VR46 RENOVATIONS: 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.
VR46 RENOVATIONS
Largest movements
- Receivables within one year +€54,287
up €54,287 (+111%), from €48,841 to €103,128
of which Trade receivables: +€42,953
- Trade debts +€51,971
up €51,971 (+238%), from €21,840 to €73,811
- Current portion of long-term debt -€8,000
no longer reported in 2025 (was €8,000)
- Profit (loss) carried forward +€5,934
up €5,934 (+44.8%), from €13,232 to €19,166
- Tax, wage and social debts +€4,497
up €4,497 (+105%), from €4,302 to €8,799
- Staff costs -€3,496
no longer reported in 2025 (was €3,496)
- Gross operating margin +€1,940
up €1,940 (+39.8%), from €4,869 to €6,809
- Financial charges -€1,637
down €1,637 (-88.8%), from €1,844 to €207
- Other operating charges -€1,136
down €1,136 (-98.0%), from €1,159 to €23
- Taxes -€1,109
down €1,109 (-30.1%), from €3,682 to €2,573
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 | €49,874 | €104,276 | +€54,402 | +109% |
| Fixed assets | 21/28 | €1,011 | €544 | -€467 | -46.2% |
| Tangible fixed assets | 22/27 | €1,011 | €544 | -€467 | -46.2% |
| Plant, machinery and equipment | 23 | €1,011 | €544 | -€467 | -46.2% |
| Current assets | 29/58 | €48,863 | €103,732 | +€54,869 | +112% |
| Amounts receivable within one year | 40/41 | €48,841 | €103,128 | +€54,287 | +111% |
| Trade receivables | 40 | €16,756 | €59,709 | +€42,953 | +256% |
| Other amounts receivable | 41 | €32,085 | €43,419 | +€11,334 | +35.3% |
| Cash at bank and in hand | 54/58 | €22 | €604 | +€582 | +2,645% |
| Total equity and liabilities | 10/49 | €49,874 | €104,276 | +€54,402 | +109% |
| Equity | 10/15 | €15,732 | €21,666 | +€5,934 | +37.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,232 | €19,166 | +€5,934 | +44.8% |
| Amounts payable | 17/49 | €34,142 | €82,610 | +€48,468 | +142% |
| Amounts payable within one year | 42/48 | €34,142 | €82,610 | +€48,468 | +142% |
| Current portion of amounts payable after more than one year | 42 | €8,000 | - | -€8,000 | |
| Trade debts | 44 | €21,840 | €73,811 | +€51,971 | +238% |
| Suppliers | 440/4 | €21,840 | €73,811 | +€51,971 | +238% |
| Taxes, remuneration and social security | 45 | €4,302 | €8,799 | +€4,497 | +105% |
| Taxes | 450/3 | €4,302 | €8,799 | +€4,497 | +105% |
| Remuneration, social security and pensions | 62 | €3,496 | - | -€3,496 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €553 | €467 | -€86 | -15.6% |
| Other operating charges | 640/8 | €1,159 | €23 | -€1,136 | -98.0% |
| Gross operating margin | 9900 | €4,869 | €6,809 | +€1,940 | +39.8% |
| Operating profit (loss) | 9901 | -€339 | €6,319 | +€6,658 | |
| Financial income | 75/76B | €1,775 | €2,395 | +€620 | +34.9% |
| Recurring financial income | 75 | €1,775 | €2,395 | +€620 | +34.9% |
| Financial charges | 65/66B | €1,844 | €207 | -€1,637 | -88.8% |
| Recurring financial charges | 65 | €1,844 | €207 | -€1,637 | -88.8% |
| Profit (loss) for the period before taxes | 9903 | -€408 | €8,507 | +€8,915 | |
| Income taxes | 67/77 | €3,682 | €2,573 | -€1,109 | -30.1% |
| Profit (loss) for the period | 9904 | -€4,090 | €5,934 | +€10,024 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,090 | €5,934 | +€10,024 |
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 24 October 2026 via checked.be.