V.F.B.: 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.F.B.
Largest movements
- Tangible fixed assets -€694,823
down €694,823 (-96.8%), from €717,544 to €22,721
of which Land and buildings: -€687,867
- Receivables within one year +€339,512
up €339,512 (+116%), from €292,616 to €632,128
of which Other amounts receivable: +€321,409
- Financial fixed assets +€257,148
up €257,148 (+25.8%), from €995,505 to €1.3m
- Receivables after one year -€250,000
down €250,000 (-100%), from €250,000 to €0
- Reserves -€594,995
down €594,995 (-93.2%), from €638,511 to €43,516
of which Distributable reserves: -€581,018
- Debts after one year +€273,033
up €273,033 (+22.7%), from €1.2m to €1.5m
- Profit (loss) carried forward -€84,424
down €84,424, from €79,664 to -€4,760
- Other debts +€37,149
up €37,149 (+12.7%), from €292,738 to €329,888
- Financial income -€171,644
down €171,644 (-99.8%), from €172,024 to €380
- Depreciation -€57,338
down €57,338 (-94.3%), from €60,783 to €3,444
- Staff costs +€25,490
up €25,490 (+12.3%), from €206,742 to €232,232
- Taxes -€12,304
down €12,304 (-92.0%), from €13,370 to €1,066
- Gross operating margin +€10,008
up €10,008 (+4.2%), from €240,414 to €250,423
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 | €2,305,236 | €1,931,950 | -€373,286 | -16.2% |
| Fixed assets | 21/28 | €1,713,650 | €1,275,775 | -€437,875 | -25.6% |
| Intangible fixed assets | 21 | €600 | €400 | -€200 | -33.3% |
| Tangible fixed assets | 22/27 | €717,544 | €22,721 | -€694,823 | -96.8% |
| Land and buildings | 22 | €687,867 | €0 | -€687,867 | -100% |
| Plant, machinery and equipment | 23 | €4,775 | €686 | -€4,088 | -85.6% |
| Furniture and vehicles | 24 | €24,903 | €22,035 | -€2,868 | -11.5% |
| Financial fixed assets | 28 | €995,505 | €1,252,653 | +€257,148 | +25.8% |
| Current assets | 29/58 | €591,587 | €656,175 | +€64,589 | +10.9% |
| Amounts receivable after more than one year | 29 | €250,000 | €0 | -€250,000 | -100% |
| Other amounts receivable | 291 | €250,000 | €0 | -€250,000 | -100% |
| Amounts receivable within one year | 40/41 | €292,616 | €632,128 | +€339,512 | +116% |
| Trade receivables | 40 | €263,429 | €281,532 | +€18,103 | +6.9% |
| Other amounts receivable | 41 | €29,187 | €350,596 | +€321,409 | +1,101% |
| Cash at bank and in hand | 54/58 | €35,413 | €24,048 | -€11,365 | -32.1% |
| Deferred charges and accrued income | 490/1 | €13,558 | €0 | -€13,558 | -100% |
| Total equity and liabilities | 10/49 | €2,305,236 | €1,931,950 | -€373,286 | -16.2% |
| Equity | 10/15 | €738,175 | €40,119 | -€698,057 | -94.6% |
| Contributions | 10/11 | €20,000 | €1,363 | -€18,637 | -93.2% |
| Reserves | 13 | €638,511 | €43,516 | -€594,995 | -93.2% |
| Tax-exempt reserves | 132 | €15,000 | €1,022 | -€13,978 | -93.2% |
| Distributable reserves | 133 | €623,511 | €42,494 | -€581,018 | -93.2% |
| Profit (loss) carried forward | 14 | €79,664 | -€4,760 | -€84,424 | |
| Amounts payable | 17/49 | €1,567,061 | €1,891,831 | +€324,771 | +20.7% |
| Amounts payable after more than one year | 17 | €1,202,814 | €1,475,847 | +€273,033 | +22.7% |
| Financial debts | 170/4 | €1,202,814 | €1,475,847 | +€273,033 | +22.7% |
| Amounts payable within one year | 42/48 | €364,247 | €415,985 | +€51,738 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €8,606 | €8,967 | +€362 | +4.2% |
| Trade debts | 44 | €7,386 | €22,255 | +€14,869 | +201% |
| Suppliers | 440/4 | €7,386 | €22,255 | +€14,869 | +201% |
| Taxes, remuneration and social security | 45 | €55,517 | €54,875 | -€642 | -1.2% |
| Taxes | 450/3 | €31,307 | €17,428 | -€13,879 | -44.3% |
| Remuneration and social security | 454/9 | €24,210 | €37,447 | +€13,237 | +54.7% |
| Other amounts payable | 47/48 | €292,738 | €329,888 | +€37,149 | +12.7% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €206,742 | €232,232 | +€25,490 | +12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,783 | €3,444 | -€57,338 | -94.3% |
| Other operating charges | 640/8 | €6,878 | €7,719 | +€842 | +12.2% |
| Non-recurring operating charges | 66A | - | €6,410 | +€6,410 | |
| Gross operating margin | 9900 | €240,414 | €250,423 | +€10,008 | +4.2% |
| Operating profit (loss) | 9901 | -€33,988 | €618 | +€34,606 | |
| Financial income | 75/76B | €172,024 | €380 | -€171,644 | -99.8% |
| Recurring financial income | 75 | €172,024 | €380 | -€171,644 | -99.8% |
| Financial charges | 65/66B | €5,699 | €10,121 | +€4,422 | +77.6% |
| Recurring financial charges | 65 | €5,699 | €10,121 | +€4,422 | +77.6% |
| Profit (loss) for the period before taxes | 9903 | €132,336 | -€9,123 | -€141,460 | |
| Income taxes | 67/77 | €13,370 | €1,066 | -€12,304 | -92.0% |
| Profit (loss) for the period | 9904 | €118,966 | -€10,190 | -€129,156 | |
| Profit (loss) for the period to be appropriated | 9905 | €118,966 | -€10,190 | -€129,156 |
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 21 October 2026 via checked.be.