VB MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€136,574
down €136,574 (-7.3%), from €1.9m to €1.7m
of which Land and buildings: -€116,303
- Cash -€45,203
down €45,203 (-64.7%), from €69,814 to €24,611
mainly Debts after one year (-€89,470) and Net result for the year (-€81,359)
- Receivables within one year +€29,862
up €29,862 (+24.8%), from €120,616 to €150,478
- Debts after one year -€89,470
down €89,470 (-21.5%), from €417,101 to €327,630
- Reserves -€81,359
down €81,359 (-11.1%), from €730,618 to €649,258
- Short-term financial debts +€40,000
up €40,000 (+160%), from €25,000 to €65,000
- Other debts -€31,959
down €31,959 (-6.1%), from €521,069 to €489,110
- Tax, wage and social debts -€22,465
down €22,465 (-99.1%), from €22,665 to €200
of which Taxes: -€22,465
- Financial charges +€22,989
up €22,989 (+79.3%), from €28,979 to €51,967
- Depreciation -€13,363
down €13,363 (-10.6%), from €125,515 to €112,153
- Financial income -€8,856
down €8,856 (-93.9%), from €9,435 to €579
of which Non-recurring financial income: -€8,856
- Gross operating margin -€5,179
down €5,179 (-5.1%), from €102,157 to €96,977
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 | €2,128,196 | €1,961,567 | -€166,629 | -7.8% |
| Fixed assets | 21/28 | €1,869,285 | €1,732,711 | -€136,574 | -7.3% |
| Tangible fixed assets | 22/27 | €1,869,235 | €1,732,661 | -€136,574 | -7.3% |
| Land and buildings | 22 | €1,834,302 | €1,717,999 | -€116,303 | -6.3% |
| Furniture and vehicles | 24 | €5,764 | €816 | -€4,948 | -85.8% |
| Other tangible fixed assets | 26 | €29,168 | €13,845 | -€15,323 | -52.5% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €258,911 | €228,856 | -€30,055 | -11.6% |
| Stocks and contracts in progress | 3 | €68,327 | €53,767 | -€14,560 | -21.3% |
| Stocks | 30/36 | €68,327 | €53,767 | -€14,560 | -21.3% |
| Amounts receivable within one year | 40/41 | €120,616 | €150,478 | +€29,862 | +24.8% |
| Other amounts receivable | 41 | €120,616 | €150,478 | +€29,862 | +24.8% |
| Cash at bank and in hand | 54/58 | €69,814 | €24,611 | -€45,203 | -64.7% |
| Deferred charges and accrued income | 490/1 | €154 | €0 | -€154 | -100% |
| Total equity and liabilities | 10/49 | €2,128,196 | €1,961,567 | -€166,629 | -7.8% |
| Equity | 10/15 | €1,030,618 | €949,258 | -€81,359 | -7.9% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €730,618 | €649,258 | -€81,359 | -11.1% |
| Distributable reserves | 133 | €730,618 | €649,258 | -€81,359 | -11.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,097,578 | €1,012,308 | -€85,270 | -7.8% |
| Amounts payable after more than one year | 17 | €417,101 | €327,630 | -€89,470 | -21.5% |
| Financial debts | 170/4 | €417,101 | €327,630 | -€89,470 | -21.5% |
| Amounts payable within one year | 42/48 | €664,189 | €646,288 | -€17,901 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €93,487 | €89,470 | -€4,017 | -4.3% |
| Financial debts | 43 | €25,000 | €65,000 | +€40,000 | +160% |
| Credit institutions | 430/8 | €25,000 | €65,000 | +€40,000 | +160% |
| Trade debts | 44 | €1,968 | €2,508 | +€540 | +27.4% |
| Suppliers | 440/4 | €1,968 | €2,508 | +€540 | +27.4% |
| Taxes, remuneration and social security | 45 | €22,665 | €200 | -€22,465 | -99.1% |
| Taxes | 450/3 | €22,665 | €200 | -€22,465 | -99.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €521,069 | €489,110 | -€31,959 | -6.1% |
| Accrued charges and deferred income | 492/3 | €16,288 | €38,389 | +€22,101 | +136% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,515 | €112,153 | -€13,363 | -10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €15,041 | €14,795 | -€245 | -1.6% |
| Gross operating margin | 9900 | €102,157 | €96,977 | -€5,179 | -5.1% |
| Operating profit (loss) | 9901 | -€38,399 | -€29,971 | +€8,428 | +21.9% |
| Financial income | 75/76B | €9,435 | €579 | -€8,856 | -93.9% |
| Recurring financial income | 75 | €0 | €579 | +€579 | |
| Non-recurring financial income | 76B | €9,435 | €579 | -€8,856 | -93.9% |
| Financial charges | 65/66B | €28,979 | €51,967 | +€22,989 | +79.3% |
| Recurring financial charges | 65 | €28,979 | €51,967 | +€22,989 | +79.3% |
| Profit (loss) for the period before taxes | 9903 | -€57,943 | -€81,359 | -€23,417 | -40.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€57,943 | -€81,359 | -€23,417 | -40.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,943 | -€81,359 | -€23,417 | -40.4% |
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 16 October 2026 via checked.be.