V.B.S.: 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.
What changed
V.B.S.
NACE 72.109, Other research and development on natural sciences
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.1m
2024 · €1.0m+€1.0m
Equity
€1.8m
2024 · €1.8m+€1,918
Cash
€3.9m
2024 · €1.4m+€2.5m
Balance sheet total
€9.2m
2024 · €7.1m+€2.2m
Largest movements
Assets
- Cash +€2.5m
up €2.5m (+179%), from €1.4m to €3.9m
mainly Net result for the year (+€2.1m) and Other debts (+€1.5m)
- Receivables within one year -€402,321
down €402,321 (-10.1%), from €4.0m to €3.6m
of which Trade receivables: -€384,787
- Intangible fixed assets -€280,603
down €280,603 (-31.2%), from €900,701 to €620,098
- Stocks and contracts +€160,502
up €160,502 (+40.0%), from €400,959 to €561,462
- Deferred charges and accrued income +€130,269
up €130,269 (+49.9%), from €261,006 to €391,275
Equity and liabilities
- Other debts +€1.5m
up €1.5m (+185%), from €788,625 to €2.2m
- Short-term financial debts +€491,140
up €491,140 (+828%), from €59,327 to €550,467
- Trade debts +€284,224
up €284,224 (+7.0%), from €4.1m to €4.3m
Income statement
- Goods and materials -€804,060
down €804,060 (-6.2%), from €13.1m to €12.3m
of which Purchases: -€611,511
- Turnover -€496,768
down €496,768 (-2.8%), from €17.6m to €17.1m
- Taxes +€338,379
up €338,379 (+92.8%), from €364,766 to €703,144
- Financial income +€289,474
up €289,474 (+195%), from €148,688 to €438,162
- Write-downs -€211,140
down €211,140, from €193,904 to -€17,236
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.
Result 2024
€1.0m
Turnover
-€496,768
Other operating income
+€89,596
Goods and materials
+€804,060
Services and other goods
+€142,141
Staff costs
+€166,333
Depreciation
+€43,816
Write-downs
+€211,140
Other operating charges
-€14,248
Other operating items
+€137,054
Financial income
+€289,474
Financial charges
+€4,160
Taxes
-€338,379
Result 2025
€2.1m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€4.1m
Investment
-€92,086
Financing
-€1.5m
Cash 2024
€1.4m
From operations (derived)
+€4.1m
Net result for the year
+€2.1m
Depreciation
+€321,362
Stocks and contracts
-€160,502
Receivables within one year
+€402,321
Deferred charges and accrued income
-€130,269
Trade debts
+€284,224
Tax, wage and social debts
-€76,873
Other debts
+€1.5m
Accrued charges and deferred income
-€45,693
Investment (derived)
-€92,086
Investment in fixed assets (net)
-€92,086
Financing
-€1.5m
Debts after one year
+€35,744
Current portion of long-term debt
+€11,906
Short-term financial debts
+€491,140
Contributions, distributions and other
-€2.1m
Cash 2025
€3.9m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,051,737 | €9,211,348 | +€2.2m | +30.6% |
| Fixed assets | 21/28 | €1,013,174 | €783,898 | -€229,276 | -22.6% |
| Intangible fixed assets | 21 | €900,701 | €620,098 | -€280,603 | -31.2% |
| Tangible fixed assets | 22/27 | €110,966 | €162,293 | +€51,327 | +46.3% |
| Plant, machinery and equipment | 23 | €12,730 | €9,165 | -€3,565 | -28.0% |
| Furniture and vehicles | 24 | €19,893 | €69,741 | +€49,848 | +251% |
| Other tangible fixed assets | 26 | €78,343 | €83,387 | +€5,043 | +6.4% |
| Financial fixed assets | 28 | €1,507 | €1,507 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,507 | €1,507 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,507 | €1,507 | = | 0.0% |
| Current assets | 29/58 | €6,038,563 | €8,427,450 | +€2.4m | +39.6% |
| Stocks and contracts in progress | 3 | €400,959 | €561,462 | +€160,502 | +40.0% |
| Stocks | 30/36 | €400,959 | €561,462 | +€160,502 | +40.0% |
| Goods purchased for resale | 34 | €400,959 | €561,462 | +€160,502 | +40.0% |
| Amounts receivable within one year | 40/41 | €3,981,905 | €3,579,584 | -€402,321 | -10.1% |
| Trade receivables | 40 | €3,935,407 | €3,550,620 | -€384,787 | -9.8% |
| Other amounts receivable | 41 | €46,498 | €28,964 | -€17,534 | -37.7% |
| Cash at bank and in hand | 54/58 | €1,394,693 | €3,895,129 | +€2.5m | +179% |
| Deferred charges and accrued income | 490/1 | €261,006 | €391,275 | +€130,269 | +49.9% |
| Total equity and liabilities | 10/49 | €7,051,737 | €9,211,348 | +€2.2m | +30.6% |
| Equity | 10/15 | €1,763,265 | €1,765,183 | +€1,918 | +0.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,744,673 | €1,746,591 | +€1,918 | +0.1% |
| Distributable reserves | 133 | €1,744,673 | €1,746,591 | +€1,918 | +0.1% |
| Amounts payable | 17/49 | €5,288,473 | €7,446,165 | +€2.2m | +40.8% |
| Amounts payable after more than one year | 17 | - | €35,744 | +€35,744 | |
| Financial debts | 170/4 | - | €35,744 | +€35,744 | |
| Credit institutions | 173 | - | €35,744 | +€35,744 | |
| Amounts payable within one year | 42/48 | €5,115,843 | €7,283,485 | +€2.2m | +42.4% |
| Current portion of amounts payable after more than one year | 42 | - | €11,906 | +€11,906 | |
| Financial debts | 43 | €59,327 | €550,467 | +€491,140 | +828% |
| Credit institutions | 430/8 | €59,327 | €550,467 | +€491,140 | +828% |
| Trade debts | 44 | €4,054,023 | €4,338,247 | +€284,224 | +7.0% |
| Suppliers | 440/4 | €4,054,023 | €4,338,247 | +€284,224 | +7.0% |
| Taxes, remuneration and social security | 45 | €213,869 | €136,996 | -€76,873 | -35.9% |
| Taxes | 450/3 | €143,085 | €60,481 | -€82,604 | -57.7% |
| Remuneration and social security | 454/9 | €70,784 | €76,515 | +€5,731 | +8.1% |
| Other amounts payable | 47/48 | €788,625 | €2,245,869 | +€1.5m | +185% |
| Accrued charges and deferred income | 492/3 | €172,630 | €126,936 | -€45,693 | -26.5% |
| Operating income | 70/76A | €17,786,921 | €17,516,803 | -€270,118 | -1.5% |
| Turnover | 70 | €17,594,299 | €17,097,531 | -€496,768 | -2.8% |
| Own construction capitalised | 72 | €125,183 | - | -€125,183 | |
| Other operating income | 74 | €10,850 | €100,446 | +€89,596 | +826% |
| Non-recurring operating income | 76A | €56,589 | €318,826 | +€262,237 | +463% |
| Operating charges | 60/66A | €16,508,370 | €15,155,129 | -€1.4m | -8.2% |
| Goods for resale, raw materials and consumables | 60 | €13,069,099 | €12,265,040 | -€804,060 | -6.2% |
| Purchases | 600/8 | €13,037,053 | €12,425,542 | -€611,511 | -4.7% |
| Change in stocks: decrease (increase) | 609 | €32,047 | -€160,502 | -€192,549 | |
| Services and other goods | 61 | €1,713,933 | €1,571,793 | -€142,141 | -8.3% |
| Remuneration, social security and pensions | 62 | €1,166,191 | €999,858 | -€166,333 | -14.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €365,179 | €321,362 | -€43,816 | -12.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €193,904 | -€17,236 | -€211,140 | |
| Other operating charges | 640/8 | €64 | €14,312 | +€14,248 | +22,343% |
| Operating profit (loss) | 9901 | €1,278,551 | €2,361,674 | +€1.1m | +84.7% |
| Financial income | 75/76B | €148,688 | €438,162 | +€289,474 | +195% |
| Recurring financial income | 75 | €148,688 | €438,162 | +€289,474 | +195% |
| Other financial income | 752/9 | €148,688 | €438,162 | +€289,474 | +195% |
| Financial charges | 65/66B | €40,450 | €36,289 | -€4,160 | -10.3% |
| Recurring financial charges | 65 | €40,450 | €36,289 | -€4,160 | -10.3% |
| Debt charges | 650 | €22,890 | €9,434 | -€13,456 | -58.8% |
| Other financial charges | 652/9 | €17,559 | €26,855 | +€9,296 | +52.9% |
| Profit (loss) for the period before taxes | 9903 | €1,386,790 | €2,763,547 | +€1.4m | +99.3% |
| Income taxes | 67/77 | €364,766 | €703,144 | +€338,379 | +92.8% |
| Taxes | 670/3 | €364,766 | €703,144 | +€338,379 | +92.8% |
| Profit (loss) for the period | 9904 | €1,022,024 | €2,060,403 | +€1.0m | +102% |
| Profit (loss) for the period to be appropriated | 9905 | €1,022,024 | €2,060,403 | +€1.0m | +102% |
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 14 October 2026 via checked.be.