VBN-Management: 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.
VBN-Management
Largest movements
- Cash -€77,148
down €77,148 (-67.6%), from €114,134 to €36,987
mainly Investment in fixed assets (net) (-€79,829) and Trade debts (-€40,558)
- Tangible fixed assets +€69,634
up €69,634 (+20.1%), from €346,870 to €416,504
of which Land and buildings: +€69,927
- Receivables within one year +€6,562
up €6,562 (+191%), from €3,438 to €10,000
of which Trade receivables: +€10,000
- Reserves +€64,894
up €64,894 (+40.4%), from €160,796 to €225,690
- Trade debts -€40,558
down €40,558 (-99.5%), from €40,758 to €200
- Tax, wage and social debts -€32,879
down €32,879 (-84.6%), from €38,873 to €5,993
- Current portion of long-term debt +€10,000
up €10,000 (+5.0%), from €200,000 to €210,000
- Other debts -€7,441
down €7,441 (-67.1%), from €11,093 to €3,652
- Gross operating margin -€42,858
down €42,858 (-26.8%), from €159,702 to €116,844
- Depreciation -€13,586
down €13,586 (-57.1%), from €23,782 to €10,195
- Taxes -€7,805
down €7,805 (-22.0%), from €35,452 to €27,647
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 | €465,046 | €465,652 | +€607 | +0.1% |
| Fixed assets | 21/28 | €346,870 | €416,504 | +€69,634 | +20.1% |
| Tangible fixed assets | 22/27 | €346,870 | €416,504 | +€69,634 | +20.1% |
| Land and buildings | 22 | €346,109 | €416,036 | +€69,927 | +20.2% |
| Plant, machinery and equipment | 23 | €761 | €468 | -€293 | -38.5% |
| Current assets | 29/58 | €118,176 | €49,149 | -€69,027 | -58.4% |
| Amounts receivable within one year | 40/41 | €3,438 | €10,000 | +€6,562 | +191% |
| Trade receivables | 40 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 41 | €3,438 | €0 | -€3,438 | -100% |
| Cash at bank and in hand | 54/58 | €114,134 | €36,987 | -€77,148 | -67.6% |
| Deferred charges and accrued income | 490/1 | €604 | €2,162 | +€1,558 | +258% |
| Total equity and liabilities | 10/49 | €465,046 | €465,652 | +€607 | +0.1% |
| Equity | 10/15 | €165,796 | €230,690 | +€64,894 | +39.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €160,796 | €225,690 | +€64,894 | +40.4% |
| Distributable reserves | 133 | €160,796 | €225,690 | +€64,894 | +40.4% |
| Amounts payable | 17/49 | €299,250 | €234,963 | -€64,287 | -21.5% |
| Amounts payable within one year | 42/48 | €290,724 | €219,846 | -€70,878 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €200,000 | €210,000 | +€10,000 | +5.0% |
| Trade debts | 44 | €40,758 | €200 | -€40,558 | -99.5% |
| Suppliers | 440/4 | €40,758 | €200 | -€40,558 | -99.5% |
| Taxes, remuneration and social security | 45 | €38,873 | €5,993 | -€32,879 | -84.6% |
| Taxes | 450/3 | €38,873 | €5,993 | -€32,879 | -84.6% |
| Other amounts payable | 47/48 | €11,093 | €3,652 | -€7,441 | -67.1% |
| Accrued charges and deferred income | 492/3 | €8,527 | €15,117 | +€6,591 | +77.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,782 | €10,195 | -€13,586 | -57.1% |
| Other operating charges | 640/8 | €978 | €1,229 | +€251 | +25.7% |
| Gross operating margin | 9900 | €159,702 | €116,844 | -€42,858 | -26.8% |
| Operating profit (loss) | 9901 | €134,942 | €105,419 | -€29,523 | -21.9% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €11,517 | €12,878 | +€1,361 | +11.8% |
| Recurring financial charges | 65 | €11,517 | €12,878 | +€1,361 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €123,425 | €92,541 | -€30,884 | -25.0% |
| Income taxes | 67/77 | €35,452 | €27,647 | -€7,805 | -22.0% |
| Profit (loss) for the period | 9904 | €87,973 | €64,894 | -€23,079 | -26.2% |
| Profit (loss) for the period to be appropriated | 9905 | €87,973 | €64,894 | -€23,079 | -26.2% |
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 28 October 2026 via checked.be.