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
- Tangible fixed assets -€7,763
down €7,763 (-27.5%), from €28,269 to €20,506
of which Furniture and vehicles: -€6,551
- Deferred charges and accrued income +€3,825
up €3,825 (+225%), from €1,699 to €5,524
- Cash +€3,674
up €3,674 (+9.1%), from €40,548 to €44,222
mainly Net result for the year (+€10,482) and Depreciation (+€7,763)
- Receivables within one year +€1,190
up €1,190 (+7.9%), from €15,041 to €16,230
of which Other amounts receivable: +€865
- Reserves +€10,482
up €10,482 (+23.4%), from €44,788 to €55,271
- Other debts -€7,129
down €7,129 (-38.7%), from €18,430 to €11,301
- Debts after one year -€6,948
no longer reported in 2025 (was €6,948)
- Trade debts +€3,129
up €3,129 (+138%), from €2,273 to €5,401
- Gross operating margin -€14,991
down €14,991 (-38.3%), from €39,175 to €24,184
- Taxes -€3,029
down €3,029 (-49.3%), from €6,140 to €3,112
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 | €85,556 | €86,482 | +€926 | +1.1% |
| Fixed assets | 21/28 | €28,269 | €20,506 | -€7,763 | -27.5% |
| Tangible fixed assets | 22/27 | €28,269 | €20,506 | -€7,763 | -27.5% |
| Land and buildings | 22 | €2,425 | €1,212 | -€1,212 | -50.0% |
| Furniture and vehicles | 24 | €25,844 | €19,293 | -€6,551 | -25.3% |
| Current assets | 29/58 | €57,287 | €65,976 | +€8,689 | +15.2% |
| Amounts receivable within one year | 40/41 | €15,041 | €16,230 | +€1,190 | +7.9% |
| Trade receivables | 40 | €12,437 | €12,762 | +€324 | +2.6% |
| Other amounts receivable | 41 | €2,603 | €3,469 | +€865 | +33.2% |
| Cash at bank and in hand | 54/58 | €40,548 | €44,222 | +€3,674 | +9.1% |
| Deferred charges and accrued income | 490/1 | €1,699 | €5,524 | +€3,825 | +225% |
| Total equity and liabilities | 10/49 | €85,556 | €86,482 | +€926 | +1.1% |
| Equity | 10/15 | €47,288 | €57,771 | +€10,482 | +22.2% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €44,788 | €55,271 | +€10,482 | +23.4% |
| Distributable reserves | 133 | €44,788 | €55,271 | +€10,482 | +23.4% |
| Amounts payable | 17/49 | €38,268 | €28,711 | -€9,556 | -25.0% |
| Amounts payable after more than one year | 17 | €6,948 | - | -€6,948 | |
| Financial debts | 170/4 | €6,948 | - | -€6,948 | |
| Amounts payable within one year | 42/48 | €31,320 | €28,711 | -€2,608 | -8.3% |
| Current portion of amounts payable after more than one year | 42 | €6,663 | €7,323 | +€660 | +9.9% |
| Trade debts | 44 | €2,273 | €5,401 | +€3,129 | +138% |
| Suppliers | 440/4 | €2,273 | €5,401 | +€3,129 | +138% |
| Taxes, remuneration and social security | 45 | €3,954 | €4,686 | +€732 | +18.5% |
| Taxes | 450/3 | €3,954 | €4,686 | +€732 | +18.5% |
| Other amounts payable | 47/48 | €18,430 | €11,301 | -€7,129 | -38.7% |
| Non-recurring operating income | 76A | €16,652 | €2,367 | -€14,285 | -85.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,763 | €7,763 | = | 0.0% |
| Other operating charges | 640/8 | €1,189 | €1,191 | +€2 | +0.2% |
| Gross operating margin | 9900 | €39,175 | €24,184 | -€14,991 | -38.3% |
| Operating profit (loss) | 9901 | €30,223 | €15,230 | -€14,993 | -49.6% |
| Financial income | 75/76B | €9 | - | -€9 | |
| Recurring financial income | 75 | €9 | - | -€9 | |
| Financial charges | 65/66B | €1,853 | €1,636 | -€216 | -11.7% |
| Recurring financial charges | 65 | €1,853 | €1,636 | -€216 | -11.7% |
| Profit (loss) for the period before taxes | 9903 | €28,380 | €13,594 | -€14,786 | -52.1% |
| Income taxes | 67/77 | €6,140 | €3,112 | -€3,029 | -49.3% |
| Profit (loss) for the period | 9904 | €22,239 | €10,482 | -€11,757 | -52.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,239 | €10,482 | -€11,757 | -52.9% |
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 22 October 2026 via checked.be.