GROUP VL: 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.
GROUP VL
Largest movements
- Receivables within one year +€62,510
up €62,510 (+943.9%), from €6,623 to €69,133
of which Trade receivables: +€61,975
- Cash +€45,694
up €45,694 (+362.3%), from €12,611 to €58,304
mainly Investment in fixed assets (net) (+€43,185) and Trade debts (+€39,038)
- Tangible fixed assets -€44,750
down €44,750 (-89.1%), from €50,234 to €5,484
of which Furniture and vehicles: -€43,950
- Trade debts +€39,038
up €39,038 (+1446.3%), from €2,699 to €41,737
- Profit (loss) carried forward +€20,725
up €20,725 (+154.6%), from €13,405 to €34,129
- Tax, wage and social debts +€20,091
up €20,091 (+559.3%), from €3,592 to €23,683
- Debts after one year -€12,966
down €12,966 (-59.1%), from €21,943 to €8,977
- Other debts -€5,000
no longer reported in 2025 (was €5,000)
- Depreciation -€18,066
down €18,066 (-91.4%), from €19,766 to €1,700
- Gross operating margin +€12,916
up €12,916 (+32.5%), from €39,757 to €52,672
- Taxes +€1,947
up €1,947 (+58.1%), from €3,351 to €5,298
- Other operating charges +€942
up €942 (+388.9%), from €242 to €1,184
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 | €71,528 | €133,991 | +€62,464 | +87.3% |
| Fixed assets | 21/28 | €50,369 | €5,484 | -€44,885 | -89.1% |
| Tangible fixed assets | 22/27 | €50,234 | €5,484 | -€44,750 | -89.1% |
| Plant, machinery and equipment | 23 | €3,390 | €2,590 | -€800 | -23.6% |
| Furniture and vehicles | 24 | €46,844 | €2,894 | -€43,950 | -93.8% |
| Financial fixed assets | 28 | €135 | - | -€135 | |
| Current assets | 29/58 | €21,158 | €128,507 | +€107,349 | +507.4% |
| Amounts receivable within one year | 40/41 | €6,623 | €69,133 | +€62,510 | +943.9% |
| Trade receivables | 40 | €6,623 | €68,598 | +€61,975 | +935.8% |
| Other amounts receivable | 41 | - | €536 | +€536 | |
| Cash at bank and in hand | 54/58 | €12,611 | €58,304 | +€45,694 | +362.3% |
| Deferred charges and accrued income | 490/1 | €1,925 | €1,069 | -€855 | -44.4% |
| Total equity and liabilities | 10/49 | €71,528 | €133,991 | +€62,464 | +87.3% |
| Equity | 10/15 | €25,905 | €46,629 | +€20,725 | +80.0% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €13,405 | €34,129 | +€20,725 | +154.6% |
| Amounts payable | 17/49 | €45,623 | €87,362 | +€41,739 | +91.5% |
| Amounts payable after more than one year | 17 | €21,943 | €8,977 | -€12,966 | -59.1% |
| Financial debts | 170/4 | €21,943 | €8,977 | -€12,966 | -59.1% |
| Amounts payable within one year | 42/48 | €23,681 | €78,385 | +€54,704 | +231.0% |
| Current portion of amounts payable after more than one year | 42 | €12,390 | €12,966 | +€576 | +4.6% |
| Trade debts | 44 | €2,699 | €41,737 | +€39,038 | +1446.3% |
| Suppliers | 440/4 | €2,699 | €41,737 | +€39,038 | +1446.3% |
| Taxes, remuneration and social security | 45 | €3,592 | €23,683 | +€20,091 | +559.3% |
| Taxes | 450/3 | €3,592 | €23,683 | +€20,091 | +559.3% |
| Other amounts payable | 47/48 | €5,000 | - | -€5,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,766 | €1,700 | -€18,066 | -91.4% |
| Other operating charges | 640/8 | €242 | €1,184 | +€942 | +388.9% |
| Non-recurring operating charges | 66A | - | €21,050 | +€21,050 | |
| Gross operating margin | 9900 | €39,757 | €52,672 | +€12,916 | +32.5% |
| Operating profit (loss) | 9901 | €19,749 | €28,739 | +€8,989 | +45.5% |
| Financial charges | 65/66B | €2,993 | €2,716 | -€278 | -9.3% |
| Recurring financial charges | 65 | €2,993 | €2,716 | -€278 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €16,756 | €26,023 | +€9,267 | +55.3% |
| Income taxes | 67/77 | €3,351 | €5,298 | +€1,947 | +58.1% |
| Profit (loss) for the period | 9904 | €13,405 | €20,725 | +€7,320 | +54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €13,405 | €20,725 | +€7,320 | +54.6% |
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 5 October 2026 via checked.be.