VESTIBUS: 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.
VESTIBUS
Largest movements
- Stocks and contracts +€33,420
up €33,420 (+17.1%), from €195,864 to €229,284
- Receivables within one year +€5,381
up €5,381 (+38.3%), from €14,061 to €19,442
of which Trade receivables: +€5,516
- Tangible fixed assets -€5,102
down €5,102 (-28.2%), from €18,089 to €12,987
- Profit (loss) carried forward +€13,061
up €13,061 (+133.0%), from €9,822 to €22,883
- Other debts +€12,485
new in 2025: €12,485
- Short-term financial debts +€9,784
up €9,784 (+26.0%), from €37,580 to €47,364
- Debts after one year -€4,754
down €4,754 (-24.0%), from €19,785 to €15,031
- Trade debts +€3,715
up €3,715 (+3.0%), from €122,102 to €125,817
- Gross operating margin +€46,262
up €46,262 (+34.7%), from €133,323 to €179,585
- Write-downs +€17,500
new in 2025: €17,500
- Staff costs +€17,191
up €17,191 (+16.3%), from €105,286 to €122,477
- Financial income -€15,196
no longer reported in 2025 (was €15,196)
- Taxes +€4,070
up €4,070 (+237.0%), from €1,717 to €5,787
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 | €268,148 | €299,967 | +€31,819 | +11.9% |
| Fixed assets | 21/28 | €56,700 | €50,135 | -€6,565 | -11.6% |
| Intangible fixed assets | 21 | €38,552 | €37,089 | -€1,463 | -3.8% |
| Tangible fixed assets | 22/27 | €18,089 | €12,987 | -€5,102 | -28.2% |
| Plant, machinery and equipment | 23 | €8,972 | €6,798 | -€2,174 | -24.2% |
| Furniture and vehicles | 24 | €2,175 | €1,532 | -€643 | -29.6% |
| Other tangible fixed assets | 26 | €6,942 | €4,657 | -€2,285 | -32.9% |
| Financial fixed assets | 28 | €59 | €59 | = | 0.0% |
| Current assets | 29/58 | €211,448 | €249,832 | +€38,384 | +18.2% |
| Stocks and contracts in progress | 3 | €195,864 | €229,284 | +€33,420 | +17.1% |
| Stocks | 30/36 | €195,864 | €229,284 | +€33,420 | +17.1% |
| Amounts receivable within one year | 40/41 | €14,061 | €19,442 | +€5,381 | +38.3% |
| Trade receivables | 40 | €11,790 | €17,306 | +€5,516 | +46.8% |
| Other amounts receivable | 41 | €2,271 | €2,136 | -€135 | -5.9% |
| Cash at bank and in hand | 54/58 | €475 | - | -€475 | |
| Deferred charges and accrued income | 490/1 | €1,048 | €1,106 | +€58 | +5.5% |
| Total equity and liabilities | 10/49 | €268,148 | €299,967 | +€31,819 | +11.9% |
| Equity | 10/15 | €49,822 | €62,883 | +€13,061 | +26.2% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,822 | €22,883 | +€13,061 | +133.0% |
| Amounts payable | 17/49 | €218,326 | €237,084 | +€18,758 | +8.6% |
| Amounts payable after more than one year | 17 | €19,785 | €15,031 | -€4,754 | -24.0% |
| Financial debts | 170/4 | €19,785 | €15,031 | -€4,754 | -24.0% |
| Amounts payable within one year | 42/48 | €198,541 | €222,053 | +€23,512 | +11.8% |
| Current portion of amounts payable after more than one year | 42 | €4,491 | €4,754 | +€263 | +5.9% |
| Financial debts | 43 | €37,580 | €47,364 | +€9,784 | +26.0% |
| Credit institutions | 430/8 | €37,580 | €47,364 | +€9,784 | +26.0% |
| Trade debts | 44 | €122,102 | €125,817 | +€3,715 | +3.0% |
| Suppliers | 440/4 | €122,102 | €125,817 | +€3,715 | +3.0% |
| Taxes, remuneration and social security | 45 | €34,368 | €31,633 | -€2,735 | -8.0% |
| Taxes | 450/3 | €21,669 | €20,504 | -€1,165 | -5.4% |
| Remuneration and social security | 454/9 | €12,699 | €11,129 | -€1,570 | -12.4% |
| Other amounts payable | 47/48 | - | €12,485 | +€12,485 | |
| Remuneration, social security and pensions | 62 | €105,286 | €122,477 | +€17,191 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,558 | €12,915 | +€1,357 | +11.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €17,500 | +€17,500 | |
| Other operating charges | 640/8 | €1,016 | €1,737 | +€721 | +71.0% |
| Gross operating margin | 9900 | €133,323 | €179,585 | +€46,262 | +34.7% |
| Operating profit (loss) | 9901 | €15,463 | €24,956 | +€9,493 | +61.4% |
| Financial income | 75/76B | €15,196 | - | -€15,196 | |
| Recurring financial income | 75 | €15,196 | - | -€15,196 | |
| Financial charges | 65/66B | €3,846 | €6,108 | +€2,262 | +58.8% |
| Recurring financial charges | 65 | €3,846 | €6,108 | +€2,262 | +58.8% |
| Profit (loss) for the period before taxes | 9903 | €26,813 | €18,848 | -€7,965 | -29.7% |
| Income taxes | 67/77 | €1,717 | €5,787 | +€4,070 | +237.0% |
| Profit (loss) for the period | 9904 | €25,096 | €13,061 | -€12,035 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,096 | €13,061 | -€12,035 | -48.0% |
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 10 October 2026 via checked.be.