VC-afsluitingen: 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.
VC-afsluitingen
Largest movements
- Receivables within one year +€33,618
up €33,618 (+59.8%), from €56,182 to €89,800
of which Trade receivables: +€33,322
- Tangible fixed assets -€16,676
down €16,676 (-19.9%), from €83,811 to €67,135
- Stocks and contracts -€7,084
down €7,084 (-23.4%), from €30,330 to €23,246
- Cash +€3,899
up €3,899 (+3.2%), from €123,654 to €127,554
mainly Net result for the year (+€23,465) and Depreciation (+€18,091)
- Reserves +€13,465
up €13,465 (+6.8%), from €199,222 to €212,687
of which Distributable reserves: +€13,465
- Debts after one year -€12,525
down €12,525 (-26.1%), from €48,050 to €35,525
- Other debts +€9,650
up €9,650 (+2,757%), from €350 to €10,000
- Tax, wage and social debts +€4,523
up €4,523 (+76.1%), from €5,941 to €10,464
- Gross operating margin -€20,752
down €20,752 (-27.3%), from €75,968 to €55,216
- Taxes -€5,221
down €5,221 (-32.8%), from €15,941 to €10,719
- Write-downs +€784
no longer reported in 2025 (was -€784)
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 | €296,439 | €310,328 | +€13,889 | +4.7% |
| Fixed assets | 21/28 | €84,191 | €67,515 | -€16,676 | -19.8% |
| Tangible fixed assets | 22/27 | €83,811 | €67,135 | -€16,676 | -19.9% |
| Land and buildings | 22 | €44,251 | €39,259 | -€4,991 | -11.3% |
| Plant, machinery and equipment | 23 | €28,717 | €20,438 | -€8,280 | -28.8% |
| Furniture and vehicles | 24 | €10,843 | €7,438 | -€3,405 | -31.4% |
| Financial fixed assets | 28 | €380 | €380 | = | 0.0% |
| Current assets | 29/58 | €212,249 | €242,813 | +€30,565 | +14.4% |
| Stocks and contracts in progress | 3 | €30,330 | €23,246 | -€7,084 | -23.4% |
| Stocks | 30/36 | €30,330 | €23,246 | -€7,084 | -23.4% |
| Amounts receivable within one year | 40/41 | €56,182 | €89,800 | +€33,618 | +59.8% |
| Trade receivables | 40 | €54,715 | €88,037 | +€33,322 | +60.9% |
| Other amounts receivable | 41 | €1,467 | €1,763 | +€296 | +20.2% |
| Cash at bank and in hand | 54/58 | €123,654 | €127,554 | +€3,899 | +3.2% |
| Deferred charges and accrued income | 490/1 | €2,083 | €2,214 | +€131 | +6.3% |
| Total equity and liabilities | 10/49 | €296,439 | €310,328 | +€13,889 | +4.7% |
| Equity | 10/15 | €205,422 | €218,887 | +€13,465 | +6.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €199,222 | €212,687 | +€13,465 | +6.8% |
| Tax-exempt reserves | 132 | €3,482 | €3,482 | = | 0.0% |
| Distributable reserves | 133 | €195,740 | €209,205 | +€13,465 | +6.9% |
| Amounts payable | 17/49 | €91,017 | €91,442 | +€424 | +0.5% |
| Amounts payable after more than one year | 17 | €48,050 | €35,525 | -€12,525 | -26.1% |
| Financial debts | 170/4 | €48,050 | €35,525 | -€12,525 | -26.1% |
| Amounts payable within one year | 42/48 | €42,452 | €55,421 | +€12,969 | +30.5% |
| Current portion of amounts payable after more than one year | 42 | €12,841 | €12,525 | -€316 | -2.5% |
| Trade debts | 44 | €23,320 | €22,433 | -€888 | -3.8% |
| Suppliers | 440/4 | €23,320 | €22,433 | -€888 | -3.8% |
| Taxes, remuneration and social security | 45 | €5,941 | €10,464 | +€4,523 | +76.1% |
| Taxes | 450/3 | €5,941 | €10,464 | +€4,523 | +76.1% |
| Other amounts payable | 47/48 | €350 | €10,000 | +€9,650 | +2,757% |
| Accrued charges and deferred income | 492/3 | €515 | €495 | -€20 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,380 | €18,091 | -€289 | -1.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€784 | - | +€784 | |
| Other operating charges | 640/8 | €1,689 | €1,833 | +€144 | +8.5% |
| Gross operating margin | 9900 | €75,968 | €55,216 | -€20,752 | -27.3% |
| Operating profit (loss) | 9901 | €56,684 | €35,292 | -€21,392 | -37.7% |
| Financial income | 75/76B | €91 | €628 | +€538 | +593% |
| Recurring financial income | 75 | €91 | €628 | +€538 | +593% |
| Financial charges | 65/66B | €2,134 | €1,737 | -€397 | -18.6% |
| Recurring financial charges | 65 | €2,134 | €1,737 | -€397 | -18.6% |
| Profit (loss) for the period before taxes | 9903 | €54,641 | €34,184 | -€20,457 | -37.4% |
| Income taxes | 67/77 | €15,941 | €10,719 | -€5,221 | -32.8% |
| Profit (loss) for the period | 9904 | €38,700 | €23,465 | -€15,236 | -39.4% |
| Profit (loss) for the period to be appropriated | 9905 | €38,700 | €23,465 | -€15,236 | -39.4% |
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 27 October 2026 via checked.be.