VB Partners Group: what changed
Two fiscal 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 Partners Group
Largest movements
- Tangible fixed assets +€523,408
up €523,408 (+24.7%), from €2.1m to €2.6m
of which Land and buildings: +€521,055
- Cash -€111,658
down €111,658 (-13.4%), from €830,969 to €719,311
mainly Investment in fixed assets (net) (-€663,337) and Trade debts (-€117,163)
- Debts after one year +€274,444
up €274,444 (+14.6%), from €1.9m to €2.1m
of which Financial debts: +€274,444
- Trade debts -€117,163
down €117,163 (-33.5%), from €349,607 to €232,444
- Reserves +€114,275
up €114,275 (+23.4%), from €489,037 to €603,312
of which Distributable reserves: +€131,133
- Tax, wage and social debts +€68,239
up €68,239 (+239.3%), from €28,517 to €96,756
of which Taxes: +€68,239
- Gross operating margin +€176,695
up €176,695 (+69.2%), from €255,335 to €432,029
- Taxes +€48,304
up €48,304 (+231.2%), from €20,893 to €69,198
- Depreciation +€41,836
up €41,836 (+42.6%), from €98,093 to €139,929
- Financial charges -€15,217
down €15,217 (-16.3%), from €93,567 to €78,350
- Other operating charges +€4,390
up €4,390 (+38.2%), from €11,507 to €15,897
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 | €4,674,819 | €5,071,420 | +€396,601 | +8.5% |
| Fixed assets | 21/28 | €3,723,899 | €4,247,307 | +€523,408 | +14.1% |
| Tangible fixed assets | 22/27 | €2,121,799 | €2,645,207 | +€523,408 | +24.7% |
| Land and buildings | 22 | €2,089,235 | €2,610,289 | +€521,055 | +24.9% |
| Plant, machinery and equipment | 23 | €11,791 | €11,007 | -€784 | -6.6% |
| Furniture and vehicles | 24 | €10,740 | €16,004 | +€5,263 | +49.0% |
| Other tangible fixed assets | 26 | €10,034 | €7,907 | -€2,126 | -21.2% |
| Financial fixed assets | 28 | €1,602,100 | €1,602,100 | = | 0.0% |
| Current assets | 29/58 | €950,920 | €824,113 | -€126,807 | -13.3% |
| Amounts receivable within one year | 40/41 | €109,308 | €94,758 | -€14,549 | -13.3% |
| Trade receivables | 40 | €91,075 | €91,075 | = | 0.0% |
| Other amounts receivable | 41 | €18,233 | €3,684 | -€14,549 | -79.8% |
| Current investments | 50/53 | €3,559 | €3,559 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €830,969 | €719,311 | -€111,658 | -13.4% |
| Deferred charges and accrued income | 490/1 | €7,084 | €6,484 | -€600 | -8.5% |
| Total equity and liabilities | 10/49 | €4,674,819 | €5,071,420 | +€396,601 | +8.5% |
| Equity | 10/15 | €1,995,237 | €2,109,512 | +€114,275 | +5.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €489,037 | €603,312 | +€114,275 | +23.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €273,870 | €257,012 | -€16,858 | -6.2% |
| Distributable reserves | 133 | €215,167 | €346,300 | +€131,133 | +60.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €123,790 | €118,171 | -€5,619 | -4.5% |
| Provisions for liabilities and charges | 160/5 | €35,000 | €35,000 | = | 0.0% |
| Environmental obligations | 163 | €35,000 | €35,000 | = | 0.0% |
| Deferred taxes | 168 | €88,790 | €83,171 | -€5,619 | -6.3% |
| Amounts payable | 17/49 | €2,555,792 | €2,843,737 | +€287,945 | +11.3% |
| Amounts payable after more than one year | 17 | €1,874,950 | €2,149,394 | +€274,444 | +14.6% |
| Financial debts | 170/4 | €1,871,980 | €2,146,424 | +€274,444 | +14.7% |
| Other amounts payable | 178/9 | €2,970 | €2,970 | = | 0.0% |
| Amounts payable within one year | 42/48 | €680,842 | €694,343 | +€13,501 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €142,239 | €158,633 | +€16,394 | +11.5% |
| Trade debts | 44 | €349,607 | €232,444 | -€117,163 | -33.5% |
| Suppliers | 440/4 | €349,607 | €232,444 | -€117,163 | -33.5% |
| Taxes, remuneration and social security | 45 | €28,517 | €96,756 | +€68,239 | +239.3% |
| Taxes | 450/3 | €25,617 | €93,856 | +€68,239 | +266.4% |
| Remuneration and social security | 454/9 | €2,900 | €2,900 | = | 0.0% |
| Other amounts payable | 47/48 | €160,479 | €206,511 | +€46,032 | +28.7% |
| Non-recurring operating income | 76A | €36,492 | €0 | -€36,492 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,093 | €139,929 | +€41,836 | +42.6% |
| Other operating charges | 640/8 | €11,507 | €15,897 | +€4,390 | +38.2% |
| Non-recurring operating charges | 66A | €3,387 | €0 | -€3,387 | -100.0% |
| Gross operating margin | 9900 | €255,335 | €432,029 | +€176,695 | +69.2% |
| Operating profit (loss) | 9901 | €142,347 | €276,203 | +€133,856 | +94.0% |
| Financial income | 75/76B | €536 | €0 | -€536 | -100.0% |
| Recurring financial income | 75 | €536 | €0 | -€536 | -100.0% |
| Financial charges | 65/66B | €93,567 | €78,350 | -€15,217 | -16.3% |
| Recurring financial charges | 65 | €93,567 | €78,350 | -€15,217 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | €49,316 | €197,854 | +€148,537 | +301.2% |
| Transfer from deferred taxes | 780 | €4,027 | €5,619 | +€1,592 | +39.5% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €20,893 | €69,198 | +€48,304 | +231.2% |
| Profit (loss) for the period | 9904 | €32,450 | €134,275 | +€101,825 | +313.8% |
| Transfer from tax-exempt reserves | 789 | €12,081 | €16,858 | +€4,777 | +39.5% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €44,531 | €151,133 | +€106,602 | +239.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.