VR technics: 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 technics
Largest movements
- Receivables within one year +€73,568
up €73,568 (+53.5%), from €137,575 to €211,144
of which Trade receivables: +€80,897
- Cash +€61,425
up €61,425 (+45.3%), from €135,733 to €197,158
mainly Net result for the year (+€123,092) and Other debts (+€51,077)
- Tangible fixed assets -€21,036
down €21,036 (-10.0%), from €209,551 to €188,514
of which Furniture and vehicles: -€21,104
- Other debts +€51,077
up €51,077 (+102.2%), from €49,957 to €101,034
- Reserves +€50,892
up €50,892 (+19.6%), from €259,364 to €310,256
of which Distributable reserves: +€50,892
- Trade debts +€28,609
up €28,609 (+268.4%), from €10,661 to €39,270
- Debts after one year -€13,731
down €13,731 (-13.1%), from €104,598 to €90,866
- Gross operating margin +€95,035
up €95,035 (+29.7%), from €320,163 to €415,198
- Staff costs +€57,674
up €57,674 (+45.1%), from €127,824 to €185,498
- Taxes +€14,484
up €14,484 (+34.8%), from €41,561 to €56,044
- Depreciation -€4,863
down €4,863 (-9.7%), from €50,022 to €45,159
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 | €494,484 | €606,123 | +€111,639 | +22.6% |
| Fixed assets | 21/28 | €212,003 | €193,425 | -€18,578 | -8.8% |
| Intangible fixed assets | 21 | €2,452 | €4,911 | +€2,459 | +100.3% |
| Tangible fixed assets | 22/27 | €209,551 | €188,514 | -€21,036 | -10.0% |
| Land and buildings | 22 | €138,790 | €142,054 | +€3,264 | +2.4% |
| Plant, machinery and equipment | 23 | €15,941 | €12,745 | -€3,196 | -20.0% |
| Furniture and vehicles | 24 | €54,819 | €33,715 | -€21,104 | -38.5% |
| Current assets | 29/58 | €282,481 | €412,698 | +€130,217 | +46.1% |
| Stocks and contracts in progress | 3 | €846 | €617 | -€229 | -27.1% |
| Stocks | 30/36 | €846 | €617 | -€229 | -27.1% |
| Amounts receivable within one year | 40/41 | €137,575 | €211,144 | +€73,568 | +53.5% |
| Trade receivables | 40 | €130,246 | €211,144 | +€80,897 | +62.1% |
| Other amounts receivable | 41 | €7,329 | €0 | -€7,329 | -100.0% |
| Cash at bank and in hand | 54/58 | €135,733 | €197,158 | +€61,425 | +45.3% |
| Deferred charges and accrued income | 490/1 | €8,327 | €3,780 | -€4,548 | -54.6% |
| Total equity and liabilities | 10/49 | €494,484 | €606,123 | +€111,639 | +22.6% |
| Equity | 10/15 | €273,624 | €324,516 | +€50,892 | +18.6% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €259,364 | €310,256 | +€50,892 | +19.6% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €259,364 | €310,256 | +€50,892 | +19.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €220,860 | €281,607 | +€60,747 | +27.5% |
| Amounts payable after more than one year | 17 | €104,598 | €90,866 | -€13,731 | -13.1% |
| Financial debts | 170/4 | €104,598 | €90,866 | -€13,731 | -13.1% |
| Amounts payable within one year | 42/48 | €115,835 | €190,268 | +€74,432 | +64.3% |
| Current portion of amounts payable after more than one year | 42 | €14,095 | €13,731 | -€363 | -2.6% |
| Trade debts | 44 | €10,661 | €39,270 | +€28,609 | +268.4% |
| Suppliers | 440/4 | €10,661 | €39,270 | +€28,609 | +268.4% |
| Taxes, remuneration and social security | 45 | €41,123 | €36,233 | -€4,891 | -11.9% |
| Taxes | 450/3 | €26,726 | €17,173 | -€9,553 | -35.7% |
| Remuneration and social security | 454/9 | €14,398 | €19,060 | +€4,662 | +32.4% |
| Other amounts payable | 47/48 | €49,957 | €101,034 | +€51,077 | +102.2% |
| Accrued charges and deferred income | 492/3 | €427 | €474 | +€46 | +10.8% |
| Remuneration, social security and pensions | 62 | €127,824 | €185,498 | +€57,674 | +45.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,022 | €45,159 | -€4,863 | -9.7% |
| Other operating charges | 640/8 | €2,238 | €2,491 | +€253 | +11.3% |
| Gross operating margin | 9900 | €320,163 | €415,198 | +€95,035 | +29.7% |
| Operating profit (loss) | 9901 | €140,079 | €182,050 | +€41,972 | +30.0% |
| Financial income | 75/76B | €11 | €0 | -€11 | -100.0% |
| Recurring financial income | 75 | €11 | €0 | -€11 | -100.0% |
| Financial charges | 65/66B | €3,458 | €2,915 | -€543 | -15.7% |
| Recurring financial charges | 65 | €3,458 | €2,915 | -€543 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €136,632 | €179,136 | +€42,504 | +31.1% |
| Income taxes | 67/77 | €41,561 | €56,044 | +€14,484 | +34.8% |
| Profit (loss) for the period | 9904 | €95,071 | €123,092 | +€28,020 | +29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €95,071 | €123,092 | +€28,020 | +29.5% |
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 9 October 2026 via checked.be.