V.A.F.: 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.
V.A.F.
Largest movements
- Cash +€11,165
up €11,165 (+3.4%), from €324,348 to €335,513
mainly Receivables within one year (+€6,914) and Net result for the year (+€5,390)
- Receivables within one year -€6,914
down €6,914 (-83.1%), from €8,318 to €1,404
of which Other amounts receivable: -€7,318
- Tax, wage and social debts -€5,678
down €5,678 (-76.0%), from €7,471 to €1,793
of which Taxes: -€3,178
- Profit (loss) carried forward +€5,390
up €5,390 (+7.0%), from €76,573 to €81,963
- Gross operating margin -€21,508
down €21,508 (-71.3%), from €30,178 to €8,670
- Taxes +€1,301
up €1,301 (+354%), from €368 to €1,669
- Financial income +€475
up €475 (+38.8%), from €1,225 to €1,700
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 | €336,750 | €338,521 | +€1,771 | +0.5% |
| Fixed assets | 21/28 | €4,084 | €1,604 | -€2,480 | -60.7% |
| Tangible fixed assets | 22/27 | €4,084 | €1,604 | -€2,480 | -60.7% |
| Furniture and vehicles | 24 | €4,084 | €1,604 | -€2,480 | -60.7% |
| Current assets | 29/58 | €332,666 | €336,917 | +€4,251 | +1.3% |
| Amounts receivable within one year | 40/41 | €8,318 | €1,404 | -€6,914 | -83.1% |
| Trade receivables | 40 | - | €404 | +€404 | |
| Other amounts receivable | 41 | €8,318 | €1,000 | -€7,318 | -88.0% |
| Cash at bank and in hand | 54/58 | €324,348 | €335,513 | +€11,165 | +3.4% |
| Total equity and liabilities | 10/49 | €336,750 | €338,521 | +€1,771 | +0.5% |
| Equity | 10/15 | €329,053 | €334,443 | +€5,390 | +1.6% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €2,480 | €2,480 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,480 | €2,480 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,480 | €2,480 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,573 | €81,963 | +€5,390 | +7.0% |
| Amounts payable | 17/49 | €7,697 | €4,078 | -€3,619 | -47.0% |
| Amounts payable within one year | 42/48 | €7,697 | €4,078 | -€3,619 | -47.0% |
| Trade debts | 44 | €226 | €212 | -€14 | -6.2% |
| Suppliers | 440/4 | €226 | €212 | -€14 | -6.2% |
| Taxes, remuneration and social security | 45 | €7,471 | €1,793 | -€5,678 | -76.0% |
| Taxes | 450/3 | €4,971 | €1,793 | -€3,178 | -63.9% |
| Remuneration and social security | 454/9 | €2,500 | - | -€2,500 | |
| Other amounts payable | 47/48 | - | €2,073 | +€2,073 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,650 | €2,480 | -€170 | -6.4% |
| Other operating charges | 640/8 | €892 | €654 | -€238 | -26.7% |
| Gross operating margin | 9900 | €30,178 | €8,670 | -€21,508 | -71.3% |
| Operating profit (loss) | 9901 | €26,636 | €5,536 | -€21,100 | -79.2% |
| Financial income | 75/76B | €1,225 | €1,700 | +€475 | +38.8% |
| Recurring financial income | 75 | €1,225 | €1,700 | +€475 | +38.8% |
| Financial charges | 65/66B | €162 | €177 | +€15 | +9.3% |
| Recurring financial charges | 65 | €162 | €177 | +€15 | +9.3% |
| Profit (loss) for the period before taxes | 9903 | €27,699 | €7,059 | -€20,640 | -74.5% |
| Income taxes | 67/77 | €368 | €1,669 | +€1,301 | +354% |
| Profit (loss) for the period | 9904 | €27,331 | €5,390 | -€21,941 | -80.3% |
| Profit (loss) for the period to be appropriated | 9905 | €27,331 | €5,390 | -€21,941 | -80.3% |
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 26 October 2026 via checked.be.