"VB & Co": 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.
"VB & Co"
Largest movements
- Receivables within one year +€284,069
up €284,069 (+506.5%), from €56,089 to €340,158
of which Other amounts receivable: +€261,644
- Cash -€100,038
down €100,038 (-37.2%), from €269,182 to €169,144
mainly Receivables within one year (-€284,069) and Current portion of long-term debt (-€16,668)
- Tangible fixed assets -€29,185
down €29,185 (-13.1%), from €222,081 to €192,896
of which Plant, machinery and equipment: -€18,860
- Reserves +€120,505
up €120,505 (+23.4%), from €515,279 to €635,783
of which Distributable reserves: +€120,505
- Other debts +€38,105
new in 2025: €38,105
- Trade debts +€18,575
up €18,575 (+89.4%), from €20,769 to €39,344
- Current portion of long-term debt -€16,668
down €16,668 (-100.0%), from €16,668 to €0
- Gross operating margin +€39,385
up €39,385 (+11.2%), from €351,091 to €390,476
- Staff costs +€17,215
up €17,215 (+10.9%), from €158,556 to €175,770
- Write-downs +€7,853
new in 2025: €7,853
- Taxes +€5,614
up €5,614 (+12.0%), from €46,692 to €52,306
- Financial income +€3,999
up €3,999 (+46.4%), from €8,620 to €12,619
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 | €667,691 | €818,277 | +€150,586 | +22.6% |
| Fixed assets | 21/28 | €222,118 | €192,896 | -€29,222 | -13.2% |
| Tangible fixed assets | 22/27 | €222,081 | €192,896 | -€29,185 | -13.1% |
| Land and buildings | 22 | €139,711 | €132,209 | -€7,502 | -5.4% |
| Plant, machinery and equipment | 23 | €66,473 | €47,613 | -€18,860 | -28.4% |
| Furniture and vehicles | 24 | €15,897 | €13,074 | -€2,823 | -17.8% |
| Financial fixed assets | 28 | €37 | €0 | -€37 | -100.0% |
| Current assets | 29/58 | €445,573 | €625,381 | +€179,808 | +40.4% |
| Amounts receivable after more than one year | 29 | €45,000 | €45,000 | = | 0.0% |
| Other amounts receivable | 291 | €45,000 | €45,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €62,845 | €62,661 | -€184 | -0.3% |
| Stocks | 30/36 | €62,845 | €62,661 | -€184 | -0.3% |
| Amounts receivable within one year | 40/41 | €56,089 | €340,158 | +€284,069 | +506.5% |
| Trade receivables | 40 | €56,014 | €78,440 | +€22,425 | +40.0% |
| Other amounts receivable | 41 | €75 | €261,719 | +€261,644 | +351200.3% |
| Cash at bank and in hand | 54/58 | €269,182 | €169,144 | -€100,038 | -37.2% |
| Deferred charges and accrued income | 490/1 | €12,457 | €8,418 | -€4,039 | -32.4% |
| Total equity and liabilities | 10/49 | €667,691 | €818,277 | +€150,586 | +22.6% |
| Equity | 10/15 | €576,779 | €697,283 | +€120,505 | +20.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €515,279 | €635,783 | +€120,505 | +23.4% |
| Non-distributable reserves | 130/1 | €12,800 | €12,800 | = | 0.0% |
| Legal reserve | 130 | €12,800 | €12,800 | = | 0.0% |
| Distributable reserves | 133 | €502,479 | €622,983 | +€120,505 | +24.0% |
| Amounts payable | 17/49 | €90,913 | €120,994 | +€30,081 | +33.1% |
| Amounts payable after more than one year | 17 | €12,053 | €4,056 | -€7,997 | -66.3% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €12,053 | €4,056 | -€7,997 | -66.3% |
| Amounts payable within one year | 42/48 | €77,163 | €116,938 | +€39,775 | +51.5% |
| Current portion of amounts payable after more than one year | 42 | €16,668 | €0 | -€16,668 | -100.0% |
| Trade debts | 44 | €20,769 | €39,344 | +€18,575 | +89.4% |
| Suppliers | 440/4 | €20,769 | €39,344 | +€18,575 | +89.4% |
| Taxes, remuneration and social security | 45 | €39,727 | €39,489 | -€238 | -0.6% |
| Taxes | 450/3 | €20,039 | €21,588 | +€1,549 | +7.7% |
| Remuneration and social security | 454/9 | €19,688 | €17,901 | -€1,787 | -9.1% |
| Other amounts payable | 47/48 | - | €38,105 | +€38,105 | |
| Accrued charges and deferred income | 492/3 | €1,697 | €0 | -€1,697 | -100.0% |
| Remuneration, social security and pensions | 62 | €158,556 | €175,770 | +€17,215 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,293 | €35,893 | -€400 | -1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,853 | +€7,853 | |
| Other operating charges | 640/8 | €8,261 | €8,757 | +€496 | +6.0% |
| Non-recurring operating charges | 66A | - | €95 | +€95 | |
| Gross operating margin | 9900 | €351,091 | €390,476 | +€39,385 | +11.2% |
| Operating profit (loss) | 9901 | €147,981 | €162,108 | +€14,126 | +9.5% |
| Financial income | 75/76B | €8,620 | €12,619 | +€3,999 | +46.4% |
| Recurring financial income | 75 | €8,620 | €12,619 | +€3,999 | +46.4% |
| Financial charges | 65/66B | €2,291 | €1,916 | -€374 | -16.3% |
| Recurring financial charges | 65 | €2,291 | €1,916 | -€374 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €154,310 | €172,810 | +€18,500 | +12.0% |
| Income taxes | 67/77 | €46,692 | €52,306 | +€5,614 | +12.0% |
| Profit (loss) for the period | 9904 | €107,618 | €120,505 | +€12,886 | +12.0% |
| Profit (loss) for the period to be appropriated | 9905 | €107,618 | €120,505 | +€12,886 | +12.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.