VIEUX PHALERE: 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.
VIEUX PHALERE
Largest movements
- Tangible fixed assets +€7.1m
up €7.1m (+119%), from €6.0m to €13.0m
of which Land and buildings: +€7.0m
- Current investments -€500,000
down €500,000 (-71.4%), from €700,000 to €200,000
- Revaluation surpluses +€6.8m
up €6.8m (+1,350%), from €500,000 to €7.3m
- Profit (loss) carried forward -€187,399
down €187,399 (-54.4%), from -€344,485 to -€531,885
- Depreciation +€225,620
up €225,620 (+2,039%), from €11,066 to €236,686
- Gross operating margin +€79,680
up €79,680, from -€27,454 to €52,226
- Financial income -€45,456
down €45,456 (-88.1%), from €51,618 to €6,162
- Other operating charges +€2,453
up €2,453 (+119%), from €2,057 to €4,510
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 | €7,149,218 | €13,657,256 | +€6.5m | +91.0% |
| Fixed assets | 21/28 | €5,957,408 | €13,035,281 | +€7.1m | +119% |
| Tangible fixed assets | 22/27 | €5,957,408 | €13,035,281 | +€7.1m | +119% |
| Land and buildings | 22 | €5,398,210 | €12,393,036 | +€7.0m | +130% |
| Plant, machinery and equipment | 23 | €54,254 | €91,055 | +€36,801 | +67.8% |
| Furniture and vehicles | 24 | €504,944 | €551,190 | +€46,246 | +9.2% |
| Current assets | 29/58 | €1,191,810 | €621,975 | -€569,836 | -47.8% |
| Amounts receivable within one year | 40/41 | €35,629 | €53,957 | +€18,328 | +51.4% |
| Other amounts receivable | 41 | €35,629 | €53,957 | +€18,328 | +51.4% |
| Current investments | 50/53 | €700,000 | €200,000 | -€500,000 | -71.4% |
| Cash at bank and in hand | 54/58 | €453,376 | €353,714 | -€99,662 | -22.0% |
| Deferred charges and accrued income | 490/1 | €2,805 | €14,303 | +€11,498 | +410% |
| Total equity and liabilities | 10/49 | €7,149,218 | €13,657,256 | +€6.5m | +91.0% |
| Equity | 10/15 | €307,083 | €6,869,684 | +€6.6m | +2,137% |
| Contributions | 10/11 | €99,467 | €99,467 | = | 0.0% |
| Revaluation surpluses | 12 | €500,000 | €7,250,000 | +€6.8m | +1,350% |
| Reserves | 13 | €52,101 | €52,101 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,841 | €1,841 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,841 | €1,841 | = | 0.0% |
| Distributable reserves | 133 | €50,260 | €50,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€344,485 | -€531,885 | -€187,399 | -54.4% |
| Amounts payable | 17/49 | €6,842,135 | €6,787,572 | -€54,563 | -0.8% |
| Amounts payable after more than one year | 17 | €6,750,000 | €6,750,000 | = | 0.0% |
| Other amounts payable | 178/9 | €6,750,000 | €6,750,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €91,030 | €37,572 | -€53,458 | -58.7% |
| Trade debts | 44 | €69,518 | €25,870 | -€43,648 | -62.8% |
| Suppliers | 440/4 | €69,518 | €25,870 | -€43,648 | -62.8% |
| Taxes, remuneration and social security | 45 | €2,250 | €2,250 | = | 0.0% |
| Remuneration and social security | 454/9 | €2,250 | €2,250 | = | 0.0% |
| Other amounts payable | 47/48 | €19,262 | €9,452 | -€9,810 | -50.9% |
| Accrued charges and deferred income | 492/3 | €1,105 | - | -€1,105 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,066 | €236,686 | +€225,620 | +2,039% |
| Other operating charges | 640/8 | €2,057 | €4,510 | +€2,453 | +119% |
| Non-recurring operating charges | 66A | - | €2,988 | +€2,988 | |
| Gross operating margin | 9900 | -€27,454 | €52,226 | +€79,680 | |
| Operating profit (loss) | 9901 | -€40,577 | -€191,957 | -€151,381 | -373% |
| Financial income | 75/76B | €51,618 | €6,162 | -€45,456 | -88.1% |
| Recurring financial income | 75 | €51,618 | €6,162 | -€45,456 | -88.1% |
| Financial charges | 65/66B | €1,783 | €1,604 | -€179 | -10.0% |
| Recurring financial charges | 65 | €1,783 | €1,604 | -€179 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €9,259 | -€187,399 | -€196,658 | |
| Income taxes | 67/77 | €0 | €0 | = | |
| Profit (loss) for the period | 9904 | €9,259 | -€187,399 | -€196,658 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,259 | -€187,399 | -€196,658 |
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 19 October 2026 via checked.be.