V.R.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.R.C.
Largest movements
- Tangible fixed assets +€129,006
up €129,006 (+16.0%), from €806,622 to €935,628
of which Furniture and vehicles: +€67,995
- Cash +€121,660
up €121,660 (+5.7%), from €2.1m to €2.2m
mainly Depreciation (+€818,264) and Net result for the year (+€321,747)
- Reserves +€160,064
up €160,064 (+5.2%), from €3.1m to €3.2m
of which Distributable reserves: +€160,064
- Trade debts +€119,553
up €119,553 (+99.4%), from €120,287 to €239,841
- Profit (loss) carried forward -€38,318
down €38,318 (-63.8%), from €60,064 to €21,747
- Depreciation -€140,938
down €140,938 (-14.7%), from €959,202 to €818,264
- Gross operating margin -€89,905
down €89,905 (-6.5%), from €1.4m to €1.3m
- Taxes +€32,733
up €32,733 (+33.7%), from €97,259 to €129,992
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 | €3,335,724 | €3,556,827 | +€221,103 | +6.6% |
| Fixed assets | 21/28 | €807,022 | €936,028 | +€129,006 | +16.0% |
| Tangible fixed assets | 22/27 | €806,622 | €935,628 | +€129,006 | +16.0% |
| Land and buildings | 22 | €206,388 | €267,988 | +€61,600 | +29.8% |
| Plant, machinery and equipment | 23 | €1,178 | €589 | -€589 | -50.0% |
| Furniture and vehicles | 24 | €599,056 | €667,051 | +€67,995 | +11.4% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €2,528,702 | €2,620,799 | +€92,097 | +3.6% |
| Amounts receivable within one year | 40/41 | €407,988 | €378,425 | -€29,563 | -7.2% |
| Trade receivables | 40 | €240,723 | €201,160 | -€39,563 | -16.4% |
| Other amounts receivable | 41 | €167,265 | €177,265 | +€10,000 | +6.0% |
| Cash at bank and in hand | 54/58 | €2,120,714 | €2,242,375 | +€121,660 | +5.7% |
| Total equity and liabilities | 10/49 | €3,335,724 | €3,556,827 | +€221,103 | +6.6% |
| Equity | 10/15 | €3,158,901 | €3,280,648 | +€121,747 | +3.9% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Contributions outside capital | 11 | €24,789 | €24,789 | = | 0.0% |
| Other | 1109/19 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €3,074,047 | €3,234,112 | +€160,064 | +5.2% |
| Non-distributable reserves | 130/1 | €4,888 | €4,888 | = | 0.0% |
| Legal reserve | 130 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,410 | €2,410 | = | 0.0% |
| Distributable reserves | 133 | €3,069,159 | €3,229,223 | +€160,064 | +5.2% |
| Profit (loss) carried forward | 14 | €60,064 | €21,747 | -€38,318 | -63.8% |
| Amounts payable | 17/49 | €176,823 | €276,180 | +€99,357 | +56.2% |
| Amounts payable within one year | 42/48 | €176,823 | €276,180 | +€99,357 | +56.2% |
| Trade debts | 44 | €120,287 | €239,841 | +€119,553 | +99.4% |
| Suppliers | 440/4 | €120,287 | €239,841 | +€119,553 | +99.4% |
| Taxes, remuneration and social security | 45 | €56,536 | €36,339 | -€20,197 | -35.7% |
| Taxes | 450/3 | €56,536 | €36,339 | -€20,197 | -35.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €959,202 | €818,264 | -€140,938 | -14.7% |
| Other operating charges | 640/8 | €939 | €952 | +€13 | +1.4% |
| Gross operating margin | 9900 | €1,372,900 | €1,282,995 | -€89,905 | -6.5% |
| Operating profit (loss) | 9901 | €412,759 | €463,779 | +€51,020 | +12.4% |
| Financial charges | 65/66B | €5,435 | €12,040 | +€6,605 | +122% |
| Recurring financial charges | 65 | €5,435 | €12,040 | +€6,605 | +122% |
| Profit (loss) for the period before taxes | 9903 | €407,324 | €451,739 | +€44,415 | +10.9% |
| Income taxes | 67/77 | €97,259 | €129,992 | +€32,733 | +33.7% |
| Profit (loss) for the period | 9904 | €310,064 | €321,747 | +€11,682 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €310,064 | €321,747 | +€11,682 | +3.8% |
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 15 October 2026 via checked.be.