VRAGE: 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.
VRAGE
Largest movements
- Cash +€201,321
up €201,321 (+72.0%), from €279,662 to €480,983
mainly Other debts (+€418,608) and Net result for the year (+€237,766)
- Other debts +€418,608
up €418,608 (+153.5%), from €272,733 to €691,341
- Reserves -€182,234
down €182,234 (-34.1%), from €533,913 to €351,679
- Debts after one year -€62,390
down €62,390 (-4.7%), from €1.3m to €1.3m
- Gross operating margin +€143,477
up €143,477 (+46.7%), from €307,188 to €450,665
- Taxes +€50,556
up €50,556 (+130.6%), from €38,704 to €89,260
- Financial charges +€11,274
up €11,274 (+25.4%), from €44,374 to €55,649
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 | €2,259,809 | €2,441,785 | +€181,975 | +8.1% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,968,475 | €1,957,713 | -€10,762 | -0.5% |
| Tangible fixed assets | 22/27 | €1,638,475 | €1,627,713 | -€10,762 | -0.7% |
| Land and buildings | 22 | €1,622,557 | €1,570,671 | -€51,885 | -3.2% |
| Plant, machinery and equipment | 23 | €788 | €3,474 | +€2,686 | +340.7% |
| Furniture and vehicles | 24 | €315 | €43,148 | +€42,833 | +13618.6% |
| Other tangible fixed assets | 26 | €14,816 | €10,420 | -€4,396 | -29.7% |
| Financial fixed assets | 28 | €330,000 | €330,000 | = | 0.0% |
| Current assets | 29/58 | €291,334 | €484,072 | +€192,737 | +66.2% |
| Amounts receivable within one year | 40/41 | €11,480 | - | -€11,480 | |
| Other amounts receivable | 41 | €11,480 | - | -€11,480 | |
| Cash at bank and in hand | 54/58 | €279,662 | €480,983 | +€201,321 | +72.0% |
| Deferred charges and accrued income | 490/1 | €192 | €3,088 | +€2,897 | +1511.8% |
| Total equity and liabilities | 10/49 | €2,259,809 | €2,441,785 | +€181,975 | +8.1% |
| Equity | 10/15 | €586,163 | €403,929 | -€182,234 | -31.1% |
| Contributions | 10/11 | €52,250 | €52,250 | = | 0.0% |
| Reserves | 13 | €533,913 | €351,679 | -€182,234 | -34.1% |
| Distributable reserves | 133 | €533,913 | €351,679 | -€182,234 | -34.1% |
| Amounts payable | 17/49 | €1,673,646 | €2,037,856 | +€364,210 | +21.8% |
| Amounts payable after more than one year | 17 | €1,326,260 | €1,263,869 | -€62,390 | -4.7% |
| Financial debts | 170/4 | €1,326,260 | €1,263,869 | -€62,390 | -4.7% |
| Amounts payable within one year | 42/48 | €347,387 | €773,987 | +€426,600 | +122.8% |
| Current portion of amounts payable after more than one year | 42 | €61,118 | €62,390 | +€1,272 | +2.1% |
| Trade debts | 44 | €5,620 | €5,142 | -€478 | -8.5% |
| Suppliers | 440/4 | €5,620 | €5,142 | -€478 | -8.5% |
| Taxes, remuneration and social security | 45 | €7,915 | €15,113 | +€7,198 | +90.9% |
| Taxes | 450/3 | €7,915 | €15,113 | +€7,198 | +90.9% |
| Other amounts payable | 47/48 | €272,733 | €691,341 | +€418,608 | +153.5% |
| Non-recurring operating income | 76A | €18,092 | - | -€18,092 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,899 | €66,014 | -€885 | -1.3% |
| Other operating charges | 640/8 | €315 | €3,531 | +€3,216 | +1019.9% |
| Gross operating margin | 9900 | €307,188 | €450,665 | +€143,477 | +46.7% |
| Operating profit (loss) | 9901 | €239,974 | €381,120 | +€141,146 | +58.8% |
| Financial income | 75/76B | €894 | €1,554 | +€660 | +73.9% |
| Recurring financial income | 75 | €894 | €1,554 | +€660 | +73.9% |
| Financial charges | 65/66B | €44,374 | €55,649 | +€11,274 | +25.4% |
| Recurring financial charges | 65 | €44,374 | €55,649 | +€11,274 | +25.4% |
| Profit (loss) for the period before taxes | 9903 | €196,493 | €327,025 | +€130,532 | +66.4% |
| Income taxes | 67/77 | €38,704 | €89,260 | +€50,556 | +130.6% |
| Profit (loss) for the period | 9904 | €157,790 | €237,766 | +€79,976 | +50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €157,790 | €237,766 | +€79,976 | +50.7% |
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.