VCB: 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.
VCB
Largest movements
- Cash +€55,291
up €55,291 (+15.6%), from €354,592 to €409,883
mainly Depreciation (+€40,929) and Net result for the year (+€14,535)
- Tangible fixed assets -€31,828
down €31,828 (-4.1%), from €773,127 to €741,299
of which Land and buildings: -€19,670
No liability line moved by more than 1% of the balance sheet total.
- Financial income -€551,846
down €551,846 (-95.8%), from €576,329 to €24,483
- Taxes -€54,299
down €54,299 (-92.0%), from €59,046 to €4,747
- Gross operating margin +€32,624
up €32,624 (+399%), from €8,168 to €40,792
- Depreciation +€8,357
up €8,357 (+25.7%), from €32,572 to €40,929
- Other operating charges +€2,500
up €2,500 (+106%), from €2,364 to €4,864
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 | €1,601,402 | €1,612,211 | +€10,809 | +0.7% |
| Fixed assets | 21/28 | €773,783 | €741,875 | -€31,908 | -4.1% |
| Tangible fixed assets | 22/27 | €773,127 | €741,299 | -€31,828 | -4.1% |
| Land and buildings | 22 | €728,595 | €708,925 | -€19,670 | -2.7% |
| Plant, machinery and equipment | 23 | €2,675 | €8,068 | +€5,393 | +202% |
| Furniture and vehicles | 24 | €41,857 | €24,306 | -€17,551 | -41.9% |
| Financial fixed assets | 28 | €656 | €576 | -€80 | -12.2% |
| Current assets | 29/58 | €827,619 | €870,336 | +€42,717 | +5.2% |
| Amounts receivable after more than one year | 29 | €450,000 | €450,000 | = | 0.0% |
| Other amounts receivable | 291 | €450,000 | €450,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €19,108 | €9,882 | -€9,226 | -48.3% |
| Trade receivables | 40 | €18,600 | €9,357 | -€9,243 | -49.7% |
| Other amounts receivable | 41 | €507 | €525 | +€18 | +3.5% |
| Cash at bank and in hand | 54/58 | €354,592 | €409,883 | +€55,291 | +15.6% |
| Deferred charges and accrued income | 490/1 | €3,919 | €571 | -€3,348 | -85.4% |
| Total equity and liabilities | 10/49 | €1,601,402 | €1,612,211 | +€10,809 | +0.7% |
| Equity | 10/15 | €1,536,772 | €1,551,307 | +€14,535 | +0.9% |
| Contributions | 10/11 | €108,550 | €108,550 | = | 0.0% |
| Reserves | 13 | €1,257,219 | €1,257,219 | = | 0.0% |
| Distributable reserves | 133 | €1,257,219 | €1,257,219 | = | 0.0% |
| Profit (loss) carried forward | 14 | €171,003 | €185,538 | +€14,535 | +8.5% |
| Amounts payable | 17/49 | €64,630 | €60,904 | -€3,725 | -5.8% |
| Amounts payable after more than one year | 17 | €80 | €80 | = | 0.0% |
| Other amounts payable | 178/9 | €80 | €80 | = | 0.0% |
| Amounts payable within one year | 42/48 | €64,550 | €60,824 | -€3,725 | -5.8% |
| Trade debts | 44 | €4,068 | €4,483 | +€415 | +10.2% |
| Suppliers | 440/4 | €4,068 | €4,483 | +€415 | +10.2% |
| Taxes, remuneration and social security | 45 | €60,312 | €56,124 | -€4,187 | -6.9% |
| Taxes | 450/3 | €60,312 | €56,124 | -€4,187 | -6.9% |
| Other amounts payable | 47/48 | €170 | €217 | +€47 | +27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,572 | €40,929 | +€8,357 | +25.7% |
| Other operating charges | 640/8 | €2,364 | €4,864 | +€2,500 | +106% |
| Gross operating margin | 9900 | €8,168 | €40,792 | +€32,624 | +399% |
| Operating profit (loss) | 9901 | -€26,768 | -€5,001 | +€21,767 | +81.3% |
| Financial income | 75/76B | €576,329 | €24,483 | -€551,846 | -95.8% |
| Recurring financial income | 75 | €576,329 | €24,483 | -€551,846 | -95.8% |
| Financial charges | 65/66B | €151 | €201 | +€50 | +33.4% |
| Recurring financial charges | 65 | €151 | €201 | +€50 | +33.4% |
| Profit (loss) for the period before taxes | 9903 | €549,410 | €19,282 | -€530,129 | -96.5% |
| Income taxes | 67/77 | €59,046 | €4,747 | -€54,299 | -92.0% |
| Profit (loss) for the period | 9904 | €490,364 | €14,535 | -€475,829 | -97.0% |
| Profit (loss) for the period to be appropriated | 9905 | €490,364 | €14,535 | -€475,829 | -97.0% |
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 15 October 2026 via checked.be.