VAB: 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.
VAB
Largest movements
- Receivables within one year +€39,325
new in 2025: €39,325
- Tangible fixed assets -€11,335
down €11,335 (-47.9%), from €23,668 to €12,333
- Cash +€9,961
up €9,961 (+9.4%), from €106,052 to €116,013
mainly Trade debts (+€44,015) and Depreciation (+€11,335)
- Trade debts +€44,015
up €44,015 (+85.3%), from €51,627 to €95,642
- Profit (loss) carried forward -€5,265
down €5,265 (-54.4%), from €9,677 to €4,412
- Gross operating margin -€40,915
down €40,915 (-13.6%), from €299,771 to €258,856
- Staff costs -€18,291
down €18,291 (-6.8%), from €268,797 to €250,506
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.
Cash bridge derived
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 | €132,563 | €170,627 | +€38,064 | +28.7% |
| Fixed assets | 21/28 | €23,668 | €12,333 | -€11,335 | -47.9% |
| Tangible fixed assets | 22/27 | €23,668 | €12,333 | -€11,335 | -47.9% |
| Furniture and vehicles | 24 | €23,668 | €12,333 | -€11,335 | -47.9% |
| Current assets | 29/58 | €108,895 | €158,294 | +€49,399 | +45.4% |
| Amounts receivable within one year | 40/41 | - | €39,325 | +€39,325 | |
| Trade receivables | 40 | - | €39,325 | +€39,325 | |
| Cash at bank and in hand | 54/58 | €106,052 | €116,013 | +€9,961 | +9.4% |
| Deferred charges and accrued income | 490/1 | €2,843 | €2,956 | +€113 | +4.0% |
| Total equity and liabilities | 10/49 | €132,563 | €170,627 | +€38,064 | +28.7% |
| Equity | 10/15 | €9,677 | €4,412 | -€5,265 | -54.4% |
| Profit (loss) carried forward | 14 | €9,677 | €4,412 | -€5,265 | -54.4% |
| Amounts payable | 17/49 | €122,886 | €166,215 | +€43,329 | +35.3% |
| Amounts payable within one year | 42/48 | €122,743 | €166,215 | +€43,472 | +35.4% |
| Trade debts | 44 | €51,627 | €95,642 | +€44,015 | +85.3% |
| Suppliers | 440/4 | €51,627 | €95,642 | +€44,015 | +85.3% |
| Taxes, remuneration and social security | 45 | €71,116 | €70,573 | -€543 | -0.8% |
| Taxes | 450/3 | €22,134 | €26,464 | +€4,330 | +19.6% |
| Remuneration and social security | 454/9 | €48,982 | €44,109 | -€4,873 | -9.9% |
| Accrued charges and deferred income | 492/3 | €143 | - | -€143 | |
| Remuneration, social security and pensions | 62 | €268,797 | €250,506 | -€18,291 | -6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,334 | €11,335 | +€1 | 0.0% |
| Other operating charges | 640/8 | €747 | €1,578 | +€831 | +111.2% |
| Gross operating margin | 9900 | €299,771 | €258,856 | -€40,915 | -13.6% |
| Operating profit (loss) | 9901 | €17,385 | -€4,563 | -€21,948 | |
| Financial income | 75/76B | €852 | - | -€852 | |
| Recurring financial income | 75 | €389 | - | -€389 | |
| Non-recurring financial income | 76B | €463 | - | -€463 | |
| Financial charges | 65/66B | €2,736 | €107 | -€2,629 | -96.1% |
| Recurring financial charges | 65 | €2,736 | €107 | -€2,629 | -96.1% |
| Profit (loss) for the period before taxes | 9903 | €15,501 | -€4,670 | -€20,171 | |
| Income taxes | 67/77 | €781 | €595 | -€186 | -23.8% |
| Profit (loss) for the period | 9904 | €14,720 | -€5,265 | -€19,985 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,720 | -€5,265 | -€19,985 |
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 11 October 2026 via checked.be.