Vosberg: 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.
Vosberg
Largest movements
- Tangible fixed assets +€452,577
up €452,577 (+56.6%), from €799,624 to €1.3m
of which Land and buildings: +€453,197
- Cash -€251,070
down €251,070 (-26.6%), from €945,496 to €694,426
mainly Debts within one year (-€908,975) and Investment in fixed assets (net) (-€493,693)
- Receivables within one year -€179,309
down €179,309 (-20.2%), from €888,954 to €709,644
- Intangible fixed assets +€40,496
up €40,496 (+8.1%), from €501,656 to €542,152
- Debts after one year +€1.0m
new in 2025: €1.0m
- Debts within one year -€908,975
down €908,975 (-64.4%), from €1.4m to €502,708
- Gross operating margin +€6,618
up €6,618 (+26.9%), from €24,584 to €31,202
- Financial charges +€1,468
up €1,468 (+8.9%), from €16,558 to €18,026
- Taxes +€1,033
up €1,033 (+12.0%), from €8,622 to €9,655
- Depreciation -€664
down €664 (-51.7%), from €1,284 to €621
- Financial income -€319
down €319 (-6.3%), from €5,087 to €4,767
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 | €3,275,255 | €3,337,948 | +€62,693 | +1.9% |
| Fixed assets | 21/28 | €1,301,281 | €1,794,353 | +€493,073 | +37.9% |
| Intangible fixed assets | 21 | €501,656 | €542,152 | +€40,496 | +8.1% |
| Tangible fixed assets | 22/27 | €799,624 | €1,252,201 | +€452,577 | +56.6% |
| Land and buildings | 22 | €798,820 | €1,252,017 | +€453,197 | +56.7% |
| Plant, machinery and equipment | 23 | €804 | €184 | -€621 | -77.2% |
| Current assets | 29/58 | €1,973,974 | €1,543,594 | -€430,380 | -21.8% |
| Stocks and contracts in progress | 3 | €139,524 | €139,524 | = | 0.0% |
| Stocks | 30/36 | €139,524 | €139,524 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €888,954 | €709,644 | -€179,309 | -20.2% |
| Other amounts receivable | 41 | €888,954 | €709,644 | -€179,309 | -20.2% |
| Cash at bank and in hand | 54/58 | €945,496 | €694,426 | -€251,070 | -26.6% |
| Total equity and liabilities | 10/49 | €3,275,255 | €3,337,948 | +€62,693 | +1.9% |
| Equity | 10/15 | €1,861,783 | €1,835,087 | -€26,696 | -1.4% |
| Reserves | 13 | €57,178 | €36,178 | -€21,000 | -36.7% |
| Profit (loss) carried forward | 14 | €3,248 | €8,663 | +€5,415 | +166.7% |
| Investment grants | 15 | €1,801,357 | €1,790,246 | -€11,111 | -0.6% |
| Provisions and deferred taxes | 16 | €1,789 | - | -€1,789 | |
| Provisions for liabilities and charges | 160/5 | €1,789 | - | -€1,789 | |
| Taxes | 161 | €1,789 | - | -€1,789 | |
| Amounts payable | 17/49 | €1,411,683 | €1,502,861 | +€91,178 | +6.5% |
| Amounts payable after more than one year | 17 | - | €1,000,153 | +€1.0m | |
| Financial debts | 170/4 | - | €1,000,153 | +€1.0m | |
| Amounts payable within one year | 42/48 | €1,411,683 | €502,708 | -€908,975 | -64.4% |
| Trade debts | 44 | €213 | €78 | -€135 | -63.4% |
| Suppliers | 440/4 | €213 | €78 | -€135 | -63.4% |
| Taxes, remuneration and social security | 45 | €8,622 | €8,888 | +€265 | +3.1% |
| Taxes | 450/3 | €8,622 | €8,888 | +€265 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,284 | €621 | -€664 | -51.7% |
| Other operating charges | 640/8 | €2,185 | €2,253 | +€68 | +3.1% |
| Non-recurring operating charges | 66A | €1 | - | -€1 | |
| Gross operating margin | 9900 | €24,584 | €31,202 | +€6,618 | +26.9% |
| Operating profit (loss) | 9901 | €21,114 | €28,328 | +€7,214 | +34.2% |
| Financial income | 75/76B | €5,087 | €4,767 | -€319 | -6.3% |
| Recurring financial income | 75 | €5,087 | €4,767 | -€319 | -6.3% |
| Financial charges | 65/66B | €16,558 | €18,026 | +€1,468 | +8.9% |
| Recurring financial charges | 65 | €16,558 | €18,026 | +€1,468 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | €9,643 | €15,070 | +€5,427 | +56.3% |
| Income taxes | 67/77 | €8,622 | €9,655 | +€1,033 | +12.0% |
| Profit (loss) for the period | 9904 | €1,020 | €5,415 | +€4,395 | +430.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,020 | €5,415 | +€4,395 | +430.7% |
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 9 October 2026 via checked.be.