VN-R: 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.
VN-R
Largest movements
- Tangible fixed assets -€13,447
down €13,447 (-5.4%), from €249,246 to €235,799
- Cash +€7,261
up €7,261 (+243%), from €2,991 to €10,252
mainly Depreciation (+€13,447) and Net result for the year (+€7,336)
- Reserves +€14,536
up €14,536 (+21.4%), from €67,865 to €82,401
of which Distributable reserves: +€14,536
- Debts after one year -€13,260
down €13,260 (-49.3%), from €26,916 to €13,656
- Other debts -€6,412
down €6,412 (-34.6%), from €18,521 to €12,110
- Gross operating margin -€7,937
down €7,937 (-22.5%), from €35,202 to €27,265
- Taxes -€1,968
down €1,968 (-38.1%), from €5,158 to €3,190
- Financial charges -€448
down €448 (-27.4%), from €1,634 to €1,186
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 | €252,636 | €248,260 | -€4,376 | -1.7% |
| Fixed assets | 21/28 | €249,646 | €236,199 | -€13,447 | -5.4% |
| Tangible fixed assets | 22/27 | €249,246 | €235,799 | -€13,447 | -5.4% |
| Land and buildings | 22 | €249,246 | €235,799 | -€13,447 | -5.4% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €2,991 | €12,061 | +€9,070 | +303% |
| Amounts receivable within one year | 40/41 | - | €1,810 | +€1,810 | |
| Other amounts receivable | 41 | - | €1,810 | +€1,810 | |
| Cash at bank and in hand | 54/58 | €2,991 | €10,252 | +€7,261 | +243% |
| Total equity and liabilities | 10/49 | €252,636 | €248,260 | -€4,376 | -1.7% |
| Equity | 10/15 | €114,613 | €129,149 | +€14,536 | +12.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €67,865 | €82,401 | +€14,536 | +21.4% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €66,010 | €80,546 | +€14,536 | +22.0% |
| Profit (loss) carried forward | 14 | €28,198 | €28,198 | = | 0.0% |
| Provisions and deferred taxes | 16 | €73,989 | €73,989 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €73,989 | €73,989 | = | 0.0% |
| Pensions and similar obligations | 160 | €73,989 | €73,989 | = | 0.0% |
| Amounts payable | 17/49 | €64,035 | €45,122 | -€18,912 | -29.5% |
| Amounts payable after more than one year | 17 | €26,916 | €13,656 | -€13,260 | -49.3% |
| Financial debts | 170/4 | €26,916 | €13,656 | -€13,260 | -49.3% |
| Amounts payable within one year | 42/48 | €37,118 | €31,466 | -€5,652 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €14,580 | €13,260 | -€1,320 | -9.1% |
| Trade debts | 44 | €126 | €1,403 | +€1,277 | +1,013% |
| Suppliers | 440/4 | €126 | €1,403 | +€1,277 | +1,013% |
| Taxes, remuneration and social security | 45 | €3,891 | €4,694 | +€803 | +20.6% |
| Taxes | 450/3 | €3,891 | €4,694 | +€803 | +20.6% |
| Other amounts payable | 47/48 | €18,521 | €12,110 | -€6,412 | -34.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,447 | €13,447 | = | 0.0% |
| Other operating charges | 640/8 | €2,024 | €2,106 | +€82 | +4.0% |
| Gross operating margin | 9900 | €35,202 | €27,265 | -€7,937 | -22.5% |
| Operating profit (loss) | 9901 | €19,731 | €11,712 | -€8,019 | -40.6% |
| Financial charges | 65/66B | €1,634 | €1,186 | -€448 | -27.4% |
| Recurring financial charges | 65 | €1,634 | €1,186 | -€448 | -27.4% |
| Profit (loss) for the period before taxes | 9903 | €18,098 | €10,526 | -€7,571 | -41.8% |
| Income taxes | 67/77 | €5,158 | €3,190 | -€1,968 | -38.1% |
| Profit (loss) for the period | 9904 | €12,939 | €7,336 | -€5,603 | -43.3% |
| Profit (loss) for the period to be appropriated | 9905 | €12,939 | €7,336 | -€5,603 | -43.3% |
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 20 October 2026 via checked.be.