VR&CO: 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&CO
Largest movements
- Cash -€18,472
down €18,472 (-84.9%), from €21,767 to €3,295
mainly Other debts (-€14,105) and Debts after one year (-€7,792)
- Receivables within one year +€6,302
up €6,302 (+43.9%), from €14,367 to €20,669
of which Other amounts receivable: +€4,771
- Deferred charges and accrued income -€2,561
down €2,561 (-53.8%), from €4,757 to €2,196
- Other debts -€14,105
down €14,105 (-78.3%), from €18,017 to €3,912
- Reserves +€10,713
up €10,713 (+26.9%), from €39,881 to €50,594
of which Distributable reserves: +€10,713
- Debts after one year -€7,792
down €7,792 (-43.6%), from €17,860 to €10,068
- Current portion of long-term debt -€3,209
down €3,209 (-18.3%), from €17,553 to €14,344
- Gross operating margin -€34,446
down €34,446 (-55.9%), from €61,587 to €27,141
- Taxes -€9,087
down €9,087 (-62.7%), from €14,489 to €5,402
- Other operating charges -€1,944
down €1,944 (-78.8%), from €2,467 to €523
- Staff costs +€871
up €871 (+47.7%), from €1,824 to €2,695
- Financial charges +€846
up €846 (+21.0%), from €4,026 to €4,872
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 | €191,317 | €175,354 | -€15,963 | -8.3% |
| Fixed assets | 21/28 | €150,426 | €149,195 | -€1,232 | -0.8% |
| Tangible fixed assets | 22/27 | €12,546 | €11,315 | -€1,232 | -9.8% |
| Plant, machinery and equipment | 23 | - | €1,417 | +€1,417 | |
| Furniture and vehicles | 24 | €12,546 | €9,897 | -€2,649 | -21.1% |
| Financial fixed assets | 28 | €137,880 | €137,880 | = | 0.0% |
| Current assets | 29/58 | €40,891 | €26,159 | -€14,732 | -36.0% |
| Amounts receivable within one year | 40/41 | €14,367 | €20,669 | +€6,302 | +43.9% |
| Trade receivables | 40 | €8,470 | €10,000 | +€1,530 | +18.1% |
| Other amounts receivable | 41 | €5,898 | €10,669 | +€4,771 | +80.9% |
| Cash at bank and in hand | 54/58 | €21,767 | €3,295 | -€18,472 | -84.9% |
| Deferred charges and accrued income | 490/1 | €4,757 | €2,196 | -€2,561 | -53.8% |
| Total equity and liabilities | 10/49 | €191,317 | €175,354 | -€15,963 | -8.3% |
| Equity | 10/15 | €132,495 | €143,208 | +€10,713 | +8.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | - | -€6,200 | |
| Other | 1109/19 | €6,200 | - | -€6,200 | |
| Reserves | 13 | €39,881 | €50,594 | +€10,713 | +26.9% |
| Non-distributable reserves | 130/1 | €80 | €80 | = | 0.0% |
| Reserves not available under the articles | 1311 | €80 | €80 | = | 0.0% |
| Distributable reserves | 133 | €39,801 | €50,514 | +€10,713 | +26.9% |
| Profit (loss) carried forward | 14 | €86,413 | €86,413 | = | 0.0% |
| Amounts payable | 17/49 | €58,822 | €32,147 | -€26,676 | -45.3% |
| Amounts payable after more than one year | 17 | €17,860 | €10,068 | -€7,792 | -43.6% |
| Financial debts | 170/4 | €17,860 | €10,068 | -€7,792 | -43.6% |
| Amounts payable within one year | 42/48 | €40,962 | €22,078 | -€18,884 | -46.1% |
| Current portion of amounts payable after more than one year | 42 | €17,553 | €14,344 | -€3,209 | -18.3% |
| Trade debts | 44 | €2,872 | €2,751 | -€121 | -4.2% |
| Suppliers | 440/4 | €2,872 | €2,751 | -€121 | -4.2% |
| Taxes, remuneration and social security | 45 | €2,520 | €1,071 | -€1,449 | -57.5% |
| Taxes | 450/3 | €2,520 | €1,071 | -€1,449 | -57.5% |
| Other amounts payable | 47/48 | €18,017 | €3,912 | -€14,105 | -78.3% |
| Remuneration, social security and pensions | 62 | €1,824 | €2,695 | +€871 | +47.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,326 | €2,937 | -€390 | -11.7% |
| Other operating charges | 640/8 | €2,467 | €523 | -€1,944 | -78.8% |
| Gross operating margin | 9900 | €61,587 | €27,141 | -€34,446 | -55.9% |
| Operating profit (loss) | 9901 | €53,970 | €20,987 | -€32,983 | -61.1% |
| Financial charges | 65/66B | €4,026 | €4,872 | +€846 | +21.0% |
| Recurring financial charges | 65 | €4,026 | €4,872 | +€846 | +21.0% |
| Profit (loss) for the period before taxes | 9903 | €49,944 | €16,115 | -€33,829 | -67.7% |
| Income taxes | 67/77 | €14,489 | €5,402 | -€9,087 | -62.7% |
| Profit (loss) for the period | 9904 | €35,455 | €10,713 | -€24,742 | -69.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,455 | €10,713 | -€24,742 | -69.8% |
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 26 October 2026 via checked.be.