VRE: what changed
Two fiscal 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.
VRE
Largest movements
- Cash +€227,962
up €227,962 (+77.6%), from €293,615 to €521,578
mainly Other debts (+€1.1m) and Net result for the year (+€359,273)
- Current investments +€122,561
up €122,561 (+12.4%), from €986,208 to €1.1m
- Other debts +€1.1m
up €1.1m (+3138.0%), from €34,386 to €1.1m
- Reserves -€790,727
down €790,727 (-55.0%), from €1.4m to €647,382
- Tax, wage and social debts +€26,904
up €26,904 (+137.4%), from €19,574 to €46,478
- Financial charges +€10,083
up €10,083 (+390.7%), from €2,581 to €12,664
- Depreciation -€5,364
down €5,364 (-34.4%), from €15,598 to €10,234
- Taxes +€5,185
up €5,185 (+4.3%), from €120,359 to €125,544
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 | €1,515,866 | €1,839,812 | +€323,945 | +21.4% |
| Fixed assets | 21/28 | €24,762 | €14,528 | -€10,234 | -41.3% |
| Tangible fixed assets | 22/27 | €24,662 | €14,428 | -€10,234 | -41.5% |
| Furniture and vehicles | 24 | €24,662 | €14,428 | -€10,234 | -41.5% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €1,491,104 | €1,825,283 | +€334,180 | +22.4% |
| Amounts receivable within one year | 40/41 | €210,148 | €192,956 | -€17,192 | -8.2% |
| Trade receivables | 40 | - | €2,854 | +€2,854 | |
| Other amounts receivable | 41 | €210,148 | €190,102 | -€20,046 | -9.5% |
| Current investments | 50/53 | €986,208 | €1,108,770 | +€122,561 | +12.4% |
| Cash at bank and in hand | 54/58 | €293,615 | €521,578 | +€227,962 | +77.6% |
| Deferred charges and accrued income | 490/1 | €1,132 | €1,980 | +€848 | +74.9% |
| Total equity and liabilities | 10/49 | €1,515,866 | €1,839,812 | +€323,945 | +21.4% |
| Equity | 10/15 | €1,456,709 | €665,982 | -€790,727 | -54.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,438,109 | €647,382 | -€790,727 | -55.0% |
| Distributable reserves | 133 | €1,438,109 | €647,382 | -€790,727 | -55.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €59,157 | €1,173,829 | +€1.1m | +1884.3% |
| Amounts payable within one year | 42/48 | €56,619 | €1,161,517 | +€1.1m | +1951.4% |
| Trade debts | 44 | €2,659 | €1,623 | -€1,036 | -39.0% |
| Suppliers | 440/4 | €2,659 | €1,623 | -€1,036 | -39.0% |
| Taxes, remuneration and social security | 45 | €19,574 | €46,478 | +€26,904 | +137.4% |
| Taxes | 450/3 | €19,574 | €46,478 | +€26,904 | +137.4% |
| Other amounts payable | 47/48 | €34,386 | €1,113,416 | +€1.1m | +3138.0% |
| Accrued charges and deferred income | 492/3 | €2,537 | €12,312 | +€9,775 | +385.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,598 | €10,234 | -€5,364 | -34.4% |
| Other operating charges | 640/8 | €4,845 | €2,750 | -€2,096 | -43.2% |
| Gross operating margin | 9900 | €500,240 | €504,436 | +€4,195 | +0.8% |
| Operating profit (loss) | 9901 | €479,797 | €491,452 | +€11,655 | +2.4% |
| Financial income | 75/76B | €6,730 | €6,029 | -€700 | -10.4% |
| Recurring financial income | 75 | €6,730 | €6,029 | -€700 | -10.4% |
| Financial charges | 65/66B | €2,581 | €12,664 | +€10,083 | +390.7% |
| Recurring financial charges | 65 | €2,581 | €12,664 | +€10,083 | +390.7% |
| Profit (loss) for the period before taxes | 9903 | €483,946 | €484,817 | +€871 | +0.2% |
| Income taxes | 67/77 | €120,359 | €125,544 | +€5,185 | +4.3% |
| Profit (loss) for the period | 9904 | €363,586 | €359,273 | -€4,313 | -1.2% |
| Profit (loss) for the period to be appropriated | 9905 | €363,586 | €359,273 | -€4,313 | -1.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.