V.R.S.B.: what changed
V.R.S.B.
Largest movements
- Receivables within one year +€227,406
up €227,406 (+38.8%), from €585,434 to €812,840
of which Trade receivables: +€216,038
- Cash -€122,057
down €122,057 (-93.6%), from €130,365 to €8,308
mainly Receivables within one year (-€227,406) and Short-term financial debts (-€50,000)
- Trade debts +€128,434
up €128,434 (+29.5%), from €434,729 to €563,163
of which Suppliers: +€388,305
- Short-term financial debts -€50,000
down €50,000 (-50.0%), from €100,000 to €50,000
- Profit (loss) carried forward +€36,976
up €36,976 (+28.9%), from €127,733 to €164,708
- Other debts -€10,000
down €10,000 (-40.0%), from €25,000 to €15,000
- Turnover +€119,439
up €119,439 (+7.7%), from €1.5m to €1.7m
- Gross operating margin -€35,975
down €35,975 (-40.3%), from €89,341 to €53,366
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €719,781 | €822,663 | +€102,881 | +14.3% |
| Fixed assets | 21/28 | €2,905 | €1,514 | -€1,391 | -47.9% |
| Tangible fixed assets | 22/27 | €2,905 | €1,514 | -€1,391 | -47.9% |
| Plant, machinery and equipment | 23 | €239 | - | -€239 | |
| Furniture and vehicles | 24 | €2,665 | €1,514 | -€1,151 | -43.2% |
| Current assets | 29/58 | €716,877 | €821,149 | +€104,272 | +14.5% |
| Amounts receivable within one year | 40/41 | €585,434 | €812,840 | +€227,406 | +38.8% |
| Trade receivables | 40 | €532,575 | €748,613 | +€216,038 | +40.6% |
| Other amounts receivable | 41 | €52,860 | €64,228 | +€11,368 | +21.5% |
| Cash at bank and in hand | 54/58 | €130,365 | €8,308 | -€122,057 | -93.6% |
| Deferred charges and accrued income | 490/1 | €1,078 | - | -€1,078 | |
| Total equity and liabilities | 10/49 | €719,781 | €822,663 | +€102,881 | +14.3% |
| Equity | 10/15 | €130,233 | €167,208 | +€36,976 | +28.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127,733 | €164,708 | +€36,976 | +28.9% |
| Amounts payable | 17/49 | €589,549 | €655,454 | +€65,905 | +11.2% |
| Amounts payable within one year | 42/48 | €589,549 | €655,454 | +€65,905 | +11.2% |
| Financial debts | 43 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Credit institutions | 430/8 | €100,000 | €50,000 | -€50,000 | -50.0% |
| Trade debts | 44 | €434,729 | €563,163 | +€128,434 | +29.5% |
| Suppliers | 440/4 | €174,858 | €563,163 | +€388,305 | +222% |
| Bills of exchange payable | 441 | €259,871 | - | -€259,871 | |
| Taxes, remuneration and social security | 45 | €29,820 | €27,291 | -€2,529 | -8.5% |
| Taxes | 450/3 | €27,703 | €13,465 | -€14,238 | -51.4% |
| Remuneration and social security | 454/9 | €2,117 | €13,826 | +€11,710 | +553% |
| Other amounts payable | 47/48 | €25,000 | €15,000 | -€10,000 | -40.0% |
| Turnover | 70 | €1,543,219 | €1,662,657 | +€119,439 | +7.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,254 | €1,391 | -€2,863 | -67.3% |
| Gross operating margin | 9900 | €89,341 | €53,366 | -€35,975 | -40.3% |
| Operating profit (loss) | 9901 | €85,087 | €51,976 | -€33,111 | -38.9% |
| Profit (loss) for the period before taxes | 9903 | €85,087 | €51,976 | -€33,111 | -38.9% |
| Profit (loss) for the period | 9904 | €85,087 | €51,976 | -€33,111 | -38.9% |
| Profit (loss) for the period to be appropriated | 9905 | €85,087 | €51,976 | -€33,111 | -38.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.