VB RAD: 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 RAD
Largest movements
- Receivables after one year +€82,000
up €82,000 (+96.5%), from €85,000 to €167,000
- Financial fixed assets +€66,500
new in 2025: €66,500
- Cash +€61,547
up €61,547 (+51.2%), from €120,171 to €181,718
mainly Debts after one year (+€339,895) and Net result for the year (+€211,169)
- Receivables within one year +€58,805
up €58,805 (+53.0%), from €110,935 to €169,740
of which Trade receivables: +€45,417
- Tangible fixed assets +€52,109
up €52,109 (+71.2%), from €73,202 to €125,311
of which Other tangible fixed assets: +€44,027
- Debts after one year +€339,895
new in 2025: €339,895
- Reserves -€336,991
no longer reported in 2025 (was €336,991)
- Other debts +€211,169
new in 2025: €211,169
- Current portion of long-term debt +€83,251
new in 2025: €83,251
- Tax, wage and social debts +€25,963
up €25,963 (+52.5%), from €49,460 to €75,423
- Gross operating margin +€77,842
up €77,842 (+35.9%), from €216,855 to €294,698
- Taxes +€17,286
up €17,286 (+35.5%), from €48,677 to €65,963
- Depreciation +€5,485
up €5,485 (+45.1%), from €12,154 to €17,639
- Financial charges +€3,572
up €3,572 (+179.4%), from €1,991 to €5,563
- Financial income +€3,055
up €3,055 (+112.8%), from €2,709 to €5,764
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 | €394,120 | €718,082 | +€323,962 | +82.2% |
| Fixed assets | 21/28 | €73,202 | €191,811 | +€118,609 | +162.0% |
| Tangible fixed assets | 22/27 | €73,202 | €125,311 | +€52,109 | +71.2% |
| Plant, machinery and equipment | 23 | €2,085 | €1,094 | -€991 | -47.5% |
| Furniture and vehicles | 24 | €5,304 | €14,376 | +€9,072 | +171.0% |
| Other tangible fixed assets | 26 | €65,813 | €109,841 | +€44,027 | +66.9% |
| Financial fixed assets | 28 | - | €66,500 | +€66,500 | |
| Current assets | 29/58 | €320,918 | €526,271 | +€205,353 | +64.0% |
| Amounts receivable after more than one year | 29 | €85,000 | €167,000 | +€82,000 | +96.5% |
| Other amounts receivable | 291 | €85,000 | €167,000 | +€82,000 | +96.5% |
| Amounts receivable within one year | 40/41 | €110,935 | €169,740 | +€58,805 | +53.0% |
| Trade receivables | 40 | €78,797 | €124,214 | +€45,417 | +57.6% |
| Other amounts receivable | 41 | €32,138 | €45,526 | +€13,388 | +41.7% |
| Cash at bank and in hand | 54/58 | €120,171 | €181,718 | +€61,547 | +51.2% |
| Deferred charges and accrued income | 490/1 | €4,813 | €7,813 | +€3,000 | +62.3% |
| Total equity and liabilities | 10/49 | €394,120 | €718,082 | +€323,962 | +82.2% |
| Equity | 10/15 | €341,991 | €5,000 | -€336,991 | -98.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €336,991 | - | -€336,991 | |
| Distributable reserves | 133 | €336,991 | - | -€336,991 | |
| Amounts payable | 17/49 | €52,130 | €713,082 | +€660,952 | +1267.9% |
| Amounts payable after more than one year | 17 | - | €339,895 | +€339,895 | |
| Financial debts | 170/4 | - | €339,895 | +€339,895 | |
| Amounts payable within one year | 42/48 | €52,130 | €372,611 | +€320,481 | +614.8% |
| Current portion of amounts payable after more than one year | 42 | - | €83,251 | +€83,251 | |
| Trade debts | 44 | €2,670 | €2,769 | +€100 | +3.7% |
| Suppliers | 440/4 | €2,670 | €2,769 | +€100 | +3.7% |
| Taxes, remuneration and social security | 45 | €49,460 | €75,423 | +€25,963 | +52.5% |
| Taxes | 450/3 | €49,460 | €75,423 | +€25,963 | +52.5% |
| Other amounts payable | 47/48 | - | €211,169 | +€211,169 | |
| Accrued charges and deferred income | 492/3 | - | €576 | +€576 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,154 | €17,639 | +€5,485 | +45.1% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €216,855 | €294,698 | +€77,842 | +35.9% |
| Operating profit (loss) | 9901 | €204,576 | €276,931 | +€72,355 | +35.4% |
| Financial income | 75/76B | €2,709 | €5,764 | +€3,055 | +112.8% |
| Recurring financial income | 75 | €2,709 | €5,764 | +€3,055 | +112.8% |
| Financial charges | 65/66B | €1,991 | €5,563 | +€3,572 | +179.4% |
| Recurring financial charges | 65 | €1,991 | €5,563 | +€3,572 | +179.4% |
| Profit (loss) for the period before taxes | 9903 | €205,293 | €277,131 | +€71,838 | +35.0% |
| Income taxes | 67/77 | €48,677 | €65,963 | +€17,286 | +35.5% |
| Profit (loss) for the period | 9904 | €156,617 | €211,169 | +€54,552 | +34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €156,617 | €211,169 | +€54,552 | +34.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.