Venster: 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.
Venster
Largest movements
- Receivables within one year +€133,427
up €133,427 (+85.0%), from €156,892 to €290,320
of which Trade receivables: +€127,242
- Cash -€27,485
down €27,485 (-25.1%), from €109,558 to €82,074
mainly Receivables within one year (-€133,427) and Contributions, distributions and other (-€47,647)
- Current investments +€24,998
up €24,998 (+50.0%), from €49,957 to €74,955
- Tangible fixed assets -€18,554
down €18,554 (-4.7%), from €394,151 to €375,597
of which Land and buildings: -€14,236
- Advances received +€57,045
up €57,045 (+43.7%), from €130,458 to €187,503
- Trade debts +€53,184
up €53,184 (+68.2%), from €77,947 to €131,131
- Reserves +€23,753
up €23,753 (+13.3%), from €178,100 to €201,853
- Other debts -€23,507
down €23,507 (-50.0%), from €46,974 to €23,467
- Debts after one year -€15,963
down €15,963 (-5.4%), from €296,406 to €280,443
- Write-downs -€92,056
no longer reported in 2025 (was €92,056)
- Staff costs +€60,090
up €60,090 (+2,551%), from €2,356 to €62,446
- Gross operating margin +€37,080
up €37,080 (+22.8%), from €162,845 to €199,925
- Taxes +€14,099
up €14,099 (+250%), from €5,650 to €19,748
- Depreciation +€4,154
up €4,154 (+19.5%), from €21,322 to €25,476
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 | €771,772 | €892,515 | +€120,743 | +15.6% |
| Fixed assets | 21/28 | €394,151 | €375,597 | -€18,554 | -4.7% |
| Tangible fixed assets | 22/27 | €394,151 | €375,597 | -€18,554 | -4.7% |
| Land and buildings | 22 | €367,965 | €353,729 | -€14,236 | -3.9% |
| Plant, machinery and equipment | 23 | €5,939 | €8,987 | +€3,048 | +51.3% |
| Furniture and vehicles | 24 | €20,247 | €12,881 | -€7,366 | -36.4% |
| Current assets | 29/58 | €377,621 | €516,918 | +€139,297 | +36.9% |
| Stocks and contracts in progress | 3 | €61,214 | €69,569 | +€8,356 | +13.6% |
| Stocks | 30/36 | €61,214 | €69,569 | +€8,356 | +13.6% |
| Amounts receivable within one year | 40/41 | €156,892 | €290,320 | +€133,427 | +85.0% |
| Trade receivables | 40 | €141,173 | €268,416 | +€127,242 | +90.1% |
| Other amounts receivable | 41 | €15,719 | €21,904 | +€6,185 | +39.3% |
| Current investments | 50/53 | €49,957 | €74,955 | +€24,998 | +50.0% |
| Cash at bank and in hand | 54/58 | €109,558 | €82,074 | -€27,485 | -25.1% |
| Total equity and liabilities | 10/49 | €771,772 | €892,515 | +€120,743 | +15.6% |
| Equity | 10/15 | €193,178 | €216,858 | +€23,680 | +12.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €178,100 | €201,853 | +€23,753 | +13.3% |
| Distributable reserves | 133 | €178,100 | €201,853 | +€23,753 | +13.3% |
| Profit (loss) carried forward | 14 | €78 | €5 | -€73 | -94.0% |
| Amounts payable | 17/49 | €578,594 | €675,657 | +€97,063 | +16.8% |
| Amounts payable after more than one year | 17 | €296,406 | €280,443 | -€15,963 | -5.4% |
| Financial debts | 170/4 | €296,406 | €280,443 | -€15,963 | -5.4% |
| Amounts payable within one year | 42/48 | €282,188 | €395,215 | +€113,026 | +40.1% |
| Current portion of amounts payable after more than one year | 42 | €20,097 | €15,963 | -€4,134 | -20.6% |
| Financial debts | 43 | €1,807 | €16,801 | +€14,994 | +830% |
| Credit institutions | 430/8 | €1,807 | €16,801 | +€14,994 | +830% |
| Trade debts | 44 | €77,947 | €131,131 | +€53,184 | +68.2% |
| Suppliers | 440/4 | €77,947 | €131,131 | +€53,184 | +68.2% |
| Advances received on contracts in progress | 46 | €130,458 | €187,503 | +€57,045 | +43.7% |
| Taxes, remuneration and social security | 45 | €4,906 | €20,350 | +€15,444 | +315% |
| Taxes | 450/3 | €4,906 | €10,008 | +€5,102 | +104% |
| Remuneration and social security | 454/9 | - | €10,342 | +€10,342 | |
| Other amounts payable | 47/48 | €46,974 | €23,467 | -€23,507 | -50.0% |
| Remuneration, social security and pensions | 62 | €2,356 | €62,446 | +€60,090 | +2,551% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,322 | €25,476 | +€4,154 | +19.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €92,056 | - | -€92,056 | |
| Other operating charges | 640/8 | €4,403 | €4,185 | -€219 | -5.0% |
| Gross operating margin | 9900 | €162,845 | €199,925 | +€37,080 | +22.8% |
| Operating profit (loss) | 9901 | €42,708 | €107,818 | +€65,110 | +152% |
| Financial income | 75/76B | €621 | €1,264 | +€643 | +104% |
| Recurring financial income | 75 | €621 | €1,264 | +€643 | +104% |
| Financial charges | 65/66B | €18,649 | €18,007 | -€642 | -3.4% |
| Recurring financial charges | 65 | €16,077 | €18,007 | +€1,930 | +12.0% |
| Non-recurring financial charges | 66B | €2,572 | - | -€2,572 | |
| Profit (loss) for the period before taxes | 9903 | €24,679 | €91,075 | +€66,395 | +269% |
| Income taxes | 67/77 | €5,650 | €19,748 | +€14,099 | +250% |
| Profit (loss) for the period | 9904 | €19,030 | €71,327 | +€52,297 | +275% |
| Profit (loss) for the period to be appropriated | 9905 | €19,030 | €71,327 | +€52,297 | +275% |
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 17 October 2026 via checked.be.