VITRERIE REFLECTIONS: 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.
VITRERIE REFLECTIONS
Largest movements
- Receivables within one year -€25,061
down €25,061 (-51.6%), from €48,614 to €23,553
of which Trade receivables: -€26,979
- Cash -€14,085
down €14,085 (-26.4%), from €53,353 to €39,268
mainly Trade debts (-€24,917) and Net result for the year (-€14,280)
- Deferred charges and accrued income -€3,555
down €3,555 (-99.5%), from €3,571 to €16
- Trade debts -€24,917
down €24,917 (-51.7%), from €48,237 to €23,319
- Profit (loss) carried forward -€14,280
down €14,280 (-21.8%), from €65,528 to €51,249
- Other debts -€4,510
no longer reported in 2025 (was €4,510)
- Gross operating margin -€13,566
down €13,566 (-19.3%), from €70,145 to €56,579
- Depreciation -€3,686
down €3,686 (-65.3%), from €5,643 to €1,957
- Staff costs +€2,286
up €2,286 (+3.5%), from €65,598 to €67,884
- Financial income -€1,665
down €1,665 (-72.2%), from €2,306 to €641
- Financial charges -€718
down €718 (-72.6%), from €989 to €271
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 | €128,522 | €85,841 | -€42,681 | -33.2% |
| Fixed assets | 21/28 | €14,174 | €13,732 | -€443 | -3.1% |
| Tangible fixed assets | 22/27 | €11,999 | €11,557 | -€443 | -3.7% |
| Plant, machinery and equipment | 23 | €2,342 | €1,873 | -€468 | -20.0% |
| Furniture and vehicles | 24 | €9,658 | €9,683 | +€26 | +0.3% |
| Financial fixed assets | 28 | €2,175 | €2,175 | = | 0.0% |
| Current assets | 29/58 | €114,348 | €72,110 | -€42,238 | -36.9% |
| Stocks and contracts in progress | 3 | €8,810 | €9,273 | +€463 | +5.3% |
| Stocks | 30/36 | €8,810 | €9,273 | +€463 | +5.3% |
| Amounts receivable within one year | 40/41 | €48,614 | €23,553 | -€25,061 | -51.6% |
| Trade receivables | 40 | €47,977 | €20,998 | -€26,979 | -56.2% |
| Other amounts receivable | 41 | €637 | €2,554 | +€1,918 | +301% |
| Cash at bank and in hand | 54/58 | €53,353 | €39,268 | -€14,085 | -26.4% |
| Deferred charges and accrued income | 490/1 | €3,571 | €16 | -€3,555 | -99.5% |
| Total equity and liabilities | 10/49 | €128,522 | €85,841 | -€42,681 | -33.2% |
| Equity | 10/15 | €73,588 | €59,309 | -€14,280 | -19.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,528 | €51,249 | -€14,280 | -21.8% |
| Amounts payable | 17/49 | €54,934 | €26,533 | -€28,401 | -51.7% |
| Amounts payable within one year | 42/48 | €54,694 | €26,533 | -€28,162 | -51.5% |
| Trade debts | 44 | €48,237 | €23,319 | -€24,917 | -51.7% |
| Suppliers | 440/4 | €48,237 | €23,319 | -€24,917 | -51.7% |
| Taxes, remuneration and social security | 45 | €1,948 | €3,214 | +€1,266 | +65.0% |
| Taxes | 450/3 | - | €940 | +€940 | |
| Remuneration and social security | 454/9 | €1,948 | €2,273 | +€326 | +16.7% |
| Other amounts payable | 47/48 | €4,510 | - | -€4,510 | |
| Accrued charges and deferred income | 492/3 | €240 | - | -€240 | |
| Remuneration, social security and pensions | 62 | €65,598 | €67,884 | +€2,286 | +3.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,643 | €1,957 | -€3,686 | -65.3% |
| Other operating charges | 640/8 | €825 | €587 | -€238 | -28.8% |
| Gross operating margin | 9900 | €70,145 | €56,579 | -€13,566 | -19.3% |
| Operating profit (loss) | 9901 | -€1,920 | -€13,849 | -€11,929 | -621% |
| Financial income | 75/76B | €2,306 | €641 | -€1,665 | -72.2% |
| Recurring financial income | 75 | €2,306 | €641 | -€1,665 | -72.2% |
| Financial charges | 65/66B | €989 | €271 | -€718 | -72.6% |
| Recurring financial charges | 65 | €989 | €271 | -€718 | -72.6% |
| Profit (loss) for the period before taxes | 9903 | -€603 | -€13,479 | -€12,876 | -2,134% |
| Income taxes | 67/77 | €357 | €801 | +€444 | +124% |
| Profit (loss) for the period | 9904 | -€960 | -€14,280 | -€13,319 | -1,387% |
| Profit (loss) for the period to be appropriated | 9905 | -€960 | -€14,280 | -€13,319 | -1,387% |
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 21 October 2026 via checked.be.