VR SPARX: 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.
VR SPARX
Largest movements
- Tangible fixed assets +€84,827
up €84,827 (+174.2%), from €48,696 to €133,523
of which Assets under construction and advance payments: +€87,129
- Receivables within one year +€27,480
up €27,480 (+688.3%), from €3,992 to €31,473
of which Trade receivables: +€28,238
- Cash -€21,052
down €21,052 (-18.9%), from €111,202 to €90,150
mainly Investment in fixed assets (net) (-€87,129) and Receivables within one year (-€27,480)
- Debts after one year +€100,000
new in 2025: €100,000
- Trade debts -€14,880
down €14,880 (-68.4%), from €21,742 to €6,862
- Accrued charges and deferred income +€8,700
new in 2025: €8,700
- Gross operating margin -€2,694
down €2,694 (-64.6%), from €4,169 to €1,475
- Depreciation +€1,287
up €1,287 (+126.8%), from €1,015 to €2,302
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 | €164,461 | €257,003 | +€92,541 | +56.3% |
| Fixed assets | 21/28 | €48,696 | €133,523 | +€84,827 | +174.2% |
| Tangible fixed assets | 22/27 | €48,696 | €133,523 | +€84,827 | +174.2% |
| Furniture and vehicles | 24 | €5,892 | €3,589 | -€2,302 | -39.1% |
| Assets under construction and advance payments | 27 | €42,804 | €129,933 | +€87,129 | +203.6% |
| Current assets | 29/58 | €115,765 | €123,480 | +€7,715 | +6.7% |
| Amounts receivable within one year | 40/41 | €3,992 | €31,473 | +€27,480 | +688.3% |
| Trade receivables | 40 | - | €28,238 | +€28,238 | |
| Other amounts receivable | 41 | €3,992 | €3,235 | -€758 | -19.0% |
| Cash at bank and in hand | 54/58 | €111,202 | €90,150 | -€21,052 | -18.9% |
| Deferred charges and accrued income | 490/1 | €571 | €1,857 | +€1,286 | +225.2% |
| Total equity and liabilities | 10/49 | €164,461 | €257,003 | +€92,541 | +56.3% |
| Equity | 10/15 | €142,719 | €141,440 | -€1,279 | -0.9% |
| Contributions | 10/11 | €140,000 | €140,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,719 | €1,440 | -€1,279 | -47.0% |
| Amounts payable | 17/49 | €21,742 | €115,562 | +€93,820 | +431.5% |
| Amounts payable after more than one year | 17 | - | €100,000 | +€100,000 | |
| Financial debts | 170/4 | - | €100,000 | +€100,000 | |
| Amounts payable within one year | 42/48 | €21,742 | €6,862 | -€14,880 | -68.4% |
| Trade debts | 44 | €21,742 | €6,862 | -€14,880 | -68.4% |
| Suppliers | 440/4 | €21,742 | €6,862 | -€14,880 | -68.4% |
| Accrued charges and deferred income | 492/3 | - | €8,700 | +€8,700 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,015 | €2,302 | +€1,287 | +126.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €4,169 | €1,475 | -€2,694 | -64.6% |
| Operating profit (loss) | 9901 | €2,766 | -€1,227 | -€3,993 | |
| Financial charges | 65/66B | €47 | €52 | +€5 | +9.7% |
| Recurring financial charges | 65 | €47 | €52 | +€5 | +9.7% |
| Profit (loss) for the period before taxes | 9903 | €2,719 | -€1,279 | -€3,998 | |
| Profit (loss) for the period | 9904 | €2,719 | -€1,279 | -€3,998 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,719 | -€1,279 | -€3,998 |
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 8 October 2026 via checked.be.