VBI Holding: 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.
VBI Holding
Largest movements
- Tangible fixed assets +€207,857
up €207,857 (+182%), from €114,097 to €321,954
of which Land and buildings: +€190,526
- Receivables within one year -€64,492
down €64,492 (-24.2%), from €266,466 to €201,974
of which Trade receivables: -€35,112
- Deferred charges and accrued income -€9,783
down €9,783 (-77.6%), from €12,614 to €2,831
- Debts after one year +€166,518
up €166,518 (+141%), from €118,113 to €284,631
- Other debts -€37,812
down €37,812 (-51.1%), from €73,961 to €36,149
- Current portion of long-term debt +€9,579
up €9,579 (+53.5%), from €17,916 to €27,495
- Trade debts -€8,729
down €8,729 (-69.5%), from €12,567 to €3,839
- Profit (loss) carried forward +€8,727
up €8,727 (+6.9%), from €125,646 to €134,373
- Financial income -€179,342
down €179,342 (-84.5%), from €212,191 to €32,849
- Gross operating margin +€22,471
up €22,471 (+431%), from €5,218 to €27,689
- Depreciation +€11,078
up €11,078 (+50.2%), from €22,050 to €33,128
- Financial charges +€8,358
up €8,358 (+266%), from €3,141 to €11,499
- Other operating charges +€5,644
up €5,644 (+454%), from €1,244 to €6,888
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 | €570,109 | €701,829 | +€131,720 | +23.1% |
| Fixed assets | 21/28 | €264,283 | €472,200 | +€207,917 | +78.7% |
| Tangible fixed assets | 22/27 | €114,097 | €321,954 | +€207,857 | +182% |
| Land and buildings | 22 | €113,821 | €304,347 | +€190,526 | +167% |
| Furniture and vehicles | 24 | €276 | - | -€276 | |
| Assets under construction and advance payments | 27 | - | €17,607 | +€17,607 | |
| Financial fixed assets | 28 | €150,186 | €150,246 | +€60 | 0.0% |
| Current assets | 29/58 | €305,826 | €229,629 | -€76,197 | -24.9% |
| Amounts receivable after more than one year | 29 | €21,500 | €21,500 | = | 0.0% |
| Other amounts receivable | 291 | €21,500 | €21,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €266,466 | €201,974 | -€64,492 | -24.2% |
| Trade receivables | 40 | €48,400 | €13,288 | -€35,112 | -72.5% |
| Other amounts receivable | 41 | €218,066 | €188,685 | -€29,380 | -13.5% |
| Cash at bank and in hand | 54/58 | €5,246 | €3,324 | -€1,922 | -36.6% |
| Deferred charges and accrued income | 490/1 | €12,614 | €2,831 | -€9,783 | -77.6% |
| Total equity and liabilities | 10/49 | €570,109 | €701,829 | +€131,720 | +23.1% |
| Equity | 10/15 | €322,702 | €331,429 | +€8,727 | +2.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €167,056 | €167,056 | = | 0.0% |
| Distributable reserves | 133 | €167,056 | €167,056 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,646 | €134,373 | +€8,727 | +6.9% |
| Amounts payable | 17/49 | €247,407 | €370,400 | +€122,993 | +49.7% |
| Amounts payable after more than one year | 17 | €118,113 | €284,631 | +€166,518 | +141% |
| Financial debts | 170/4 | €118,113 | €284,631 | +€166,518 | +141% |
| Amounts payable within one year | 42/48 | €129,209 | €85,770 | -€43,439 | -33.6% |
| Current portion of amounts payable after more than one year | 42 | €17,916 | €27,495 | +€9,579 | +53.5% |
| Trade debts | 44 | €12,567 | €3,839 | -€8,729 | -69.5% |
| Suppliers | 440/4 | €12,567 | €3,839 | -€8,729 | -69.5% |
| Taxes, remuneration and social security | 45 | €24,764 | €18,287 | -€6,477 | -26.2% |
| Taxes | 450/3 | €16,501 | €18,287 | +€1,786 | +10.8% |
| Remuneration and social security | 454/9 | €8,263 | - | -€8,263 | |
| Other amounts payable | 47/48 | €73,961 | €36,149 | -€37,812 | -51.1% |
| Accrued charges and deferred income | 492/3 | €86 | - | -€86 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,050 | €33,128 | +€11,078 | +50.2% |
| Other operating charges | 640/8 | €1,244 | €6,888 | +€5,644 | +454% |
| Gross operating margin | 9900 | €5,218 | €27,689 | +€22,471 | +431% |
| Operating profit (loss) | 9901 | -€18,076 | -€12,327 | +€5,749 | +31.8% |
| Financial income | 75/76B | €212,191 | €32,849 | -€179,342 | -84.5% |
| Recurring financial income | 75 | €212,191 | €32,849 | -€179,342 | -84.5% |
| Financial charges | 65/66B | €3,141 | €11,499 | +€8,358 | +266% |
| Recurring financial charges | 65 | €3,141 | €11,499 | +€8,358 | +266% |
| Profit (loss) for the period before taxes | 9903 | €190,974 | €9,023 | -€181,951 | -95.3% |
| Income taxes | 67/77 | €328 | €296 | -€32 | -9.8% |
| Profit (loss) for the period | 9904 | €190,646 | €8,727 | -€181,919 | -95.4% |
| Profit (loss) for the period to be appropriated | 9905 | €190,646 | €8,727 | -€181,919 | -95.4% |
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 27 October 2026 via checked.be.