VR-Management: 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-Management
Largest movements
- Tangible fixed assets +€8,558
up €8,558 (+36.0%), from €23,790 to €32,348
- Cash +€6,006
up €6,006 (+59.4%), from €10,105 to €16,111
mainly Depreciation (+€10,227) and Net result for the year (+€8,249)
- Receivables within one year +€3,585
up €3,585 (+57.9%), from €6,188 to €9,772
of which Trade receivables: +€3,904
- Deferred charges and accrued income +€2,288
new in 2025: €2,288
- Profit (loss) carried forward +€8,249
up €8,249 (+19.7%), from -€41,976 to -€33,728
- Current portion of long-term debt +€5,963
new in 2025: €5,963
- Other debts +€3,319
new in 2025: €3,319
- Debts after one year +€1,900
up €1,900 (+35.7%), from €5,322 to €7,222
of which Financial debts: +€7,222
- Gross operating margin +€53,582
up €53,582, from -€32,266 to €21,315
- Depreciation +€2,375
up €2,375 (+30.2%), from €7,852 to €10,227
- Financial charges +€581
up €581 (+574%), from €101 to €682
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 | €40,083 | €60,520 | +€20,437 | +51.0% |
| Fixed assets | 21/28 | €23,790 | €32,348 | +€8,558 | +36.0% |
| Tangible fixed assets | 22/27 | €23,790 | €32,348 | +€8,558 | +36.0% |
| Furniture and vehicles | 24 | €23,790 | €32,348 | +€8,558 | +36.0% |
| Current assets | 29/58 | €16,293 | €28,172 | +€11,879 | +72.9% |
| Amounts receivable within one year | 40/41 | €6,188 | €9,772 | +€3,585 | +57.9% |
| Trade receivables | 40 | €5,000 | €8,904 | +€3,904 | +78.1% |
| Other amounts receivable | 41 | €1,188 | €869 | -€319 | -26.9% |
| Cash at bank and in hand | 54/58 | €10,105 | €16,111 | +€6,006 | +59.4% |
| Deferred charges and accrued income | 490/1 | - | €2,288 | +€2,288 | |
| Total equity and liabilities | 10/49 | €40,083 | €60,520 | +€20,437 | +51.0% |
| Equity | 10/15 | €30,836 | €39,084 | +€8,249 | +26.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €66,612 | €66,612 | = | 0.0% |
| Distributable reserves | 133 | €66,612 | €66,612 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€41,976 | -€33,728 | +€8,249 | +19.7% |
| Amounts payable | 17/49 | €9,248 | €21,436 | +€12,189 | +132% |
| Amounts payable after more than one year | 17 | €5,322 | €7,222 | +€1,900 | +35.7% |
| Financial debts | 170/4 | - | €7,222 | +€7,222 | |
| Other amounts payable | 178/9 | €5,322 | €0 | -€5,322 | -100% |
| Amounts payable within one year | 42/48 | €3,926 | €14,215 | +€10,289 | +262% |
| Current portion of amounts payable after more than one year | 42 | - | €5,963 | +€5,963 | |
| Trade debts | 44 | €3,514 | €3,996 | +€482 | +13.7% |
| Suppliers | 440/4 | €3,514 | €3,996 | +€482 | +13.7% |
| Taxes, remuneration and social security | 45 | €412 | €936 | +€524 | +127% |
| Taxes | 450/3 | €412 | €936 | +€524 | +127% |
| Other amounts payable | 47/48 | - | €3,319 | +€3,319 | |
| Non-recurring operating income | 76A | - | €3,554 | +€3,554 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,852 | €10,227 | +€2,375 | +30.2% |
| Other operating charges | 640/8 | €1,345 | €1,639 | +€294 | +21.8% |
| Gross operating margin | 9900 | -€32,266 | €21,315 | +€53,582 | |
| Operating profit (loss) | 9901 | -€41,464 | €9,449 | +€50,913 | |
| Financial income | 75/76B | €1 | €6 | +€5 | +785% |
| Recurring financial income | 75 | €1 | €6 | +€5 | +785% |
| Financial charges | 65/66B | €101 | €682 | +€581 | +574% |
| Recurring financial charges | 65 | €101 | €682 | +€581 | +574% |
| Profit (loss) for the period before taxes | 9903 | -€41,564 | €8,773 | +€50,337 | |
| Income taxes | 67/77 | €412 | €524 | +€112 | +27.3% |
| Profit (loss) for the period | 9904 | -€41,976 | €8,249 | +€50,225 | |
| Profit (loss) for the period to be appropriated | 9905 | -€41,976 | €8,249 | +€50,225 |
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 15 October 2026 via checked.be.