V.R.S.: 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.S.
Largest movements
- Intangible fixed assets -€14,759
down €14,759 (-68.6%), from €21,504 to €6,745
- Tangible fixed assets -€8,258
down €8,258 (-11.3%), from €72,909 to €64,651
of which Land and buildings: -€6,602
- Receivables within one year +€5,667
up €5,667 (+64.4%), from €8,804 to €14,471
of which Other amounts receivable: +€4,631
- Financial fixed assets -€2,000
down €2,000 (-100%), from €2,000 to €0
- Debts after one year -€14,660
down €14,660 (-25.4%), from €57,741 to €43,081
- Current portion of long-term debt -€11,151
down €11,151 (-45.5%), from €24,505 to €13,354
- Reserves -€10,749
down €10,749 (-28.3%), from €38,047 to €27,298
of which Distributable reserves: -€10,749
- Tax, wage and social debts +€9,095
up €9,095 (+57.1%), from €15,941 to €25,036
- Trade debts +€4,753
up €4,753 (+48.4%), from €9,817 to €14,570
- Gross operating margin -€19,942
down €19,942 (-23.9%), from €83,581 to €63,639
- Taxes -€4,950
down €4,950 (-33.6%), from €14,750 to €9,799
- Financial charges -€3,706
down €3,706 (-41.1%), from €9,015 to €5,309
- Other operating charges -€1,029
down €1,029 (-54.8%), from €1,877 to €848
- Depreciation +€937
up €937 (+4.2%), from €22,517 to €23,454
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 | €167,984 | €145,205 | -€22,779 | -13.6% |
| Fixed assets | 21/28 | €96,414 | €71,397 | -€25,017 | -25.9% |
| Intangible fixed assets | 21 | €21,504 | €6,745 | -€14,759 | -68.6% |
| Tangible fixed assets | 22/27 | €72,909 | €64,651 | -€8,258 | -11.3% |
| Land and buildings | 22 | €67,520 | €60,918 | -€6,602 | -9.8% |
| Plant, machinery and equipment | 23 | €2,473 | €1,842 | -€631 | -25.5% |
| Furniture and vehicles | 24 | €2,916 | €1,891 | -€1,025 | -35.1% |
| Financial fixed assets | 28 | €2,000 | €0 | -€2,000 | -100% |
| Current assets | 29/58 | €71,570 | €73,809 | +€2,238 | +3.1% |
| Stocks and contracts in progress | 3 | €22,040 | €21,161 | -€879 | -4.0% |
| Stocks | 30/36 | €22,040 | €21,161 | -€879 | -4.0% |
| Amounts receivable within one year | 40/41 | €8,804 | €14,471 | +€5,667 | +64.4% |
| Trade receivables | 40 | €7,761 | €8,797 | +€1,036 | +13.3% |
| Other amounts receivable | 41 | €1,043 | €5,674 | +€4,631 | +444% |
| Cash at bank and in hand | 54/58 | €20,224 | €19,268 | -€956 | -4.7% |
| Deferred charges and accrued income | 490/1 | €20,502 | €18,908 | -€1,594 | -7.8% |
| Total equity and liabilities | 10/49 | €167,984 | €145,205 | -€22,779 | -13.6% |
| Equity | 10/15 | €56,647 | €45,898 | -€10,749 | -19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €38,047 | €27,298 | -€10,749 | -28.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €36,187 | €25,438 | -€10,749 | -29.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €111,337 | €99,307 | -€12,030 | -10.8% |
| Amounts payable after more than one year | 17 | €57,741 | €43,081 | -€14,660 | -25.4% |
| Financial debts | 170/4 | €57,741 | €43,081 | -€14,660 | -25.4% |
| Amounts payable within one year | 42/48 | €53,596 | €56,226 | +€2,630 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €24,505 | €13,354 | -€11,151 | -45.5% |
| Financial debts | 43 | €2,218 | €1,735 | -€482 | -21.7% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €2,218 | €1,735 | -€482 | -21.7% |
| Trade debts | 44 | €9,817 | €14,570 | +€4,753 | +48.4% |
| Suppliers | 440/4 | €9,817 | €14,570 | +€4,753 | +48.4% |
| Taxes, remuneration and social security | 45 | €15,941 | €25,036 | +€9,095 | +57.1% |
| Taxes | 450/3 | €15,941 | €25,036 | +€9,095 | +57.1% |
| Other amounts payable | 47/48 | €1,116 | €1,531 | +€416 | +37.2% |
| Non-recurring operating income | 76A | €2,711 | €0 | -€2,711 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,517 | €23,454 | +€937 | +4.2% |
| Other operating charges | 640/8 | €1,877 | €848 | -€1,029 | -54.8% |
| Gross operating margin | 9900 | €83,581 | €63,639 | -€19,942 | -23.9% |
| Operating profit (loss) | 9901 | €59,187 | €39,338 | -€19,850 | -33.5% |
| Financial income | 75/76B | €20 | €21 | +€1 | +6.0% |
| Recurring financial income | 75 | €20 | €21 | +€1 | +6.0% |
| Financial charges | 65/66B | €9,015 | €5,309 | -€3,706 | -41.1% |
| Recurring financial charges | 65 | €9,015 | €5,309 | -€3,706 | -41.1% |
| Profit (loss) for the period before taxes | 9903 | €50,192 | €34,050 | -€16,142 | -32.2% |
| Income taxes | 67/77 | €14,750 | €9,799 | -€4,950 | -33.6% |
| Profit (loss) for the period | 9904 | €35,442 | €24,251 | -€11,191 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,442 | €24,251 | -€11,191 | -31.6% |
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 23 October 2026 via checked.be.