VRL Building: 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.
What changed
VRL Building
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€77,251
2024 · -€121,242+€43,991
Equity
-€167,640
2024 · -€90,389-€77,251
Cash
-
2024 · €15,195-€15,195
Balance sheet total
€1.9m
2024 · €2.0m-€124,029
Largest movements
Assets
- Tangible fixed assets -€116,084
down €116,084 (-6.1%), from €1.9m to €1.8m
of which Land and buildings: -€73,462
Equity and liabilities
- Profit (loss) carried forward -€77,251
down €77,251 (-8.0%), from -€970,389 to -€1.0m
- Debts after one year -€72,498
down €72,498 (-3.9%), from €1.9m to €1.8m
Income statement
- Gross operating margin +€43,182
up €43,182 (+52.7%), from €81,951 to €125,133
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.
Result 2024
-€121,242
Gross operating margin
+€43,182
Depreciation
+€1,138
Other operating charges
-€147
Financial income
-€116
Financial charges
-€66
Result 2025
-€77,251
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.
From operations
+€45,112
Investment
-€1,169
Financing
-€59,139
Cash 2024
€15,195
From operations (derived)
+€45,112
Net result for the year
-€77,251
Depreciation
+€121,253
Receivables within one year
-€11,213
Smaller working-capital items
+€54
Trade debts
+€5,207
Tax, wage and social debts
+€7,063
Investment (derived)
-€1,169
Investment in fixed assets (net)
-€1,169
Financing
-€59,139
Debts after one year
-€72,498
Current portion of long-term debt
+€8,882
Short-term financial debts
+€4,477
Cash 2025
€0
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,003,587 | €1,879,559 | -€124,029 | -6.2% |
| Fixed assets | 21/28 | €1,979,509 | €1,859,425 | -€120,084 | -6.1% |
| Intangible fixed assets | 21 | €31,715 | €27,715 | -€4,000 | -12.6% |
| Tangible fixed assets | 22/27 | €1,900,249 | €1,784,165 | -€116,084 | -6.1% |
| Land and buildings | 22 | €1,549,460 | €1,475,998 | -€73,462 | -4.7% |
| Plant, machinery and equipment | 23 | €266,341 | €244,722 | -€21,620 | -8.1% |
| Furniture and vehicles | 24 | €84,448 | €63,446 | -€21,002 | -24.9% |
| Financial fixed assets | 28 | €47,545 | €47,545 | = | 0.0% |
| Current assets | 29/58 | €24,079 | €20,134 | -€3,945 | -16.4% |
| Amounts receivable within one year | 40/41 | €6,355 | €17,568 | +€11,213 | +176.4% |
| Trade receivables | 40 | €5,587 | €16,800 | +€11,213 | +200.7% |
| Other amounts receivable | 41 | €768 | €768 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €15,195 | - | -€15,195 | |
| Deferred charges and accrued income | 490/1 | €2,528 | €2,565 | +€38 | +1.5% |
| Total equity and liabilities | 10/49 | €2,003,587 | €1,879,559 | -€124,029 | -6.2% |
| Equity | 10/15 | -€90,389 | -€167,640 | -€77,251 | -85.5% |
| Contributions | 10/11 | €880,000 | €880,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€970,389 | -€1,047,640 | -€77,251 | -8.0% |
| Amounts payable | 17/49 | €2,093,976 | €2,047,199 | -€46,777 | -2.2% |
| Amounts payable after more than one year | 17 | €1,868,431 | €1,795,933 | -€72,498 | -3.9% |
| Financial debts | 170/4 | €1,868,431 | €1,795,933 | -€72,498 | -3.9% |
| Amounts payable within one year | 42/48 | €225,545 | €251,266 | +€25,721 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €75,760 | €84,642 | +€8,882 | +11.7% |
| Financial debts | 43 | - | €4,477 | +€4,477 | |
| Credit institutions | 430/8 | - | €4,477 | +€4,477 | |
| Trade debts | 44 | €3,252 | €8,459 | +€5,207 | +160.1% |
| Suppliers | 440/4 | €3,252 | €8,459 | +€5,207 | +160.1% |
| Taxes, remuneration and social security | 45 | €8,226 | €15,289 | +€7,063 | +85.9% |
| Taxes | 450/3 | €8,226 | €15,289 | +€7,063 | +85.9% |
| Other amounts payable | 47/48 | €138,307 | €138,399 | +€92 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,390 | €121,253 | -€1,138 | -0.9% |
| Other operating charges | 640/8 | €4,194 | €4,341 | +€147 | +3.5% |
| Gross operating margin | 9900 | €81,951 | €125,133 | +€43,182 | +52.7% |
| Operating profit (loss) | 9901 | -€44,633 | -€460 | +€44,173 | +99.0% |
| Financial income | 75/76B | €116 | €0 | -€116 | -99.8% |
| Recurring financial income | 75 | €116 | €0 | -€116 | -99.8% |
| Financial charges | 65/66B | €76,725 | €76,791 | +€66 | +0.1% |
| Recurring financial charges | 65 | €76,725 | €76,791 | +€66 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | -€121,242 | -€77,251 | +€43,991 | +36.3% |
| Profit (loss) for the period | 9904 | -€121,242 | -€77,251 | +€43,991 | +36.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€121,242 | -€77,251 | +€43,991 | +36.3% |
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 11 October 2026 via checked.be.