VIAR: 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.
VIAR
Largest movements
- Tangible fixed assets -€876,248
down €876,248 (-24.1%), from €3.6m to €2.8m
of which Land and buildings: -€856,642
- Current investments +€596,627
up €596,627 (+104.5%), from €571,005 to €1.2m
- Cash +€130,121
up €130,121 (+76.5%), from €170,082 to €300,203
mainly Investment in fixed assets (net) (+€872,334) and Depreciation (+€115,335)
- Financial fixed assets -€108,464
down €108,464 (-5.2%), from €2.1m to €2.0m
- Reserves -€148,587
down €148,587 (-2.4%), from €6.2m to €6.1m
of which Distributable reserves: -€148,587
- Gross operating margin +€27,928
up €27,928 (+186.0%), from €15,013 to €42,941
- Depreciation -€19,802
down €19,802 (-14.7%), from €135,137 to €115,335
- Financial income +€12,158
up €12,158 (+39.5%), from €30,763 to €42,921
- Other operating charges +€3,238
up €3,238 (+17.7%), from €18,323 to €21,561
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 | €7,554,644 | €7,301,175 | -€253,469 | -3.4% |
| Fixed assets | 21/28 | €5,733,368 | €4,745,699 | -€987,669 | -17.2% |
| Intangible fixed assets | 21 | €4,042 | €1,085 | -€2,957 | -73.1% |
| Tangible fixed assets | 22/27 | €3,631,118 | €2,754,869 | -€876,248 | -24.1% |
| Land and buildings | 22 | €3,537,843 | €2,681,201 | -€856,642 | -24.2% |
| Plant, machinery and equipment | 23 | €6,059 | €3,420 | -€2,639 | -43.6% |
| Furniture and vehicles | 24 | €46,146 | €29,178 | -€16,967 | -36.8% |
| Other tangible fixed assets | 26 | €41,070 | €41,070 | = | 0.0% |
| Financial fixed assets | 28 | €2,098,208 | €1,989,744 | -€108,464 | -5.2% |
| Current assets | 29/58 | €1,821,276 | €2,555,476 | +€734,200 | +40.3% |
| Stocks and contracts in progress | 3 | €14,094 | €16,241 | +€2,147 | +15.2% |
| Stocks | 30/36 | €14,094 | €16,241 | +€2,147 | +15.2% |
| Amounts receivable within one year | 40/41 | €1,060,760 | €1,060,776 | +€16 | 0.0% |
| Trade receivables | 40 | €8,886 | €4,169 | -€4,717 | -53.1% |
| Other amounts receivable | 41 | €1,051,874 | €1,056,607 | +€4,733 | +0.4% |
| Current investments | 50/53 | €571,005 | €1,167,632 | +€596,627 | +104.5% |
| Cash at bank and in hand | 54/58 | €170,082 | €300,203 | +€130,121 | +76.5% |
| Deferred charges and accrued income | 490/1 | €5,336 | €10,625 | +€5,289 | +99.1% |
| Total equity and liabilities | 10/49 | €7,554,644 | €7,301,175 | -€253,469 | -3.4% |
| Equity | 10/15 | €6,266,739 | €6,118,152 | -€148,587 | -2.4% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €6,247,739 | €6,099,152 | -€148,587 | -2.4% |
| Tax-exempt reserves | 132 | €19,351 | €19,351 | = | 0.0% |
| Distributable reserves | 133 | €6,228,388 | €6,079,800 | -€148,587 | -2.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,287,905 | €1,183,023 | -€104,882 | -8.1% |
| Amounts payable after more than one year | 17 | €58,145 | €0 | -€58,145 | -100.0% |
| Financial debts | 170/4 | €58,145 | €0 | -€58,145 | -100.0% |
| Amounts payable within one year | 42/48 | €1,222,341 | €1,177,648 | -€44,693 | -3.7% |
| Current portion of amounts payable after more than one year | 42 | €76,740 | €58,145 | -€18,595 | -24.2% |
| Trade debts | 44 | €20,799 | €5,886 | -€14,913 | -71.7% |
| Suppliers | 440/4 | €20,799 | €5,886 | -€14,913 | -71.7% |
| Taxes, remuneration and social security | 45 | €16,151 | €5,852 | -€10,298 | -63.8% |
| Taxes | 450/3 | €13,335 | €3,141 | -€10,194 | -76.4% |
| Remuneration and social security | 454/9 | €2,816 | €2,711 | -€105 | -3.7% |
| Other amounts payable | 47/48 | €1,108,651 | €1,107,764 | -€887 | -0.1% |
| Accrued charges and deferred income | 492/3 | €7,419 | €5,375 | -€2,044 | -27.5% |
| Non-recurring operating income | 76A | €4,429 | €30,259 | +€25,830 | +583.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,137 | €115,335 | -€19,802 | -14.7% |
| Other operating charges | 640/8 | €18,323 | €21,561 | +€3,238 | +17.7% |
| Non-recurring operating charges | 66A | - | €27,858 | +€27,858 | |
| Gross operating margin | 9900 | €15,013 | €42,941 | +€27,928 | +186.0% |
| Operating profit (loss) | 9901 | -€138,448 | -€121,814 | +€16,634 | +12.0% |
| Financial income | 75/76B | €30,763 | €42,921 | +€12,158 | +39.5% |
| Recurring financial income | 75 | €30,763 | €42,921 | +€12,158 | +39.5% |
| Financial charges | 65/66B | €2,491 | €2,749 | +€258 | +10.4% |
| Recurring financial charges | 65 | €2,491 | €2,749 | +€258 | +10.4% |
| Profit (loss) for the period before taxes | 9903 | -€110,176 | -€81,641 | +€28,534 | +25.9% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €286 | €280 | -€6 | -2.1% |
| Profit (loss) for the period | 9904 | -€110,462 | -€81,921 | +€28,540 | +25.8% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€110,462 | -€81,921 | +€28,540 | +25.8% |
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 2 October 2026 via checked.be.