VWBG: 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.
VWBG
Largest movements
- Tangible fixed assets +€300,999
up €300,999 (+27.7%), from €1.1m to €1.4m
- Deferred charges and accrued income -€84,622
down €84,622 (-78.9%), from €107,212 to €22,590
- Receivables within one year +€50,904
up €50,904 (+43.5%), from €116,902 to €167,806
of which Trade receivables: +€85,395
- Debts after one year +€1.4m
new in 2025: €1.4m
- Other debts -€1.2m
down €1.2m (-96.3%), from €1.3m to €46,566
- Accrued charges and deferred income +€59,263
up €59,263 (+100.0%), from €59,261 to €118,524
- Turnover -€688,282
no longer reported in 2025 (was €688,282)
- Purchases and services -€483,276
no longer reported in 2025 (was €483,276)
- Financial charges +€68,230
up €68,230 (+81.9%), from €83,326 to €151,557
- Gross operating margin +€37,139
up €37,139 (+16.9%), from €219,629 to €256,768
- Taxes -€10,564
no longer reported in 2025 (was €10,564)
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 | €1,612,961 | €1,868,334 | +€255,374 | +15.8% |
| Fixed assets | 21/28 | €1,086,057 | €1,387,056 | +€300,999 | +27.7% |
| Tangible fixed assets | 22/27 | €1,086,057 | €1,387,056 | +€300,999 | +27.7% |
| Land and buildings | 22 | €1,086,057 | €1,387,056 | +€300,999 | +27.7% |
| Current assets | 29/58 | €526,904 | €481,278 | -€45,625 | -8.7% |
| Amounts receivable within one year | 40/41 | €116,902 | €167,806 | +€50,904 | +43.5% |
| Trade receivables | 40 | €81,243 | €166,638 | +€85,395 | +105.1% |
| Other amounts receivable | 41 | €35,659 | €1,168 | -€34,491 | -96.7% |
| Cash at bank and in hand | 54/58 | €302,790 | €290,882 | -€11,908 | -3.9% |
| Deferred charges and accrued income | 490/1 | €107,212 | €22,590 | -€84,622 | -78.9% |
| Total equity and liabilities | 10/49 | €1,612,961 | €1,868,334 | +€255,374 | +15.8% |
| Equity | 10/15 | €164,925 | €169,732 | +€4,806 | +2.9% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €63,150 | €63,150 | = | 0.0% |
| Tax-exempt reserves | 132 | €63,150 | €63,150 | = | 0.0% |
| Profit (loss) carried forward | 14 | €101,675 | €106,482 | +€4,806 | +4.7% |
| Amounts payable | 17/49 | €1,448,035 | €1,698,603 | +€250,568 | +17.3% |
| Amounts payable after more than one year | 17 | - | €1,414,775 | +€1.4m | |
| Financial debts | 170/4 | - | €1,414,775 | +€1.4m | |
| Amounts payable within one year | 42/48 | €1,388,774 | €165,304 | -€1.2m | -88.1% |
| Trade debts | 44 | €124,562 | €114,337 | -€10,224 | -8.2% |
| Suppliers | 440/4 | €124,562 | €114,337 | -€10,224 | -8.2% |
| Taxes, remuneration and social security | 45 | - | €4,400 | +€4,400 | |
| Taxes | 450/3 | - | €4,400 | +€4,400 | |
| Other amounts payable | 47/48 | €1,264,212 | €46,566 | -€1.2m | -96.3% |
| Accrued charges and deferred income | 492/3 | €59,261 | €118,524 | +€59,263 | +100.0% |
| Turnover | 70 | €688,282 | - | -€688,282 | |
| Goods, raw materials, services and sundry goods | 60/61 | €483,276 | - | -€483,276 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,038 | €99,159 | +€8,120 | +8.9% |
| Other operating charges | 640/8 | €1,086 | €1,247 | +€161 | +14.9% |
| Gross operating margin | 9900 | €219,629 | €256,768 | +€37,139 | +16.9% |
| Operating profit (loss) | 9901 | €127,506 | €156,363 | +€28,857 | +22.6% |
| Financial income | 75/76B | €646 | - | -€646 | |
| Recurring financial income | 75 | €646 | - | -€646 | |
| Financial charges | 65/66B | €83,326 | €151,557 | +€68,230 | +81.9% |
| Recurring financial charges | 65 | €83,326 | €151,557 | +€68,230 | +81.9% |
| Profit (loss) for the period before taxes | 9903 | €44,825 | €4,806 | -€40,019 | -89.3% |
| Income taxes | 67/77 | €10,564 | - | -€10,564 | |
| Profit (loss) for the period | 9904 | €34,261 | €4,806 | -€29,455 | -86.0% |
| Transfer from tax-exempt reserves | 789 | €42,100 | - | -€42,100 | |
| Profit (loss) for the period to be appropriated | 9905 | €76,361 | €4,806 | -€71,555 | -93.7% |
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 3 October 2026 via checked.be.