VVRAD: 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.
VVRAD
Largest movements
- Current investments +€1.0m
up €1.0m (+58.1%), from €1.8m to €2.8m
- Cash -€354,745
down €354,745 (-59.7%), from €594,188 to €239,443
mainly Current investments (-€1.0m) and Contributions, distributions and other (-€173,500)
- Receivables within one year +€34,361
up €34,361 (+12.2%), from €280,855 to €315,216
- Reserves +€605,100
up €605,100 (+30.2%), from €2.0m to €2.6m
of which Distributable reserves: +€605,100
- Tax, wage and social debts +€124,309
up €124,309 (+120%), from €103,903 to €228,212
- Financial income +€134,090
up €134,090 (+645%), from €20,776 to €154,866
- Gross operating margin +€120,439
up €120,439 (+14.3%), from €844,854 to €965,292
- Taxes +€55,936
up €55,936 (+21.5%), from €259,575 to €315,511
- Depreciation -€10,018
down €10,018 (-81.6%), from €12,270 to €2,252
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 | €2,642,642 | €3,343,991 | +€701,349 | +26.5% |
| Fixed assets | 21/28 | €5,036 | €5,067 | +€31 | +0.6% |
| Tangible fixed assets | 22/27 | €4,084 | €4,115 | +€31 | +0.8% |
| Land and buildings | 22 | €1,192 | €373 | -€819 | -68.7% |
| Plant, machinery and equipment | 23 | €2,892 | €3,742 | +€850 | +29.4% |
| Financial fixed assets | 28 | €952 | €952 | = | 0.0% |
| Current assets | 29/58 | €2,637,606 | €3,338,924 | +€701,318 | +26.6% |
| Amounts receivable within one year | 40/41 | €280,855 | €315,216 | +€34,361 | +12.2% |
| Trade receivables | 40 | €280,855 | €315,216 | +€34,361 | +12.2% |
| Current investments | 50/53 | €1,758,206 | €2,779,754 | +€1.0m | +58.1% |
| Cash at bank and in hand | 54/58 | €594,188 | €239,443 | -€354,745 | -59.7% |
| Deferred charges and accrued income | 490/1 | €4,357 | €4,511 | +€154 | +3.5% |
| Total equity and liabilities | 10/49 | €2,642,642 | €3,343,991 | +€701,349 | +26.5% |
| Equity | 10/15 | €2,026,898 | €2,631,998 | +€605,100 | +29.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,004,581 | €2,609,681 | +€605,100 | +30.2% |
| Tax-exempt reserves | 132 | €16,900 | €16,900 | = | 0.0% |
| Distributable reserves | 133 | €1,987,681 | €2,592,781 | +€605,100 | +30.4% |
| Profit (loss) carried forward | 14 | €3,717 | €3,717 | = | 0.0% |
| Amounts payable | 17/49 | €615,744 | €711,993 | +€96,249 | +15.6% |
| Amounts payable within one year | 42/48 | €615,744 | €711,993 | +€96,249 | +15.6% |
| Trade debts | 44 | €2,093 | €1,182 | -€911 | -43.5% |
| Suppliers | 440/4 | €2,093 | €1,182 | -€911 | -43.5% |
| Taxes, remuneration and social security | 45 | €103,903 | €228,212 | +€124,309 | +120% |
| Taxes | 450/3 | €103,903 | €228,212 | +€124,309 | +120% |
| Other amounts payable | 47/48 | €509,749 | €482,599 | -€27,150 | -5.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,270 | €2,252 | -€10,018 | -81.6% |
| Other operating charges | 640/8 | €1,530 | €1,705 | +€175 | +11.4% |
| Gross operating margin | 9900 | €844,854 | €965,292 | +€120,439 | +14.3% |
| Operating profit (loss) | 9901 | €831,054 | €961,336 | +€130,282 | +15.7% |
| Financial income | 75/76B | €20,776 | €154,866 | +€134,090 | +645% |
| Recurring financial income | 75 | €20,776 | €154,866 | +€134,090 | +645% |
| Financial charges | 65/66B | €22,949 | €22,090 | -€858 | -3.7% |
| Recurring financial charges | 65 | €22,949 | €22,090 | -€858 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €828,881 | €1,094,111 | +€265,230 | +32.0% |
| Income taxes | 67/77 | €259,575 | €315,511 | +€55,936 | +21.5% |
| Profit (loss) for the period | 9904 | €569,306 | €778,600 | +€209,294 | +36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €569,306 | €778,600 | +€209,294 | +36.8% |
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 18 October 2026 via checked.be.