VR PROJECT: 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 PROJECT
Largest movements
- Stocks and contracts -€3.2m
down €3.2m (-87.9%), from €3.7m to €443,474
- Tangible fixed assets +€1.3m
up €1.3m (+11,440%), from €11,254 to €1.3m
of which Land and buildings: +€1.2m
- Short-term financial debts -€1.4m
down €1.4m (-62.0%), from €2.2m to €852,000
- Other debts -€289,505
down €289,505 (-66.8%), from €433,140 to €143,635
- Debts after one year -€255,000
down €255,000 (-52.6%), from €485,000 to €230,000
of which Financial debts: -€185,000
- Gross operating margin +€53,603
up €53,603 (+56.4%), from €95,002 to €148,605
- Financial charges +€45,857
up €45,857 (+137%), from €33,579 to €79,436
- Depreciation +€23,243
up €23,243 (+1,126%), from €2,063 to €25,306
- Other operating charges +€5,434
up €5,434 (+39.1%), from €13,898 to €19,332
- Taxes -€3,885
down €3,885 (-40.5%), from €9,591 to €5,706
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 | €3,767,722 | €1,835,176 | -€1.9m | -51.3% |
| Fixed assets | 21/28 | €29,804 | €1,318,233 | +€1.3m | +4,323% |
| Tangible fixed assets | 22/27 | €11,254 | €1,298,683 | +€1.3m | +11,440% |
| Land and buildings | 22 | - | €1,245,940 | +€1.2m | |
| Plant, machinery and equipment | 23 | - | €41,001 | +€41,001 | |
| Furniture and vehicles | 24 | €9,544 | €10,537 | +€993 | +10.4% |
| Other tangible fixed assets | 26 | €1,710 | €1,205 | -€505 | -29.5% |
| Financial fixed assets | 28 | €18,550 | €19,550 | +€1,000 | +5.4% |
| Current assets | 29/58 | €3,737,918 | €516,943 | -€3.2m | -86.2% |
| Stocks and contracts in progress | 3 | €3,664,044 | €443,474 | -€3.2m | -87.9% |
| Stocks | 30/36 | €3,664,044 | €443,474 | -€3.2m | -87.9% |
| Amounts receivable within one year | 40/41 | €23,920 | - | -€23,920 | |
| Trade receivables | 40 | €5,837 | - | -€5,837 | |
| Other amounts receivable | 41 | €18,082 | - | -€18,082 | |
| Cash at bank and in hand | 54/58 | €29,699 | €58,752 | +€29,052 | +97.8% |
| Deferred charges and accrued income | 490/1 | €20,255 | €14,718 | -€5,537 | -27.3% |
| Total equity and liabilities | 10/49 | €3,767,722 | €1,835,176 | -€1.9m | -51.3% |
| Equity | 10/15 | €546,697 | €565,522 | +€18,825 | +3.4% |
| Contributions | 10/11 | €68,600 | €68,600 | = | 0.0% |
| Reserves | 13 | €360,154 | €378,979 | +€18,825 | +5.2% |
| Tax-exempt reserves | 132 | €8,600 | €8,600 | = | 0.0% |
| Distributable reserves | 133 | €351,554 | €370,379 | +€18,825 | +5.4% |
| Profit (loss) carried forward | 14 | €117,943 | €117,943 | = | 0.0% |
| Amounts payable | 17/49 | €3,221,025 | €1,269,655 | -€2.0m | -60.6% |
| Amounts payable after more than one year | 17 | €485,000 | €230,000 | -€255,000 | -52.6% |
| Financial debts | 170/4 | €415,000 | €230,000 | -€185,000 | -44.6% |
| Other amounts payable | 178/9 | €70,000 | - | -€70,000 | |
| Amounts payable within one year | 42/48 | €2,713,604 | €1,028,254 | -€1.7m | -62.1% |
| Financial debts | 43 | €2,241,500 | €852,000 | -€1.4m | -62.0% |
| Credit institutions | 430/8 | €2,241,500 | €852,000 | -€1.4m | -62.0% |
| Trade debts | 44 | €24,131 | €16,029 | -€8,102 | -33.6% |
| Suppliers | 440/4 | €24,131 | €16,029 | -€8,102 | -33.6% |
| Taxes, remuneration and social security | 45 | €14,833 | €16,590 | +€1,757 | +11.8% |
| Taxes | 450/3 | €14,833 | €16,590 | +€1,757 | +11.8% |
| Other amounts payable | 47/48 | €433,140 | €143,635 | -€289,505 | -66.8% |
| Accrued charges and deferred income | 492/3 | €22,421 | €11,401 | -€11,021 | -49.2% |
| Non-recurring operating income | 76A | €147,924 | - | -€147,924 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,063 | €25,306 | +€23,243 | +1,126% |
| Other operating charges | 640/8 | €13,898 | €19,332 | +€5,434 | +39.1% |
| Non-recurring operating charges | 66A | €81 | - | -€81 | |
| Gross operating margin | 9900 | €95,002 | €148,605 | +€53,603 | +56.4% |
| Operating profit (loss) | 9901 | €78,960 | €103,967 | +€25,007 | +31.7% |
| Financial income | 75/76B | €168 | - | -€168 | |
| Recurring financial income | 75 | €168 | - | -€168 | |
| Financial charges | 65/66B | €33,579 | €79,436 | +€45,857 | +137% |
| Recurring financial charges | 65 | €33,579 | €79,436 | +€45,857 | +137% |
| Profit (loss) for the period before taxes | 9903 | €45,550 | €24,531 | -€21,019 | -46.1% |
| Income taxes | 67/77 | €9,591 | €5,706 | -€3,885 | -40.5% |
| Profit (loss) for the period | 9904 | €35,958 | €18,825 | -€17,133 | -47.6% |
| Profit (loss) for the period to be appropriated | 9905 | €35,958 | €18,825 | -€17,133 | -47.6% |
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 20 October 2026 via checked.be.