VKVB: 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.
VKVB
Largest movements
- Receivables within one year -€18,004
down €18,004 (-40.6%), from €44,390 to €26,386
of which Trade receivables: -€19,527
- Reserves +€36,844
up €36,844 (+32.7%), from €112,805 to €149,648
- Trade debts -€29,536
down €29,536 (-17.4%), from €169,399 to €139,864
- Debts after one year -€16,080
down €16,080 (-17.5%), from €91,982 to €75,902
- Advances received -€7,276
no longer reported in 2025 (was €7,276)
- Other debts -€6,137
down €6,137 (-51.1%), from €12,011 to €5,874
- Gross operating margin +€26,740
up €26,740 (+19.4%), from €137,547 to €164,287
- Depreciation +€17,637
up €17,637 (+48.4%), from €36,432 to €54,069
- Staff costs +€11,746
up €11,746 (+30.3%), from €38,783 to €50,529
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 | €452,430 | €432,220 | -€20,210 | -4.5% |
| Fixed assets | 21/28 | €169,793 | €172,543 | +€2,750 | +1.6% |
| Intangible fixed assets | 21 | €4,050 | €3,150 | -€900 | -22.2% |
| Tangible fixed assets | 22/27 | €163,777 | €165,748 | +€1,971 | +1.2% |
| Plant, machinery and equipment | 23 | €22,966 | €19,230 | -€3,736 | -16.3% |
| Furniture and vehicles | 24 | €132,358 | €140,411 | +€8,053 | +6.1% |
| Other tangible fixed assets | 26 | €8,454 | €6,108 | -€2,346 | -27.8% |
| Financial fixed assets | 28 | €1,966 | €3,645 | +€1,679 | +85.4% |
| Current assets | 29/58 | €282,637 | €259,677 | -€22,960 | -8.1% |
| Stocks and contracts in progress | 3 | €30,557 | €27,487 | -€3,070 | -10.0% |
| Stocks | 30/36 | €30,557 | €27,487 | -€3,070 | -10.0% |
| Amounts receivable within one year | 40/41 | €44,390 | €26,386 | -€18,004 | -40.6% |
| Trade receivables | 40 | €43,850 | €24,323 | -€19,527 | -44.5% |
| Other amounts receivable | 41 | €540 | €2,063 | +€1,523 | +282.2% |
| Cash at bank and in hand | 54/58 | €204,635 | €205,804 | +€1,169 | +0.6% |
| Deferred charges and accrued income | 490/1 | €3,055 | - | -€3,055 | |
| Total equity and liabilities | 10/49 | €452,430 | €432,220 | -€20,210 | -4.5% |
| Equity | 10/15 | €119,005 | €155,848 | +€36,844 | +31.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €112,805 | €149,648 | +€36,844 | +32.7% |
| Distributable reserves | 133 | €112,805 | €149,648 | +€36,844 | +32.7% |
| Amounts payable | 17/49 | €333,425 | €276,372 | -€57,053 | -17.1% |
| Amounts payable after more than one year | 17 | €91,982 | €75,902 | -€16,080 | -17.5% |
| Financial debts | 170/4 | €91,982 | €75,902 | -€16,080 | -17.5% |
| Amounts payable within one year | 42/48 | €241,443 | €200,470 | -€40,973 | -17.0% |
| Current portion of amounts payable after more than one year | 42 | €15,805 | €16,080 | +€276 | +1.7% |
| Trade debts | 44 | €169,399 | €139,864 | -€29,536 | -17.4% |
| Suppliers | 440/4 | €169,399 | €139,864 | -€29,536 | -17.4% |
| Advances received on contracts in progress | 46 | €7,276 | - | -€7,276 | |
| Taxes, remuneration and social security | 45 | €36,952 | €38,652 | +€1,700 | +4.6% |
| Taxes | 450/3 | €24,085 | €26,574 | +€2,489 | +10.3% |
| Remuneration and social security | 454/9 | €12,867 | €12,078 | -€789 | -6.1% |
| Other amounts payable | 47/48 | €12,011 | €5,874 | -€6,137 | -51.1% |
| Remuneration, social security and pensions | 62 | €38,783 | €50,529 | +€11,746 | +30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,432 | €54,069 | +€17,637 | +48.4% |
| Other operating charges | 640/8 | €204 | €962 | +€759 | +372.8% |
| Gross operating margin | 9900 | €137,547 | €164,287 | +€26,740 | +19.4% |
| Operating profit (loss) | 9901 | €62,129 | €58,726 | -€3,403 | -5.5% |
| Financial income | 75/76B | €452 | €757 | +€305 | +67.4% |
| Recurring financial income | 75 | €452 | €757 | +€305 | +67.4% |
| Financial charges | 65/66B | €2,158 | €2,238 | +€80 | +3.7% |
| Recurring financial charges | 65 | €2,158 | €2,238 | +€80 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €60,423 | €57,245 | -€3,178 | -5.3% |
| Income taxes | 67/77 | €21,078 | €20,401 | -€676 | -3.2% |
| Profit (loss) for the period | 9904 | €39,345 | €36,844 | -€2,502 | -6.4% |
| Profit (loss) for the period to be appropriated | 9905 | €39,345 | €36,844 | -€2,502 | -6.4% |
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 8 October 2026 via checked.be.