VBL VERZEKERINGEN: 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 VERZEKERINGEN
Largest movements
- Tangible fixed assets +€114,266
up €114,266 (+145%), from €78,654 to €192,920
of which Other tangible fixed assets: +€175,720
- Cash -€51,347
down €51,347 (-17.6%), from €292,355 to €241,008
mainly Contributions, distributions and other (-€209,069) and Investment in fixed assets (net) (-€147,906)
- Intangible fixed assets -€48,788
down €48,788 (-25.1%), from €194,524 to €145,737
- Receivables within one year +€24,865
up €24,865 (+26.9%), from €92,456 to €117,321
of which Other amounts receivable: +€23,416
- Other debts +€93,122
up €93,122 (+80.3%), from €115,947 to €209,069
- Reserves -€57,981
down €57,981 (-20.9%), from €277,281 to €219,299
- Debts after one year +€43,353
up €43,353 (+37.9%), from €114,368 to €157,722
- Tax, wage and social debts -€31,186
down €31,186 (-54.1%), from €57,656 to €26,470
of which Taxes: -€28,442
- Accrued charges and deferred income +€9,003
up €9,003 (+953%), from €944 to €9,947
- Staff costs +€40,567
up €40,567 (+17.5%), from €231,378 to €271,945
- Gross operating margin -€35,658
down €35,658 (-5.6%), from €640,668 to €605,009
- Taxes -€31,900
down €31,900 (-38.2%), from €83,484 to €51,584
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 | €666,141 | €710,139 | +€43,998 | +6.6% |
| Fixed assets | 21/28 | €273,178 | €338,657 | +€65,479 | +24.0% |
| Intangible fixed assets | 21 | €194,524 | €145,737 | -€48,788 | -25.1% |
| Tangible fixed assets | 22/27 | €78,654 | €192,920 | +€114,266 | +145% |
| Furniture and vehicles | 24 | €78,654 | €17,200 | -€61,454 | -78.1% |
| Other tangible fixed assets | 26 | - | €175,720 | +€175,720 | |
| Current assets | 29/58 | €392,963 | €371,482 | -€21,481 | -5.5% |
| Amounts receivable within one year | 40/41 | €92,456 | €117,321 | +€24,865 | +26.9% |
| Trade receivables | 40 | €72,456 | €73,904 | +€1,449 | +2.0% |
| Other amounts receivable | 41 | €20,000 | €43,416 | +€23,416 | +117% |
| Cash at bank and in hand | 54/58 | €292,355 | €241,008 | -€51,347 | -17.6% |
| Deferred charges and accrued income | 490/1 | €8,153 | €13,154 | +€5,001 | +61.3% |
| Total equity and liabilities | 10/49 | €666,141 | €710,139 | +€43,998 | +6.6% |
| Equity | 10/15 | €295,881 | €237,899 | -€57,981 | -19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €277,281 | €219,299 | -€57,981 | -20.9% |
| Distributable reserves | 133 | €277,281 | €219,299 | -€57,981 | -20.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €370,261 | €472,240 | +€101,979 | +27.5% |
| Amounts payable after more than one year | 17 | €114,368 | €157,722 | +€43,353 | +37.9% |
| Financial debts | 170/4 | €114,368 | €157,722 | +€43,353 | +37.9% |
| Amounts payable within one year | 42/48 | €254,948 | €304,571 | +€49,623 | +19.5% |
| Current portion of amounts payable after more than one year | 42 | €53,331 | €46,080 | -€7,251 | -13.6% |
| Trade debts | 44 | €28,015 | €22,953 | -€5,062 | -18.1% |
| Suppliers | 440/4 | €28,015 | €22,953 | -€5,062 | -18.1% |
| Taxes, remuneration and social security | 45 | €57,656 | €26,470 | -€31,186 | -54.1% |
| Taxes | 450/3 | €32,484 | €4,041 | -€28,442 | -87.6% |
| Remuneration and social security | 454/9 | €25,172 | €22,428 | -€2,744 | -10.9% |
| Other amounts payable | 47/48 | €115,947 | €209,069 | +€93,122 | +80.3% |
| Accrued charges and deferred income | 492/3 | €944 | €9,947 | +€9,003 | +953% |
| Non-recurring operating income | 76A | - | €11,168 | +€11,168 | |
| Remuneration, social security and pensions | 62 | €231,378 | €271,945 | +€40,567 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80,799 | €82,427 | +€1,628 | +2.0% |
| Other operating charges | 640/8 | €2,190 | €2,617 | +€427 | +19.5% |
| Non-recurring operating charges | 66A | - | €38,713 | +€38,713 | |
| Gross operating margin | 9900 | €640,668 | €605,009 | -€35,658 | -5.6% |
| Operating profit (loss) | 9901 | €326,300 | €209,307 | -€116,993 | -35.9% |
| Financial income | 75/76B | €882 | €1,033 | +€152 | +17.2% |
| Recurring financial income | 75 | €882 | €1,033 | +€152 | +17.2% |
| Financial charges | 65/66B | €3,984 | €7,669 | +€3,685 | +92.5% |
| Recurring financial charges | 65 | €3,984 | €7,669 | +€3,685 | +92.5% |
| Profit (loss) for the period before taxes | 9903 | €323,198 | €202,671 | -€120,526 | -37.3% |
| Income taxes | 67/77 | €83,484 | €51,584 | -€31,900 | -38.2% |
| Profit (loss) for the period | 9904 | €239,714 | €151,087 | -€88,627 | -37.0% |
| Profit (loss) for the period to be appropriated | 9905 | €239,714 | €151,087 | -€88,627 | -37.0% |
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 29 October 2026 via checked.be.