VB FARMA: 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.
What changed
VB FARMA
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€175,586
2024 · €222,047-€46,461
Equity
€1.5m
2024 · €1.3m+€174,753
Cash
€51,044
2024 · €59,949-€8,905
Balance sheet total
€3.7m
2024 · €3.6m+€110,850
Largest movements
Assets
- Receivables within one year +€165,276
up €165,276 (+172%), from €95,881 to €261,157
of which Trade receivables: +€90,666
- Tangible fixed assets -€71,003
down €71,003 (-23.4%), from €303,685 to €232,682
of which Plant, machinery and equipment: -€65,806
Equity and liabilities
- Debts after one year -€181,627
down €181,627 (-14.6%), from €1.2m to €1.1m
- Reserves +€174,753
up €174,753 (+17.0%), from €1.0m to €1.2m
of which Distributable reserves: +€174,753
- Trade debts +€81,244
up €81,244 (+159%), from €51,106 to €132,350
Income statement
- Financial income -€42,626
down €42,626 (-94.7%), from €45,000 to €2,374
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.
Result 2024
€222,047
Gross operating margin
-€605
Staff costs
-€4,833
Depreciation
+€4,341
Other operating charges
-€620
Financial income
-€42,626
Financial charges
-€2,011
Taxes
-€107
Result 2025
€175,586
raises the resultlowers the result
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.
From operations
+€164,268
Investment
€0
Financing
-€173,174
Cash 2024
€59,949
From operations (derived)
+€164,268
Net result for the year
+€175,586
Depreciation
+€71,003
Stocks and contracts
-€25,768
Receivables within one year
-€165,276
Deferred charges and accrued income
+€287
Trade debts
+€81,244
Tax, wage and social debts
+€10,895
Other debts
+€16,298
Financing
-€173,174
Debts after one year
-€181,627
Current portion of long-term debt
+€9,286
Contributions, distributions and other
-€833
Cash 2025
€51,044
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,555,672 | €3,666,522 | +€110,850 | +3.1% |
| Fixed assets | 21/28 | €3,194,278 | €3,123,275 | -€71,003 | -2.2% |
| Tangible fixed assets | 22/27 | €303,685 | €232,682 | -€71,003 | -23.4% |
| Plant, machinery and equipment | 23 | €286,529 | €220,723 | -€65,806 | -23.0% |
| Furniture and vehicles | 24 | €17,156 | €11,959 | -€5,197 | -30.3% |
| Financial fixed assets | 28 | €2,890,593 | €2,890,593 | = | 0.0% |
| Current assets | 29/58 | €361,394 | €543,247 | +€181,853 | +50.3% |
| Stocks and contracts in progress | 3 | €200,117 | €225,885 | +€25,768 | +12.9% |
| Stocks | 30/36 | €200,117 | €225,885 | +€25,768 | +12.9% |
| Amounts receivable within one year | 40/41 | €95,881 | €261,157 | +€165,276 | +172% |
| Trade receivables | 40 | €85,574 | €176,240 | +€90,666 | +106% |
| Other amounts receivable | 41 | €10,307 | €84,917 | +€74,610 | +724% |
| Cash at bank and in hand | 54/58 | €59,949 | €51,044 | -€8,905 | -14.9% |
| Deferred charges and accrued income | 490/1 | €5,447 | €5,160 | -€287 | -5.3% |
| Total equity and liabilities | 10/49 | €3,555,672 | €3,666,522 | +€110,850 | +3.1% |
| Equity | 10/15 | €1,278,151 | €1,452,904 | +€174,753 | +13.7% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €1,028,151 | €1,202,904 | +€174,753 | +17.0% |
| Tax-exempt reserves | 132 | €17,674 | €17,674 | = | 0.0% |
| Distributable reserves | 133 | €1,010,478 | €1,185,230 | +€174,753 | +17.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,277,521 | €2,213,618 | -€63,903 | -2.8% |
| Amounts payable after more than one year | 17 | €1,247,951 | €1,066,325 | -€181,627 | -14.6% |
| Financial debts | 170/4 | €1,247,951 | €1,066,325 | -€181,627 | -14.6% |
| Amounts payable within one year | 42/48 | €1,029,570 | €1,147,294 | +€117,724 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €246,253 | €255,539 | +€9,286 | +3.8% |
| Trade debts | 44 | €51,106 | €132,350 | +€81,244 | +159% |
| Suppliers | 440/4 | €51,106 | €132,350 | +€81,244 | +159% |
| Taxes, remuneration and social security | 45 | €42,419 | €53,314 | +€10,895 | +25.7% |
| Taxes | 450/3 | €29,289 | €39,995 | +€10,706 | +36.6% |
| Remuneration and social security | 454/9 | €13,130 | €13,318 | +€188 | +1.4% |
| Other amounts payable | 47/48 | €689,792 | €706,091 | +€16,298 | +2.4% |
| Remuneration, social security and pensions | 62 | €105,082 | €109,915 | +€4,833 | +4.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,344 | €71,003 | -€4,341 | -5.8% |
| Other operating charges | 640/8 | €1,448 | €2,068 | +€620 | +42.8% |
| Gross operating margin | 9900 | €497,414 | €496,809 | -€605 | -0.1% |
| Operating profit (loss) | 9901 | €315,540 | €313,822 | -€1,717 | -0.5% |
| Financial income | 75/76B | €45,000 | €2,374 | -€42,626 | -94.7% |
| Recurring financial income | 75 | €45,000 | €2,374 | -€42,626 | -94.7% |
| Financial charges | 65/66B | €74,008 | €76,019 | +€2,011 | +2.7% |
| Recurring financial charges | 65 | €74,008 | €76,019 | +€2,011 | +2.7% |
| Profit (loss) for the period before taxes | 9903 | €286,532 | €240,177 | -€46,354 | -16.2% |
| Income taxes | 67/77 | €64,485 | €64,591 | +€107 | +0.2% |
| Profit (loss) for the period | 9904 | €222,047 | €175,586 | -€46,461 | -20.9% |
| Profit (loss) for the period to be appropriated | 9905 | €222,047 | €175,586 | -€46,461 | -20.9% |
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 19 October 2026 via checked.be.