V.K.C.: 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.K.C.
Largest movements
- Tangible fixed assets -€82,789
down €82,789 (-10.0%), from €827,474 to €744,685
of which Land and buildings: -€61,332
- Cash +€31,422
up €31,422 (+588%), from €5,346 to €36,768
mainly Depreciation (+€77,455) and Net result for the year (+€30,598)
- Receivables within one year -€21,626
down €21,626 (-7.7%), from €282,429 to €260,803
of which Other amounts receivable: -€20,270
- Debts after one year -€73,084
down €73,084 (-12.8%), from €571,354 to €498,271
- Reserves +€30,598
up €30,598 (+10.8%), from €283,402 to €314,000
of which Distributable reserves: +€53,743
- Current portion of long-term debt -€26,973
down €26,973 (-27.0%), from €100,057 to €73,084
- Depreciation -€25,815
down €25,815 (-25.0%), from €103,270 to €77,455
- Taxes +€15,486
up €15,486 (+573%), from €2,701 to €18,187
- Gross operating margin +€7,833
up €7,833 (+5.7%), from €137,703 to €145,536
- Financial income -€1,882
down €1,882 (-71.7%), from €2,623 to €741
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 | €1,117,730 | €1,042,335 | -€75,395 | -6.7% |
| Fixed assets | 21/28 | €827,474 | €744,685 | -€82,789 | -10.0% |
| Tangible fixed assets | 22/27 | €827,474 | €744,685 | -€82,789 | -10.0% |
| Land and buildings | 22 | €717,203 | €655,871 | -€61,332 | -8.6% |
| Plant, machinery and equipment | 23 | €110,271 | €88,814 | -€21,456 | -19.5% |
| Current assets | 29/58 | €290,256 | €297,649 | +€7,393 | +2.5% |
| Amounts receivable within one year | 40/41 | €282,429 | €260,803 | -€21,626 | -7.7% |
| Trade receivables | 40 | €2,031 | €675 | -€1,356 | -66.8% |
| Other amounts receivable | 41 | €280,398 | €260,128 | -€20,270 | -7.2% |
| Cash at bank and in hand | 54/58 | €5,346 | €36,768 | +€31,422 | +588% |
| Deferred charges and accrued income | 490/1 | €2,481 | €78 | -€2,403 | -96.8% |
| Total equity and liabilities | 10/49 | €1,117,730 | €1,042,335 | -€75,395 | -6.7% |
| Equity | 10/15 | €346,067 | €376,665 | +€30,597 | +8.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | - | -€62,000 | |
| Issued capital | 100 | €62,000 | - | -€62,000 | |
| Reserves | 13 | €283,402 | €314,000 | +€30,598 | +10.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | - | -€6,200 | |
| Reserves not available under the articles | 1311 | - | €6,200 | +€6,200 | |
| Tax-exempt reserves | 132 | €231,453 | €208,307 | -€23,145 | -10.0% |
| Distributable reserves | 133 | €45,749 | €99,492 | +€53,743 | +117% |
| Profit (loss) carried forward | 14 | €665 | €665 | -€0 | -0.1% |
| Provisions and deferred taxes | 16 | €77,151 | €69,436 | -€7,715 | -10.0% |
| Provisions for liabilities and charges | 160/5 | - | €69,436 | +€69,436 | |
| Pensions and similar obligations | 160 | - | €69,436 | +€69,436 | |
| Deferred taxes | 168 | €77,151 | - | -€77,151 | |
| Amounts payable | 17/49 | €694,512 | €596,234 | -€98,277 | -14.2% |
| Amounts payable after more than one year | 17 | €571,354 | €498,271 | -€73,084 | -12.8% |
| Financial debts | 170/4 | €571,354 | €498,271 | -€73,084 | -12.8% |
| Amounts payable within one year | 42/48 | €123,141 | €97,963 | -€25,177 | -20.4% |
| Current portion of amounts payable after more than one year | 42 | €100,057 | €73,084 | -€26,973 | -27.0% |
| Financial debts | 43 | €3,381 | €3,365 | -€16 | -0.5% |
| Credit institutions | 430/8 | €3,381 | €3,365 | -€16 | -0.5% |
| Trade debts | 44 | €18,813 | €10,760 | -€8,052 | -42.8% |
| Suppliers | 440/4 | €18,813 | €10,760 | -€8,052 | -42.8% |
| Taxes, remuneration and social security | 45 | - | €10,755 | +€10,755 | |
| Taxes | 450/3 | - | €10,755 | +€10,755 | |
| Other amounts payable | 47/48 | €890 | - | -€890 | |
| Accrued charges and deferred income | 492/3 | €17 | - | -€17 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €103,270 | €77,455 | -€25,815 | -25.0% |
| Other operating charges | 640/8 | €16,893 | €17,333 | +€440 | +2.6% |
| Gross operating margin | 9900 | €137,703 | €145,536 | +€7,833 | +5.7% |
| Operating profit (loss) | 9901 | €17,541 | €50,749 | +€33,208 | +189% |
| Financial income | 75/76B | €2,623 | €741 | -€1,882 | -71.7% |
| Recurring financial income | 75 | €2,623 | €741 | -€1,882 | -71.7% |
| Financial charges | 65/66B | €9,658 | €10,421 | +€763 | +7.9% |
| Recurring financial charges | 65 | €9,658 | €10,421 | +€763 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €10,506 | €41,069 | +€30,564 | +291% |
| Transfer from deferred taxes | 780 | €10,493 | €7,715 | -€2,777 | -26.5% |
| Income taxes | 67/77 | €2,701 | €18,187 | +€15,486 | +573% |
| Profit (loss) for the period | 9904 | €18,298 | €30,598 | +€12,300 | +67.2% |
| Transfer from tax-exempt reserves | 789 | €20,368 | €23,145 | +€2,777 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €38,665 | €53,743 | +€15,078 | +39.0% |
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 1 November 2026 via checked.be.