ViBel: 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.
ViBel
Largest movements
- Tangible fixed assets -€42,740
down €42,740 (-6.9%), from €617,794 to €575,054
of which Furniture and vehicles: -€22,843
- Receivables within one year -€17,430
down €17,430 (-24.4%), from €71,390 to €53,960
of which Other amounts receivable: -€14,862
- Cash +€9,817
up €9,817 (+16.4%), from €59,890 to €69,707
mainly Net result for the year (+€105,126) and Depreciation (+€44,880)
- Debts after one year -€38,871
down €38,871 (-10.3%), from €377,418 to €338,547
- Tax, wage and social debts -€38,654
down €38,654 (-60.2%), from €64,216 to €25,562
of which Taxes: -€38,654
- Reserves +€18,126
up €18,126 (+20.7%), from €87,771 to €105,898
- Gross operating margin +€44,252
up €44,252 (+28.4%), from €155,794 to €200,046
- Taxes +€11,844
up €11,844 (+60.6%), from €19,548 to €31,393
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 | €751,382 | €700,856 | -€50,526 | -6.7% |
| Fixed assets | 21/28 | €617,794 | €575,054 | -€42,740 | -6.9% |
| Tangible fixed assets | 22/27 | €617,794 | €575,054 | -€42,740 | -6.9% |
| Land and buildings | 22 | €507,034 | €494,428 | -€12,606 | -2.5% |
| Plant, machinery and equipment | 23 | €648 | €1,883 | +€1,235 | +191% |
| Furniture and vehicles | 24 | €22,843 | €0 | -€22,843 | -100% |
| Other tangible fixed assets | 26 | €87,268 | €78,743 | -€8,526 | -9.8% |
| Current assets | 29/58 | €133,588 | €125,802 | -€7,786 | -5.8% |
| Amounts receivable within one year | 40/41 | €71,390 | €53,960 | -€17,430 | -24.4% |
| Trade receivables | 40 | €54,997 | €52,428 | -€2,568 | -4.7% |
| Other amounts receivable | 41 | €16,394 | €1,531 | -€14,862 | -90.7% |
| Cash at bank and in hand | 54/58 | €59,890 | €69,707 | +€9,817 | +16.4% |
| Deferred charges and accrued income | 490/1 | €2,307 | €2,135 | -€172 | -7.5% |
| Total equity and liabilities | 10/49 | €751,382 | €700,856 | -€50,526 | -6.7% |
| Equity | 10/15 | €106,371 | €124,498 | +€18,126 | +17.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €87,771 | €105,898 | +€18,126 | +20.7% |
| Distributable reserves | 133 | €87,771 | €105,898 | +€18,126 | +20.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €645,010 | €576,358 | -€68,652 | -10.6% |
| Amounts payable after more than one year | 17 | €377,418 | €338,547 | -€38,871 | -10.3% |
| Financial debts | 170/4 | €377,418 | €338,547 | -€38,871 | -10.3% |
| Amounts payable within one year | 42/48 | €267,592 | €237,811 | -€29,781 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €37,837 | €38,871 | +€1,034 | +2.7% |
| Trade debts | 44 | €3,616 | €9,606 | +€5,990 | +166% |
| Suppliers | 440/4 | €3,616 | €9,606 | +€5,990 | +166% |
| Taxes, remuneration and social security | 45 | €64,216 | €25,562 | -€38,654 | -60.2% |
| Taxes | 450/3 | €60,466 | €21,812 | -€38,654 | -63.9% |
| Remuneration and social security | 454/9 | €3,750 | €3,750 | = | 0.0% |
| Other amounts payable | 47/48 | €161,922 | €163,772 | +€1,850 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,684 | €44,880 | -€805 | -1.8% |
| Other operating charges | 640/8 | €3,015 | €3,107 | +€91 | +3.0% |
| Gross operating margin | 9900 | €155,794 | €200,046 | +€44,252 | +28.4% |
| Operating profit (loss) | 9901 | €107,094 | €152,059 | +€44,966 | +42.0% |
| Financial income | 75/76B | €87 | €586 | +€499 | +576% |
| Recurring financial income | 75 | €87 | €586 | +€499 | +576% |
| Financial charges | 65/66B | €16,956 | €16,126 | -€830 | -4.9% |
| Recurring financial charges | 65 | €16,956 | €16,126 | -€830 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €90,225 | €136,519 | +€46,294 | +51.3% |
| Income taxes | 67/77 | €19,548 | €31,393 | +€11,844 | +60.6% |
| Profit (loss) for the period | 9904 | €70,676 | €105,126 | +€34,450 | +48.7% |
| Profit (loss) for the period to be appropriated | 9905 | €70,676 | €105,126 | +€34,450 | +48.7% |
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 14 October 2026 via checked.be.