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
- Cash +€59,650
up €59,650 (+102.2%), from €58,387 to €118,037
mainly Debts after one year (+€58,823) and Depreciation (+€51,257)
- Tangible fixed assets -€38,295
down €38,295 (-7.3%), from €525,786 to €487,491
of which Land and buildings: -€40,455
- Receivables within one year -€27,144
down €27,144 (-49.7%), from €54,617 to €27,472
of which Trade receivables: -€35,393
- Other debts -€98,462
down €98,462 (-64.6%), from €152,408 to €53,947
- Debts after one year +€58,823
up €58,823 (+13.5%), from €434,355 to €493,177
- Trade debts +€37,018
up €37,018 (+1326.9%), from €2,790 to €39,808
- Gross operating margin -€19,729
down €19,729 (-22.6%), from €87,204 to €67,475
- Taxes -€4,766
down €4,766 (-46.0%), from €10,352 to €5,585
- Depreciation +€1,154
up €1,154 (+2.3%), from €50,103 to €51,257
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 | €639,549 | €635,806 | -€3,743 | -0.6% |
| Fixed assets | 21/28 | €525,786 | €487,491 | -€38,295 | -7.3% |
| Tangible fixed assets | 22/27 | €525,786 | €487,491 | -€38,295 | -7.3% |
| Land and buildings | 22 | €521,218 | €480,763 | -€40,455 | -7.8% |
| Furniture and vehicles | 24 | €4,568 | €6,728 | +€2,160 | +47.3% |
| Current assets | 29/58 | €113,763 | €148,315 | +€34,552 | +30.4% |
| Amounts receivable within one year | 40/41 | €54,617 | €27,472 | -€27,144 | -49.7% |
| Trade receivables | 40 | €54,450 | €19,058 | -€35,393 | -65.0% |
| Other amounts receivable | 41 | €167 | €8,415 | +€8,248 | +4944.9% |
| Cash at bank and in hand | 54/58 | €58,387 | €118,037 | +€59,650 | +102.2% |
| Deferred charges and accrued income | 490/1 | €759 | €2,806 | +€2,047 | +269.6% |
| Total equity and liabilities | 10/49 | €639,549 | €635,806 | -€3,743 | -0.6% |
| Equity | 10/15 | -€5,821 | -€2,312 | +€3,509 | +60.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€24,421 | -€20,912 | +€3,509 | +14.4% |
| Amounts payable | 17/49 | €645,370 | €638,118 | -€7,252 | -1.1% |
| Amounts payable after more than one year | 17 | €434,355 | €493,177 | +€58,823 | +13.5% |
| Financial debts | 170/4 | €434,355 | €493,177 | +€58,823 | +13.5% |
| Amounts payable within one year | 42/48 | €210,313 | €144,781 | -€65,533 | -31.2% |
| Current portion of amounts payable after more than one year | 42 | €40,627 | €41,177 | +€551 | +1.4% |
| Trade debts | 44 | €2,790 | €39,808 | +€37,018 | +1326.9% |
| Suppliers | 440/4 | €2,790 | €39,808 | +€37,018 | +1326.9% |
| Taxes, remuneration and social security | 45 | €14,488 | €9,849 | -€4,640 | -32.0% |
| Taxes | 450/3 | €14,488 | €9,849 | -€4,640 | -32.0% |
| Other amounts payable | 47/48 | €152,408 | €53,947 | -€98,462 | -64.6% |
| Accrued charges and deferred income | 492/3 | €702 | €160 | -€542 | -77.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,103 | €51,257 | +€1,154 | +2.3% |
| Other operating charges | 640/8 | €894 | €673 | -€222 | -24.8% |
| Gross operating margin | 9900 | €87,204 | €67,475 | -€19,729 | -22.6% |
| Operating profit (loss) | 9901 | €36,207 | €15,545 | -€20,662 | -57.1% |
| Financial charges | 65/66B | €6,876 | €6,451 | -€425 | -6.2% |
| Recurring financial charges | 65 | €6,876 | €6,451 | -€425 | -6.2% |
| Profit (loss) for the period before taxes | 9903 | €29,330 | €9,094 | -€20,237 | -69.0% |
| Income taxes | 67/77 | €10,352 | €5,585 | -€4,766 | -46.0% |
| Profit (loss) for the period | 9904 | €18,979 | €3,509 | -€15,470 | -81.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,979 | €3,509 | -€15,470 | -81.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.