VR2 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.
VR2 INVEST
Largest movements
- Receivables within one year +€131,139
up €131,139 (+169%), from €77,510 to €208,649
of which Other amounts receivable: +€176,317
- Tangible fixed assets -€45,824
down €45,824 (-57.3%), from €79,944 to €34,120
of which Furniture and vehicles: -€45,824
- Cash -€35,351
down €35,351 (-64.1%), from €55,188 to €19,837
mainly Receivables within one year (-€131,139) and Debts after one year (-€26,001)
- Deferred charges and accrued income +€3,758
new in 2025: €3,758
- Trade debts +€50,353
up €50,353 (+39.4%), from €127,681 to €178,034
- Debts after one year -€26,001
down €26,001 (-37.1%), from €70,000 to €43,999
- Other debts +€18,923
up €18,923 (+1,461%), from €1,295 to €20,218
- Tax, wage and social debts -€18,239
down €18,239 (-54.3%), from €33,615 to €15,376
of which Taxes: -€10,660
- Current portion of long-term debt +€15,410
new in 2025: €15,410
- Staff costs -€20,967
no longer reported in 2025 (was €20,967)
- Gross operating margin -€15,776
down €15,776 (-20.8%), from €75,992 to €60,216
- Taxes -€6,956
no longer reported in 2025 (was €6,956)
- Other operating charges -€6,496
no longer reported in 2025 (was €6,496)
- Depreciation +€2,969
up €2,969 (+6.9%), from €42,855 to €45,824
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 | €274,909 | €328,631 | +€53,722 | +19.5% |
| Fixed assets | 21/28 | €82,574 | €36,750 | -€45,824 | -55.5% |
| Tangible fixed assets | 22/27 | €79,944 | €34,120 | -€45,824 | -57.3% |
| Plant, machinery and equipment | 23 | €345 | €345 | +€0 | 0.0% |
| Furniture and vehicles | 24 | €79,599 | €33,775 | -€45,824 | -57.6% |
| Financial fixed assets | 28 | €2,630 | €2,630 | = | 0.0% |
| Current assets | 29/58 | €192,335 | €291,881 | +€99,546 | +51.8% |
| Amounts receivable after more than one year | 29 | €59,637 | €59,637 | +€0 | 0.0% |
| Other amounts receivable | 291 | €59,637 | €59,637 | +€0 | 0.0% |
| Amounts receivable within one year | 40/41 | €77,510 | €208,649 | +€131,139 | +169% |
| Trade receivables | 40 | €68,402 | €23,224 | -€45,178 | -66.0% |
| Other amounts receivable | 41 | €9,108 | €185,425 | +€176,317 | +1,936% |
| Cash at bank and in hand | 54/58 | €55,188 | €19,837 | -€35,351 | -64.1% |
| Deferred charges and accrued income | 490/1 | - | €3,758 | +€3,758 | |
| Total equity and liabilities | 10/49 | €274,909 | €328,631 | +€53,722 | +19.5% |
| Equity | 10/15 | €42,318 | €55,592 | +€13,274 | +31.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,408 | €25,682 | +€13,274 | +107% |
| Investment grants | 15 | €9,450 | €9,450 | = | 0.0% |
| Amounts payable | 17/49 | €232,591 | €273,039 | +€40,448 | +17.4% |
| Amounts payable after more than one year | 17 | €70,000 | €43,999 | -€26,001 | -37.1% |
| Financial debts | 170/4 | €70,000 | €43,999 | -€26,001 | -37.1% |
| Amounts payable within one year | 42/48 | €162,591 | €229,040 | +€66,449 | +40.9% |
| Current portion of amounts payable after more than one year | 42 | - | €15,410 | +€15,410 | |
| Trade debts | 44 | €127,681 | €178,034 | +€50,353 | +39.4% |
| Suppliers | 440/4 | €127,681 | €178,034 | +€50,353 | +39.4% |
| Taxes, remuneration and social security | 45 | €33,615 | €15,376 | -€18,239 | -54.3% |
| Taxes | 450/3 | €26,036 | €15,376 | -€10,660 | -40.9% |
| Remuneration and social security | 454/9 | €7,579 | - | -€7,579 | |
| Other amounts payable | 47/48 | €1,295 | €20,218 | +€18,923 | +1,461% |
| Remuneration, social security and pensions | 62 | €20,967 | - | -€20,967 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,855 | €45,824 | +€2,969 | +6.9% |
| Other operating charges | 640/8 | €6,496 | - | -€6,496 | |
| Gross operating margin | 9900 | €75,992 | €60,216 | -€15,776 | -20.8% |
| Operating profit (loss) | 9901 | €5,674 | €14,392 | +€8,718 | +154% |
| Financial charges | 65/66B | €1,561 | €1,118 | -€443 | -28.4% |
| Recurring financial charges | 65 | €1,561 | €1,118 | -€443 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €4,113 | €13,274 | +€9,161 | +223% |
| Income taxes | 67/77 | €6,956 | - | -€6,956 | |
| Profit (loss) for the period | 9904 | -€2,843 | €13,274 | +€16,117 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,843 | €13,274 | +€16,117 |
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 19 October 2026 via checked.be.