VIER D: 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.
VIER D
Largest movements
- Cash -€19,861
down €19,861 (-57.5%), from €34,529 to €14,667
mainly Investment in fixed assets (net) (-€19,939) and Debts after one year (-€11,237)
- Receivables within one year -€3,500
down €3,500 (-20.3%), from €17,257 to €13,756
of which Other amounts receivable: -€3,816
- Debts after one year -€11,237
down €11,237 (-5.5%), from €203,695 to €192,458
- Other debts -€6,990
down €6,990 (-25.2%), from €27,747 to €20,757
- Accrued charges and deferred income -€3,800
no longer reported in 2025 (was €3,800)
- Gross operating margin +€13,549
up €13,549 (+75.5%), from €17,946 to €31,495
- Depreciation +€12,948
up €12,948 (+186%), from €6,950 to €19,899
- Financial charges +€6,051
up €6,051 (+264%), from €2,289 to €8,340
- Other operating charges +€1,885
up €1,885 (+255%), from €739 to €2,624
- Taxes -€667
down €667 (-92.1%), from €724 to €58
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 | €313,904 | €289,895 | -€24,009 | -7.6% |
| Fixed assets | 21/28 | €247,593 | €247,633 | +€40 | 0.0% |
| Tangible fixed assets | 22/27 | €247,422 | €247,462 | +€40 | 0.0% |
| Land and buildings | 22 | €237,687 | €225,724 | -€11,963 | -5.0% |
| Furniture and vehicles | 24 | €9,735 | €21,738 | +€12,003 | +123% |
| Financial fixed assets | 28 | €171 | €171 | = | 0.0% |
| Current assets | 29/58 | €66,311 | €42,261 | -€24,049 | -36.3% |
| Stocks and contracts in progress | 3 | €14,285 | €13,838 | -€447 | -3.1% |
| Stocks | 30/36 | €14,285 | €13,838 | -€447 | -3.1% |
| Amounts receivable within one year | 40/41 | €17,257 | €13,756 | -€3,500 | -20.3% |
| Trade receivables | 40 | €9,998 | €10,314 | +€315 | +3.2% |
| Other amounts receivable | 41 | €7,258 | €3,442 | -€3,816 | -52.6% |
| Cash at bank and in hand | 54/58 | €34,529 | €14,667 | -€19,861 | -57.5% |
| Deferred charges and accrued income | 490/1 | €241 | - | -€241 | |
| Total equity and liabilities | 10/49 | €313,904 | €289,895 | -€24,009 | -7.6% |
| Equity | 10/15 | €64,019 | €64,594 | +€575 | +0.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €45,419 | €45,994 | +€575 | +1.3% |
| Tax-exempt reserves | 132 | €18,000 | €18,000 | = | 0.0% |
| Distributable reserves | 133 | €27,419 | €27,994 | +€575 | +2.1% |
| Amounts payable | 17/49 | €249,886 | €225,301 | -€24,585 | -9.8% |
| Amounts payable after more than one year | 17 | €203,695 | €192,458 | -€11,237 | -5.5% |
| Financial debts | 170/4 | €203,695 | €192,458 | -€11,237 | -5.5% |
| Amounts payable within one year | 42/48 | €42,390 | €32,843 | -€9,548 | -22.5% |
| Current portion of amounts payable after more than one year | 42 | €10,848 | €11,237 | +€389 | +3.6% |
| Trade debts | 44 | €288 | €467 | +€179 | +62.0% |
| Suppliers | 440/4 | €288 | €467 | +€179 | +62.0% |
| Taxes, remuneration and social security | 45 | €3,507 | €381 | -€3,126 | -89.1% |
| Taxes | 450/3 | €2,257 | €381 | -€1,876 | -83.1% |
| Remuneration and social security | 454/9 | €1,250 | - | -€1,250 | |
| Other amounts payable | 47/48 | €27,747 | €20,757 | -€6,990 | -25.2% |
| Accrued charges and deferred income | 492/3 | €3,800 | - | -€3,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,950 | €19,899 | +€12,948 | +186% |
| Other operating charges | 640/8 | €739 | €2,624 | +€1,885 | +255% |
| Gross operating margin | 9900 | €17,946 | €31,495 | +€13,549 | +75.5% |
| Operating profit (loss) | 9901 | €10,257 | €8,973 | -€1,285 | -12.5% |
| Financial charges | 65/66B | €2,289 | €8,340 | +€6,051 | +264% |
| Recurring financial charges | 65 | €2,289 | €8,340 | +€6,051 | +264% |
| Profit (loss) for the period before taxes | 9903 | €7,968 | €633 | -€7,335 | -92.1% |
| Income taxes | 67/77 | €724 | €58 | -€667 | -92.1% |
| Profit (loss) for the period | 9904 | €7,244 | €575 | -€6,669 | -92.1% |
| Profit (loss) for the period to be appropriated | 9905 | €7,244 | €575 | -€6,669 | -92.1% |
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.