VY-US: 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.
VY-US
Largest movements
- Receivables within one year +€69,541
up €69,541 (+81.4%), from €85,399 to €154,940
of which Trade receivables: +€71,981
- Deferred charges and accrued income -€54,269
down €54,269 (-78.7%), from €68,921 to €14,653
- Tangible fixed assets -€46,389
down €46,389 (-9.5%), from €487,438 to €441,049
of which Land and buildings: -€37,420
- Current investments -€39,684
down €39,684 (-39.7%), from €100,056 to €60,372
- Intangible fixed assets +€8,240
new in 2025: €8,240
- Other debts -€48,525
down €48,525 (-29.4%), from €164,839 to €116,314
- Debts after one year -€47,540
down €47,540 (-12.2%), from €390,836 to €343,296
- Reserves +€43,612
up €43,612 (+41.2%), from €105,757 to €149,369
- Trade debts -€18,875
down €18,875 (-67.7%), from €27,893 to €9,018
- Gross operating margin +€36,663
up €36,663 (+10.7%), from €342,720 to €379,383
- Write-downs -€13,698
down €13,698, from €7,877 to -€5,822
- Taxes +€13,603
up €13,603 (+45.5%), from €29,895 to €43,498
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 | €787,325 | €717,062 | -€70,263 | -8.9% |
| Fixed assets | 21/28 | €487,438 | €449,289 | -€38,149 | -7.8% |
| Intangible fixed assets | 21 | - | €8,240 | +€8,240 | |
| Tangible fixed assets | 22/27 | €487,438 | €441,049 | -€46,389 | -9.5% |
| Land and buildings | 22 | €467,334 | €429,914 | -€37,420 | -8.0% |
| Plant, machinery and equipment | 23 | €4,356 | €7,287 | +€2,932 | +67.3% |
| Furniture and vehicles | 24 | €15,748 | €3,847 | -€11,901 | -75.6% |
| Current assets | 29/58 | €299,888 | €267,773 | -€32,115 | -10.7% |
| Amounts receivable within one year | 40/41 | €85,399 | €154,940 | +€69,541 | +81.4% |
| Trade receivables | 40 | €61,607 | €133,588 | +€71,981 | +117% |
| Other amounts receivable | 41 | €23,791 | €21,352 | -€2,439 | -10.3% |
| Current investments | 50/53 | €100,056 | €60,372 | -€39,684 | -39.7% |
| Cash at bank and in hand | 54/58 | €45,512 | €37,808 | -€7,704 | -16.9% |
| Deferred charges and accrued income | 490/1 | €68,921 | €14,653 | -€54,269 | -78.7% |
| Total equity and liabilities | 10/49 | €787,325 | €717,062 | -€70,263 | -8.9% |
| Equity | 10/15 | €124,307 | €167,919 | +€43,612 | +35.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €105,757 | €149,369 | +€43,612 | +41.2% |
| Distributable reserves | 133 | €105,757 | €149,369 | +€43,612 | +41.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €663,018 | €549,143 | -€113,875 | -17.2% |
| Amounts payable after more than one year | 17 | €390,836 | €343,296 | -€47,540 | -12.2% |
| Financial debts | 170/4 | €390,836 | €343,296 | -€47,540 | -12.2% |
| Amounts payable within one year | 42/48 | €272,182 | €205,847 | -€66,335 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €51,843 | €47,540 | -€4,303 | -8.3% |
| Trade debts | 44 | €27,893 | €9,018 | -€18,875 | -67.7% |
| Suppliers | 440/4 | €27,893 | €9,018 | -€18,875 | -67.7% |
| Taxes, remuneration and social security | 45 | €27,607 | €32,975 | +€5,368 | +19.4% |
| Taxes | 450/3 | €20,019 | €18,854 | -€1,165 | -5.8% |
| Remuneration and social security | 454/9 | €7,588 | €14,121 | +€6,533 | +86.1% |
| Other amounts payable | 47/48 | €164,839 | €116,314 | -€48,525 | -29.4% |
| Non-recurring operating income | 76A | €55,735 | €0 | -€55,735 | -100% |
| Remuneration, social security and pensions | 62 | €94,989 | €97,693 | +€2,703 | +2.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,197 | €51,973 | -€1,224 | -2.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,877 | -€5,822 | -€13,698 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €3,001 | €0 | -€3,001 | -100% |
| Other operating charges | 640/8 | €7,268 | €9,180 | +€1,912 | +26.3% |
| Gross operating margin | 9900 | €342,720 | €379,383 | +€36,663 | +10.7% |
| Operating profit (loss) | 9901 | €176,389 | €226,360 | +€49,971 | +28.3% |
| Financial income | 75/76B | €301 | €3,425 | +€3,124 | +1,036% |
| Recurring financial income | 75 | €301 | €3,425 | +€3,124 | +1,036% |
| Financial charges | 65/66B | €17,895 | €15,815 | -€2,080 | -11.6% |
| Recurring financial charges | 65 | €17,895 | €15,815 | -€2,080 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €158,795 | €213,970 | +€55,175 | +34.7% |
| Income taxes | 67/77 | €29,895 | €43,498 | +€13,603 | +45.5% |
| Profit (loss) for the period | 9904 | €128,900 | €170,472 | +€41,572 | +32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €128,900 | €170,472 | +€41,572 | +32.3% |
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 22 October 2026 via checked.be.