VRO - BO: 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.
VRO - BO
Largest movements
- Tangible fixed assets -€42,128
down €42,128 (-5.7%), from €741,178 to €699,050
of which Land and buildings: -€24,436
- Cash -€19,373
down €19,373 (-22.9%), from €84,726 to €65,352
mainly Net result for the year (-€56,212) and Current investments (-€3,192)
- Reserves -€56,212
down €56,212 (-3.9%), from €1.4m to €1.4m
of which Distributable reserves: -€56,212
- Financial income +€3,919
up €3,919 (+45.5%), from €8,605 to €12,524
- Gross operating margin -€1,539
down €1,539 (-11.6%), from -€13,256 to -€14,795
- Other operating charges +€1,408
up €1,408 (+14.7%), from €9,574 to €10,983
- Taxes +€328
up €328, from -€71 to €257
- Depreciation -€204
down €204 (-0.5%), from €42,332 to €42,128
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 | €1,507,461 | €1,451,249 | -€56,212 | -3.7% |
| Fixed assets | 21/28 | €741,178 | €699,050 | -€42,128 | -5.7% |
| Tangible fixed assets | 22/27 | €741,178 | €699,050 | -€42,128 | -5.7% |
| Land and buildings | 22 | €679,102 | €654,665 | -€24,436 | -3.6% |
| Furniture and vehicles | 24 | €62,076 | €44,385 | -€17,691 | -28.5% |
| Current assets | 29/58 | €766,283 | €752,199 | -€14,084 | -1.8% |
| Current investments | 50/53 | €679,317 | €682,509 | +€3,192 | +0.5% |
| Cash at bank and in hand | 54/58 | €84,726 | €65,352 | -€19,373 | -22.9% |
| Deferred charges and accrued income | 490/1 | €2,240 | €4,338 | +€2,097 | +93.6% |
| Total equity and liabilities | 10/49 | €1,507,461 | €1,451,249 | -€56,212 | -3.7% |
| Equity | 10/15 | €1,503,706 | €1,447,494 | -€56,212 | -3.7% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €1,441,732 | €1,385,520 | -€56,212 | -3.9% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €1,435,535 | €1,379,323 | -€56,212 | -3.9% |
| Amounts payable | 17/49 | €3,755 | €3,755 | = | 0.0% |
| Amounts payable within one year | 42/48 | €3,755 | €3,755 | = | 0.0% |
| Other amounts payable | 47/48 | €3,755 | €3,755 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,332 | €42,128 | -€204 | -0.5% |
| Other operating charges | 640/8 | €9,574 | €10,983 | +€1,408 | +14.7% |
| Gross operating margin | 9900 | -€13,256 | -€14,795 | -€1,539 | -11.6% |
| Operating profit (loss) | 9901 | -€65,162 | -€67,905 | -€2,742 | -4.2% |
| Financial income | 75/76B | €8,605 | €12,524 | +€3,919 | +45.5% |
| Recurring financial income | 75 | €8,605 | €12,524 | +€3,919 | +45.5% |
| Financial charges | 65/66B | €533 | €574 | +€42 | +7.8% |
| Recurring financial charges | 65 | €533 | €574 | +€42 | +7.8% |
| Profit (loss) for the period before taxes | 9903 | -€57,090 | -€55,955 | +€1,135 | +2.0% |
| Income taxes | 67/77 | -€71 | €257 | +€328 | |
| Profit (loss) for the period | 9904 | -€57,020 | -€56,212 | +€808 | +1.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,020 | -€56,212 | +€808 | +1.4% |
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 11 October 2026 via checked.be.