VWB: 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.
VWB
Largest movements
- Tangible fixed assets -€21,999
down €21,999 (-4.2%), from €521,245 to €499,245
- Debts after one year -€19,735
down €19,735 (-10.8%), from €182,091 to €162,356
- Reserves +€19,153
up €19,153 (+2.6%), from €747,852 to €767,005
of which Distributable reserves: +€33,122
- Gross operating margin -€3,181
down €3,181 (-7.8%), from €40,560 to €37,379
- Taxes -€708
down €708 (-6.0%), from €11,749 to €11,041
- Financial charges -€665
down €665 (-9.3%), from €7,175 to €6,510
- Depreciation +€455
up €455 (+1.7%), from €26,844 to €27,299
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 | €1,127,050 | €1,124,278 | -€2,772 | -0.2% |
| Fixed assets | 21/28 | €521,245 | €499,245 | -€21,999 | -4.2% |
| Tangible fixed assets | 22/27 | €521,245 | €499,245 | -€21,999 | -4.2% |
| Land and buildings | 22 | €521,245 | €499,245 | -€21,999 | -4.2% |
| Current assets | 29/58 | €605,805 | €625,032 | +€19,227 | +3.2% |
| Amounts receivable after more than one year | 29 | €330,000 | €330,000 | = | 0.0% |
| Other amounts receivable | 291 | €330,000 | €330,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €128,074 | €137,615 | +€9,541 | +7.4% |
| Trade receivables | 40 | - | €6,784 | +€6,784 | |
| Other amounts receivable | 41 | €128,074 | €130,831 | +€2,757 | +2.2% |
| Cash at bank and in hand | 54/58 | €127,931 | €137,164 | +€9,233 | +7.2% |
| Deferred charges and accrued income | 490/1 | €19,800 | €20,253 | +€453 | +2.3% |
| Total equity and liabilities | 10/49 | €1,127,050 | €1,124,278 | -€2,772 | -0.2% |
| Equity | 10/15 | €822,232 | €841,385 | +€19,153 | +2.3% |
| Contributions | 10/11 | €74,380 | €74,380 | = | 0.0% |
| Reserves | 13 | €747,852 | €767,005 | +€19,153 | +2.6% |
| Tax-exempt reserves | 132 | €194,383 | €180,414 | -€13,969 | -7.2% |
| Distributable reserves | 133 | €553,469 | €586,591 | +€33,122 | +6.0% |
| Provisions and deferred taxes | 16 | €100,092 | €92,899 | -€7,193 | -7.2% |
| Deferred taxes | 168 | €100,092 | €92,899 | -€7,193 | -7.2% |
| Amounts payable | 17/49 | €204,725 | €189,994 | -€14,732 | -7.2% |
| Amounts payable after more than one year | 17 | €182,091 | €162,356 | -€19,735 | -10.8% |
| Financial debts | 170/4 | €182,091 | €162,356 | -€19,735 | -10.8% |
| Amounts payable within one year | 42/48 | €21,251 | €26,997 | +€5,745 | +27.0% |
| Current portion of amounts payable after more than one year | 42 | €19,090 | €19,735 | +€645 | +3.4% |
| Trade debts | 44 | €661 | €7,262 | +€6,601 | +999.1% |
| Suppliers | 440/4 | €661 | €7,262 | +€6,601 | +999.1% |
| Taxes, remuneration and social security | 45 | €1,501 | €0 | -€1,501 | -100.0% |
| Taxes | 450/3 | €1,501 | €0 | -€1,501 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,383 | €641 | -€742 | -53.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,844 | €27,299 | +€455 | +1.7% |
| Other operating charges | 640/8 | €4,798 | €4,949 | +€152 | +3.2% |
| Gross operating margin | 9900 | €40,560 | €37,379 | -€3,181 | -7.8% |
| Operating profit (loss) | 9901 | €8,917 | €5,130 | -€3,787 | -42.5% |
| Financial income | 75/76B | €24,091 | €24,380 | +€289 | +1.2% |
| Recurring financial income | 75 | €24,091 | €24,380 | +€289 | +1.2% |
| Financial charges | 65/66B | €7,175 | €6,510 | -€665 | -9.3% |
| Recurring financial charges | 65 | €7,175 | €6,510 | -€665 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €25,834 | €23,001 | -€2,833 | -11.0% |
| Transfer from deferred taxes | 780 | €7,193 | €7,193 | = | 0.0% |
| Income taxes | 67/77 | €11,749 | €11,041 | -€708 | -6.0% |
| Profit (loss) for the period | 9904 | €21,278 | €19,153 | -€2,125 | -10.0% |
| Transfer from tax-exempt reserves | 789 | €13,969 | €13,969 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,247 | €33,122 | -€2,125 | -6.0% |
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 12 October 2026 via checked.be.