VB RENDERS: 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 RENDERS
Largest movements
- Receivables within one year -€103,156
down €103,156 (-54.9%), from €187,937 to €84,781
of which Trade receivables: -€105,126
- Cash +€101,621
up €101,621 (+52.2%), from €194,575 to €296,196
mainly Receivables within one year (+€103,156) and Stocks and contracts (+€86,946)
- Stocks and contracts -€86,946
down €86,946 (-35.9%), from €242,044 to €155,098
- Current investments +€25,000
up €25,000 (+5.0%), from €496,500 to €521,500
- Tangible fixed assets -€20,509
down €20,509 (-5.5%), from €371,521 to €351,013
of which Land and buildings: -€17,798
- Debts after one year -€40,000
down €40,000 (-60.0%), from €66,667 to €26,667
- Current portion of long-term debt -€35,000
down €35,000 (-46.7%), from €75,000 to €40,000
- Other debts +€26,638
up €26,638 (+19.4%), from €137,577 to €164,214
- Gross operating margin -€223,005
down €223,005 (-92.1%), from €242,044 to €19,039
- Taxes -€49,305
down €49,305 (-99.6%), from €49,481 to €176
- Financial charges -€7,737
down €7,737 (-59.9%), from €12,905 to €5,169
- Depreciation -€7,699
down €7,699 (-23.9%), from €32,198 to €24,499
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 | €1,495,716 | €1,431,973 | -€63,743 | -4.3% |
| Fixed assets | 21/28 | €371,521 | €351,013 | -€20,509 | -5.5% |
| Tangible fixed assets | 22/27 | €371,521 | €351,013 | -€20,509 | -5.5% |
| Land and buildings | 22 | €365,187 | €347,389 | -€17,798 | -4.9% |
| Plant, machinery and equipment | 23 | - | €3,624 | +€3,624 | |
| Furniture and vehicles | 24 | €6,334 | €0 | -€6,334 | -100.0% |
| Current assets | 29/58 | €1,124,195 | €1,080,960 | -€43,235 | -3.8% |
| Stocks and contracts in progress | 3 | €242,044 | €155,098 | -€86,946 | -35.9% |
| Stocks | 30/36 | €242,044 | €155,098 | -€86,946 | -35.9% |
| Amounts receivable within one year | 40/41 | €187,937 | €84,781 | -€103,156 | -54.9% |
| Trade receivables | 40 | €144,548 | €39,421 | -€105,126 | -72.7% |
| Other amounts receivable | 41 | €43,389 | €45,360 | +€1,971 | +4.5% |
| Current investments | 50/53 | €496,500 | €521,500 | +€25,000 | +5.0% |
| Cash at bank and in hand | 54/58 | €194,575 | €296,196 | +€101,621 | +52.2% |
| Deferred charges and accrued income | 490/1 | €3,139 | €23,385 | +€20,247 | +645.1% |
| Total equity and liabilities | 10/49 | €1,495,716 | €1,431,973 | -€63,743 | -4.3% |
| Equity | 10/15 | €1,189,178 | €1,178,251 | -€10,927 | -0.9% |
| Contributions | 10/11 | €238,000 | €238,000 | = | 0.0% |
| Reserves | 13 | €951,178 | €940,251 | -€10,927 | -1.1% |
| Distributable reserves | 133 | €951,178 | €940,251 | -€10,927 | -1.1% |
| Amounts payable | 17/49 | €306,538 | €253,722 | -€52,816 | -17.2% |
| Amounts payable after more than one year | 17 | €66,667 | €26,667 | -€40,000 | -60.0% |
| Financial debts | 170/4 | €66,667 | €26,667 | -€40,000 | -60.0% |
| Amounts payable within one year | 42/48 | €229,697 | €227,031 | -€2,666 | -1.2% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | €40,000 | -€35,000 | -46.7% |
| Trade debts | 44 | €16,451 | €20,824 | +€4,372 | +26.6% |
| Suppliers | 440/4 | €16,451 | €20,824 | +€4,372 | +26.6% |
| Taxes, remuneration and social security | 45 | €669 | €1,993 | +€1,324 | +197.8% |
| Taxes | 450/3 | €669 | €1,993 | +€1,324 | +197.8% |
| Other amounts payable | 47/48 | €137,577 | €164,214 | +€26,638 | +19.4% |
| Accrued charges and deferred income | 492/3 | €10,174 | €24 | -€10,150 | -99.8% |
| Non-recurring operating income | 76A | €400 | €0 | -€400 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,198 | €24,499 | -€7,699 | -23.9% |
| Other operating charges | 640/8 | €2,860 | €2,968 | +€107 | +3.8% |
| Gross operating margin | 9900 | €242,044 | €19,039 | -€223,005 | -92.1% |
| Operating profit (loss) | 9901 | €206,986 | -€8,427 | -€215,413 | |
| Financial income | 75/76B | €2,942 | €2,845 | -€97 | -3.3% |
| Recurring financial income | 75 | €2,942 | €2,845 | -€97 | -3.3% |
| Financial charges | 65/66B | €12,905 | €5,169 | -€7,737 | -59.9% |
| Recurring financial charges | 65 | €12,905 | €5,169 | -€7,737 | -59.9% |
| Profit (loss) for the period before taxes | 9903 | €197,022 | -€10,751 | -€207,773 | |
| Income taxes | 67/77 | €49,481 | €176 | -€49,305 | -99.6% |
| Profit (loss) for the period | 9904 | €147,541 | -€10,927 | -€158,468 | |
| Profit (loss) for the period to be appropriated | 9905 | €147,541 | -€10,927 | -€158,468 |
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 8 October 2026 via checked.be.