VBL ADVISORY: 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.
VBL ADVISORY
Largest movements
- Receivables within one year -€130,827
down €130,827 (-80.1%), from €163,403 to €32,576
of which Other amounts receivable: -€67,795
- Cash -€87,970
down €87,970 (-67.3%), from €130,632 to €42,662
mainly Trade debts (-€283,975) and Tax, wage and social debts (-€24,843)
- Deferred charges and accrued income -€5,346
down €5,346 (-69.2%), from €7,727 to €2,381
- Trade debts -€283,975
down €283,975 (-97.6%), from €290,837 to €6,861
- Other debts +€89,111
up €89,111 (+48.7%), from €183,080 to €272,191
- Tax, wage and social debts -€24,843
down €24,843 (-94.3%), from €26,353 to €1,510
of which Remuneration and social security: -€26,192
- Profit (loss) carried forward -€8,805
down €8,805 (-3.9%), from -€224,554 to -€233,359
- Staff costs -€313,010
down €313,010, from €308,546 to -€4,464
- Gross operating margin -€286,264
down €286,264, from €278,974 to -€7,291
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 | €306,439 | €78,182 | -€228,257 | -74.5% |
| Fixed assets | 21/28 | €4,677 | €563 | -€4,114 | -88.0% |
| Tangible fixed assets | 22/27 | €2,147 | €563 | -€1,584 | -73.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €2,147 | €563 | -€1,584 | -73.8% |
| Financial fixed assets | 28 | €2,530 | €0 | -€2,530 | -100% |
| Current assets | 29/58 | €301,762 | €77,619 | -€224,143 | -74.3% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €163,403 | €32,576 | -€130,827 | -80.1% |
| Trade receivables | 40 | €86,124 | €23,092 | -€63,032 | -73.2% |
| Other amounts receivable | 41 | €77,279 | €9,485 | -€67,795 | -87.7% |
| Cash at bank and in hand | 54/58 | €130,632 | €42,662 | -€87,970 | -67.3% |
| Deferred charges and accrued income | 490/1 | €7,727 | €2,381 | -€5,346 | -69.2% |
| Total equity and liabilities | 10/49 | €306,439 | €78,182 | -€228,257 | -74.5% |
| Equity | 10/15 | -€194,554 | -€203,359 | -€8,805 | -4.5% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€224,554 | -€233,359 | -€8,805 | -3.9% |
| Amounts payable | 17/49 | €500,993 | €281,541 | -€219,452 | -43.8% |
| Amounts payable within one year | 42/48 | €500,270 | €280,563 | -€219,708 | -43.9% |
| Trade debts | 44 | €290,837 | €6,861 | -€283,975 | -97.6% |
| Suppliers | 440/4 | €290,837 | €6,861 | -€283,975 | -97.6% |
| Taxes, remuneration and social security | 45 | €26,353 | €1,510 | -€24,843 | -94.3% |
| Taxes | 450/3 | €161 | €1,510 | +€1,349 | +837% |
| Remuneration and social security | 454/9 | €26,192 | €0 | -€26,192 | -100% |
| Other amounts payable | 47/48 | €183,080 | €272,191 | +€89,111 | +48.7% |
| Accrued charges and deferred income | 492/3 | €723 | €979 | +€255 | +35.3% |
| Non-recurring operating income | 76A | €7,260 | €7,050 | -€210 | -2.9% |
| Remuneration, social security and pensions | 62 | €308,546 | -€4,464 | -€313,010 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,021 | €1,584 | +€563 | +55.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,536 | €1,246 | -€290 | -18.9% |
| Non-recurring operating charges | 66A | €106 | €0 | -€106 | -100% |
| Gross operating margin | 9900 | €278,974 | -€7,291 | -€286,264 | |
| Operating profit (loss) | 9901 | -€32,235 | -€5,656 | +€26,579 | +82.5% |
| Financial income | 75/76B | €3,771 | €1,430 | -€2,341 | -62.1% |
| Recurring financial income | 75 | €3,771 | €1,430 | -€2,341 | -62.1% |
| Financial charges | 65/66B | €6,869 | €4,579 | -€2,290 | -33.3% |
| Recurring financial charges | 65 | €6,869 | €4,579 | -€2,290 | -33.3% |
| Profit (loss) for the period before taxes | 9903 | -€35,333 | -€8,805 | +€26,528 | +75.1% |
| Income taxes | 67/77 | €163 | €0 | -€163 | -100% |
| Profit (loss) for the period | 9904 | -€35,496 | -€8,805 | +€26,691 | +75.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,496 | -€8,805 | +€26,691 | +75.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.