VKB BELGIUM: 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.
VKB BELGIUM
Largest movements
- Receivables within one year +€41,096
up €41,096 (+130%), from €31,535 to €72,631
of which Trade receivables: +€23,490
- Tangible fixed assets -€10,045
down €10,045 (-75.3%), from €13,348 to €3,303
- Trade debts +€11,629
up €11,629 (+303%), from €3,836 to €15,465
- Profit (loss) carried forward +€7,289
up €7,289 (+46.7%), from €15,602 to €22,891
- Tax, wage and social debts +€6,685
new in 2025: €6,685
of which Taxes: +€5,935
- Current portion of long-term debt +€5,500
new in 2025: €5,500
- Short-term financial debts -€4,960
down €4,960 (-74.6%), from €6,646 to €1,686
of which Other loans: -€3,386
- Gross operating margin +€15,769
up €15,769 (+102%), from €15,454 to €31,223
- Taxes +€4,738
up €4,738 (+183%), from €2,595 to €7,333
- Financial charges +€1,124
up €1,124 (+172%), from €655 to €1,779
- Depreciation -€1,074
down €1,074 (-27.8%), from €3,860 to €2,786
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 | €69,712 | €100,284 | +€30,572 | +43.9% |
| Fixed assets | 21/28 | €37,698 | €27,653 | -€10,045 | -26.6% |
| Tangible fixed assets | 22/27 | €13,348 | €3,303 | -€10,045 | -75.3% |
| Furniture and vehicles | 24 | €13,348 | €3,303 | -€10,045 | -75.3% |
| Financial fixed assets | 28 | €24,350 | €24,350 | = | 0.0% |
| Current assets | 29/58 | €32,014 | €72,631 | +€40,617 | +127% |
| Amounts receivable within one year | 40/41 | €31,535 | €72,631 | +€41,096 | +130% |
| Trade receivables | 40 | €5,272 | €28,762 | +€23,490 | +446% |
| Other amounts receivable | 41 | €26,263 | €43,869 | +€17,606 | +67.0% |
| Cash at bank and in hand | 54/58 | €479 | - | -€479 | |
| Total equity and liabilities | 10/49 | €69,712 | €100,284 | +€30,572 | +43.9% |
| Equity | 10/15 | €37,178 | €44,467 | +€7,289 | +19.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,976 | €2,976 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,976 | €2,976 | = | 0.0% |
| Legal reserve | 130 | €2,976 | €2,976 | = | 0.0% |
| Profit (loss) carried forward | 14 | €15,602 | €22,891 | +€7,289 | +46.7% |
| Amounts payable | 17/49 | €32,534 | €55,817 | +€23,283 | +71.6% |
| Amounts payable after more than one year | 17 | €6,112 | €9,097 | +€2,985 | +48.8% |
| Financial debts | 170/4 | €6,112 | €9,097 | +€2,985 | +48.8% |
| Amounts payable within one year | 42/48 | €26,422 | €46,720 | +€20,298 | +76.8% |
| Current portion of amounts payable after more than one year | 42 | - | €5,500 | +€5,500 | |
| Financial debts | 43 | €6,646 | €1,686 | -€4,960 | -74.6% |
| Credit institutions | 430/8 | €3,260 | €1,686 | -€1,574 | -48.3% |
| Other loans | 439 | €3,386 | - | -€3,386 | |
| Trade debts | 44 | €3,836 | €15,465 | +€11,629 | +303% |
| Suppliers | 440/4 | €3,836 | €15,465 | +€11,629 | +303% |
| Taxes, remuneration and social security | 45 | - | €6,685 | +€6,685 | |
| Taxes | 450/3 | - | €5,935 | +€5,935 | |
| Remuneration and social security | 454/9 | - | €750 | +€750 | |
| Other amounts payable | 47/48 | €15,940 | €17,384 | +€1,444 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,860 | €2,786 | -€1,074 | -27.8% |
| Other operating charges | 640/8 | €2,110 | €2,274 | +€164 | +7.8% |
| Non-recurring operating charges | 66A | €6,975 | €9,762 | +€2,787 | +40.0% |
| Gross operating margin | 9900 | €15,454 | €31,223 | +€15,769 | +102% |
| Operating profit (loss) | 9901 | €2,509 | €16,401 | +€13,892 | +554% |
| Financial charges | 65/66B | €655 | €1,779 | +€1,124 | +172% |
| Recurring financial charges | 65 | €655 | €1,779 | +€1,124 | +172% |
| Profit (loss) for the period before taxes | 9903 | €1,854 | €14,622 | +€12,768 | +689% |
| Income taxes | 67/77 | €2,595 | €7,333 | +€4,738 | +183% |
| Profit (loss) for the period | 9904 | -€741 | €7,289 | +€8,030 | |
| Profit (loss) for the period to be appropriated | 9905 | -€741 | €7,289 | +€8,030 |
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 29 October 2026 via checked.be.