VBG: 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.
VBG
Largest movements
- Tangible fixed assets +€499,428
up €499,428 (+67.8%), from €736,874 to €1.2m
of which Land and buildings: +€502,823
- Current investments -€99,888
down €99,888 (-89.1%), from €112,146 to €12,258
- Receivables within one year -€77,911
down €77,911 (-82.5%), from €94,407 to €16,495
of which Other amounts receivable: -€79,254
- Debts after one year +€341,389
up €341,389 (+150%), from €227,440 to €568,829
- Reserves -€44,907
down €44,907 (-7.2%), from €622,848 to €577,942
- Current portion of long-term debt +€21,263
up €21,263 (+62.4%), from €34,052 to €55,315
- Other operating charges +€57,800
up €57,800 (+1,001%), from €5,773 to €63,573
- Taxes -€32,885
down €32,885 (-91.0%), from €36,125 to €3,240
- Gross operating margin -€17,919
down €17,919 (-7.8%), from €228,747 to €210,829
- Staff costs +€8,804
up €8,804 (+16.5%), from €53,301 to €62,105
- Depreciation +€5,272
up €5,272 (+8.1%), from €65,022 to €70,294
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.
Derived cash bridge
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 | €962,423 | €1,278,483 | +€316,061 | +32.8% |
| Fixed assets | 21/28 | €737,105 | €1,236,533 | +€499,428 | +67.8% |
| Tangible fixed assets | 22/27 | €736,874 | €1,236,303 | +€499,428 | +67.8% |
| Land and buildings | 22 | €655,731 | €1,158,555 | +€502,823 | +76.7% |
| Plant, machinery and equipment | 23 | €36,255 | €30,580 | -€5,675 | -15.7% |
| Furniture and vehicles | 24 | €31,129 | €30,029 | -€1,100 | -3.5% |
| Leasing and similar rights | 25 | €12,352 | €6,927 | -€5,425 | -43.9% |
| Other tangible fixed assets | 26 | €1,407 | €10,213 | +€8,806 | +626% |
| Financial fixed assets | 28 | €230 | €230 | = | 0.0% |
| Current assets | 29/58 | €225,318 | €41,950 | -€183,367 | -81.4% |
| Stocks and contracts in progress | 3 | €1,000 | €691 | -€309 | -30.9% |
| Stocks | 30/36 | €1,000 | €691 | -€309 | -30.9% |
| Amounts receivable within one year | 40/41 | €94,407 | €16,495 | -€77,911 | -82.5% |
| Trade receivables | 40 | €12,907 | €14,250 | +€1,343 | +10.4% |
| Other amounts receivable | 41 | €81,499 | €2,245 | -€79,254 | -97.2% |
| Current investments | 50/53 | €112,146 | €12,258 | -€99,888 | -89.1% |
| Cash at bank and in hand | 54/58 | €12,225 | €11,331 | -€894 | -7.3% |
| Deferred charges and accrued income | 490/1 | €5,541 | €1,175 | -€4,366 | -78.8% |
| Total equity and liabilities | 10/49 | €962,423 | €1,278,483 | +€316,061 | +32.8% |
| Equity | 10/15 | €641,848 | €596,942 | -€44,907 | -7.0% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €622,848 | €577,942 | -€44,907 | -7.2% |
| Distributable reserves | 133 | €622,848 | €577,942 | -€44,907 | -7.2% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €320,574 | €681,542 | +€360,968 | +113% |
| Amounts payable after more than one year | 17 | €227,440 | €568,829 | +€341,389 | +150% |
| Financial debts | 170/4 | €227,440 | €568,829 | +€341,389 | +150% |
| Amounts payable within one year | 42/48 | €93,134 | €112,713 | +€19,578 | +21.0% |
| Current portion of amounts payable after more than one year | 42 | €34,052 | €55,315 | +€21,263 | +62.4% |
| Financial debts | 43 | €10,000 | €5,001 | -€4,999 | -50.0% |
| Credit institutions | 430/8 | €10,000 | €5,001 | -€4,999 | -50.0% |
| Trade debts | 44 | €12,993 | €21,418 | +€8,424 | +64.8% |
| Suppliers | 440/4 | €12,993 | €21,418 | +€8,424 | +64.8% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €36,089 | €24,878 | -€11,211 | -31.1% |
| Taxes | 450/3 | €29,388 | €17,086 | -€12,301 | -41.9% |
| Remuneration and social security | 454/9 | €6,701 | €7,792 | +€1,091 | +16.3% |
| Other amounts payable | 47/48 | - | €6,101 | +€6,101 | |
| Remuneration, social security and pensions | 62 | €53,301 | €62,105 | +€8,804 | +16.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,022 | €70,294 | +€5,272 | +8.1% |
| Other operating charges | 640/8 | €5,773 | €63,573 | +€57,800 | +1,001% |
| Gross operating margin | 9900 | €228,747 | €210,829 | -€17,919 | -7.8% |
| Operating profit (loss) | 9901 | €104,652 | €14,857 | -€89,796 | -85.8% |
| Financial income | 75/76B | €4,526 | €1,599 | -€2,928 | -64.7% |
| Recurring financial income | 75 | €4,526 | €1,599 | -€2,928 | -64.7% |
| Financial charges | 65/66B | €11,012 | €12,170 | +€1,158 | +10.5% |
| Recurring financial charges | 65 | €11,012 | €12,170 | +€1,158 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | €98,166 | €4,285 | -€93,881 | -95.6% |
| Income taxes | 67/77 | €36,125 | €3,240 | -€32,885 | -91.0% |
| Profit (loss) for the period | 9904 | €62,041 | €1,045 | -€60,996 | -98.3% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €62,041 | €1,045 | -€60,996 | -98.3% |
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 18 October 2026 via checked.be.