VRX: 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.
VRX
Largest movements
- Cash -€183,686
down €183,686 (-63.2%), from €290,800 to €107,114
mainly Contributions, distributions and other (-€187,519) and Current investments (-€146,340)
- Receivables after one year -€174,400
down €174,400 (-59.2%), from €294,400 to €120,000
- Current investments +€146,340
new in 2025: €146,340
- Tangible fixed assets -€24,929
down €24,929 (-21.8%), from €114,583 to €89,654
of which Land and buildings: -€77,929
- Receivables within one year +€19,940
up €19,940 (+42.0%), from €47,514 to €67,455
of which Other amounts receivable: +€19,940
- Reserves -€204,239
down €204,239 (-28.8%), from €709,594 to €505,355
of which Distributable reserves: -€204,239
- Debts after one year -€10,302
down €10,302 (-79.6%), from €12,943 to €2,641
- Gross operating margin -€263,278
down €263,278 (-96.3%), from €273,368 to €10,090
- Taxes -€73,018
down €73,018 (-99.3%), from €73,569 to €551
- Depreciation -€11,324
down €11,324 (-35.4%), from €31,998 to €20,674
- Staff costs -€4,523
no longer reported in 2025 (was €4,523)
- Financial charges +€3,974
up €3,974 (+187%), from €2,127 to €6,102
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 | €774,362 | €557,800 | -€216,562 | -28.0% |
| Fixed assets | 21/28 | €114,583 | €89,654 | -€24,929 | -21.8% |
| Tangible fixed assets | 22/27 | €114,583 | €89,654 | -€24,929 | -21.8% |
| Land and buildings | 22 | €77,929 | - | -€77,929 | |
| Plant, machinery and equipment | 23 | - | €69,391 | +€69,391 | |
| Furniture and vehicles | 24 | €36,654 | €20,263 | -€16,391 | -44.7% |
| Current assets | 29/58 | €659,778 | €468,145 | -€191,633 | -29.0% |
| Amounts receivable after more than one year | 29 | €294,400 | €120,000 | -€174,400 | -59.2% |
| Trade receivables | 290 | €294,400 | €120,000 | -€174,400 | -59.2% |
| Amounts receivable within one year | 40/41 | €47,514 | €67,455 | +€19,940 | +42.0% |
| Trade receivables | 40 | €10,899 | €10,899 | = | 0.0% |
| Other amounts receivable | 41 | €36,615 | €56,555 | +€19,940 | +54.5% |
| Current investments | 50/53 | - | €146,340 | +€146,340 | |
| Cash at bank and in hand | 54/58 | €290,800 | €107,114 | -€183,686 | -63.2% |
| Deferred charges and accrued income | 490/1 | €27,064 | €27,237 | +€173 | +0.6% |
| Total equity and liabilities | 10/49 | €774,362 | €557,800 | -€216,562 | -28.0% |
| Equity | 10/15 | €722,144 | €517,905 | -€204,239 | -28.3% |
| Contributions | 10/11 | €12,550 | €12,550 | = | 0.0% |
| Reserves | 13 | €709,594 | €505,355 | -€204,239 | -28.8% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €707,694 | €503,455 | -€204,239 | -28.9% |
| Amounts payable | 17/49 | €52,218 | €39,895 | -€12,323 | -23.6% |
| Amounts payable after more than one year | 17 | €12,943 | €2,641 | -€10,302 | -79.6% |
| Financial debts | 170/4 | €12,943 | €2,641 | -€10,302 | -79.6% |
| Amounts payable within one year | 42/48 | €39,275 | €37,254 | -€2,021 | -5.1% |
| Current portion of amounts payable after more than one year | 42 | €20,192 | €15,446 | -€4,746 | -23.5% |
| Trade debts | 44 | €5,390 | €3,802 | -€1,588 | -29.5% |
| Suppliers | 440/4 | €5,390 | €3,802 | -€1,588 | -29.5% |
| Taxes, remuneration and social security | 45 | €13,694 | €18,006 | +€4,313 | +31.5% |
| Taxes | 450/3 | €13,694 | €18,006 | +€4,313 | +31.5% |
| Non-recurring operating income | 76A | - | €3,513 | +€3,513 | |
| Remuneration, social security and pensions | 62 | €4,523 | - | -€4,523 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,998 | €20,674 | -€11,324 | -35.4% |
| Other operating charges | 640/8 | €918 | €3,602 | +€2,683 | +292% |
| Gross operating margin | 9900 | €273,368 | €10,090 | -€263,278 | -96.3% |
| Operating profit (loss) | 9901 | €235,928 | -€14,186 | -€250,114 | |
| Financial income | 75/76B | €7,781 | €4,118 | -€3,663 | -47.1% |
| Recurring financial income | 75 | €7,781 | €4,118 | -€3,663 | -47.1% |
| Financial charges | 65/66B | €2,127 | €6,102 | +€3,974 | +187% |
| Recurring financial charges | 65 | €2,127 | €6,102 | +€3,974 | +187% |
| Profit (loss) for the period before taxes | 9903 | €241,582 | -€16,170 | -€257,752 | |
| Income taxes | 67/77 | €73,569 | €551 | -€73,018 | -99.3% |
| Profit (loss) for the period | 9904 | €168,013 | -€16,721 | -€184,734 | |
| Profit (loss) for the period to be appropriated | 9905 | €168,013 | -€16,721 | -€184,734 |
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 23 October 2026 via checked.be.