VR Invest: what changed
VR Invest
Largest movements
- Cash +€93,339
up €93,339 (+141%), from €66,069 to €159,408
mainly Net result for the year (+€42,581) and Current investments (+€39,824)
- Current investments -€39,824
down €39,824 (-88.8%), from €44,824 to €5,000
- Tangible fixed assets -€30,678
down €30,678 (-4.3%), from €716,647 to €685,968
of which Land and buildings: -€25,656
- Receivables within one year -€17,339
down €17,339 (-61.0%), from €28,404 to €11,065
of which Other amounts receivable: -€18,058
- Debts after one year -€48,721
down €48,721 (-13.3%), from €366,814 to €318,093
- Reserves +€42,581
up €42,581 (+11.7%), from €364,844 to €407,425
- Trade debts +€15,561
up €15,561 (+438%), from €3,551 to €19,112
- Gross operating margin +€23,275
up €23,275 (+10.5%), from €221,241 to €244,515
- Taxes +€12,771
up €12,771 (+258%), from €4,946 to €17,717
- Other operating charges +€6,654
up €6,654 (+136%), from €4,876 to €11,530
- Financial income +€4,427
up €4,427 (+2,908%), from €152 to €4,579
- Depreciation +€3,871
up €3,871 (+12.2%), from €31,710 to €35,580
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €859,856 | €866,338 | +€6,482 | +0.8% |
| Fixed assets | 21/28 | €717,182 | €686,503 | -€30,678 | -4.3% |
| Tangible fixed assets | 22/27 | €716,647 | €685,968 | -€30,678 | -4.3% |
| Land and buildings | 22 | €699,486 | €673,831 | -€25,656 | -3.7% |
| Furniture and vehicles | 24 | €17,160 | €12,138 | -€5,023 | -29.3% |
| Financial fixed assets | 28 | €535 | €535 | = | 0.0% |
| Current assets | 29/58 | €142,674 | €179,834 | +€37,160 | +26.0% |
| Amounts receivable within one year | 40/41 | €28,404 | €11,065 | -€17,339 | -61.0% |
| Trade receivables | 40 | €2,972 | €3,691 | +€719 | +24.2% |
| Other amounts receivable | 41 | €25,432 | €7,374 | -€18,058 | -71.0% |
| Current investments | 50/53 | €44,824 | €5,000 | -€39,824 | -88.8% |
| Cash at bank and in hand | 54/58 | €66,069 | €159,408 | +€93,339 | +141% |
| Deferred charges and accrued income | 490/1 | €3,376 | €4,361 | +€984 | +29.2% |
| Total equity and liabilities | 10/49 | €859,856 | €866,338 | +€6,482 | +0.8% |
| Equity | 10/15 | €417,340 | €459,920 | +€42,581 | +10.2% |
| Reserves | 13 | €364,844 | €407,425 | +€42,581 | +11.7% |
| Distributable reserves | 133 | €364,844 | €407,425 | +€42,581 | +11.7% |
| Profit (loss) carried forward | 14 | €52,495 | €52,495 | = | 0.0% |
| Amounts payable | 17/49 | €442,516 | €406,418 | -€36,099 | -8.2% |
| Amounts payable after more than one year | 17 | €366,814 | €318,093 | -€48,721 | -13.3% |
| Financial debts | 170/4 | €366,814 | €318,093 | -€48,721 | -13.3% |
| Amounts payable within one year | 42/48 | €75,702 | €88,325 | +€12,623 | +16.7% |
| Current portion of amounts payable after more than one year | 42 | €47,637 | €49,692 | +€2,056 | +4.3% |
| Trade debts | 44 | €3,551 | €19,112 | +€15,561 | +438% |
| Suppliers | 440/4 | €3,551 | €19,112 | +€15,561 | +438% |
| Taxes, remuneration and social security | 45 | €17,764 | €15,966 | -€1,797 | -10.1% |
| Taxes | 450/3 | €3,963 | - | -€3,963 | |
| Remuneration and social security | 454/9 | €13,801 | €15,966 | +€2,165 | +15.7% |
| Other amounts payable | 47/48 | €6,750 | €3,554 | -€3,196 | -47.4% |
| Non-recurring operating income | 76A | €900 | €1,923 | +€1,023 | +114% |
| Remuneration, social security and pensions | 62 | €125,954 | €125,210 | -€744 | -0.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,710 | €35,580 | +€3,871 | +12.2% |
| Other operating charges | 640/8 | €4,876 | €11,530 | +€6,654 | +136% |
| Gross operating margin | 9900 | €221,241 | €244,515 | +€23,275 | +10.5% |
| Operating profit (loss) | 9901 | €58,701 | €72,194 | +€13,493 | +23.0% |
| Financial income | 75/76B | €152 | €4,579 | +€4,427 | +2,908% |
| Recurring financial income | 75 | €152 | €4,579 | +€4,427 | +2,908% |
| Financial charges | 65/66B | €18,354 | €16,476 | -€1,877 | -10.2% |
| Recurring financial charges | 65 | €18,354 | €16,476 | -€1,877 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | €40,500 | €60,298 | +€19,798 | +48.9% |
| Income taxes | 67/77 | €4,946 | €17,717 | +€12,771 | +258% |
| Profit (loss) for the period | 9904 | €35,553 | €42,581 | +€7,027 | +19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,553 | €42,581 | +€7,027 | +19.8% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.