VBW ACCOUNTANTS: 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.
VBW ACCOUNTANTS
Largest movements
- Receivables within one year -€88,033
down €88,033 (-29.6%), from €297,198 to €209,165
of which Trade receivables: -€48,195
- Tangible fixed assets -€46,432
down €46,432 (-10.5%), from €442,953 to €396,521
of which Other tangible fixed assets: -€39,615
- Debts after one year -€109,714
down €109,714 (-16.1%), from €680,366 to €570,652
of which Other amounts payable: -€88,352
- Tax, wage and social debts -€35,882
down €35,882 (-63.4%), from €56,585 to €20,704
of which Taxes: -€38,585
- Gross operating margin -€1.4m
down €1.4m (-73.4%), from €1.9m to €506,279
- Taxes -€338,567
down €338,567 (-90.0%), from €376,364 to €37,797
- Other operating charges -€21,823
down €21,823 (-21.3%), from €102,442 to €80,620
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 | €913,683 | €777,194 | -€136,489 | -14.9% |
| Fixed assets | 21/28 | €452,835 | €399,919 | -€52,916 | -11.7% |
| Intangible fixed assets | 21 | €9,882 | €3,398 | -€6,484 | -65.6% |
| Tangible fixed assets | 22/27 | €442,953 | €396,521 | -€46,432 | -10.5% |
| Plant, machinery and equipment | 23 | €8,766 | €4,383 | -€4,383 | -50.0% |
| Furniture and vehicles | 24 | €3,441 | €1,007 | -€2,434 | -70.7% |
| Other tangible fixed assets | 26 | €430,746 | €391,131 | -€39,615 | -9.2% |
| Current assets | 29/58 | €460,847 | €377,274 | -€83,573 | -18.1% |
| Amounts receivable within one year | 40/41 | €297,198 | €209,165 | -€88,033 | -29.6% |
| Trade receivables | 40 | €220,851 | €172,656 | -€48,195 | -21.8% |
| Other amounts receivable | 41 | €76,347 | €36,509 | -€39,838 | -52.2% |
| Cash at bank and in hand | 54/58 | €155,749 | €156,080 | +€331 | +0.2% |
| Deferred charges and accrued income | 490/1 | €7,900 | €12,029 | +€4,129 | +52.3% |
| Total equity and liabilities | 10/49 | €913,683 | €777,194 | -€136,489 | -14.9% |
| Equity | 10/15 | €34,821 | €37,100 | +€2,279 | +6.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €16,221 | €18,500 | +€2,279 | +14.1% |
| Distributable reserves | 133 | €16,221 | €18,500 | +€2,279 | +14.1% |
| Amounts payable | 17/49 | €878,862 | €740,094 | -€138,768 | -15.8% |
| Amounts payable after more than one year | 17 | €680,366 | €570,652 | -€109,714 | -16.1% |
| Financial debts | 170/4 | €240,014 | €218,652 | -€21,362 | -8.9% |
| Other amounts payable | 178/9 | €440,352 | €352,000 | -€88,352 | -20.1% |
| Amounts payable within one year | 42/48 | €198,497 | €168,984 | -€29,512 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €21,136 | €21,362 | +€226 | +1.1% |
| Trade debts | 44 | €120,775 | €126,919 | +€6,143 | +5.1% |
| Suppliers | 440/4 | €120,775 | €126,919 | +€6,143 | +5.1% |
| Taxes, remuneration and social security | 45 | €56,585 | €20,704 | -€35,882 | -63.4% |
| Taxes | 450/3 | €38,585 | - | -€38,585 | |
| Remuneration and social security | 454/9 | €18,000 | €20,704 | +€2,704 | +15.0% |
| Accrued charges and deferred income | 492/3 | - | €458 | +€458 | |
| Remuneration, social security and pensions | 62 | €243,191 | €227,671 | -€15,520 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,312 | €52,916 | -€396 | -0.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €10,345 | - | -€10,345 | |
| Other operating charges | 640/8 | €102,442 | €80,620 | -€21,823 | -21.3% |
| Gross operating margin | 9900 | €1,905,282 | €506,279 | -€1.4m | -73.4% |
| Operating profit (loss) | 9901 | €1,495,992 | €145,073 | -€1.4m | -90.3% |
| Financial income | 75/76B | €29 | €163 | +€134 | +465% |
| Recurring financial income | 75 | €29 | €163 | +€134 | +465% |
| Financial charges | 65/66B | €4,280 | €5,160 | +€880 | +20.6% |
| Recurring financial charges | 65 | €4,280 | €5,160 | +€880 | +20.6% |
| Profit (loss) for the period before taxes | 9903 | €1,491,741 | €140,076 | -€1.4m | -90.6% |
| Income taxes | 67/77 | €376,364 | €37,797 | -€338,567 | -90.0% |
| Profit (loss) for the period | 9904 | €1,115,377 | €102,279 | -€1.0m | -90.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,115,377 | €102,279 | -€1.0m | -90.8% |
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.