VR BUILD: 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.
VR BUILD
Largest movements
- Stocks and contracts +€1.5m
up €1.5m (+54.6%), from €2.8m to €4.3m
of which Contracts in progress: +€1.5m
- Cash +€210,548
up €210,548 (+963.4%), from €21,855 to €232,403
mainly Other debts (+€708,575) and Trade debts (+€490,335)
- Other debts +€708,575
up €708,575 (+76.8%), from €922,636 to €1.6m
- Trade debts +€490,335
up €490,335 (+812.5%), from €60,346 to €550,681
- Short-term financial debts +€277,706
up €277,706 (+11.8%), from €2.4m to €2.6m
- Advances received +€203,750
new in 2025: €203,750
- Tax, wage and social debts +€77,241
up €77,241 (+1794.6%), from €4,304 to €81,545
of which Taxes: +€70,007
- Staff costs -€52,263
down €52,263 (-83.6%), from €62,495 to €10,231
- Other operating charges -€49,818
down €49,818 (-66.9%), from €74,518 to €24,700
- Financial charges +€44,043
up €44,043 (+27.5%), from €160,329 to €204,372
- Gross operating margin -€19,531
down €19,531 (-8.3%), from €235,278 to €215,747
- Depreciation -€9,639
down €9,639 (-20.9%), from €46,065 to €36,426
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 | €4,907,763 | €6,590,260 | +€1.7m | +34.3% |
| Fixed assets | 21/28 | €116,368 | €123,942 | +€7,574 | +6.5% |
| Tangible fixed assets | 22/27 | €88,044 | €51,618 | -€36,426 | -41.4% |
| Plant, machinery and equipment | 23 | €382 | €44 | -€338 | -88.4% |
| Furniture and vehicles | 24 | €62,363 | €41,583 | -€20,781 | -33.3% |
| Leasing and similar rights | 25 | €14,089 | €0 | -€14,089 | -100.0% |
| Other tangible fixed assets | 26 | €11,210 | €9,991 | -€1,219 | -10.9% |
| Financial fixed assets | 28 | €28,324 | €72,324 | +€44,000 | +155.3% |
| Current assets | 29/58 | €4,791,394 | €6,466,317 | +€1.7m | +35.0% |
| Stocks and contracts in progress | 3 | €2,774,512 | €4,290,099 | +€1.5m | +54.6% |
| Stocks | 30/36 | €442,828 | €460,474 | +€17,645 | +4.0% |
| Contracts in progress | 37 | €2,331,684 | €3,829,625 | +€1.5m | +64.2% |
| Amounts receivable within one year | 40/41 | €1,988,702 | €1,937,053 | -€51,649 | -2.6% |
| Trade receivables | 40 | €1,981,872 | €1,934,876 | -€46,996 | -2.4% |
| Other amounts receivable | 41 | €6,830 | €2,177 | -€4,654 | -68.1% |
| Cash at bank and in hand | 54/58 | €21,855 | €232,403 | +€210,548 | +963.4% |
| Deferred charges and accrued income | 490/1 | €6,325 | €6,763 | +€438 | +6.9% |
| Total equity and liabilities | 10/49 | €4,907,763 | €6,590,260 | +€1.7m | +34.3% |
| Equity | 10/15 | €1,310,496 | €1,250,095 | -€60,400 | -4.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,304,296 | €1,243,895 | -€60,400 | -4.6% |
| Distributable reserves | 133 | €1,304,296 | €1,243,895 | -€60,400 | -4.6% |
| Amounts payable | 17/49 | €3,597,267 | €5,340,165 | +€1.7m | +48.5% |
| Amounts payable after more than one year | 17 | €242,000 | €242,000 | = | 0.0% |
| Financial debts | 170/4 | €242,000 | €242,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,355,267 | €5,098,165 | +€1.7m | +51.9% |
| Current portion of amounts payable after more than one year | 42 | €14,710 | €0 | -€14,710 | -100.0% |
| Financial debts | 43 | €2,353,271 | €2,630,978 | +€277,706 | +11.8% |
| Credit institutions | 430/8 | €2,353,271 | €2,630,978 | +€277,706 | +11.8% |
| Trade debts | 44 | €60,346 | €550,681 | +€490,335 | +812.5% |
| Suppliers | 440/4 | €60,346 | €550,681 | +€490,335 | +812.5% |
| Advances received on contracts in progress | 46 | - | €203,750 | +€203,750 | |
| Taxes, remuneration and social security | 45 | €4,304 | €81,545 | +€77,241 | +1794.6% |
| Taxes | 450/3 | €89 | €70,097 | +€70,007 | +78386.7% |
| Remuneration and social security | 454/9 | €4,215 | €11,449 | +€7,234 | +171.6% |
| Other amounts payable | 47/48 | €922,636 | €1,631,211 | +€708,575 | +76.8% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €62,495 | €10,231 | -€52,263 | -83.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,065 | €36,426 | -€9,639 | -20.9% |
| Other operating charges | 640/8 | €74,518 | €24,700 | -€49,818 | -66.9% |
| Gross operating margin | 9900 | €235,278 | €215,747 | -€19,531 | -8.3% |
| Operating profit (loss) | 9901 | €52,200 | €144,390 | +€92,190 | +176.6% |
| Financial income | 75/76B | €738 | €1,005 | +€266 | +36.1% |
| Recurring financial income | 75 | €738 | €1,005 | +€266 | +36.1% |
| Financial charges | 65/66B | €160,329 | €204,372 | +€44,043 | +27.5% |
| Recurring financial charges | 65 | €160,329 | €204,372 | +€44,043 | +27.5% |
| Profit (loss) for the period before taxes | 9903 | -€107,391 | -€58,978 | +€48,413 | +45.1% |
| Income taxes | 67/77 | €1,363 | €1,423 | +€59 | +4.4% |
| Profit (loss) for the period | 9904 | -€108,754 | -€60,400 | +€48,353 | +44.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€108,754 | -€60,400 | +€48,353 | +44.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.