VSG-NUBRI: 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.
VSG-NUBRI
Largest movements
- Receivables within one year -€8,997
down €8,997 (-15.7%), from €57,260 to €48,263
of which Other amounts receivable: -€13,161
- Debts after one year -€15,577
down €15,577 (-85.3%), from €18,261 to €2,683
- Other debts +€6,504
new in 2025: €6,504
- Current portion of long-term debt +€1,316
up €1,316 (+9.3%), from €14,175 to €15,491
- Tax, wage and social debts -€1,044
down €1,044 (-43.5%), from €2,400 to €1,356
- Profit (loss) carried forward +€792
up €792 (+38.8%), from €2,042 to €2,833
- Financial charges -€1,222
down €1,222 (-31.4%), from €3,897 to €2,675
- Financial income -€1,001
down €1,001 (-77.4%), from €1,293 to €292
- Taxes -€780
down €780 (-73.0%), from €1,068 to €288
- Gross operating margin -€571
down €571 (-12.7%), from €4,507 to €3,936
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 | €58,942 | €50,189 | -€8,753 | -14.8% |
| Current assets | 29/58 | €58,942 | €50,189 | -€8,753 | -14.8% |
| Stocks and contracts in progress | 3 | €1,587 | €1,587 | = | 0.0% |
| Stocks | 30/36 | €1,587 | €1,587 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €57,260 | €48,263 | -€8,997 | -15.7% |
| Trade receivables | 40 | €3,078 | €7,242 | +€4,164 | +135% |
| Other amounts receivable | 41 | €54,182 | €41,021 | -€13,161 | -24.3% |
| Cash at bank and in hand | 54/58 | €94 | €47 | -€47 | -50.0% |
| Deferred charges and accrued income | 490/1 | - | €292 | +€292 | |
| Total equity and liabilities | 10/49 | €58,942 | €50,189 | -€8,753 | -14.8% |
| Equity | 10/15 | €22,942 | €23,733 | +€792 | +3.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,042 | €2,833 | +€792 | +38.8% |
| Amounts payable | 17/49 | €36,000 | €26,456 | -€9,544 | -26.5% |
| Amounts payable after more than one year | 17 | €18,261 | €2,683 | -€15,577 | -85.3% |
| Financial debts | 170/4 | €18,261 | €2,683 | -€15,577 | -85.3% |
| Amounts payable within one year | 42/48 | €17,739 | €23,772 | +€6,033 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €14,175 | €15,491 | +€1,316 | +9.3% |
| Trade debts | 44 | €1,164 | €421 | -€743 | -63.8% |
| Suppliers | 440/4 | €1,164 | €421 | -€743 | -63.8% |
| Taxes, remuneration and social security | 45 | €2,400 | €1,356 | -€1,044 | -43.5% |
| Taxes | 450/3 | €2,400 | €1,356 | -€1,044 | -43.5% |
| Other amounts payable | 47/48 | - | €6,504 | +€6,504 | |
| Other operating charges | 640/8 | €461 | €474 | +€12 | +2.7% |
| Gross operating margin | 9900 | €4,507 | €3,936 | -€571 | -12.7% |
| Operating profit (loss) | 9901 | €4,046 | €3,462 | -€583 | -14.4% |
| Financial income | 75/76B | €1,293 | €292 | -€1,001 | -77.4% |
| Recurring financial income | 75 | €1,293 | €292 | -€1,001 | -77.4% |
| Financial charges | 65/66B | €3,897 | €2,675 | -€1,222 | -31.4% |
| Recurring financial charges | 65 | €3,897 | €2,675 | -€1,222 | -31.4% |
| Profit (loss) for the period before taxes | 9903 | €1,441 | €1,080 | -€362 | -25.1% |
| Income taxes | 67/77 | €1,068 | €288 | -€780 | -73.0% |
| Profit (loss) for the period | 9904 | €373 | €792 | +€418 | +112% |
| Profit (loss) for the period to be appropriated | 9905 | €373 | €792 | +€418 | +112% |
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 23 October 2026 via checked.be.