VBK: 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.
VBK
Largest movements
- Receivables within one year +€40,143
up €40,143 (+90.1%), from €44,548 to €84,691
of which Trade receivables: +€48,994
- Cash -€32,001
down €32,001 (-23.2%), from €137,822 to €105,821
mainly Receivables within one year (-€40,143) and Investment in fixed assets (net) (-€34,212)
- Tangible fixed assets +€31,139
up €31,139 (+47.8%), from €65,197 to €96,336
of which Other tangible fixed assets: +€32,725
- Reserves +€39,000
up €39,000 (+18.2%), from €214,000 to €253,000
- Trade debts +€13,660
up €13,660 (+224.8%), from €6,078 to €19,738
- Other debts -€9,450
down €9,450 (-66.8%), from €14,150 to €4,700
- Tax, wage and social debts -€3,732
down €3,732 (-26.8%), from €13,929 to €10,198
of which Remuneration and social security: -€2,113
- Gross operating margin -€12,844
down €12,844 (-16.1%), from €79,597 to €66,753
- Other operating charges +€5,220
up €5,220 (+745.3%), from €700 to €5,921
- Taxes -€3,962
down €3,962 (-24.5%), from €16,188 to €12,227
- Financial charges +€1,628
up €1,628 (+1010.1%), from €161 to €1,789
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 | €248,392 | €289,778 | +€41,386 | +16.7% |
| Fixed assets | 21/28 | €65,197 | €96,336 | +€31,139 | +47.8% |
| Tangible fixed assets | 22/27 | €65,197 | €96,336 | +€31,139 | +47.8% |
| Land and buildings | 22 | €3,977 | €3,904 | -€74 | -1.9% |
| Plant, machinery and equipment | 23 | €2,880 | €2,484 | -€395 | -13.7% |
| Furniture and vehicles | 24 | €5,240 | €4,123 | -€1,117 | -21.3% |
| Other tangible fixed assets | 26 | €53,100 | €85,825 | +€32,725 | +61.6% |
| Current assets | 29/58 | €183,195 | €193,442 | +€10,246 | +5.6% |
| Amounts receivable within one year | 40/41 | €44,548 | €84,691 | +€40,143 | +90.1% |
| Trade receivables | 40 | €2,487 | €51,480 | +€48,994 | +1970.4% |
| Other amounts receivable | 41 | €42,062 | €33,211 | -€8,851 | -21.0% |
| Cash at bank and in hand | 54/58 | €137,822 | €105,821 | -€32,001 | -23.2% |
| Deferred charges and accrued income | 490/1 | €825 | €2,929 | +€2,105 | +255.1% |
| Total equity and liabilities | 10/49 | €248,392 | €289,778 | +€41,386 | +16.7% |
| Equity | 10/15 | €214,235 | €253,279 | +€39,044 | +18.2% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €214,000 | €253,000 | +€39,000 | +18.2% |
| Distributable reserves | 133 | €214,000 | €253,000 | +€39,000 | +18.2% |
| Profit (loss) carried forward | 14 | €234 | €278 | +€44 | +18.9% |
| Amounts payable | 17/49 | €34,157 | €36,498 | +€2,341 | +6.9% |
| Amounts payable within one year | 42/48 | €34,157 | €34,636 | +€479 | +1.4% |
| Trade debts | 44 | €6,078 | €19,738 | +€13,660 | +224.8% |
| Suppliers | 440/4 | €6,078 | €19,738 | +€13,660 | +224.8% |
| Taxes, remuneration and social security | 45 | €13,929 | €10,198 | -€3,732 | -26.8% |
| Taxes | 450/3 | €11,817 | €10,198 | -€1,619 | -13.7% |
| Remuneration and social security | 454/9 | €2,113 | €0 | -€2,113 | -100.0% |
| Other amounts payable | 47/48 | €14,150 | €4,700 | -€9,450 | -66.8% |
| Accrued charges and deferred income | 492/3 | €0 | €1,862 | +€1,862 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,865 | €3,073 | +€208 | +7.3% |
| Other operating charges | 640/8 | €700 | €5,921 | +€5,220 | +745.3% |
| Gross operating margin | 9900 | €79,597 | €66,753 | -€12,844 | -16.1% |
| Operating profit (loss) | 9901 | €76,032 | €57,760 | -€18,272 | -24.0% |
| Financial charges | 65/66B | €161 | €1,789 | +€1,628 | +1010.1% |
| Recurring financial charges | 65 | €161 | €1,789 | +€1,628 | +1010.1% |
| Profit (loss) for the period before taxes | 9903 | €75,871 | €55,971 | -€19,900 | -26.2% |
| Income taxes | 67/77 | €16,188 | €12,227 | -€3,962 | -24.5% |
| Profit (loss) for the period | 9904 | €59,682 | €43,744 | -€15,938 | -26.7% |
| Profit (loss) for the period to be appropriated | 9905 | €59,682 | €43,744 | -€15,938 | -26.7% |
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 3 October 2026 via checked.be.