VB INVEST: 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 INVEST
Largest movements
- Cash -€76,684
down €76,684 (-33.8%), from €227,163 to €150,479
mainly Investment in fixed assets (net) (-€82,459) and Debts after one year (-€67,804)
- Stocks and contracts -€29,074
down €29,074 (-14.4%), from €201,463 to €172,389
- Debts after one year -€67,804
down €67,804 (-10.2%), from €664,581 to €596,777
of which Financial debts: -€42,696
- Trade debts -€35,403
down €35,403 (-28.8%), from €123,117 to €87,714
- Gross operating margin -€45,923
down €45,923 (-16.0%), from €286,738 to €240,815
- Staff costs -€35,908
down €35,908 (-22.8%), from €157,388 to €121,480
- Other operating charges +€7,522
up €7,522 (+143%), from €5,256 to €12,778
- Depreciation -€5,138
down €5,138 (-5.4%), from €94,859 to €89,721
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 | €1,181,673 | €1,061,765 | -€119,908 | -10.1% |
| Fixed assets | 21/28 | €650,267 | €643,006 | -€7,261 | -1.1% |
| Tangible fixed assets | 22/27 | €637,217 | €629,956 | -€7,261 | -1.1% |
| Land and buildings | 22 | €538,038 | €506,509 | -€31,529 | -5.9% |
| Plant, machinery and equipment | 23 | €30,867 | €22,213 | -€8,654 | -28.0% |
| Furniture and vehicles | 24 | €68,313 | €101,234 | +€32,921 | +48.2% |
| Financial fixed assets | 28 | €13,050 | €13,050 | = | 0.0% |
| Current assets | 29/58 | €531,406 | €418,759 | -€112,647 | -21.2% |
| Stocks and contracts in progress | 3 | €201,463 | €172,389 | -€29,074 | -14.4% |
| Stocks | 30/36 | €201,463 | €172,389 | -€29,074 | -14.4% |
| Amounts receivable within one year | 40/41 | €97,699 | €90,168 | -€7,530 | -7.7% |
| Trade receivables | 40 | €54,177 | €31,590 | -€22,588 | -41.7% |
| Other amounts receivable | 41 | €43,522 | €58,579 | +€15,057 | +34.6% |
| Cash at bank and in hand | 54/58 | €227,163 | €150,479 | -€76,684 | -33.8% |
| Deferred charges and accrued income | 490/1 | €5,082 | €5,723 | +€641 | +12.6% |
| Total equity and liabilities | 10/49 | €1,181,673 | €1,061,765 | -€119,908 | -10.1% |
| Equity | 10/15 | €279,232 | €278,900 | -€332 | -0.1% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €34,824 | €34,824 | = | 0.0% |
| Distributable reserves | 133 | €34,824 | €34,824 | = | 0.0% |
| Profit (loss) carried forward | 14 | €230,148 | €229,816 | -€332 | -0.1% |
| Amounts payable | 17/49 | €902,442 | €782,865 | -€119,576 | -13.3% |
| Amounts payable after more than one year | 17 | €664,581 | €596,777 | -€67,804 | -10.2% |
| Financial debts | 170/4 | €396,349 | €353,652 | -€42,696 | -10.8% |
| Other amounts payable | 178/9 | €268,232 | €243,124 | -€25,107 | -9.4% |
| Amounts payable within one year | 42/48 | €237,861 | €186,088 | -€51,773 | -21.8% |
| Current portion of amounts payable after more than one year | 42 | €47,589 | €42,696 | -€4,893 | -10.3% |
| Trade debts | 44 | €123,117 | €87,714 | -€35,403 | -28.8% |
| Suppliers | 440/4 | €123,117 | €87,714 | -€35,403 | -28.8% |
| Advances received on contracts in progress | 46 | - | €5,000 | +€5,000 | |
| Taxes, remuneration and social security | 45 | €38,828 | €27,322 | -€11,506 | -29.6% |
| Taxes | 450/3 | €9,139 | €3,984 | -€5,155 | -56.4% |
| Remuneration and social security | 454/9 | €29,689 | €23,337 | -€6,351 | -21.4% |
| Other amounts payable | 47/48 | €28,327 | €23,356 | -€4,971 | -17.5% |
| Remuneration, social security and pensions | 62 | €157,388 | €121,480 | -€35,908 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,859 | €89,721 | -€5,138 | -5.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€2 | - | +€2 | |
| Other operating charges | 640/8 | €5,256 | €12,778 | +€7,522 | +143% |
| Gross operating margin | 9900 | €286,738 | €240,815 | -€45,923 | -16.0% |
| Operating profit (loss) | 9901 | €29,237 | €16,836 | -€12,401 | -42.4% |
| Financial income | 75/76B | €0 | €200 | +€200 | +2,004,800% |
| Recurring financial income | 75 | €0 | €200 | +€200 | +2,004,800% |
| Financial charges | 65/66B | €15,391 | €15,312 | -€79 | -0.5% |
| Recurring financial charges | 65 | €15,391 | €15,312 | -€79 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €13,847 | €1,725 | -€12,121 | -87.5% |
| Income taxes | 67/77 | €4,022 | €2,057 | -€1,965 | -48.9% |
| Profit (loss) for the period | 9904 | €9,824 | -€332 | -€10,156 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,824 | -€332 | -€10,156 |
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 26 October 2026 via checked.be.