VR3: 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.
VR3
Largest movements
- Cash -€28,097
down €28,097 (-74.9%), from €37,537 to €9,440
mainly Short-term financial debts (-€210,000) and Investment in fixed assets (net) (-€29,751)
- Tangible fixed assets +€11,027
up €11,027 (+3.2%), from €339,715 to €350,742
of which Land and buildings: +€14,958
- Receivables within one year -€7,912
down €7,912 (-39.7%), from €19,944 to €12,032
of which Other amounts receivable: -€10,350
- Short-term financial debts -€210,000
down €210,000 (-100.0%), from €210,000 to €0
- Other debts +€116,530
up €116,530 (+118.5%), from €98,336 to €214,866
- Debts after one year +€42,892
new in 2025: €42,892
- Current portion of long-term debt +€33,048
new in 2025: €33,048
- Trade debts -€9,568
down €9,568 (-73.3%), from €13,059 to €3,491
- Financial charges +€8,327
up €8,327 (+94.4%), from €8,817 to €17,144
- Depreciation +€7,062
up €7,062 (+60.6%), from €11,662 to €18,724
- Gross operating margin -€5,546
down €5,546 (-12.3%), from €45,121 to €39,575
- Taxes -€4,541
down €4,541 (-92.5%), from €4,907 to €366
- Financial income -€1,064
down €1,064 (-99.7%), from €1,067 to €3
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 | €397,363 | €372,391 | -€24,973 | -6.3% |
| Fixed assets | 21/28 | €339,715 | €350,742 | +€11,027 | +3.2% |
| Tangible fixed assets | 22/27 | €339,715 | €350,742 | +€11,027 | +3.2% |
| Land and buildings | 22 | €297,149 | €312,107 | +€14,958 | +5.0% |
| Plant, machinery and equipment | 23 | €8,281 | €7,854 | -€427 | -5.2% |
| Furniture and vehicles | 24 | €34,285 | €30,782 | -€3,503 | -10.2% |
| Current assets | 29/58 | €57,648 | €21,648 | -€36,000 | -62.4% |
| Amounts receivable within one year | 40/41 | €19,944 | €12,032 | -€7,912 | -39.7% |
| Trade receivables | 40 | €85 | €2,523 | +€2,439 | +2879.3% |
| Other amounts receivable | 41 | €19,859 | €9,509 | -€10,350 | -52.1% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €37,537 | €9,440 | -€28,097 | -74.9% |
| Deferred charges and accrued income | 490/1 | €168 | €177 | +€9 | +5.3% |
| Total equity and liabilities | 10/49 | €397,363 | €372,391 | -€24,973 | -6.3% |
| Equity | 10/15 | €64,317 | €66,453 | +€2,136 | +3.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €44,317 | €46,453 | +€2,136 | +4.8% |
| Distributable reserves | 133 | €44,317 | €46,453 | +€2,136 | +4.8% |
| Amounts payable | 17/49 | €333,046 | €305,937 | -€27,109 | -8.1% |
| Amounts payable after more than one year | 17 | - | €42,892 | +€42,892 | |
| Financial debts | 170/4 | - | €42,892 | +€42,892 | |
| Amounts payable within one year | 42/48 | €333,046 | €263,045 | -€70,001 | -21.0% |
| Current portion of amounts payable after more than one year | 42 | - | €33,048 | +€33,048 | |
| Financial debts | 43 | €210,000 | €0 | -€210,000 | -100.0% |
| Credit institutions | 430/8 | €210,000 | €0 | -€210,000 | -100.0% |
| Trade debts | 44 | €13,059 | €3,491 | -€9,568 | -73.3% |
| Suppliers | 440/4 | €13,059 | €3,491 | -€9,568 | -73.3% |
| Taxes, remuneration and social security | 45 | €11,651 | €11,640 | -€11 | -0.1% |
| Taxes | 450/3 | €11,651 | €11,640 | -€11 | -0.1% |
| Other amounts payable | 47/48 | €98,336 | €214,866 | +€116,530 | +118.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,662 | €18,724 | +€7,062 | +60.6% |
| Other operating charges | 640/8 | €1,174 | €1,208 | +€34 | +2.9% |
| Gross operating margin | 9900 | €45,121 | €39,575 | -€5,546 | -12.3% |
| Operating profit (loss) | 9901 | €32,285 | €19,643 | -€12,642 | -39.2% |
| Financial income | 75/76B | €1,067 | €3 | -€1,064 | -99.7% |
| Recurring financial income | 75 | €1,067 | €3 | -€1,064 | -99.7% |
| Financial charges | 65/66B | €8,817 | €17,144 | +€8,327 | +94.4% |
| Recurring financial charges | 65 | €8,817 | €17,144 | +€8,327 | +94.4% |
| Profit (loss) for the period before taxes | 9903 | €24,534 | €2,502 | -€22,032 | -89.8% |
| Income taxes | 67/77 | €4,907 | €366 | -€4,541 | -92.5% |
| Profit (loss) for the period | 9904 | €19,627 | €2,136 | -€17,492 | -89.1% |
| Profit (loss) for the period to be appropriated | 9905 | €19,627 | €2,136 | -€17,492 | -89.1% |
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.