VIE: 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.
VIE
Largest movements
- Cash +€42,531
up €42,531 (+35.6%), from €119,352 to €161,883
mainly Net result for the year (+€42,038) and Other debts (+€38,343)
- Tangible fixed assets -€24,835
down €24,835 (-3.1%), from €804,011 to €779,176
of which Land and buildings: -€32,567
- Other debts +€38,343
up €38,343 (+94.7%), from €40,483 to €78,827
- Debts after one year -€24,943
down €24,943 (-3.7%), from €670,894 to €645,951
- Gross operating margin +€30,261
up €30,261 (+34.6%), from €87,439 to €117,700
- Taxes +€7,752
up €7,752 (+5751.3%), from €135 to €7,886
- Other operating charges +€3,723
up €3,723 (+718.3%), from €518 to €4,242
- Depreciation +€3,086
up €3,086 (+9.2%), from €33,658 to €36,744
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 | €925,478 | €944,287 | +€18,809 | +2.0% |
| Fixed assets | 21/28 | €804,011 | €779,176 | -€24,835 | -3.1% |
| Tangible fixed assets | 22/27 | €804,011 | €779,176 | -€24,835 | -3.1% |
| Land and buildings | 22 | €799,406 | €766,839 | -€32,567 | -4.1% |
| Plant, machinery and equipment | 23 | €4,605 | €12,336 | +€7,731 | +167.9% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €121,467 | €165,111 | +€43,644 | +35.9% |
| Amounts receivable within one year | 40/41 | €2,115 | €3,229 | +€1,114 | +52.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €2,115 | €3,229 | +€1,114 | +52.6% |
| Cash at bank and in hand | 54/58 | €119,352 | €161,883 | +€42,531 | +35.6% |
| Total equity and liabilities | 10/49 | €925,478 | €944,287 | +€18,809 | +2.0% |
| Equity | 10/15 | €153,817 | €157,580 | +€3,763 | +2.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €151,317 | €155,080 | +€3,763 | +2.5% |
| Distributable reserves | 133 | €151,317 | €155,080 | +€3,763 | +2.5% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €771,661 | €786,708 | +€15,046 | +1.9% |
| Amounts payable after more than one year | 17 | €670,894 | €645,951 | -€24,943 | -3.7% |
| Financial debts | 170/4 | €670,894 | €645,951 | -€24,943 | -3.7% |
| Amounts payable within one year | 42/48 | €96,048 | €135,938 | +€39,890 | +41.5% |
| Current portion of amounts payable after more than one year | 42 | €32,871 | €33,174 | +€303 | +0.9% |
| Financial debts | 43 | €106 | €84 | -€22 | -20.7% |
| Credit institutions | 430/8 | €106 | €84 | -€22 | -20.7% |
| Trade debts | 44 | €20,014 | €21,009 | +€994 | +5.0% |
| Suppliers | 440/4 | €20,014 | €21,009 | +€994 | +5.0% |
| Taxes, remuneration and social security | 45 | €2,574 | €2,845 | +€271 | +10.5% |
| Taxes | 450/3 | €817 | €782 | -€34 | -4.2% |
| Remuneration and social security | 454/9 | €1,758 | €2,063 | +€305 | +17.3% |
| Other amounts payable | 47/48 | €40,483 | €78,827 | +€38,343 | +94.7% |
| Accrued charges and deferred income | 492/3 | €4,719 | €4,819 | +€100 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,658 | €36,744 | +€3,086 | +9.2% |
| Other operating charges | 640/8 | €518 | €4,242 | +€3,723 | +718.3% |
| Gross operating margin | 9900 | €87,439 | €117,700 | +€30,261 | +34.6% |
| Operating profit (loss) | 9901 | €53,263 | €76,714 | +€23,452 | +44.0% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €26,512 | €26,790 | +€279 | +1.1% |
| Recurring financial charges | 65 | €26,512 | €26,790 | +€279 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €26,751 | €49,924 | +€23,173 | +86.6% |
| Income taxes | 67/77 | €135 | €7,886 | +€7,752 | +5751.3% |
| Profit (loss) for the period | 9904 | €26,616 | €42,038 | +€15,422 | +57.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,616 | €42,038 | +€15,422 | +57.9% |
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 7 October 2026 via checked.be.