VRE-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.
VRE-INVEST
Largest movements
- Receivables within one year +€707,083
new in 2025: €707,083
- Current investments +€619,346
new in 2025: €619,346
- Tangible fixed assets +€255,826
up €255,826 (+65.6%), from €390,171 to €645,997
of which Land and buildings: +€252,813
- Reserves +€1.6m
new in 2025: €1.6m
- Contributions +€318,685
up €318,685 (+319%), from €100,000 to €418,685
- Debts after one year -€306,024
down €306,024 (-100%), from €306,024 to €0
- Financial income +€13,097
new in 2025: €13,097
- Depreciation +€10,288
up €10,288 (+57.3%), from €17,963 to €28,251
- Gross operating margin -€6,587
down €6,587 (-24.2%), from €27,188 to €20,601
- Financial charges -€5,229
down €5,229 (-49.6%), from €10,540 to €5,311
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 | €401,018 | €1,993,977 | +€1.6m | +397% |
| Fixed assets | 21/28 | €390,171 | €645,997 | +€255,826 | +65.6% |
| Tangible fixed assets | 22/27 | €390,171 | €645,997 | +€255,826 | +65.6% |
| Land and buildings | 22 | €390,171 | €642,984 | +€252,813 | +64.8% |
| Furniture and vehicles | 24 | - | €3,013 | +€3,013 | |
| Current assets | 29/58 | €10,847 | €1,347,980 | +€1.3m | +12,327% |
| Amounts receivable within one year | 40/41 | - | €707,083 | +€707,083 | |
| Other amounts receivable | 41 | - | €707,083 | +€707,083 | |
| Current investments | 50/53 | - | €619,346 | +€619,346 | |
| Cash at bank and in hand | 54/58 | €9,155 | €12,959 | +€3,804 | +41.6% |
| Deferred charges and accrued income | 490/1 | €1,692 | €8,592 | +€6,900 | +408% |
| Total equity and liabilities | 10/49 | €401,018 | €1,993,977 | +€1.6m | +397% |
| Equity | 10/15 | €81,204 | €1,986,966 | +€1.9m | +2,347% |
| Contributions | 10/11 | €100,000 | €418,685 | +€318,685 | +319% |
| Reserves | 13 | - | €1,585,412 | +€1.6m | |
| Distributable reserves | 133 | - | €1,585,412 | +€1.6m | |
| Profit (loss) carried forward | 14 | -€18,796 | -€21,870 | -€3,075 | -16.4% |
| Investment grants | 15 | - | €4,739 | +€4,739 | |
| Provisions and deferred taxes | 16 | - | €3,642 | +€3,642 | |
| Deferred taxes | 168 | - | €3,642 | +€3,642 | |
| Amounts payable | 17/49 | €319,814 | €3,368 | -€316,445 | -98.9% |
| Amounts payable after more than one year | 17 | €306,024 | €0 | -€306,024 | -100% |
| Financial debts | 170/4 | €306,024 | €0 | -€306,024 | -100% |
| Amounts payable within one year | 42/48 | €13,790 | €2,968 | -€10,822 | -78.5% |
| Current portion of amounts payable after more than one year | 42 | €13,403 | €0 | -€13,403 | -100% |
| Trade debts | 44 | €387 | €2,968 | +€2,581 | +666% |
| Suppliers | 440/4 | €387 | €2,968 | +€2,581 | +666% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,963 | €28,251 | +€10,288 | +57.3% |
| Other operating charges | 640/8 | €3,232 | €3,337 | +€105 | +3.3% |
| Gross operating margin | 9900 | €27,188 | €20,601 | -€6,587 | -24.2% |
| Operating profit (loss) | 9901 | €5,993 | -€10,988 | -€16,981 | |
| Financial income | 75/76B | - | €13,097 | +€13,097 | |
| Recurring financial income | 75 | - | €13,097 | +€13,097 | |
| Financial charges | 65/66B | €10,540 | €5,311 | -€5,229 | -49.6% |
| Recurring financial charges | 65 | €10,540 | €5,311 | -€5,229 | -49.6% |
| Profit (loss) for the period before taxes | 9903 | -€4,547 | -€3,201 | +€1,346 | +29.6% |
| Transfer from deferred taxes | 780 | - | €126 | +€126 | |
| Profit (loss) for the period | 9904 | -€4,547 | -€3,075 | +€1,472 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,547 | -€3,075 | +€1,472 | +32.4% |
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 26 October 2026 via checked.be.