VYT NORBERT: 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.
VYT NORBERT
Largest movements
- Tangible fixed assets +€637,988
up €637,988 (+34.7%), from €1.8m to €2.5m
of which Land and buildings: +€644,472
- Cash -€67,791
down €67,791 (-54.4%), from €124,577 to €56,786
mainly Investment in fixed assets (net) (-€728,573) and Stocks and contracts (-€57,068)
- Receivables within one year -€58,632
down €58,632 (-86.3%), from €67,974 to €9,342
of which Trade receivables: -€57,141
- Stocks and contracts +€57,068
up €57,068 (+32.4%), from €175,892 to €232,960
- Debts after one year +€305,334
up €305,334 (+223%), from €136,666 to €442,000
of which Financial debts: +€305,334
- Other debts +€118,889
up €118,889 (+7.8%), from €1.5m to €1.6m
- Reserves +€62,028
up €62,028 (+22.5%), from €275,589 to €337,617
of which Distributable reserves: +€65,000
- Current portion of long-term debt +€43,273
up €43,273 (+116%), from €37,442 to €80,714
- Depreciation +€26,718
up €26,718 (+41.8%), from €63,867 to €90,585
- Gross operating margin -€26,595
down €26,595 (-11.7%), from €227,165 to €200,571
- Taxes +€23,644
up €23,644 (+290%), from €8,163 to €31,806
- Financial charges +€5,190
up €5,190 (+108%), from €4,816 to €10,005
- Other operating charges -€2,387
down €2,387 (-25.4%), from €9,395 to €7,008
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 | €2,206,732 | €2,775,826 | +€569,094 | +25.8% |
| Fixed assets | 21/28 | €1,835,937 | €2,473,925 | +€637,988 | +34.7% |
| Tangible fixed assets | 22/27 | €1,835,937 | €2,473,925 | +€637,988 | +34.7% |
| Land and buildings | 22 | €1,824,490 | €2,468,962 | +€644,472 | +35.3% |
| Furniture and vehicles | 24 | €11,448 | €4,963 | -€6,485 | -56.6% |
| Current assets | 29/58 | €370,794 | €301,901 | -€68,893 | -18.6% |
| Stocks and contracts in progress | 3 | €175,892 | €232,960 | +€57,068 | +32.4% |
| Stocks | 30/36 | €175,892 | €232,960 | +€57,068 | +32.4% |
| Amounts receivable within one year | 40/41 | €67,974 | €9,342 | -€58,632 | -86.3% |
| Trade receivables | 40 | €62,393 | €5,252 | -€57,141 | -91.6% |
| Other amounts receivable | 41 | €5,581 | €4,090 | -€1,491 | -26.7% |
| Cash at bank and in hand | 54/58 | €124,577 | €56,786 | -€67,791 | -54.4% |
| Deferred charges and accrued income | 490/1 | €2,350 | €2,812 | +€462 | +19.6% |
| Total equity and liabilities | 10/49 | €2,206,732 | €2,775,826 | +€569,094 | +25.8% |
| Equity | 10/15 | €451,080 | €513,307 | +€62,227 | +13.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €275,589 | €337,617 | +€62,028 | +22.5% |
| Tax-exempt reserves | 132 | €126,675 | €123,702 | -€2,972 | -2.3% |
| Distributable reserves | 133 | €148,914 | €213,914 | +€65,000 | +43.6% |
| Profit (loss) carried forward | 14 | €156,891 | €157,091 | +€199 | +0.1% |
| Provisions and deferred taxes | 16 | €29,725 | €28,734 | -€991 | -3.3% |
| Deferred taxes | 168 | €29,725 | €28,734 | -€991 | -3.3% |
| Amounts payable | 17/49 | €1,725,926 | €2,233,785 | +€507,858 | +29.4% |
| Amounts payable after more than one year | 17 | €136,666 | €442,000 | +€305,334 | +223% |
| Financial debts | 170/4 | €133,929 | €439,262 | +€305,334 | +228% |
| Other amounts payable | 178/9 | €2,738 | €2,738 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,587,287 | €1,788,887 | +€201,600 | +12.7% |
| Current portion of amounts payable after more than one year | 42 | €37,442 | €80,714 | +€43,273 | +116% |
| Trade debts | 44 | €27,083 | €45,156 | +€18,073 | +66.7% |
| Suppliers | 440/4 | €27,083 | €45,156 | +€18,073 | +66.7% |
| Taxes, remuneration and social security | 45 | €508 | €21,873 | +€21,365 | +4,206% |
| Taxes | 450/3 | €508 | €18,657 | +€18,149 | +3,573% |
| Remuneration and social security | 454/9 | - | €3,216 | +€3,216 | |
| Other amounts payable | 47/48 | €1,522,255 | €1,641,144 | +€118,889 | +7.8% |
| Accrued charges and deferred income | 492/3 | €1,973 | €2,898 | +€925 | +46.9% |
| Remuneration, social security and pensions | 62 | €1,012 | - | -€1,012 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €63,867 | €90,585 | +€26,718 | +41.8% |
| Other operating charges | 640/8 | €9,395 | €7,008 | -€2,387 | -25.4% |
| Gross operating margin | 9900 | €227,165 | €200,571 | -€26,595 | -11.7% |
| Operating profit (loss) | 9901 | €152,890 | €102,978 | -€49,913 | -32.6% |
| Financial income | 75/76B | €125 | €70 | -€55 | -43.9% |
| Recurring financial income | 75 | €125 | €70 | -€55 | -43.9% |
| Financial charges | 65/66B | €4,816 | €10,005 | +€5,190 | +108% |
| Recurring financial charges | 65 | €4,816 | €10,005 | +€5,190 | +108% |
| Profit (loss) for the period before taxes | 9903 | €148,200 | €93,043 | -€55,158 | -37.2% |
| Transfer from deferred taxes | 780 | €2,972 | €991 | -€1,982 | -66.7% |
| Transfer to deferred taxes | 680 | €32,697 | - | -€32,697 | |
| Income taxes | 67/77 | €8,163 | €31,806 | +€23,644 | +290% |
| Profit (loss) for the period | 9904 | €110,312 | €62,227 | -€48,085 | -43.6% |
| Transfer from tax-exempt reserves | 789 | €8,917 | €2,972 | -€5,945 | -66.7% |
| Transfer to tax-exempt reserves | 689 | €98,092 | - | -€98,092 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,138 | €65,199 | +€44,062 | +208% |
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 20 October 2026 via checked.be.