VB Investments: what changed
What changed
VB Investments
filed annual accounts (NBB)
Net result for the year
-€5,933
2024 · €59,621-€65,554
Equity
€738,110
2024 · €772,406-€34,296
Cash
€36,238
2024 · €156,808-€120,569
Balance sheet total
€779,048
2024 · €849,274-€70,226
Largest movements
Assets
- Current investments +€140,000
new in 2025: €140,000
- Cash -€120,569
down €120,569 (-76.9%), from €156,808 to €36,238
mainly Current investments (-€140,000) and Short-term financial debts (-€60,459)
- Receivables within one year -€77,041
down €77,041 (-99.4%), from €77,543 to €502
- Tangible fixed assets -€10,217
down €10,217 (-2.5%), from €411,293 to €401,076
Equity and liabilities
- Short-term financial debts -€60,459
down €60,459 (-100%), from €60,459 to €0
- Reserves -€34,296
down €34,296 (-10.8%), from €316,206 to €281,910
of which Distributable reserves: -€33,695
- Other debts +€27,218
up €27,218 (+439%), from €6,193 to €33,411
Income statement
- Gross operating margin -€110,104
down €110,104 (-96.0%), from €114,684 to €4,580
- Taxes -€32,549
down €32,549 (-100%), from €32,549 to €0
- Financial charges -€15,262
down €15,262 (-93.4%), from €16,342 to €1,080
- Other operating charges -€3,901
down €3,901 (-66.9%), from €5,830 to €1,929
- Financial income -€1,721
down €1,721 (-40.7%), from €4,234 to €2,513
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€59,621
Gross operating margin
-€110,104
Depreciation
-€139
Other operating charges
+€3,901
Financial income
-€1,721
Financial charges
+€15,262
Taxes
+€32,549
Deferred taxes and other
-€5,302
Result 2025
-€5,933
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€108,253
Investment
-€140,000
Financing
-€88,822
Cash 2024
€156,808
From operations (derived)
+€108,253
Net result for the year
-€5,933
Depreciation
+€10,217
Receivables within one year
+€77,041
Deferred charges and accrued income
+€2,398
Smaller working-capital items
-€409
Tax, wage and social debts
-€2,279
Other debts
+€27,218
Investment (derived)
-€140,000
Current investments
-€140,000
Financing
-€88,822
Short-term financial debts
-€60,459
Contributions, distributions and other
-€28,363
Cash 2025
€36,238
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €849,274 | €779,048 | -€70,226 | -8.3% |
| Fixed assets | 21/28 | €610,666 | €600,449 | -€10,217 | -1.7% |
| Tangible fixed assets | 22/27 | €411,293 | €401,076 | -€10,217 | -2.5% |
| Land and buildings | 22 | €411,293 | €401,076 | -€10,217 | -2.5% |
| Financial fixed assets | 28 | €199,373 | €199,373 | = | 0.0% |
| Current assets | 29/58 | €238,608 | €178,600 | -€60,008 | -25.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €77,543 | €502 | -€77,041 | -99.4% |
| Other amounts receivable | 41 | €77,543 | €502 | -€77,041 | -99.4% |
| Current investments | 50/53 | - | €140,000 | +€140,000 | |
| Cash at bank and in hand | 54/58 | €156,808 | €36,238 | -€120,569 | -76.9% |
| Deferred charges and accrued income | 490/1 | €4,257 | €1,859 | -€2,398 | -56.3% |
| Total equity and liabilities | 10/49 | €849,274 | €779,048 | -€70,226 | -8.3% |
| Equity | 10/15 | €772,406 | €738,110 | -€34,296 | -4.4% |
| Contributions | 10/11 | €456,200 | €456,200 | = | 0.0% |
| Reserves | 13 | €316,206 | €281,910 | -€34,296 | -10.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €36,585 | €35,984 | -€601 | -1.6% |
| Distributable reserves | 133 | €279,621 | €245,926 | -€33,695 | -12.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €6,211 | €6,011 | -€200 | -3.2% |
| Deferred taxes | 168 | €6,211 | €6,011 | -€200 | -3.2% |
| Amounts payable | 17/49 | €70,657 | €34,927 | -€35,729 | -50.6% |
| Amounts payable within one year | 42/48 | €69,505 | €33,710 | -€35,795 | -51.5% |
| Financial debts | 43 | €60,459 | €0 | -€60,459 | -100% |
| Credit institutions | 430/8 | €60,459 | €0 | -€60,459 | -100% |
| Trade debts | 44 | €463 | €189 | -€274 | -59.2% |
| Suppliers | 440/4 | €463 | €189 | -€274 | -59.2% |
| Taxes, remuneration and social security | 45 | €2,390 | €110 | -€2,279 | -95.4% |
| Taxes | 450/3 | €2,390 | €110 | -€2,279 | -95.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,193 | €33,411 | +€27,218 | +439% |
| Accrued charges and deferred income | 492/3 | €1,152 | €1,218 | +€66 | +5.7% |
| Non-recurring operating income | 76A | €117,850 | €0 | -€117,850 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,079 | €10,217 | +€139 | +1.4% |
| Other operating charges | 640/8 | €5,830 | €1,929 | -€3,901 | -66.9% |
| Gross operating margin | 9900 | €114,684 | €4,580 | -€110,104 | -96.0% |
| Operating profit (loss) | 9901 | €98,775 | -€7,566 | -€106,342 | |
| Financial income | 75/76B | €4,234 | €2,513 | -€1,721 | -40.7% |
| Recurring financial income | 75 | €4,234 | €2,513 | -€1,721 | -40.7% |
| Financial charges | 65/66B | €16,342 | €1,080 | -€15,262 | -93.4% |
| Recurring financial charges | 65 | €16,342 | €1,080 | -€15,262 | -93.4% |
| Profit (loss) for the period before taxes | 9903 | €86,667 | -€6,133 | -€92,801 | |
| Transfer from deferred taxes | 780 | €5,503 | €200 | -€5,302 | -96.4% |
| Income taxes | 67/77 | €32,549 | €0 | -€32,549 | -100% |
| Profit (loss) for the period | 9904 | €59,621 | -€5,933 | -€65,554 | |
| Transfer from tax-exempt reserves | 789 | €16,510 | €601 | -€15,909 | -96.4% |
| Profit (loss) for the period to be appropriated | 9905 | €76,131 | -€5,332 | -€81,463 |
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.