V.B.R.: 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.R.
Largest movements
- Current investments +€20,000
up €20,000 (+12.1%), from €165,000 to €185,000
- Tangible fixed assets -€6,443
down €6,443 (-19.6%), from €32,864 to €26,420
- Receivables within one year +€6,048
up €6,048 (+137.4%), from €4,401 to €10,449
of which Trade receivables: +€6,050
- Cash -€2,866
down €2,866 (-18.1%), from €15,866 to €13,000
mainly Current investments (-€20,000) and Receivables within one year (-€6,048)
- Reserves +€16,081
up €16,081 (+10.3%), from €156,515 to €172,596
of which Distributable reserves: +€16,081
- Financial income -€1,342
down €1,342 (-27.1%), from €4,958 to €3,616
- Taxes -€438
down €438 (-7.6%), from €5,798 to €5,360
- Gross operating margin -€309
down €309 (-1.1%), from €28,339 to €28,030
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 | €220,055 | €235,821 | +€15,767 | +7.2% |
| Fixed assets | 21/28 | €32,864 | €26,420 | -€6,443 | -19.6% |
| Tangible fixed assets | 22/27 | €32,864 | €26,420 | -€6,443 | -19.6% |
| Land and buildings | 22 | €32,864 | €26,420 | -€6,443 | -19.6% |
| Current assets | 29/58 | €187,191 | €209,401 | +€22,210 | +11.9% |
| Amounts receivable within one year | 40/41 | €4,401 | €10,449 | +€6,048 | +137.4% |
| Trade receivables | 40 | €3,025 | €9,075 | +€6,050 | +200.0% |
| Other amounts receivable | 41 | €1,376 | €1,374 | -€2 | -0.1% |
| Current investments | 50/53 | €165,000 | €185,000 | +€20,000 | +12.1% |
| Cash at bank and in hand | 54/58 | €15,866 | €13,000 | -€2,866 | -18.1% |
| Deferred charges and accrued income | 490/1 | €1,924 | €952 | -€972 | -50.5% |
| Total equity and liabilities | 10/49 | €220,055 | €235,821 | +€15,767 | +7.2% |
| Equity | 10/15 | €218,515 | €234,596 | +€16,081 | +7.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €156,515 | €172,596 | +€16,081 | +10.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €150,315 | €166,396 | +€16,081 | +10.7% |
| Amounts payable | 17/49 | €1,539 | €1,225 | -€314 | -20.4% |
| Amounts payable within one year | 42/48 | €842 | €738 | -€105 | -12.4% |
| Trade debts | 44 | €369 | €245 | -€124 | -33.6% |
| Suppliers | 440/4 | €369 | €245 | -€124 | -33.6% |
| Taxes, remuneration and social security | 45 | €474 | €493 | +€19 | +4.0% |
| Taxes | 450/3 | €474 | €493 | +€19 | +4.0% |
| Accrued charges and deferred income | 492/3 | €697 | €488 | -€209 | -30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,443 | €6,443 | = | 0.0% |
| Other operating charges | 640/8 | €3,616 | €3,703 | +€87 | +2.4% |
| Gross operating margin | 9900 | €28,339 | €28,030 | -€309 | -1.1% |
| Operating profit (loss) | 9901 | €18,280 | €17,884 | -€396 | -2.2% |
| Financial income | 75/76B | €4,958 | €3,616 | -€1,342 | -27.1% |
| Recurring financial income | 75 | €4,958 | €3,616 | -€1,342 | -27.1% |
| Financial charges | 65/66B | €45 | €60 | +€15 | +32.3% |
| Recurring financial charges | 65 | €45 | €60 | +€15 | +32.3% |
| Profit (loss) for the period before taxes | 9903 | €23,193 | €21,441 | -€1,752 | -7.6% |
| Income taxes | 67/77 | €5,798 | €5,360 | -€438 | -7.6% |
| Profit (loss) for the period | 9904 | €17,395 | €16,081 | -€1,314 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €17,395 | €16,081 | -€1,314 | -7.6% |
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 12 October 2026 via checked.be.