V E 3: what changed
What changed
V E 3
filed annual accounts (NBB)
Net result for the year
€103,734
2024 · €106,766-€3,032
Equity
€717,523
2024 · €694,039+€23,485
Cash
€19,209
2024 · €13,853+€5,356
Balance sheet total
€745,756
2024 · €780,996-€35,240
Largest movements
Assets
- Tangible fixed assets -€39,891
down €39,891 (-5.3%), from €759,284 to €719,392
of which Land and buildings: -€37,509
Equity and liabilities
- Current portion of long-term debt -€59,678
no longer reported in 2025 (was €59,678)
- Reserves +€23,485
up €23,485 (+3.7%), from €631,039 to €654,523
of which Distributable reserves: +€23,485
Income statement
- Depreciation +€7,181
up €7,181 (+17.2%), from €41,836 to €49,016
- Gross operating margin +€6,096
up €6,096 (+2.9%), from €207,353 to €213,449
- Taxes +€2,854
up €2,854 (+6.1%), from €46,613 to €49,467
- Other operating charges -€2,614
down €2,614 (-19.6%), from €13,352 to €10,738
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€106,766
Gross operating margin
+€6,096
Depreciation
-€7,181
Other operating charges
+€2,614
Financial income
-€920
Financial charges
-€789
Taxes
-€2,854
Result 2025
€103,734
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€154,407
Investment
-€9,125
Financing
-€139,927
Cash 2024
€13,853
From operations (derived)
+€154,407
Net result for the year
+€103,734
Depreciation
+€49,016
Receivables within one year
+€4,448
Deferred charges and accrued income
-€3,744
Trade debts
-€3,173
Smaller working-capital items
+€181
Other debts
+€3,944
Investment (derived)
-€9,125
Investment in fixed assets (net)
-€9,125
Financing
-€139,927
Current portion of long-term debt
-€59,678
Contributions, distributions and other
-€80,249
Cash 2025
€19,209
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €780,996 | €745,756 | -€35,240 | -4.5% |
| Fixed assets | 21/28 | €759,284 | €719,392 | -€39,891 | -5.3% |
| Tangible fixed assets | 22/27 | €759,284 | €719,392 | -€39,891 | -5.3% |
| Land and buildings | 22 | €754,629 | €717,120 | -€37,509 | -5.0% |
| Plant, machinery and equipment | 23 | €4,654 | €2,272 | -€2,382 | -51.2% |
| Current assets | 29/58 | €21,712 | €26,364 | +€4,651 | +21.4% |
| Amounts receivable within one year | 40/41 | €4,448 | - | -€4,448 | |
| Other amounts receivable | 41 | €4,448 | - | -€4,448 | |
| Cash at bank and in hand | 54/58 | €13,853 | €19,209 | +€5,356 | +38.7% |
| Deferred charges and accrued income | 490/1 | €3,411 | €7,155 | +€3,744 | +110% |
| Total equity and liabilities | 10/49 | €780,996 | €745,756 | -€35,240 | -4.5% |
| Equity | 10/15 | €694,039 | €717,523 | +€23,485 | +3.4% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Capital | 10 | €63,000 | €63,000 | = | 0.0% |
| Issued capital | 100 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €631,039 | €654,523 | +€23,485 | +3.7% |
| Non-distributable reserves | 130/1 | €6,300 | €6,300 | = | 0.0% |
| Legal reserve | 130 | €6,300 | €6,300 | = | 0.0% |
| Distributable reserves | 133 | €624,739 | €648,223 | +€23,485 | +3.8% |
| Amounts payable | 17/49 | €86,957 | €28,233 | -€58,725 | -67.5% |
| Amounts payable within one year | 42/48 | €70,571 | €11,842 | -€58,729 | -83.2% |
| Current portion of amounts payable after more than one year | 42 | €59,678 | - | -€59,678 | |
| Trade debts | 44 | €3,411 | €239 | -€3,173 | -93.0% |
| Suppliers | 440/4 | €3,411 | €239 | -€3,173 | -93.0% |
| Taxes, remuneration and social security | 45 | €6,902 | €7,079 | +€177 | +2.6% |
| Taxes | 450/3 | €6,902 | €7,079 | +€177 | +2.6% |
| Other amounts payable | 47/48 | €580 | €4,524 | +€3,944 | +680% |
| Accrued charges and deferred income | 492/3 | €16,386 | €16,390 | +€4 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,836 | €49,016 | +€7,181 | +17.2% |
| Other operating charges | 640/8 | €13,352 | €10,738 | -€2,614 | -19.6% |
| Gross operating margin | 9900 | €207,353 | €213,449 | +€6,096 | +2.9% |
| Operating profit (loss) | 9901 | €152,165 | €153,695 | +€1,530 | +1.0% |
| Financial income | 75/76B | €1,836 | €916 | -€920 | -50.1% |
| Recurring financial income | 75 | €1,836 | €916 | -€920 | -50.1% |
| Financial charges | 65/66B | €622 | €1,412 | +€789 | +127% |
| Recurring financial charges | 65 | €622 | €1,412 | +€789 | +127% |
| Profit (loss) for the period before taxes | 9903 | €153,379 | €153,200 | -€179 | -0.1% |
| Income taxes | 67/77 | €46,613 | €49,467 | +€2,854 | +6.1% |
| Profit (loss) for the period | 9904 | €106,766 | €103,734 | -€3,032 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €106,766 | €103,734 | -€3,032 | -2.8% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.