VBM CONSULT: 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.
VBM CONSULT
Largest movements
- Cash +€115,257
up €115,257 (+234%), from €49,205 to €164,462
mainly Net result for the year (+€147,857) and Receivables within one year (+€67,819)
- Receivables within one year -€67,819
down €67,819 (-74.6%), from €90,871 to €23,052
of which Other amounts receivable: -€38,224
- Current investments +€35,586
up €35,586 (+14.7%), from €242,504 to €278,090
- Tangible fixed assets -€22,668
down €22,668 (-3.3%), from €684,837 to €662,169
of which Furniture and vehicles: -€18,635
- Reserves +€95,225
up €95,225 (+10.6%), from €896,515 to €991,741
- Current portion of long-term debt -€26,604
down €26,604 (-62.0%), from €42,918 to €16,315
- Debts after one year -€16,315
down €16,315 (-9.7%), from €168,526 to €152,211
- Financial income +€128,117
up €128,117 (+748%), from €17,133 to €145,251
- Gross operating margin -€60,705
down €60,705 (-42.9%), from €141,585 to €80,880
- Taxes -€8,889
down €8,889 (-27.8%), from €31,957 to €23,068
- Depreciation +€6,208
up €6,208 (+14.8%), from €42,040 to €48,248
- Financial charges -€2,010
down €2,010 (-39.9%), from €5,043 to €3,032
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 | €1,133,206 | €1,192,947 | +€59,741 | +5.3% |
| Fixed assets | 21/28 | €747,337 | €724,669 | -€22,668 | -3.0% |
| Tangible fixed assets | 22/27 | €684,837 | €662,169 | -€22,668 | -3.3% |
| Land and buildings | 22 | €546,439 | €542,406 | -€4,033 | -0.7% |
| Furniture and vehicles | 24 | €138,398 | €119,763 | -€18,635 | -13.5% |
| Financial fixed assets | 28 | €62,500 | €62,500 | = | 0.0% |
| Current assets | 29/58 | €385,869 | €468,278 | +€82,409 | +21.4% |
| Amounts receivable within one year | 40/41 | €90,871 | €23,052 | -€67,819 | -74.6% |
| Trade receivables | 40 | €30,250 | €655 | -€29,595 | -97.8% |
| Other amounts receivable | 41 | €60,621 | €22,397 | -€38,224 | -63.1% |
| Current investments | 50/53 | €242,504 | €278,090 | +€35,586 | +14.7% |
| Cash at bank and in hand | 54/58 | €49,205 | €164,462 | +€115,257 | +234% |
| Deferred charges and accrued income | 490/1 | €3,289 | €2,674 | -€615 | -18.7% |
| Total equity and liabilities | 10/49 | €1,133,206 | €1,192,947 | +€59,741 | +5.3% |
| Equity | 10/15 | €908,915 | €1,004,141 | +€95,225 | +10.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €896,515 | €991,741 | +€95,225 | +10.6% |
| Distributable reserves | 133 | €896,515 | €991,741 | +€95,225 | +10.6% |
| Amounts payable | 17/49 | €224,291 | €188,807 | -€35,484 | -15.8% |
| Amounts payable after more than one year | 17 | €168,526 | €152,211 | -€16,315 | -9.7% |
| Financial debts | 170/4 | €168,526 | €152,211 | -€16,315 | -9.7% |
| Amounts payable within one year | 42/48 | €55,765 | €36,596 | -€19,169 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €42,918 | €16,315 | -€26,604 | -62.0% |
| Trade debts | 44 | €2,484 | €1,595 | -€890 | -35.8% |
| Suppliers | 440/4 | €2,484 | €1,595 | -€890 | -35.8% |
| Taxes, remuneration and social security | 45 | €10,362 | €18,686 | +€8,324 | +80.3% |
| Taxes | 450/3 | €10,362 | €18,686 | +€8,324 | +80.3% |
| Remuneration, social security and pensions | 62 | €1,312 | €160 | -€1,152 | -87.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,040 | €48,248 | +€6,208 | +14.8% |
| Other operating charges | 640/8 | €3,592 | €3,766 | +€174 | +4.8% |
| Gross operating margin | 9900 | €141,585 | €80,880 | -€60,705 | -42.9% |
| Operating profit (loss) | 9901 | €94,641 | €28,706 | -€65,934 | -69.7% |
| Financial income | 75/76B | €17,133 | €145,251 | +€128,117 | +748% |
| Recurring financial income | 75 | €17,133 | €145,251 | +€128,117 | +748% |
| Financial charges | 65/66B | €5,043 | €3,032 | -€2,010 | -39.9% |
| Recurring financial charges | 65 | €5,043 | €3,032 | -€2,010 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €106,732 | €170,925 | +€64,193 | +60.1% |
| Income taxes | 67/77 | €31,957 | €23,068 | -€8,889 | -27.8% |
| Profit (loss) for the period | 9904 | €74,775 | €147,857 | +€73,082 | +97.7% |
| Profit (loss) for the period to be appropriated | 9905 | €74,775 | €147,857 | +€73,082 | +97.7% |
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 13 October 2026 via checked.be.