VBE: 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.
VBE
Largest movements
- Cash +€32,132
up €32,132 (+21.7%), from €147,787 to €179,919
mainly Depreciation (+€23,262) and Net result for the year (+€16,754)
- Tangible fixed assets -€22,139
down €22,139 (-38.5%), from €57,537 to €35,397
- Receivables within one year -€13,710
down €13,710 (-43.2%), from €31,744 to €18,034
of which Trade receivables: -€9,432
- Stocks and contracts -€4,889
down €4,889 (-42.4%), from €11,529 to €6,640
- Financial fixed assets +€2,950
up €2,950 (+2380.0%), from €124 to €3,074
- Accrued charges and deferred income -€23,270
down €23,270 (-97.1%), from €23,961 to €692
- Trade debts +€9,929
up €9,929 (+172.9%), from €5,742 to €15,671
- Other debts +€9,033
up €9,033 (+72.8%), from €12,400 to €21,433
- Reserves -€4,700
down €4,700 (-5.3%), from €88,840 to €84,140
of which Distributable reserves: -€4,700
- Gross operating margin +€44,022
up €44,022 (+1362.5%), from €3,231 to €47,253
- Taxes +€5,398
up €5,398 (+1227.9%), from €440 to €5,838
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 | €256,207 | €250,130 | -€6,077 | -2.4% |
| Fixed assets | 21/28 | €57,661 | €38,471 | -€19,189 | -33.3% |
| Tangible fixed assets | 22/27 | €57,537 | €35,397 | -€22,139 | -38.5% |
| Furniture and vehicles | 24 | €57,537 | €35,397 | -€22,139 | -38.5% |
| Financial fixed assets | 28 | €124 | €3,074 | +€2,950 | +2380.0% |
| Current assets | 29/58 | €198,547 | €211,659 | +€13,112 | +6.6% |
| Stocks and contracts in progress | 3 | €11,529 | €6,640 | -€4,889 | -42.4% |
| Stocks | 30/36 | €11,529 | €6,640 | -€4,889 | -42.4% |
| Amounts receivable within one year | 40/41 | €31,744 | €18,034 | -€13,710 | -43.2% |
| Trade receivables | 40 | €23,697 | €14,265 | -€9,432 | -39.8% |
| Other amounts receivable | 41 | €8,046 | €3,769 | -€4,277 | -53.2% |
| Cash at bank and in hand | 54/58 | €147,787 | €179,919 | +€32,132 | +21.7% |
| Deferred charges and accrued income | 490/1 | €7,486 | €7,065 | -€421 | -5.6% |
| Total equity and liabilities | 10/49 | €256,207 | €250,130 | -€6,077 | -2.4% |
| Equity | 10/15 | €208,734 | €204,055 | -€4,679 | -2.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €88,840 | €84,140 | -€4,700 | -5.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €82,640 | €77,940 | -€4,700 | -5.7% |
| Profit (loss) carried forward | 14 | €57,894 | €57,915 | +€21 | 0.0% |
| Amounts payable | 17/49 | €47,474 | €46,075 | -€1,398 | -2.9% |
| Amounts payable within one year | 42/48 | €23,512 | €45,384 | +€21,871 | +93.0% |
| Financial debts | 43 | - | €1,338 | +€1,338 | |
| Credit institutions | 430/8 | - | €1,338 | +€1,338 | |
| Trade debts | 44 | €5,742 | €15,671 | +€9,929 | +172.9% |
| Suppliers | 440/4 | €5,742 | €15,671 | +€9,929 | +172.9% |
| Taxes, remuneration and social security | 45 | €5,370 | €6,942 | +€1,572 | +29.3% |
| Taxes | 450/3 | €3,000 | €4,572 | +€1,572 | +52.4% |
| Remuneration and social security | 454/9 | €2,370 | €2,370 | = | 0.0% |
| Other amounts payable | 47/48 | €12,400 | €21,433 | +€9,033 | +72.8% |
| Accrued charges and deferred income | 492/3 | €23,961 | €692 | -€23,270 | -97.1% |
| Remuneration, social security and pensions | 62 | €934 | €1,035 | +€101 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,831 | €23,262 | +€431 | +1.9% |
| Other operating charges | 640/8 | €1,557 | €1,824 | +€267 | +17.1% |
| Gross operating margin | 9900 | €3,231 | €47,253 | +€44,022 | +1362.5% |
| Operating profit (loss) | 9901 | -€22,092 | €21,132 | +€43,223 | |
| Financial income | 75/76B | €1,574 | €1,685 | +€111 | +7.1% |
| Recurring financial income | 75 | €1,574 | €1,685 | +€111 | +7.1% |
| Financial charges | 65/66B | €53 | €224 | +€171 | +322.1% |
| Recurring financial charges | 65 | €53 | €224 | +€171 | +322.1% |
| Profit (loss) for the period before taxes | 9903 | -€20,571 | €22,592 | +€43,163 | |
| Income taxes | 67/77 | €440 | €5,838 | +€5,398 | +1227.9% |
| Profit (loss) for the period | 9904 | -€21,011 | €16,754 | +€37,765 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,011 | €16,754 | +€37,765 |
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 11 October 2026 via checked.be.