VB-CON: 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-CON
Largest movements
- Current investments +€200,000
up €200,000, from €0 to €200,000
- Cash -€53,792
down €53,792 (-16.1%), from €334,531 to €280,739
mainly Current investments (-€200,000) and Investment in fixed assets (net) (-€26,418)
- Tangible fixed assets +€12,789
up €12,789 (+20.1%), from €63,676 to €76,465
- Reserves +€175,585
up €175,585 (+57.7%), from €304,472 to €480,057
- Short-term financial debts -€16,904
down €16,904 (-100.0%), from €16,904 to €0
- Tax, wage and social debts +€14,265
up €14,265 (+70.2%), from €20,327 to €34,592
of which Taxes: +€14,265
- Debts after one year -€11,953
down €11,953 (-29.6%), from €40,396 to €28,443
- Gross operating margin +€26,756
up €26,756 (+11.1%), from €240,649 to €267,405
- Financial income -€5,594
down €5,594 (-89.4%), from €6,257 to €664
- Taxes +€4,690
up €4,690 (+6.6%), from €70,851 to €75,541
- Depreciation +€4,683
up €4,683 (+52.4%), from €8,945 to €13,629
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 | €416,486 | €575,535 | +€159,049 | +38.2% |
| Fixed assets | 21/28 | €63,676 | €76,465 | +€12,789 | +20.1% |
| Tangible fixed assets | 22/27 | €63,676 | €76,465 | +€12,789 | +20.1% |
| Furniture and vehicles | 24 | €63,676 | €76,465 | +€12,789 | +20.1% |
| Current assets | 29/58 | €352,810 | €499,070 | +€146,260 | +41.5% |
| Amounts receivable within one year | 40/41 | €18,279 | €18,331 | +€52 | +0.3% |
| Trade receivables | 40 | €18,150 | €18,202 | +€52 | +0.3% |
| Other amounts receivable | 41 | €129 | €129 | = | 0.0% |
| Current investments | 50/53 | €0 | €200,000 | +€200,000 | |
| Cash at bank and in hand | 54/58 | €334,531 | €280,739 | -€53,792 | -16.1% |
| Total equity and liabilities | 10/49 | €416,486 | €575,535 | +€159,049 | +38.2% |
| Equity | 10/15 | €323,472 | €499,057 | +€175,585 | +54.3% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €304,472 | €480,057 | +€175,585 | +57.7% |
| Distributable reserves | 133 | €304,472 | €480,057 | +€175,585 | +57.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €93,013 | €76,478 | -€16,536 | -17.8% |
| Amounts payable after more than one year | 17 | €40,396 | €28,443 | -€11,953 | -29.6% |
| Financial debts | 170/4 | €40,396 | €28,443 | -€11,953 | -29.6% |
| Amounts payable within one year | 42/48 | €52,618 | €48,035 | -€4,583 | -8.7% |
| Current portion of amounts payable after more than one year | 42 | €11,550 | €11,953 | +€403 | +3.5% |
| Financial debts | 43 | €16,904 | €0 | -€16,904 | -100.0% |
| Credit institutions | 430/8 | €16,904 | €0 | -€16,904 | -100.0% |
| Trade debts | 44 | €2,977 | €537 | -€2,440 | -81.9% |
| Suppliers | 440/4 | €2,977 | €537 | -€2,440 | -81.9% |
| Taxes, remuneration and social security | 45 | €20,327 | €34,592 | +€14,265 | +70.2% |
| Taxes | 450/3 | €17,877 | €32,142 | +€14,265 | +79.8% |
| Remuneration and social security | 454/9 | €2,450 | €2,450 | = | 0.0% |
| Other amounts payable | 47/48 | €859 | €952 | +€93 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,945 | €13,629 | +€4,683 | +52.4% |
| Other operating charges | 640/8 | €782 | €444 | -€338 | -43.2% |
| Gross operating margin | 9900 | €240,649 | €267,405 | +€26,756 | +11.1% |
| Operating profit (loss) | 9901 | €230,922 | €253,332 | +€22,410 | +9.7% |
| Financial income | 75/76B | €6,257 | €664 | -€5,594 | -89.4% |
| Recurring financial income | 75 | €6,257 | €664 | -€5,594 | -89.4% |
| Financial charges | 65/66B | €3,064 | €2,037 | -€1,027 | -33.5% |
| Recurring financial charges | 65 | €3,064 | €2,037 | -€1,027 | -33.5% |
| Profit (loss) for the period before taxes | 9903 | €234,115 | €251,959 | +€17,844 | +7.6% |
| Income taxes | 67/77 | €70,851 | €75,541 | +€4,690 | +6.6% |
| Profit (loss) for the period | 9904 | €163,265 | €176,418 | +€13,153 | +8.1% |
| Profit (loss) for the period to be appropriated | 9905 | €163,265 | €176,418 | +€13,153 | +8.1% |
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 11 October 2026 via checked.be.