VKB MANAGEMENT: 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.
VKB MANAGEMENT
Largest movements
- Receivables after one year -€17,196
down €17,196 (-19.2%), from €89,522 to €72,326
- Cash +€8,196
up €8,196 (+20.6%), from €39,855 to €48,051
mainly Receivables after one year (+€17,196) and Depreciation (+€13,461)
- Tangible fixed assets -€5,219
down €5,219 (-2.5%), from €205,034 to €199,815
of which Land and buildings: -€4,656
- Receivables within one year +€4,980
up €4,980 (+14.5%), from €34,461 to €39,441
of which Trade receivables: +€6,336
- Advances received -€7,260
no longer reported in 2025 (was €7,260)
- Other debts -€6,669
down €6,669 (-3.6%), from €186,458 to €179,788
- Gross operating margin -€3,884
down €3,884 (-14.7%), from €26,397 to €22,514
- Financial charges -€2,202
down €2,202 (-20.6%), from €10,705 to €8,502
- Taxes -€1,051
down €1,051 (-48.8%), from €2,152 to €1,101
- Depreciation +€1,000
up €1,000 (+8.0%), from €12,461 to €13,461
- Financial income -€360
down €360 (-15.4%), from €2,334 to €1,974
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 | €372,250 | €362,650 | -€9,600 | -2.6% |
| Fixed assets | 21/28 | €205,684 | €200,465 | -€5,219 | -2.5% |
| Tangible fixed assets | 22/27 | €205,034 | €199,815 | -€5,219 | -2.5% |
| Land and buildings | 22 | €187,867 | €183,212 | -€4,656 | -2.5% |
| Plant, machinery and equipment | 23 | €11,417 | €10,853 | -€564 | -4.9% |
| Other tangible fixed assets | 26 | €5,750 | €5,750 | = | 0.0% |
| Financial fixed assets | 28 | €650 | €650 | = | 0.0% |
| Current assets | 29/58 | €166,566 | €162,186 | -€4,381 | -2.6% |
| Amounts receivable after more than one year | 29 | €89,522 | €72,326 | -€17,196 | -19.2% |
| Trade receivables | 290 | €89,522 | €72,326 | -€17,196 | -19.2% |
| Amounts receivable within one year | 40/41 | €34,461 | €39,441 | +€4,980 | +14.5% |
| Trade receivables | 40 | €30,257 | €36,593 | +€6,336 | +20.9% |
| Other amounts receivable | 41 | €4,204 | €2,848 | -€1,356 | -32.2% |
| Cash at bank and in hand | 54/58 | €39,855 | €48,051 | +€8,196 | +20.6% |
| Deferred charges and accrued income | 490/1 | €2,729 | €2,368 | -€361 | -13.2% |
| Total equity and liabilities | 10/49 | €372,250 | €362,650 | -€9,600 | -2.6% |
| Equity | 10/15 | €29,755 | €29,097 | -€657 | -2.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €8,241 | €8,241 | = | 0.0% |
| Distributable reserves | 133 | €8,241 | €8,241 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,514 | €856 | -€657 | -43.4% |
| Provisions and deferred taxes | 16 | €12,000 | €12,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €12,000 | €12,000 | = | 0.0% |
| Environmental obligations | 163 | €12,000 | €12,000 | = | 0.0% |
| Amounts payable | 17/49 | €330,496 | €321,553 | -€8,943 | -2.7% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Other amounts payable | 178/9 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €306,088 | €296,305 | -€9,783 | -3.2% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €9,264 | €11,850 | +€2,586 | +27.9% |
| Suppliers | 440/4 | €9,264 | €11,850 | +€2,586 | +27.9% |
| Advances received on contracts in progress | 46 | €7,260 | - | -€7,260 | |
| Taxes, remuneration and social security | 45 | €3,106 | €4,667 | +€1,561 | +50.2% |
| Taxes | 450/3 | €3,106 | €4,667 | +€1,561 | +50.2% |
| Other amounts payable | 47/48 | €186,458 | €179,788 | -€6,669 | -3.6% |
| Accrued charges and deferred income | 492/3 | €4,408 | €5,248 | +€840 | +19.1% |
| Non-recurring operating income | 76A | €24 | - | -€24 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,461 | €13,461 | +€1,000 | +8.0% |
| Other operating charges | 640/8 | €2,021 | €2,080 | +€59 | +2.9% |
| Gross operating margin | 9900 | €26,397 | €22,514 | -€3,884 | -14.7% |
| Operating profit (loss) | 9901 | €11,914 | €6,973 | -€4,942 | -41.5% |
| Financial income | 75/76B | €2,334 | €1,974 | -€360 | -15.4% |
| Recurring financial income | 75 | €2,334 | €1,974 | -€360 | -15.4% |
| Financial charges | 65/66B | €10,705 | €8,502 | -€2,202 | -20.6% |
| Recurring financial charges | 65 | €10,705 | €8,502 | -€2,202 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €3,544 | €444 | -€3,100 | -87.5% |
| Income taxes | 67/77 | €2,152 | €1,101 | -€1,051 | -48.8% |
| Profit (loss) for the period | 9904 | €1,392 | -€657 | -€2,049 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,392 | -€657 | -€2,049 |
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 4 October 2026 via checked.be.