VLADIMIR DOBOSCH: 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.
VLADIMIR DOBOSCH
Largest movements
- Financial fixed assets +€5.9m
up €5.9m (+5,558%), from €106,151 to €6.0m
- Tangible fixed assets -€138,234
down €138,234 (-7.7%), from €1.8m to €1.7m
of which Land and buildings: -€72,302
- Receivables within one year -€120,476
down €120,476 (-63.4%), from €190,022 to €69,546
of which Trade receivables: -€143,158
- Contributions +€5.9m
up €5.9m (+95,085%), from €6,205 to €5.9m
- Other debts -€227,503
down €227,503 (-99.9%), from €227,688 to €185
- Short-term financial debts -€162,118
down €162,118 (-94.2%), from €172,118 to €10,000
- Reserves +€148,379
up €148,379 (+17.3%), from €858,456 to €1.0m
of which Distributable reserves: +€152,426
- Financial charges -€19,291
down €19,291 (-59.9%), from €32,220 to €12,930
- Taxes +€11,241
up €11,241 (+17.6%), from €63,908 to €75,149
- Depreciation -€7,357
down €7,357 (-3.7%), from €197,514 to €190,157
- Gross operating margin -€5,760
down €5,760 (-1.3%), from €438,036 to €432,276
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 | €2,363,045 | €7,915,417 | +€5.6m | +235% |
| Fixed assets | 21/28 | €1,912,273 | €7,674,039 | +€5.8m | +301% |
| Tangible fixed assets | 22/27 | €1,806,122 | €1,667,888 | -€138,234 | -7.7% |
| Land and buildings | 22 | €1,403,988 | €1,331,686 | -€72,302 | -5.1% |
| Plant, machinery and equipment | 23 | €248,995 | €199,023 | -€49,972 | -20.1% |
| Furniture and vehicles | 24 | €5,295 | €3,688 | -€1,607 | -30.3% |
| Other tangible fixed assets | 26 | €147,844 | €133,491 | -€14,353 | -9.7% |
| Financial fixed assets | 28 | €106,151 | €6,006,151 | +€5.9m | +5,558% |
| Current assets | 29/58 | €450,772 | €241,379 | -€209,394 | -46.5% |
| Amounts receivable after more than one year | 29 | €165,000 | €150,000 | -€15,000 | -9.1% |
| Other amounts receivable | 291 | €165,000 | €150,000 | -€15,000 | -9.1% |
| Amounts receivable within one year | 40/41 | €190,022 | €69,546 | -€120,476 | -63.4% |
| Trade receivables | 40 | €190,011 | €46,852 | -€143,158 | -75.3% |
| Other amounts receivable | 41 | €11 | €22,694 | +€22,683 | +200,376% |
| Current investments | 50/53 | €10,680 | €10,680 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €13,617 | €11,152 | -€2,464 | -18.1% |
| Deferred charges and accrued income | 490/1 | €71,454 | - | -€71,454 | |
| Total equity and liabilities | 10/49 | €2,363,045 | €7,915,417 | +€5.6m | +235% |
| Equity | 10/15 | €1,486,477 | €7,534,855 | +€6.0m | +407% |
| Contributions | 10/11 | €6,205 | €5,906,205 | +€5.9m | +95,085% |
| Reserves | 13 | €858,456 | €1,006,834 | +€148,379 | +17.3% |
| Tax-exempt reserves | 132 | €48,252 | €44,205 | -€4,047 | -8.4% |
| Distributable reserves | 133 | €810,204 | €962,630 | +€152,426 | +18.8% |
| Profit (loss) carried forward | 14 | €621,816 | €621,816 | = | 0.0% |
| Provisions and deferred taxes | 16 | €16,670 | €14,586 | -€2,084 | -12.5% |
| Deferred taxes | 168 | €16,670 | €14,586 | -€2,084 | -12.5% |
| Amounts payable | 17/49 | €859,898 | €365,976 | -€493,922 | -57.4% |
| Amounts payable after more than one year | 17 | €275,973 | €220,276 | -€55,697 | -20.2% |
| Financial debts | 170/4 | €275,973 | €220,276 | -€55,697 | -20.2% |
| Amounts payable within one year | 42/48 | €549,161 | €120,974 | -€428,187 | -78.0% |
| Current portion of amounts payable after more than one year | 42 | €109,882 | €62,657 | -€47,225 | -43.0% |
| Financial debts | 43 | €172,118 | €10,000 | -€162,118 | -94.2% |
| Credit institutions | 430/8 | €172,118 | €10,000 | -€162,118 | -94.2% |
| Trade debts | 44 | €2,803 | €21,687 | +€18,884 | +674% |
| Suppliers | 440/4 | €2,803 | €21,687 | +€18,884 | +674% |
| Taxes, remuneration and social security | 45 | €36,669 | €26,445 | -€10,224 | -27.9% |
| Taxes | 450/3 | €36,669 | €26,445 | -€10,224 | -27.9% |
| Other amounts payable | 47/48 | €227,688 | €185 | -€227,503 | -99.9% |
| Accrued charges and deferred income | 492/3 | €34,764 | €24,726 | -€10,038 | -28.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €197,514 | €190,157 | -€7,357 | -3.7% |
| Other operating charges | 640/8 | €13,893 | €15,252 | +€1,358 | +9.8% |
| Gross operating margin | 9900 | €438,036 | €432,276 | -€5,760 | -1.3% |
| Operating profit (loss) | 9901 | €226,630 | €226,868 | +€238 | +0.1% |
| Financial income | 75/76B | €7,800 | €7,506 | -€294 | -3.8% |
| Recurring financial income | 75 | €7,800 | €7,506 | -€294 | -3.8% |
| Financial charges | 65/66B | €32,220 | €12,930 | -€19,291 | -59.9% |
| Recurring financial charges | 65 | €32,220 | €12,930 | -€19,291 | -59.9% |
| Profit (loss) for the period before taxes | 9903 | €202,209 | €221,444 | +€19,235 | +9.5% |
| Transfer from deferred taxes | 780 | €2,084 | €2,084 | = | 0.0% |
| Income taxes | 67/77 | €63,908 | €75,149 | +€11,241 | +17.6% |
| Profit (loss) for the period | 9904 | €140,385 | €148,379 | +€7,994 | +5.7% |
| Transfer from tax-exempt reserves | 789 | €4,047 | €4,047 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €144,432 | €152,426 | +€7,994 | +5.5% |
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.