V.C.: 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.C.
Largest movements
- Receivables within one year +€23,910
up €23,910 (+40.9%), from €58,472 to €82,382
- Tangible fixed assets -€19,190
down €19,190 (-4.0%), from €485,456 to €466,266
of which Land and buildings: -€24,879
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin +€18,649
up €18,649 (+6.1%), from €306,464 to €325,113
- Taxes +€7,993
up €7,993 (+11.5%), from €69,549 to €77,542
- Depreciation +€3,907
up €3,907 (+11.7%), from €33,409 to €37,316
- Financial income -€3,634
down €3,634 (-31.4%), from €11,575 to €7,941
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 | €1,031,277 | €1,035,653 | +€4,376 | +0.4% |
| Fixed assets | 21/28 | €485,456 | €466,266 | -€19,190 | -4.0% |
| Tangible fixed assets | 22/27 | €485,456 | €466,266 | -€19,190 | -4.0% |
| Land and buildings | 22 | €394,960 | €370,081 | -€24,879 | -6.3% |
| Other tangible fixed assets | 26 | €90,496 | €96,185 | +€5,689 | +6.3% |
| Current assets | 29/58 | €545,821 | €569,387 | +€23,566 | +4.3% |
| Amounts receivable within one year | 40/41 | €58,472 | €82,382 | +€23,910 | +40.9% |
| Other amounts receivable | 41 | €58,472 | €82,382 | +€23,910 | +40.9% |
| Cash at bank and in hand | 54/58 | €487,349 | €485,515 | -€1,834 | -0.4% |
| Deferred charges and accrued income | 490/1 | - | €1,490 | +€1,490 | |
| Total equity and liabilities | 10/49 | €1,031,277 | €1,035,653 | +€4,376 | +0.4% |
| Equity | 10/15 | €739,400 | €739,400 | = | 0.0% |
| Contributions | 10/11 | €630,000 | €630,000 | = | 0.0% |
| Capital | 10 | €630,000 | €630,000 | = | 0.0% |
| Issued capital | 100 | €630,000 | €630,000 | = | 0.0% |
| Reserves | 13 | €109,400 | €109,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €93,704 | €93,704 | = | 0.0% |
| Legal reserve | 130 | €93,704 | €93,704 | = | 0.0% |
| Distributable reserves | 133 | €15,696 | €15,696 | = | 0.0% |
| Amounts payable | 17/49 | €291,877 | €296,253 | +€4,376 | +1.5% |
| Amounts payable within one year | 42/48 | €283,130 | €292,196 | +€9,066 | +3.2% |
| Taxes, remuneration and social security | 45 | €133,008 | €139,518 | +€6,510 | +4.9% |
| Taxes | 450/3 | €133,008 | €139,518 | +€6,510 | +4.9% |
| Other amounts payable | 47/48 | €150,122 | €152,678 | +€2,556 | +1.7% |
| Accrued charges and deferred income | 492/3 | €8,747 | €4,057 | -€4,690 | -53.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,409 | €37,316 | +€3,907 | +11.7% |
| Gross operating margin | 9900 | €306,464 | €325,113 | +€18,649 | +6.1% |
| Operating profit (loss) | 9901 | €273,055 | €287,797 | +€14,742 | +5.4% |
| Financial income | 75/76B | €11,575 | €7,941 | -€3,634 | -31.4% |
| Recurring financial income | 75 | €11,575 | €7,941 | -€3,634 | -31.4% |
| Financial charges | 65/66B | €81 | €85 | +€4 | +4.9% |
| Recurring financial charges | 65 | €81 | €85 | +€4 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €284,549 | €295,653 | +€11,104 | +3.9% |
| Income taxes | 67/77 | €69,549 | €77,542 | +€7,993 | +11.5% |
| Profit (loss) for the period | 9904 | €215,000 | €218,111 | +€3,111 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €215,000 | €218,111 | +€3,111 | +1.4% |
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 15 October 2026 via checked.be.