Vuurtoren: 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.
Vuurtoren
Largest movements
- Tangible fixed assets -€45,442
down €45,442 (-4.0%), from €1.1m to €1.1m
of which Land and buildings: -€43,099
- Receivables within one year +€13,820
up €13,820 (+4639.6%), from €298 to €14,118
of which Trade receivables: +€14,118
- Debts after one year -€62,833
down €62,833 (-6.7%), from €938,393 to €875,560
of which Financial debts: -€47,728
- Reserves +€33,383
up €33,383 (+43.1%), from €77,461 to €110,844
of which Distributable reserves: +€33,383
- Gross operating margin +€15,558
up €15,558 (+17.2%), from €90,465 to €106,023
- Taxes +€9,579
up €9,579 (+489.0%), from €1,959 to €11,538
- Other operating charges -€2,682
down €2,682 (-40.6%), from €6,609 to €3,928
- Depreciation +€1,293
up €1,293 (+2.9%), from €44,149 to €45,442
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 | €1,159,654 | €1,135,515 | -€24,139 | -2.1% |
| Fixed assets | 21/28 | €1,126,849 | €1,081,407 | -€45,442 | -4.0% |
| Tangible fixed assets | 22/27 | €1,126,849 | €1,081,407 | -€45,442 | -4.0% |
| Land and buildings | 22 | €1,114,600 | €1,071,501 | -€43,099 | -3.9% |
| Plant, machinery and equipment | 23 | €3,193 | €2,791 | -€402 | -12.6% |
| Other tangible fixed assets | 26 | €9,056 | €7,115 | -€1,941 | -21.4% |
| Current assets | 29/58 | €32,805 | €54,108 | +€21,303 | +64.9% |
| Amounts receivable within one year | 40/41 | €298 | €14,118 | +€13,820 | +4639.6% |
| Trade receivables | 40 | - | €14,118 | +€14,118 | |
| Other amounts receivable | 41 | €298 | - | -€298 | |
| Cash at bank and in hand | 54/58 | €31,303 | €38,776 | +€7,473 | +23.9% |
| Deferred charges and accrued income | 490/1 | €1,204 | €1,214 | +€10 | +0.8% |
| Total equity and liabilities | 10/49 | €1,159,654 | €1,135,515 | -€24,139 | -2.1% |
| Equity | 10/15 | €156,011 | €189,394 | +€33,383 | +21.4% |
| Contributions | 10/11 | €78,550 | €78,550 | = | 0.0% |
| Reserves | 13 | €77,461 | €110,844 | +€33,383 | +43.1% |
| Non-distributable reserves | 130/1 | €7,855 | €7,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €7,855 | €7,855 | = | 0.0% |
| Distributable reserves | 133 | €69,606 | €102,989 | +€33,383 | +48.0% |
| Amounts payable | 17/49 | €1,003,643 | €946,122 | -€57,521 | -5.7% |
| Amounts payable after more than one year | 17 | €938,393 | €875,560 | -€62,833 | -6.7% |
| Financial debts | 170/4 | €923,288 | €875,560 | -€47,728 | -5.2% |
| Other amounts payable | 178/9 | €15,105 | - | -€15,105 | |
| Amounts payable within one year | 42/48 | €64,098 | €69,489 | +€5,392 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €51,164 | €51,769 | +€605 | +1.2% |
| Financial debts | 43 | €10,975 | €11,064 | +€89 | +0.8% |
| Other loans | 439 | €10,975 | €11,064 | +€89 | +0.8% |
| Taxes, remuneration and social security | 45 | €1,959 | €6,538 | +€4,579 | +233.8% |
| Taxes | 450/3 | €1,959 | €6,538 | +€4,579 | +233.8% |
| Other amounts payable | 47/48 | - | €118 | +€118 | |
| Accrued charges and deferred income | 492/3 | €1,152 | €1,072 | -€80 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,149 | €45,442 | +€1,293 | +2.9% |
| Other operating charges | 640/8 | €6,609 | €3,928 | -€2,682 | -40.6% |
| Gross operating margin | 9900 | €90,465 | €106,023 | +€15,558 | +17.2% |
| Operating profit (loss) | 9901 | €39,707 | €56,654 | +€16,947 | +42.7% |
| Financial charges | 65/66B | €12,531 | €11,733 | -€798 | -6.4% |
| Recurring financial charges | 65 | €12,531 | €11,733 | -€798 | -6.4% |
| Profit (loss) for the period before taxes | 9903 | €27,176 | €44,921 | +€17,745 | +65.3% |
| Income taxes | 67/77 | €1,959 | €11,538 | +€9,579 | +489.0% |
| Profit (loss) for the period | 9904 | €25,217 | €33,383 | +€8,166 | +32.4% |
| Profit (loss) for the period to be appropriated | 9905 | €25,217 | €33,383 | +€8,166 | +32.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.