VKBEL: 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.
VKBEL
Largest movements
- Deferred charges and accrued income -€190,673
down €190,673 (-98.5%), from €193,617 to €2,945
- Receivables within one year +€117,342
up €117,342 (+36.1%), from €324,787 to €442,129
- Cash -€36,055
down €36,055 (-29.6%), from €121,774 to €85,719
mainly Trade debts (-€118,924) and Receivables within one year (-€117,342)
- Trade debts -€118,924
down €118,924 (-29.4%), from €404,379 to €285,455
- Profit (loss) carried forward +€31,583
up €31,583 (+51.2%), from €61,675 to €93,257
- Accrued charges and deferred income -€14,784
down €14,784 (-26.3%), from €56,137 to €41,353
- Tax, wage and social debts -€7,261
down €7,261 (-7.1%), from €102,070 to €94,809
of which Remuneration and social security: -€8,009
- Staff costs -€35,386
down €35,386 (-7.7%), from €460,167 to €424,781
- Gross operating margin -€12,118
down €12,118 (-2.5%), from €492,109 to €479,991
- Taxes +€10,660
up €10,660 (+126%), from €8,493 to €19,153
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 | €644,260 | €534,874 | -€109,386 | -17.0% |
| Fixed assets | 21/28 | €4,081 | €4,081 | = | 0.0% |
| Financial fixed assets | 28 | €4,081 | €4,081 | = | 0.0% |
| Current assets | 29/58 | €640,179 | €530,793 | -€109,386 | -17.1% |
| Amounts receivable within one year | 40/41 | €324,787 | €442,129 | +€117,342 | +36.1% |
| Trade receivables | 40 | €324,787 | €442,129 | +€117,342 | +36.1% |
| Cash at bank and in hand | 54/58 | €121,774 | €85,719 | -€36,055 | -29.6% |
| Deferred charges and accrued income | 490/1 | €193,617 | €2,945 | -€190,673 | -98.5% |
| Total equity and liabilities | 10/49 | €644,260 | €534,874 | -€109,386 | -17.0% |
| Equity | 10/15 | €81,675 | €113,257 | +€31,583 | +38.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €61,675 | €93,257 | +€31,583 | +51.2% |
| Amounts payable | 17/49 | €562,586 | €421,617 | -€140,969 | -25.1% |
| Amounts payable within one year | 42/48 | €506,448 | €380,264 | -€126,185 | -24.9% |
| Trade debts | 44 | €404,379 | €285,455 | -€118,924 | -29.4% |
| Suppliers | 440/4 | €404,379 | €285,455 | -€118,924 | -29.4% |
| Taxes, remuneration and social security | 45 | €102,070 | €94,809 | -€7,261 | -7.1% |
| Taxes | 450/3 | €44,014 | €44,763 | +€748 | +1.7% |
| Remuneration and social security | 454/9 | €58,055 | €50,046 | -€8,009 | -13.8% |
| Accrued charges and deferred income | 492/3 | €56,137 | €41,353 | -€14,784 | -26.3% |
| Remuneration, social security and pensions | 62 | €460,167 | €424,781 | -€35,386 | -7.7% |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.2% |
| Gross operating margin | 9900 | €492,109 | €479,991 | -€12,118 | -2.5% |
| Operating profit (loss) | 9901 | €31,554 | €54,810 | +€23,256 | +73.7% |
| Financial charges | 65/66B | €4,752 | €4,075 | -€677 | -14.3% |
| Recurring financial charges | 65 | €4,752 | €4,075 | -€677 | -14.3% |
| Profit (loss) for the period before taxes | 9903 | €26,802 | €50,736 | +€23,934 | +89.3% |
| Income taxes | 67/77 | €8,493 | €19,153 | +€10,660 | +126% |
| Profit (loss) for the period | 9904 | €18,309 | €31,583 | +€13,274 | +72.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,309 | €31,583 | +€13,274 | +72.5% |
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.