V.C.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.C.R.
Largest movements
- Cash +€58,576
up €58,576 (+231%), from €25,310 to €83,886
mainly Receivables within one year (+€50,557) and Stocks and contracts (+€35,903)
- Receivables within one year -€50,557
down €50,557 (-50.7%), from €99,635 to €49,078
of which Trade receivables: -€47,579
- Stocks and contracts -€35,903
down €35,903 (-12.9%), from €279,245 to €243,342
- Tangible fixed assets -€12,590
down €12,590 (-25.1%), from €50,074 to €37,485
of which Furniture and vehicles: -€7,000
- Other debts -€26,339
down €26,339 (-10.0%), from €264,143 to €237,804
- Trade debts -€8,666
down €8,666 (-58.7%), from €14,772 to €6,105
- Tax, wage and social debts -€5,421
down €5,421 (-42.1%), from €12,877 to €7,455
- Accrued charges and deferred income -€5,264
down €5,264 (-36.8%), from €14,287 to €9,023
- Reserves +€5,240
up €5,240 (+4.0%), from €131,622 to €136,863
- Gross operating margin -€25,935
down €25,935 (-40.9%), from €63,340 to €37,406
- Write-downs -€8,343
down €8,343 (-95.4%), from €8,743 to €400
- Financial charges -€7,517
down €7,517 (-36.2%), from €20,781 to €13,264
- Depreciation +€5,490
up €5,490 (+77.3%), from €7,100 to €12,590
- Taxes -€4,479
down €4,479 (-55.5%), from €8,067 to €3,588
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 | €456,293 | €415,843 | -€40,450 | -8.9% |
| Fixed assets | 21/28 | €50,074 | €37,485 | -€12,590 | -25.1% |
| Tangible fixed assets | 22/27 | €50,074 | €37,485 | -€12,590 | -25.1% |
| Land and buildings | 22 | €11,718 | €8,678 | -€3,040 | -25.9% |
| Plant, machinery and equipment | 23 | €4,236 | €1,686 | -€2,550 | -60.2% |
| Furniture and vehicles | 24 | €34,120 | €27,120 | -€7,000 | -20.5% |
| Current assets | 29/58 | €406,219 | €378,358 | -€27,861 | -6.9% |
| Stocks and contracts in progress | 3 | €279,245 | €243,342 | -€35,903 | -12.9% |
| Stocks | 30/36 | €279,245 | €243,342 | -€35,903 | -12.9% |
| Amounts receivable within one year | 40/41 | €99,635 | €49,078 | -€50,557 | -50.7% |
| Trade receivables | 40 | €96,069 | €48,490 | -€47,579 | -49.5% |
| Other amounts receivable | 41 | €3,566 | €588 | -€2,978 | -83.5% |
| Cash at bank and in hand | 54/58 | €25,310 | €83,886 | +€58,576 | +231% |
| Deferred charges and accrued income | 490/1 | €2,029 | €2,052 | +€23 | +1.1% |
| Total equity and liabilities | 10/49 | €456,293 | €415,843 | -€40,450 | -8.9% |
| Equity | 10/15 | €150,214 | €155,455 | +€5,240 | +3.5% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €131,622 | €136,863 | +€5,240 | +4.0% |
| Distributable reserves | 133 | €131,622 | €136,863 | +€5,240 | +4.0% |
| Amounts payable | 17/49 | €306,079 | €260,388 | -€45,691 | -14.9% |
| Amounts payable within one year | 42/48 | €291,792 | €251,365 | -€40,427 | -13.9% |
| Trade debts | 44 | €14,772 | €6,105 | -€8,666 | -58.7% |
| Suppliers | 440/4 | €14,772 | €6,105 | -€8,666 | -58.7% |
| Taxes, remuneration and social security | 45 | €12,877 | €7,455 | -€5,421 | -42.1% |
| Taxes | 450/3 | €12,877 | €7,455 | -€5,421 | -42.1% |
| Other amounts payable | 47/48 | €264,143 | €237,804 | -€26,339 | -10.0% |
| Accrued charges and deferred income | 492/3 | €14,287 | €9,023 | -€5,264 | -36.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,100 | €12,590 | +€5,490 | +77.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,743 | €400 | -€8,343 | -95.4% |
| Other operating charges | 640/8 | €2,525 | €2,323 | -€202 | -8.0% |
| Gross operating margin | 9900 | €63,340 | €37,406 | -€25,935 | -40.9% |
| Operating profit (loss) | 9901 | €44,973 | €22,093 | -€22,880 | -50.9% |
| Financial income | 75/76B | €11 | €0 | -€11 | -100% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -100% |
| Financial charges | 65/66B | €20,781 | €13,264 | -€7,517 | -36.2% |
| Recurring financial charges | 65 | €20,781 | €13,264 | -€7,517 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €24,203 | €8,829 | -€15,374 | -63.5% |
| Income taxes | 67/77 | €8,067 | €3,588 | -€4,479 | -55.5% |
| Profit (loss) for the period | 9904 | €16,136 | €5,240 | -€10,896 | -67.5% |
| Profit (loss) for the period to be appropriated | 9905 | €16,136 | €5,240 | -€10,896 | -67.5% |
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 19 October 2026 via checked.be.