs +€8,286
up €8,286 (+4.1%), from €200,747 to €209,033
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 | €820,521 | €872,449 | +€51,928 | +6.3% |
| Fixed assets | 21/28 | €107,726 | €85,672 | -€22,055 | -20.5% |
| Tangible fixed assets | 22/27 | €107,541 | €85,487 | -€22,055 | -20.5% |
| Land and buildings | 22 | €77,080 | €73,823 | -€3,257 | -4.2% |
| Plant, machinery and equipment | 23 | €3,179 | €1,841 | -€1,338 | -42.1% |
| Furniture and vehicles | 24 | €27,283 | €9,823 | -€17,460 | -64.0% |
| Financial fixed assets | 28 | €185 | €185 | = | 0.0% |
| Current assets | 29/58 | €712,795 | €786,777 | +€73,982 | +10.4% |
| Stocks and contracts in progress | 3 | €41,232 | €55,631 | +€14,399 | +34.9% |
| Stocks | 30/36 | €41,232 | €55,631 | +€14,399 | +34.9% |
| Amounts receivable within one year | 40/41 | €92,642 | €72,764 | -€19,878 | -21.5% |
| Trade receivables | 40 | €90,767 | €70,842 | -€19,926 | -22.0% |
| Other amounts receivable | 41 | €1,874 | €1,922 | +€48 | +2.5% |
| Current investments | 50/53 | €292,381 | €418,323 | +€125,942 | +43.1% |
| Cash at bank and in hand | 54/58 | €280,597 | €236,764 | -€43,833 | -15.6% |
| Deferred charges and accrued income | 490/1 | €5,943 | €3,296 | -€2,647 | -44.5% |
| Total equity and liabilities | 10/49 | €820,521 | €872,449 | +€51,928 | +6.3% |
| Equity | 10/15 | €687,700 | €749,238 | +€61,538 | +8.9% |
| Contributions | 10/11 | €404,000 | €404,000 | = | 0.0% |
| Capital | 10 | €404,000 | €404,000 | = | 0.0% |
| Issued capital | 100 | €404,000 | €404,000 | = | 0.0% |
| Reserves | 13 | €283,700 | €345,238 | +€61,538 | +21.7% |
| Non-distributable reserves | 130/1 | €15,917 | €22,925 | +€7,008 | +44.0% |
| Legal reserve | 130 | €15,917 | €22,925 | +€7,008 | +44.0% |
| Distributable reserves | 133 | €267,783 | €322,313 | +€54,530 | +20.4% |
| Amounts payable | 17/49 | €132,821 | €123,211 | -€9,610 | -7.2% |
| Amounts payable within one year | 42/48 | €132,821 | €123,211 | -€9,610 | -7.2% |
| Trade debts | 44 | €7,260 | €13,065 | +€5,805 | +79.9% |
| Suppliers | 440/4 | €7,260 | €13,065 | +€5,805 | +79.9% |
| Taxes, remuneration and social security | 45 | €29,355 | €27,204 | -€2,151 | -7.3% |
| Taxes | 450/3 | €14,629 | €6,795 | -€7,834 | -53.6% |
| Remuneration and social security | 454/9 | €14,725 | €20,409 | +€5,683 | +38.6% |
| Other amounts payable | 47/48 | €96,206 | €82,942 | -€13,264 | -13.8% |
| Remuneration, social security and pensions | 62 | €200,747 | €209,033 | +€8,286 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,109 | €22,979 | -€3,130 | -12.0% |
| Other operating charges | 640/8 | €15,281 | €13,458 | -€1,823 | -11.9% |
| Gross operating margin | 9900 | €360,295 | €333,887 | -€26,408 | -7.3% |
| Operating profit (loss) | 9901 | €118,157 | €88,417 | -€29,741 | -25.2% |
| Financial income | 75/76B | €10,508 | €12,697 | +€2,189 | +20.8% |
| Recurring financial income | 75 | €10,508 | €12,697 | +€2,189 | +20.8% |
| Financial charges | 65/66B | €8,082 | €6,297 | -€1,785 | -22.1% |
| Recurring financial charges | 65 | €8,082 | €6,297 | -€1,785 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €120,583 | €94,816 | -€25,767 | -21.4% |
| Income taxes | 67/77 | €41,972 | €33,278 | -€8,693 | -20.7% |
| Profit (loss) for the period | 9904 | €78,611 | €61,538 | -€17,074 | -21.7% |
| Profit (loss) for the period to be appropriated | 9905 | €78,611 | €61,538 | -€17,074 | -21.7% |
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 4 October 2026 via checked.be.