VRB: 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.
VRB
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+103%), from €1.4m to €2.9m
of which Trade receivables: +€1.5m
- Cash +€343,233
up €343,233 (+15.6%), from €2.2m to €2.5m
mainly Net result for the year (+€1.5m) and Trade debts (+€1.3m)
- Tangible fixed assets +€285,278
up €285,278 (+13.7%), from €2.1m to €2.4m
of which Land and buildings: +€230,380
- Stocks and contracts +€151,945
up €151,945 (+39.1%), from €388,691 to €540,635
- Reserves +€1.5m
up €1.5m (+55.6%), from €2.7m to €4.2m
of which Distributable reserves: +€1.3m
- Trade debts +€1.3m
up €1.3m (+313%), from €428,010 to €1.8m
- Other debts -€888,802
down €888,802 (-96.8%), from €917,788 to €28,986
- Tax, wage and social debts +€230,723
up €230,723 (+99.3%), from €232,455 to €463,178
of which Taxes: +€227,982
- Turnover -€8.5m
no longer reported in 2025 (was €8.5m)
- Purchases and services -€5.9m
no longer reported in 2025 (was €5.9m)
- Taxes +€125,896
up €125,896 (+22.4%), from €562,219 to €688,115
- Gross operating margin +€91,987
up €91,987 (+3.5%), from €2.6m to €2.7m
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 | €6,144,229 | €8,328,946 | +€2.2m | +35.6% |
| Fixed assets | 21/28 | €2,086,540 | €2,371,818 | +€285,278 | +13.7% |
| Tangible fixed assets | 22/27 | €2,086,540 | €2,371,818 | +€285,278 | +13.7% |
| Land and buildings | 22 | €2,037,946 | €2,268,326 | +€230,380 | +11.3% |
| Plant, machinery and equipment | 23 | €48,594 | €43,472 | -€5,122 | -10.5% |
| Furniture and vehicles | 24 | - | €52,520 | +€52,520 | |
| Other tangible fixed assets | 26 | - | €7,500 | +€7,500 | |
| Current assets | 29/58 | €4,057,689 | €5,957,128 | +€1.9m | +46.8% |
| Stocks and contracts in progress | 3 | €388,691 | €540,635 | +€151,945 | +39.1% |
| Stocks | 30/36 | €388,691 | €540,635 | +€151,945 | +39.1% |
| Amounts receivable within one year | 40/41 | €1,414,265 | €2,865,095 | +€1.5m | +103% |
| Trade receivables | 40 | €1,414,247 | €2,864,951 | +€1.5m | +103% |
| Other amounts receivable | 41 | €17 | €144 | +€127 | +730% |
| Current investments | 50/53 | €50,000 | €0 | -€50,000 | -100% |
| Cash at bank and in hand | 54/58 | €2,204,212 | €2,547,445 | +€343,233 | +15.6% |
| Deferred charges and accrued income | 490/1 | €522 | €3,953 | +€3,431 | +657% |
| Total equity and liabilities | 10/49 | €6,144,229 | €8,328,946 | +€2.2m | +35.6% |
| Equity | 10/15 | €4,564,978 | €6,067,794 | +€1.5m | +32.9% |
| Contributions | 10/11 | €831,100 | €831,100 | = | 0.0% |
| Reserves | 13 | €2,700,819 | €4,203,636 | +€1.5m | +55.6% |
| Tax-exempt reserves | 132 | €505,200 | €673,600 | +€168,400 | +33.3% |
| Distributable reserves | 133 | €2,195,619 | €3,530,036 | +€1.3m | +60.8% |
| Profit (loss) carried forward | 14 | €1,033,058 | €1,033,058 | = | 0.0% |
| Amounts payable | 17/49 | €1,579,252 | €2,261,152 | +€681,900 | +43.2% |
| Amounts payable within one year | 42/48 | €1,578,252 | €2,259,147 | +€680,895 | +43.1% |
| Trade debts | 44 | €428,010 | €1,766,983 | +€1.3m | +313% |
| Suppliers | 440/4 | €428,010 | €1,766,983 | +€1.3m | +313% |
| Taxes, remuneration and social security | 45 | €232,455 | €463,178 | +€230,723 | +99.3% |
| Taxes | 450/3 | €213,129 | €441,112 | +€227,982 | +107% |
| Remuneration and social security | 454/9 | €19,325 | €22,066 | +€2,740 | +14.2% |
| Other amounts payable | 47/48 | €917,788 | €28,986 | -€888,802 | -96.8% |
| Accrued charges and deferred income | 492/3 | €1,000 | €2,005 | +€1,005 | +101% |
| Turnover | 70 | €8,451,232 | - | -€8.5m | |
| Goods, raw materials, services and sundry goods | 60/61 | €5,894,842 | - | -€5.9m | |
| Remuneration, social security and pensions | 62 | €296,997 | €322,562 | +€25,565 | +8.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,485 | €130,761 | +€6,275 | +5.0% |
| Other operating charges | 640/8 | €15,479 | €53,832 | +€38,353 | +248% |
| Gross operating margin | 9900 | €2,591,553 | €2,683,540 | +€91,987 | +3.5% |
| Operating profit (loss) | 9901 | €2,154,591 | €2,176,385 | +€21,794 | +1.0% |
| Financial income | 75/76B | €27,651 | €35,870 | +€8,219 | +29.7% |
| Recurring financial income | 75 | €27,651 | €35,870 | +€8,219 | +29.7% |
| Financial charges | 65/66B | €4,110 | €4,899 | +€789 | +19.2% |
| Recurring financial charges | 65 | €4,110 | €4,899 | +€789 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | €2,178,132 | €2,207,356 | +€29,224 | +1.3% |
| Income taxes | 67/77 | €562,219 | €688,115 | +€125,896 | +22.4% |
| Profit (loss) for the period | 9904 | €1,615,913 | €1,519,242 | -€96,671 | -6.0% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €168,400 | €168,400 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,447,513 | €1,350,842 | -€96,671 | -6.7% |
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 28 October 2026 via checked.be.