V.D.B. FACULTY: 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.D.B. FACULTY
Largest movements
- Cash +€255,910
up €255,910 (+366.4%), from €69,850 to €325,760
mainly Current investments (+€179,470) and Net result for the year (+€65,226)
- Current investments -€179,470
down €179,470 (-42.2%), from €425,000 to €245,530
- Financial fixed assets +€41,065
up €41,065 (+13.3%), from €308,227 to €349,291
- Tangible fixed assets -€38,892
down €38,892 (-17.9%), from €216,907 to €178,016
of which Land and buildings: -€38,725
- Reserves +€65,226
up €65,226 (+7.1%), from €920,808 to €986,034
of which Distributable reserves: +€65,226
- Gross operating margin +€45,693
up €45,693 (+28.3%), from €161,500 to €207,193
- Taxes +€13,008
up €13,008 (+65.9%), from €19,728 to €32,737
- Staff costs +€4,329
up €4,329 (+8.4%), from €51,753 to €56,081
- Financial income -€2,216
down €2,216 (-15.8%), from €14,042 to €11,826
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 | €1,046,107 | €1,110,550 | +€64,443 | +6.2% |
| Fixed assets | 21/28 | €525,134 | €527,307 | +€2,173 | +0.4% |
| Tangible fixed assets | 22/27 | €216,907 | €178,016 | -€38,892 | -17.9% |
| Land and buildings | 22 | €216,740 | €178,016 | -€38,725 | -17.9% |
| Furniture and vehicles | 24 | €167 | - | -€167 | |
| Financial fixed assets | 28 | €308,227 | €349,291 | +€41,065 | +13.3% |
| Current assets | 29/58 | €520,973 | €583,243 | +€62,270 | +12.0% |
| Stocks and contracts in progress | 3 | €397 | €380 | -€17 | -4.2% |
| Stocks | 30/36 | €397 | €380 | -€17 | -4.2% |
| Amounts receivable within one year | 40/41 | €18,612 | €8,756 | -€9,856 | -53.0% |
| Trade receivables | 40 | €1,132 | - | -€1,132 | |
| Other amounts receivable | 41 | €17,479 | €8,756 | -€8,724 | -49.9% |
| Current investments | 50/53 | €425,000 | €245,530 | -€179,470 | -42.2% |
| Cash at bank and in hand | 54/58 | €69,850 | €325,760 | +€255,910 | +366.4% |
| Deferred charges and accrued income | 490/1 | €7,114 | €2,818 | -€4,297 | -60.4% |
| Total equity and liabilities | 10/49 | €1,046,107 | €1,110,550 | +€64,443 | +6.2% |
| Equity | 10/15 | €1,011,433 | €1,076,659 | +€65,226 | +6.4% |
| Contributions | 10/11 | €90,625 | €90,625 | = | 0.0% |
| Capital | 10 | €90,625 | €90,625 | = | 0.0% |
| Issued capital | 100 | €90,625 | €90,625 | = | 0.0% |
| Reserves | 13 | €920,808 | €986,034 | +€65,226 | +7.1% |
| Non-distributable reserves | 130/1 | €9,063 | €9,063 | = | 0.0% |
| Legal reserve | 130 | €9,063 | €9,063 | = | 0.0% |
| Distributable reserves | 133 | €911,745 | €976,972 | +€65,226 | +7.2% |
| Amounts payable | 17/49 | €34,674 | €33,891 | -€783 | -2.3% |
| Amounts payable within one year | 42/48 | €26,353 | €20,830 | -€5,522 | -21.0% |
| Trade debts | 44 | €14,081 | €7,854 | -€6,227 | -44.2% |
| Suppliers | 440/4 | €14,081 | €7,854 | -€6,227 | -44.2% |
| Taxes, remuneration and social security | 45 | €12,272 | €12,977 | +€705 | +5.7% |
| Taxes | 450/3 | €5,763 | €4,915 | -€848 | -14.7% |
| Remuneration and social security | 454/9 | €6,509 | €8,062 | +€1,553 | +23.9% |
| Accrued charges and deferred income | 492/3 | €8,322 | €13,061 | +€4,739 | +56.9% |
| Remuneration, social security and pensions | 62 | €51,753 | €56,081 | +€4,329 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,119 | €38,892 | -€227 | -0.6% |
| Other operating charges | 640/8 | €22,181 | €22,374 | +€193 | +0.9% |
| Gross operating margin | 9900 | €161,500 | €207,193 | +€45,693 | +28.3% |
| Operating profit (loss) | 9901 | €48,447 | €89,845 | +€41,399 | +85.5% |
| Financial income | 75/76B | €14,042 | €11,826 | -€2,216 | -15.8% |
| Recurring financial income | 75 | €14,042 | €11,826 | -€2,216 | -15.8% |
| Financial charges | 65/66B | €1,940 | €3,708 | +€1,768 | +91.1% |
| Recurring financial charges | 65 | €1,940 | €3,708 | +€1,768 | +91.1% |
| Profit (loss) for the period before taxes | 9903 | €60,549 | €97,963 | +€37,415 | +61.8% |
| Income taxes | 67/77 | €19,728 | €32,737 | +€13,008 | +65.9% |
| Profit (loss) for the period | 9904 | €40,820 | €65,226 | +€24,406 | +59.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,820 | €65,226 | +€24,406 | +59.8% |
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 3 October 2026 via checked.be.