V.R.W.: 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.W.
Largest movements
- Cash -€54,598
down €54,598 (-86.2%), from €63,354 to €8,756
mainly Advances received (-€105,625) and Debts after one year (-€21,181)
- Tangible fixed assets -€17,632
down €17,632 (-15.5%), from €113,524 to €95,892
of which Leasing and similar rights: -€13,948
- Advances received -€105,625
down €105,625 (-100%), from €105,625 to €0
- Trade debts +€87,957
up €87,957 (+142%), from €61,856 to €149,813
- Debts after one year -€21,181
down €21,181 (-74.8%), from €28,305 to €7,123
- Accrued charges and deferred income -€19,699
down €19,699 (-69.8%), from €28,203 to €8,504
- Financial charges -€21,733
down €21,733 (-44.9%), from €48,443 to €26,709
- Gross operating margin -€14,283
down €14,283 (-21.4%), from €66,597 to €52,314
- Financial income -€3,137
down €3,137 (-76.6%), from €4,096 to €959
- Taxes +€1,425
up €1,425 (+532%), from €268 to €1,693
- Depreciation -€1,187
down €1,187 (-6.0%), from €19,894 to €18,707
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 | €1,136,292 | €1,075,004 | -€61,288 | -5.4% |
| Fixed assets | 21/28 | €132,078 | €114,446 | -€17,632 | -13.3% |
| Tangible fixed assets | 22/27 | €113,524 | €95,892 | -€17,632 | -15.5% |
| Land and buildings | 22 | €9,530 | €7,765 | -€1,765 | -18.5% |
| Plant, machinery and equipment | 23 | €606 | €61 | -€545 | -89.9% |
| Furniture and vehicles | 24 | €5,751 | €4,377 | -€1,374 | -23.9% |
| Leasing and similar rights | 25 | €97,636 | €83,688 | -€13,948 | -14.3% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €18,554 | €18,554 | = | 0.0% |
| Current assets | 29/58 | €1,004,214 | €960,559 | -€43,656 | -4.3% |
| Stocks and contracts in progress | 3 | €357,000 | €364,000 | +€7,000 | +2.0% |
| Stocks | 30/36 | €357,000 | €364,000 | +€7,000 | +2.0% |
| Amounts receivable within one year | 40/41 | €583,082 | €586,592 | +€3,510 | +0.6% |
| Trade receivables | 40 | €578,407 | €585,505 | +€7,098 | +1.2% |
| Other amounts receivable | 41 | €4,675 | €1,087 | -€3,588 | -76.7% |
| Cash at bank and in hand | 54/58 | €63,354 | €8,756 | -€54,598 | -86.2% |
| Deferred charges and accrued income | 490/1 | €779 | €1,211 | +€432 | +55.5% |
| Total equity and liabilities | 10/49 | €1,136,292 | €1,075,004 | -€61,288 | -5.4% |
| Equity | 10/15 | €272,069 | €270,980 | -€1,090 | -0.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €253,477 | €252,388 | -€1,090 | -0.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €251,618 | €250,528 | -€1,090 | -0.4% |
| Amounts payable | 17/49 | €864,223 | €804,025 | -€60,198 | -7.0% |
| Amounts payable after more than one year | 17 | €28,305 | €7,123 | -€21,181 | -74.8% |
| Financial debts | 170/4 | €28,305 | €7,123 | -€21,181 | -74.8% |
| Amounts payable within one year | 42/48 | €807,715 | €788,397 | -€19,318 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €20,904 | €21,181 | +€277 | +1.3% |
| Financial debts | 43 | €400,000 | €400,000 | = | 0.0% |
| Credit institutions | 430/8 | €400,000 | €400,000 | = | 0.0% |
| Trade debts | 44 | €61,856 | €149,813 | +€87,957 | +142% |
| Suppliers | 440/4 | €61,856 | €149,813 | +€87,957 | +142% |
| Advances received on contracts in progress | 46 | €105,625 | €0 | -€105,625 | -100% |
| Taxes, remuneration and social security | 45 | €733 | €2,378 | +€1,645 | +225% |
| Taxes | 450/3 | €733 | €2,378 | +€1,645 | +225% |
| Other amounts payable | 47/48 | €218,597 | €215,024 | -€3,573 | -1.6% |
| Accrued charges and deferred income | 492/3 | €28,203 | €8,504 | -€19,699 | -69.8% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,894 | €18,707 | -€1,187 | -6.0% |
| Other operating charges | 640/8 | €6,644 | €7,254 | +€610 | +9.2% |
| Gross operating margin | 9900 | €66,597 | €52,314 | -€14,283 | -21.4% |
| Operating profit (loss) | 9901 | €40,060 | €26,353 | -€13,706 | -34.2% |
| Financial income | 75/76B | €4,096 | €959 | -€3,137 | -76.6% |
| Recurring financial income | 75 | €4,096 | €959 | -€3,137 | -76.6% |
| Financial charges | 65/66B | €48,443 | €26,709 | -€21,733 | -44.9% |
| Recurring financial charges | 65 | €48,443 | €26,709 | -€21,733 | -44.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,287 | €603 | +€4,890 | |
| Income taxes | 67/77 | €268 | €1,693 | +€1,425 | +532% |
| Profit (loss) for the period | 9904 | -€4,555 | -€1,090 | +€3,465 | +76.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,555 | -€1,090 | +€3,465 | +76.1% |
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 13 October 2026 via checked.be.