V.I.E.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.I.E.R.
Largest movements
- Receivables within one year +€86,691
up €86,691 (+527.2%), from €16,444 to €103,135
of which Trade receivables: +€87,549
- Stocks and contracts +€19,332
up €19,332 (+6.6%), from €293,989 to €313,321
- Tangible fixed assets -€8,031
down €8,031 (-31.9%), from €25,176 to €17,145
- Intangible fixed assets -€5,885
down €5,885 (-42.6%), from €13,814 to €7,930
- Trade debts +€94,525
up €94,525 (+87.5%), from €107,974 to €202,499
- Debts after one year -€17,314
down €17,314 (-34.3%), from €50,456 to €33,143
- Current portion of long-term debt +€7,462
up €7,462 (+75.7%), from €9,852 to €17,314
- Tax, wage and social debts +€5,790
up €5,790 (+10.7%), from €54,338 to €60,128
of which Remuneration and social security: +€4,008
- Staff costs +€12,860
up €12,860 (+32.3%), from €39,869 to €52,729
- Gross operating margin +€8,868
up €8,868 (+9.6%), from €92,579 to €101,447
- Other operating charges +€4,423
up €4,423 (+160.8%), from €2,751 to €7,174
- Financial charges -€2,054
down €2,054 (-9.9%), from €20,761 to €18,707
- Depreciation -€2,020
down €2,020 (-13.6%), from €14,886 to €12,866
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 | €359,604 | €452,685 | +€93,081 | +25.9% |
| Fixed assets | 21/28 | €38,990 | €25,075 | -€13,915 | -35.7% |
| Intangible fixed assets | 21 | €13,814 | €7,930 | -€5,885 | -42.6% |
| Tangible fixed assets | 22/27 | €25,176 | €17,145 | -€8,031 | -31.9% |
| Plant, machinery and equipment | 23 | €3,727 | €973 | -€2,755 | -73.9% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Leasing and similar rights | 25 | €6,606 | €4,077 | -€2,529 | -38.3% |
| Other tangible fixed assets | 26 | €14,842 | €12,095 | -€2,747 | -18.5% |
| Current assets | 29/58 | €320,614 | €427,611 | +€106,997 | +33.4% |
| Stocks and contracts in progress | 3 | €293,989 | €313,321 | +€19,332 | +6.6% |
| Stocks | 30/36 | €293,989 | €313,321 | +€19,332 | +6.6% |
| Amounts receivable within one year | 40/41 | €16,444 | €103,135 | +€86,691 | +527.2% |
| Trade receivables | 40 | €1,020 | €88,569 | +€87,549 | +8585.3% |
| Other amounts receivable | 41 | €15,424 | €14,566 | -€858 | -5.6% |
| Cash at bank and in hand | 54/58 | €9,606 | €10,821 | +€1,215 | +12.7% |
| Deferred charges and accrued income | 490/1 | €575 | €334 | -€241 | -41.9% |
| Total equity and liabilities | 10/49 | €359,604 | €452,685 | +€93,081 | +25.9% |
| Equity | 10/15 | -€36,174 | -€34,980 | +€1,194 | +3.3% |
| Contributions | 10/11 | €270,000 | €270,000 | = | 0.0% |
| Reserves | 13 | €84,542 | €84,542 | = | 0.0% |
| Tax-exempt reserves | 132 | €544 | €544 | = | 0.0% |
| Distributable reserves | 133 | €83,998 | €83,998 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€390,716 | -€389,521 | +€1,194 | +0.3% |
| Amounts payable | 17/49 | €395,778 | €487,665 | +€91,887 | +23.2% |
| Amounts payable after more than one year | 17 | €50,456 | €33,143 | -€17,314 | -34.3% |
| Financial debts | 170/4 | €50,456 | €33,143 | -€17,314 | -34.3% |
| Amounts payable within one year | 42/48 | €345,322 | €454,522 | +€109,201 | +31.6% |
| Current portion of amounts payable after more than one year | 42 | €9,852 | €17,314 | +€7,462 | +75.7% |
| Financial debts | 43 | €160,000 | €160,000 | = | 0.0% |
| Credit institutions | 430/8 | €160,000 | €160,000 | = | 0.0% |
| Trade debts | 44 | €107,974 | €202,499 | +€94,525 | +87.5% |
| Suppliers | 440/4 | €107,974 | €202,499 | +€94,525 | +87.5% |
| Taxes, remuneration and social security | 45 | €54,338 | €60,128 | +€5,790 | +10.7% |
| Taxes | 450/3 | €41,515 | €43,298 | +€1,782 | +4.3% |
| Remuneration and social security | 454/9 | €12,823 | €16,830 | +€4,008 | +31.3% |
| Other amounts payable | 47/48 | €13,158 | €14,581 | +€1,423 | +10.8% |
| Remuneration, social security and pensions | 62 | €39,869 | €52,729 | +€12,860 | +32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,886 | €12,866 | -€2,020 | -13.6% |
| Other operating charges | 640/8 | €2,751 | €7,174 | +€4,423 | +160.8% |
| Non-recurring operating charges | 66A | - | €9,222 | +€9,222 | |
| Gross operating margin | 9900 | €92,579 | €101,447 | +€8,868 | +9.6% |
| Operating profit (loss) | 9901 | €35,073 | €19,456 | -€15,617 | -44.5% |
| Financial income | 75/76B | €378 | €944 | +€566 | +149.8% |
| Recurring financial income | 75 | €378 | €944 | +€566 | +149.8% |
| Financial charges | 65/66B | €20,761 | €18,707 | -€2,054 | -9.9% |
| Recurring financial charges | 65 | €20,761 | €18,707 | -€2,054 | -9.9% |
| Profit (loss) for the period before taxes | 9903 | €14,690 | €1,693 | -€12,997 | -88.5% |
| Income taxes | 67/77 | €500 | €499 | -€1 | -0.3% |
| Profit (loss) for the period | 9904 | €14,190 | €1,194 | -€12,996 | -91.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,190 | €1,194 | -€12,996 | -91.6% |
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 10 October 2026 via checked.be.