VBL PROPERTIES: 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.
VBL PROPERTIES
Largest movements
- Stocks and contracts -€922,871
down €922,871 (-12.1%), from €7.6m to €6.7m
of which Stocks: -€914,471
- Cash -€215,746
down €215,746 (-78.9%), from €273,379 to €57,633
mainly Other debts (-€1.6m) and Receivables within one year (-€4,036)
- Other debts -€1.6m
down €1.6m (-27.5%), from €5.6m to €4.1m
- Profit (loss) carried forward +€312,141
up €312,141 (+2011.7%), from €15,516 to €327,657
- Tax, wage and social debts +€105,020
up €105,020 (+75.4%), from €139,260 to €244,280
- Gross operating margin -€97,747
down €97,747 (-18.6%), from €525,169 to €427,422
- Taxes -€34,240
down €34,240 (-24.6%), from €139,260 to €105,020
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 | €9,348,827 | €8,214,246 | -€1.1m | -12.1% |
| Fixed assets | 21/28 | €1,477,281 | €1,477,281 | = | 0.0% |
| Financial fixed assets | 28 | €1,477,281 | €1,477,281 | = | 0.0% |
| Current assets | 29/58 | €7,871,546 | €6,736,965 | -€1.1m | -14.4% |
| Stocks and contracts in progress | 3 | €7,598,167 | €6,675,296 | -€922,871 | -12.1% |
| Stocks | 30/36 | €7,359,254 | €6,444,783 | -€914,471 | -12.4% |
| Contracts in progress | 37 | €238,913 | €230,513 | -€8,400 | -3.5% |
| Amounts receivable within one year | 40/41 | - | €4,036 | +€4,036 | |
| Other amounts receivable | 41 | - | €4,036 | +€4,036 | |
| Cash at bank and in hand | 54/58 | €273,379 | €57,633 | -€215,746 | -78.9% |
| Total equity and liabilities | 10/49 | €9,348,827 | €8,214,246 | -€1.1m | -12.1% |
| Equity | 10/15 | €15,516 | €327,657 | +€312,141 | +2011.7% |
| Profit (loss) carried forward | 14 | €15,516 | €327,657 | +€312,141 | +2011.7% |
| Amounts payable | 17/49 | €9,333,311 | €7,886,589 | -€1.4m | -15.5% |
| Amounts payable after more than one year | 17 | €3,555,000 | €3,555,000 | = | 0.0% |
| Other amounts payable | 178/9 | €3,555,000 | €3,555,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,778,311 | €4,331,589 | -€1.4m | -25.0% |
| Taxes, remuneration and social security | 45 | €139,260 | €244,280 | +€105,020 | +75.4% |
| Taxes | 450/3 | €139,260 | €244,280 | +€105,020 | +75.4% |
| Other amounts payable | 47/48 | €5,639,051 | €4,087,309 | -€1.6m | -27.5% |
| Other operating charges | 640/8 | €968 | €998 | +€30 | +3.1% |
| Gross operating margin | 9900 | €525,169 | €427,422 | -€97,747 | -18.6% |
| Operating profit (loss) | 9901 | €524,201 | €426,424 | -€97,777 | -18.7% |
| Financial charges | 65/66B | €13,156 | €9,263 | -€3,893 | -29.6% |
| Recurring financial charges | 65 | €13,156 | €9,263 | -€3,893 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | €511,045 | €417,161 | -€93,884 | -18.4% |
| Income taxes | 67/77 | €139,260 | €105,020 | -€34,240 | -24.6% |
| Profit (loss) for the period | 9904 | €371,785 | €312,141 | -€59,644 | -16.0% |
| Profit (loss) for the period to be appropriated | 9905 | €371,785 | €312,141 | -€59,644 | -16.0% |
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 6 October 2026 via checked.be.