VR BASE: 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.
VR BASE
Largest movements
- Stocks and contracts +€699,420
up €699,420 (+925.4%), from €75,580 to €775,000
of which Contracts in progress: +€750,000
- Intangible fixed assets -€247,051
down €247,051 (-20.4%), from €1.2m to €964,000
- Receivables within one year -€117,350
down €117,350 (-38.7%), from €303,168 to €185,818
of which Other amounts receivable: -€88,585
- Tangible fixed assets -€51,755
down €51,755 (-19.3%), from €268,001 to €216,246
of which Plant, machinery and equipment: -€34,194
- Cash -€44,206
down €44,206 (-100.0%), from €44,206 to €0
mainly Stocks and contracts (-€699,420) and Trade debts (-€123,457)
- Advances received +€233,872
new in 2025: €233,872
- Trade debts -€123,457
down €123,457 (-54.5%), from €226,431 to €102,974
- Debts after one year +€86,305
up €86,305 (+18.8%), from €459,565 to €545,869
- Tax, wage and social debts +€66,100
up €66,100 (+56.7%), from €116,560 to €182,660
of which Remuneration and social security: +€35,350
- Current portion of long-term debt -€63,393
down €63,393 (-39.8%), from €159,145 to €95,752
- Staff costs +€66,671
up €66,671 (+16.0%), from €416,479 to €483,150
- Depreciation +€23,709
up €23,709 (+12.6%), from €188,213 to €211,922
- Financial charges -€18,603
down €18,603 (-29.9%), from €62,194 to €43,590
- Gross operating margin -€8,593
down €8,593 (-1.1%), from €755,362 to €746,769
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 | €1,916,488 | €2,167,175 | +€250,687 | +13.1% |
| Fixed assets | 21/28 | €1,487,252 | €1,188,446 | -€298,806 | -20.1% |
| Intangible fixed assets | 21 | €1,211,051 | €964,000 | -€247,051 | -20.4% |
| Tangible fixed assets | 22/27 | €268,001 | €216,246 | -€51,755 | -19.3% |
| Plant, machinery and equipment | 23 | €123,247 | €89,053 | -€34,194 | -27.7% |
| Furniture and vehicles | 24 | €11,253 | €9,996 | -€1,257 | -11.2% |
| Other tangible fixed assets | 26 | €133,501 | €117,197 | -€16,304 | -12.2% |
| Financial fixed assets | 28 | €8,200 | €8,200 | = | 0.0% |
| Current assets | 29/58 | €429,236 | €978,729 | +€549,493 | +128.0% |
| Stocks and contracts in progress | 3 | €75,580 | €775,000 | +€699,420 | +925.4% |
| Stocks | 30/36 | €75,580 | €25,000 | -€50,580 | -66.9% |
| Contracts in progress | 37 | - | €750,000 | +€750,000 | |
| Amounts receivable within one year | 40/41 | €303,168 | €185,818 | -€117,350 | -38.7% |
| Trade receivables | 40 | €202,145 | €173,381 | -€28,765 | -14.2% |
| Other amounts receivable | 41 | €101,023 | €12,438 | -€88,585 | -87.7% |
| Cash at bank and in hand | 54/58 | €44,206 | €0 | -€44,206 | -100.0% |
| Deferred charges and accrued income | 490/1 | €6,282 | €17,910 | +€11,628 | +185.1% |
| Total equity and liabilities | 10/49 | €1,916,488 | €2,167,175 | +€250,687 | +13.1% |
| Equity | 10/15 | €554,569 | €559,251 | +€4,681 | +0.8% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €288,569 | €304,251 | +€15,681 | +5.4% |
| Non-distributable reserves | 130/1 | €10,458 | €10,458 | = | 0.0% |
| Legal reserve | 130 | €10,458 | €10,458 | = | 0.0% |
| Distributable reserves | 133 | €278,111 | €293,793 | +€15,681 | +5.6% |
| Investment grants | 15 | €66,000 | €55,000 | -€11,000 | -16.7% |
| Amounts payable | 17/49 | €1,361,918 | €1,607,924 | +€246,006 | +18.1% |
| Amounts payable after more than one year | 17 | €459,565 | €545,869 | +€86,305 | +18.8% |
| Financial debts | 170/4 | €459,565 | €545,869 | +€86,305 | +18.8% |
| Amounts payable within one year | 42/48 | €890,896 | €1,051,296 | +€160,400 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €159,145 | €95,752 | -€63,393 | -39.8% |
| Financial debts | 43 | €125,000 | €136,988 | +€11,988 | +9.6% |
| Credit institutions | 430/8 | €125,000 | €136,988 | +€11,988 | +9.6% |
| Trade debts | 44 | €226,431 | €102,974 | -€123,457 | -54.5% |
| Suppliers | 440/4 | €226,431 | €102,974 | -€123,457 | -54.5% |
| Advances received on contracts in progress | 46 | - | €233,872 | +€233,872 | |
| Taxes, remuneration and social security | 45 | €116,560 | €182,660 | +€66,100 | +56.7% |
| Taxes | 450/3 | €34,605 | €65,355 | +€30,751 | +88.9% |
| Remuneration and social security | 454/9 | €81,955 | €117,305 | +€35,350 | +43.1% |
| Other amounts payable | 47/48 | €263,760 | €299,050 | +€35,290 | +13.4% |
| Accrued charges and deferred income | 492/3 | €11,458 | €10,759 | -€699 | -6.1% |
| Remuneration, social security and pensions | 62 | €416,479 | €483,150 | +€66,671 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,213 | €211,922 | +€23,709 | +12.6% |
| Other operating charges | 640/8 | €2,374 | €8,384 | +€6,010 | +253.2% |
| Gross operating margin | 9900 | €755,362 | €746,769 | -€8,593 | -1.1% |
| Operating profit (loss) | 9901 | €148,296 | €43,314 | -€104,983 | -70.8% |
| Financial income | 75/76B | €11,438 | €14,697 | +€3,259 | +28.5% |
| Recurring financial income | 75 | €11,438 | €14,697 | +€3,259 | +28.5% |
| Financial charges | 65/66B | €62,194 | €43,590 | -€18,603 | -29.9% |
| Recurring financial charges | 65 | €62,194 | €43,590 | -€18,603 | -29.9% |
| Profit (loss) for the period before taxes | 9903 | €97,541 | €14,420 | -€83,121 | -85.2% |
| Income taxes | 67/77 | €2,797 | -€1,261 | -€4,059 | |
| Profit (loss) for the period | 9904 | €94,744 | €15,681 | -€79,062 | -83.4% |
| Profit (loss) for the period to be appropriated | 9905 | €94,744 | €15,681 | -€79,062 | -83.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.