VRX: 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.
VRX
Largest movements
- Receivables after one year +€86,000
up €86,000 (+41.3%), from €208,400 to €294,400
- Cash +€59,075
up €59,075 (+25.5%), from €231,725 to €290,800
mainly Net result for the year (+€168,013) and Depreciation (+€31,998)
- Reserves +€168,013
up €168,013 (+31.0%), from €541,581 to €709,594
of which Distributable reserves: +€168,013
- Trade debts -€29,992
down €29,992 (-84.8%), from €35,381 to €5,390
- Tax, wage and social debts +€13,050
up €13,050 (+2028.2%), from €643 to €13,694
- Current portion of long-term debt +€8,960
up €8,960 (+79.8%), from €11,232 to €20,192
- Debts after one year +€7,784
up €7,784 (+150.9%), from €5,160 to €12,943
- Gross operating margin +€164,572
up €164,572 (+151.3%), from €108,796 to €273,368
- Taxes +€22,760
up €22,760 (+44.8%), from €50,809 to €73,569
- Depreciation +€12,221
up €12,221 (+61.8%), from €19,777 to €31,998
- Financial income +€7,781
new in 2024: €7,781
- Other operating charges -€5,937
down €5,937 (-86.6%), from €6,855 to €918
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €612,867 | €774,362 | +€161,494 | +26.4% |
| Fixed assets | 21/28 | €110,271 | €114,583 | +€4,313 | +3.9% |
| Tangible fixed assets | 22/27 | €110,271 | €114,583 | +€4,313 | +3.9% |
| Land and buildings | 22 | €87,244 | €77,929 | -€9,314 | -10.7% |
| Furniture and vehicles | 24 | €23,027 | €36,654 | +€13,627 | +59.2% |
| Current assets | 29/58 | €502,596 | €659,778 | +€157,182 | +31.3% |
| Amounts receivable after more than one year | 29 | €208,400 | €294,400 | +€86,000 | +41.3% |
| Trade receivables | 290 | €208,400 | €294,400 | +€86,000 | +41.3% |
| Amounts receivable within one year | 40/41 | €43,151 | €47,514 | +€4,364 | +10.1% |
| Trade receivables | 40 | €10,730 | €10,899 | +€169 | +1.6% |
| Other amounts receivable | 41 | €32,420 | €36,615 | +€4,195 | +12.9% |
| Cash at bank and in hand | 54/58 | €231,725 | €290,800 | +€59,075 | +25.5% |
| Deferred charges and accrued income | 490/1 | €19,320 | €27,064 | +€7,744 | +40.1% |
| Total equity and liabilities | 10/49 | €612,867 | €774,362 | +€161,494 | +26.4% |
| Equity | 10/15 | €554,131 | €722,144 | +€168,013 | +30.3% |
| Contributions | 10/11 | €12,550 | €12,550 | = | 0.0% |
| Reserves | 13 | €541,581 | €709,594 | +€168,013 | +31.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €539,681 | €707,694 | +€168,013 | +31.1% |
| Amounts payable | 17/49 | €58,737 | €52,218 | -€6,519 | -11.1% |
| Amounts payable after more than one year | 17 | €5,160 | €12,943 | +€7,784 | +150.9% |
| Financial debts | 170/4 | €5,160 | €12,943 | +€7,784 | +150.9% |
| Amounts payable within one year | 42/48 | €47,257 | €39,275 | -€7,982 | -16.9% |
| Current portion of amounts payable after more than one year | 42 | €11,232 | €20,192 | +€8,960 | +79.8% |
| Trade debts | 44 | €35,381 | €5,390 | -€29,992 | -84.8% |
| Suppliers | 440/4 | €35,381 | €5,390 | -€29,992 | -84.8% |
| Taxes, remuneration and social security | 45 | €643 | €13,694 | +€13,050 | +2028.2% |
| Taxes | 450/3 | €643 | €13,694 | +€13,050 | +2028.2% |
| Accrued charges and deferred income | 492/3 | €6,320 | - | -€6,320 | |
| Non-recurring operating income | 76A | €7,572 | - | -€7,572 | |
| Remuneration, social security and pensions | 62 | €2,433 | €4,523 | +€2,090 | +85.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,777 | €31,998 | +€12,221 | +61.8% |
| Other operating charges | 640/8 | €6,855 | €918 | -€5,937 | -86.6% |
| Gross operating margin | 9900 | €108,796 | €273,368 | +€164,572 | +151.3% |
| Operating profit (loss) | 9901 | €79,731 | €235,928 | +€156,198 | +195.9% |
| Financial income | 75/76B | - | €7,781 | +€7,781 | |
| Recurring financial income | 75 | - | €7,781 | +€7,781 | |
| Financial charges | 65/66B | €1,622 | €2,127 | +€506 | +31.2% |
| Recurring financial charges | 65 | €1,622 | €2,127 | +€506 | +31.2% |
| Profit (loss) for the period before taxes | 9903 | €78,109 | €241,582 | +€163,473 | +209.3% |
| Income taxes | 67/77 | €50,809 | €73,569 | +€22,760 | +44.8% |
| Profit (loss) for the period | 9904 | €27,300 | €168,013 | +€140,713 | +515.4% |
| Profit (loss) for the period to be appropriated | 9905 | €27,300 | €168,013 | +€140,713 | +515.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.