VR INVEST: 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 INVEST
Largest movements
- Tangible fixed assets -€74,167
down €74,167 (-7.6%), from €982,211 to €908,044
of which Plant, machinery and equipment: -€41,970
- Receivables within one year +€41,691
up €41,691 (+494%), from €8,443 to €50,134
of which Other amounts receivable: +€46,531
- Debts after one year -€28,324
down €28,324 (-4.7%), from €603,068 to €574,744
- Gross operating margin +€37,732
up €37,732 (+163%), from €23,108 to €60,840
- Financial charges -€6,839
down €6,839 (-22.8%), from €29,991 to €23,152
- Depreciation -€5,711
down €5,711 (-15.1%), from €37,908 to €32,197
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 | €992,191 | €961,094 | -€31,097 | -3.1% |
| Fixed assets | 21/28 | €982,211 | €908,044 | -€74,167 | -7.6% |
| Tangible fixed assets | 22/27 | €982,211 | €908,044 | -€74,167 | -7.6% |
| Land and buildings | 22 | €932,398 | €907,441 | -€24,957 | -2.7% |
| Plant, machinery and equipment | 23 | €41,970 | €0 | -€41,970 | -100% |
| Furniture and vehicles | 24 | €7,843 | €603 | -€7,240 | -92.3% |
| Current assets | 29/58 | €9,980 | €53,050 | +€43,070 | +432% |
| Amounts receivable within one year | 40/41 | €8,443 | €50,134 | +€41,691 | +494% |
| Trade receivables | 40 | €4,840 | €0 | -€4,840 | -100% |
| Other amounts receivable | 41 | €3,603 | €50,134 | +€46,531 | +1,291% |
| Cash at bank and in hand | 54/58 | €784 | €758 | -€27 | -3.4% |
| Deferred charges and accrued income | 490/1 | €752 | €2,158 | +€1,406 | +187% |
| Total equity and liabilities | 10/49 | €992,191 | €961,094 | -€31,097 | -3.1% |
| Equity | 10/15 | €129,363 | €127,504 | -€1,859 | -1.4% |
| Contributions | 10/11 | €290,000 | €290,000 | = | 0.0% |
| Revaluation surpluses | 12 | €9,368 | €9,368 | = | 0.0% |
| Reserves | 13 | €712 | €712 | = | 0.0% |
| Non-distributable reserves | 130/1 | €712 | €712 | = | 0.0% |
| Reserves not available under the articles | 1311 | €712 | €0 | -€712 | -100% |
| Other | 1319 | - | €712 | +€712 | |
| Profit (loss) carried forward | 14 | -€170,718 | -€172,577 | -€1,859 | -1.1% |
| Amounts payable | 17/49 | €862,828 | €833,590 | -€29,238 | -3.4% |
| Amounts payable after more than one year | 17 | €603,068 | €574,744 | -€28,324 | -4.7% |
| Financial debts | 170/4 | €603,068 | €574,744 | -€28,324 | -4.7% |
| Amounts payable within one year | 42/48 | €259,705 | €258,846 | -€859 | -0.3% |
| Current portion of amounts payable after more than one year | 42 | €39,759 | €36,152 | -€3,607 | -9.1% |
| Trade debts | 44 | €11,914 | €6,973 | -€4,941 | -41.5% |
| Suppliers | 440/4 | €11,914 | €6,973 | -€4,941 | -41.5% |
| Taxes, remuneration and social security | 45 | €4,358 | €7,105 | +€2,748 | +63.1% |
| Taxes | 450/3 | €4,358 | €7,105 | +€2,748 | +63.1% |
| Other amounts payable | 47/48 | €203,674 | €208,616 | +€4,942 | +2.4% |
| Accrued charges and deferred income | 492/3 | €56 | €0 | -€56 | -100% |
| Non-recurring operating income | 76A | - | €35,330 | +€35,330 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,908 | €32,197 | -€5,711 | -15.1% |
| Other operating charges | 640/8 | €6,967 | €7,484 | +€517 | +7.4% |
| Gross operating margin | 9900 | €23,108 | €60,840 | +€37,732 | +163% |
| Operating profit (loss) | 9901 | -€21,767 | €21,159 | +€42,926 | |
| Financial income | 75/76B | €8 | €134 | +€126 | +1,653% |
| Recurring financial income | 75 | €8 | €134 | +€126 | +1,653% |
| Financial charges | 65/66B | €29,991 | €23,152 | -€6,839 | -22.8% |
| Recurring financial charges | 65 | €29,991 | €23,152 | -€6,839 | -22.8% |
| Profit (loss) for the period before taxes | 9903 | -€51,750 | -€1,859 | +€49,891 | +96.4% |
| Profit (loss) for the period | 9904 | -€51,750 | -€1,859 | +€49,891 | +96.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€51,750 | -€1,859 | +€49,891 | +96.4% |
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 31 October 2026 via checked.be.