VR-group: 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-group
Largest movements
- Tangible fixed assets +€56,472
up €56,472 (+182.8%), from €30,896 to €87,368
of which Other tangible fixed assets: +€30,821
- Cash -€22,254
down €22,254 (-19.1%), from €116,638 to €94,384
mainly Investment in fixed assets (net) (-€67,704) and Trade debts (-€44,178)
- Receivables within one year +€18,406
up €18,406 (+91.1%), from €20,195 to €38,601
of which Other amounts receivable: +€12,463
- Stocks and contracts -€4,755
down €4,755 (-5.9%), from €81,242 to €76,486
- Trade debts -€44,178
down €44,178 (-32.7%), from €134,948 to €90,770
- Debts after one year +€39,022
new in 2025: €39,022
- Profit (loss) carried forward +€27,419
up €27,419 (+77.1%), from €35,557 to €62,976
- Tax, wage and social debts +€11,123
up €11,123 (+136.5%), from €8,146 to €19,270
of which Remuneration and social security: +€11,562
- Current portion of long-term debt +€8,866
up €8,866 (+1561.1%), from €568 to €9,434
- Gross operating margin +€20,332
up €20,332 (+16.1%), from €126,503 to €146,835
- Staff costs +€16,198
up €16,198 (+20.5%), from €79,157 to €95,355
- Depreciation +€5,311
up €5,311 (+89.7%), from €5,921 to €11,232
- Taxes -€2,706
down €2,706 (-25.4%), from €10,657 to €7,952
- Other operating charges +€2,538
up €2,538 (+241.7%), from €1,050 to €3,588
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 | €257,067 | €303,668 | +€46,601 | +18.1% |
| Fixed assets | 21/28 | €30,896 | €87,368 | +€56,472 | +182.8% |
| Tangible fixed assets | 22/27 | €30,896 | €87,368 | +€56,472 | +182.8% |
| Plant, machinery and equipment | 23 | €14,145 | €40,748 | +€26,603 | +188.1% |
| Furniture and vehicles | 24 | €5,002 | €4,051 | -€951 | -19.0% |
| Other tangible fixed assets | 26 | €11,748 | €42,568 | +€30,821 | +262.3% |
| Current assets | 29/58 | €226,171 | €216,300 | -€9,871 | -4.4% |
| Stocks and contracts in progress | 3 | €81,242 | €76,486 | -€4,755 | -5.9% |
| Stocks | 30/36 | €81,242 | €76,486 | -€4,755 | -5.9% |
| Amounts receivable within one year | 40/41 | €20,195 | €38,601 | +€18,406 | +91.1% |
| Trade receivables | 40 | €1,785 | €7,728 | +€5,943 | +332.9% |
| Other amounts receivable | 41 | €18,409 | €30,873 | +€12,463 | +67.7% |
| Cash at bank and in hand | 54/58 | €116,638 | €94,384 | -€22,254 | -19.1% |
| Deferred charges and accrued income | 490/1 | €8,097 | €6,829 | -€1,268 | -15.7% |
| Total equity and liabilities | 10/49 | €257,067 | €303,668 | +€46,601 | +18.1% |
| Equity | 10/15 | €95,557 | €122,976 | +€27,419 | +28.7% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €35,557 | €62,976 | +€27,419 | +77.1% |
| Amounts payable | 17/49 | €161,510 | €180,692 | +€19,182 | +11.9% |
| Amounts payable after more than one year | 17 | - | €39,022 | +€39,022 | |
| Financial debts | 170/4 | - | €39,022 | +€39,022 | |
| Amounts payable within one year | 42/48 | €161,510 | €139,371 | -€22,139 | -13.7% |
| Current portion of amounts payable after more than one year | 42 | €568 | €9,434 | +€8,866 | +1561.1% |
| Trade debts | 44 | €134,948 | €90,770 | -€44,178 | -32.7% |
| Suppliers | 440/4 | €134,948 | €90,770 | -€44,178 | -32.7% |
| Taxes, remuneration and social security | 45 | €8,146 | €19,270 | +€11,123 | +136.5% |
| Taxes | 450/3 | €1,554 | €1,115 | -€439 | -28.2% |
| Remuneration and social security | 454/9 | €6,593 | €18,155 | +€11,562 | +175.4% |
| Other amounts payable | 47/48 | €17,848 | €19,897 | +€2,049 | +11.5% |
| Accrued charges and deferred income | 492/3 | - | €2,299 | +€2,299 | |
| Non-recurring operating income | 76A | - | €2,200 | +€2,200 | |
| Remuneration, social security and pensions | 62 | €79,157 | €95,355 | +€16,198 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,921 | €11,232 | +€5,311 | +89.7% |
| Other operating charges | 640/8 | €1,050 | €3,588 | +€2,538 | +241.7% |
| Gross operating margin | 9900 | €126,503 | €146,835 | +€20,332 | +16.1% |
| Operating profit (loss) | 9901 | €40,375 | €36,659 | -€3,716 | -9.2% |
| Financial income | 75/76B | €48 | €133 | +€85 | +177.7% |
| Recurring financial income | 75 | €48 | €133 | +€85 | +177.7% |
| Financial charges | 65/66B | €388 | €1,421 | +€1,034 | +266.6% |
| Recurring financial charges | 65 | €388 | €1,421 | +€1,034 | +266.6% |
| Profit (loss) for the period before taxes | 9903 | €40,036 | €35,371 | -€4,664 | -11.7% |
| Income taxes | 67/77 | €10,657 | €7,952 | -€2,706 | -25.4% |
| Profit (loss) for the period | 9904 | €29,378 | €27,419 | -€1,959 | -6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,378 | €27,419 | -€1,959 | -6.7% |
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 29 September 2026 via checked.be.