VCRE: what changed
Two fiscal 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.
VCRE
Largest movements
- Cash +€3,433
up €3,433 (+33.3%), from €10,295 to €13,728
mainly Net result for the year (+€3,939) and Depreciation (+€2,065)
- Tangible fixed assets -€2,045
down €2,045 (-29.5%), from €6,921 to €4,876
of which Plant, machinery and equipment: -€1,230
- Receivables within one year +€614
up €614 (+88.7%), from €692 to €1,307
of which Trade receivables: +€699
- Reserves +€3,939
up €3,939 (+138.6%), from €2,841 to €6,780
- Other debts -€2,066
down €2,066 (-19.1%), from €10,814 to €8,749
- Tax, wage and social debts +€587
up €587 (+59.7%), from €982 to €1,569
- Trade debts -€361
down €361 (-45.2%), from €798 to €438
- Gross operating margin +€4,798
up €4,798 (+36.8%), from €13,038 to €17,836
- Staff costs +€2,029
up €2,029 (+28.8%), from €7,036 to €9,064
- Depreciation +€726
up €726 (+54.2%), from €1,339 to €2,065
- Taxes +€369
up €369 (+37.6%), from €982 to €1,352
- Other operating charges +€328
up €328 (+40.5%), from €811 to €1,139
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.
Cash bridge derived
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 | €18,446 | €20,553 | +€2,106 | +11.4% |
| Fixed assets | 21/28 | €7,003 | €4,938 | -€2,065 | -29.5% |
| Intangible fixed assets | 21 | €83 | €63 | -€20 | -24.2% |
| Tangible fixed assets | 22/27 | €6,921 | €4,876 | -€2,045 | -29.5% |
| Plant, machinery and equipment | 23 | €4,822 | €3,592 | -€1,230 | -25.5% |
| Furniture and vehicles | 24 | €2,099 | €1,284 | -€815 | -38.8% |
| Current assets | 29/58 | €11,443 | €15,614 | +€4,171 | +36.5% |
| Amounts receivable within one year | 40/41 | €692 | €1,307 | +€614 | +88.7% |
| Trade receivables | 40 | - | €699 | +€699 | |
| Other amounts receivable | 41 | €692 | €608 | -€84 | -12.2% |
| Cash at bank and in hand | 54/58 | €10,295 | €13,728 | +€3,433 | +33.3% |
| Deferred charges and accrued income | 490/1 | €456 | €580 | +€124 | +27.2% |
| Total equity and liabilities | 10/49 | €18,446 | €20,553 | +€2,106 | +11.4% |
| Equity | 10/15 | €5,841 | €9,780 | +€3,939 | +67.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €2,841 | €6,780 | +€3,939 | +138.6% |
| Distributable reserves | 133 | €2,841 | €6,780 | +€3,939 | +138.6% |
| Amounts payable | 17/49 | €12,605 | €10,773 | -€1,832 | -14.5% |
| Amounts payable within one year | 42/48 | €12,595 | €10,756 | -€1,839 | -14.6% |
| Trade debts | 44 | €798 | €438 | -€361 | -45.2% |
| Suppliers | 440/4 | €798 | €438 | -€361 | -45.2% |
| Taxes, remuneration and social security | 45 | €982 | €1,569 | +€587 | +59.7% |
| Taxes | 450/3 | €982 | €1,569 | +€587 | +59.7% |
| Other amounts payable | 47/48 | €10,814 | €8,749 | -€2,066 | -19.1% |
| Accrued charges and deferred income | 492/3 | €10 | €17 | +€7 | +69.0% |
| Remuneration, social security and pensions | 62 | €7,036 | €9,064 | +€2,029 | +28.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,339 | €2,065 | +€726 | +54.2% |
| Other operating charges | 640/8 | €811 | €1,139 | +€328 | +40.5% |
| Gross operating margin | 9900 | €13,038 | €17,836 | +€4,798 | +36.8% |
| Operating profit (loss) | 9901 | €3,852 | €5,567 | +€1,715 | +44.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €29 | €278 | +€249 | +873.3% |
| Recurring financial charges | 65 | €29 | €278 | +€249 | +873.3% |
| Profit (loss) for the period before taxes | 9903 | €3,824 | €5,290 | +€1,467 | +38.4% |
| Income taxes | 67/77 | €982 | €1,352 | +€369 | +37.6% |
| Profit (loss) for the period | 9904 | €2,841 | €3,939 | +€1,097 | +38.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,841 | €3,939 | +€1,097 | +38.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.