V & L: 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.
What changed
V & L
NACE 70.200, Business and other management consultancy
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€24,714
2024 · €339,208-€314,494
Equity
€1.9m
2024 · €1.8m+€24,714
Cash
€131,696
2024 · €168,389-€36,693
Balance sheet total
€4.3m
2024 · €3.5m+€814,523
Largest movements
Assets
- Tangible fixed assets +€854,340
up €854,340 (+32.1%), from €2.7m to €3.5m
Equity and liabilities
- Debts after one year +€785,816
up €785,816 (+54.0%), from €1.5m to €2.2m
Income statement
- Financial income -€245,338
down €245,338 (-99.8%), from €245,720 to €382
- Depreciation +€89,378
up €89,378 (+121.5%), from €73,545 to €162,924
- Gross operating margin +€35,546
up €35,546 (+12.8%), from €278,632 to €314,178
- Financial charges +€21,603
up €21,603 (+71.8%), from €30,105 to €51,708
- Taxes -€18,557
down €18,557 (-63.2%), from €29,344 to €10,787
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.
Result 2024
€339,208
Gross operating margin
+€35,546
Depreciation
-€89,378
Other operating charges
-€12,277
Financial income
-€245,338
Financial charges
-€21,603
Taxes
+€18,557
Result 2025
€24,714
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.
From operations
+€164,075
Investment
-€1.0m
Financing
+€816,496
Cash 2024
€168,389
From operations (derived)
+€164,075
Net result for the year
+€24,714
Depreciation
+€162,924
Stocks and contracts
+€8,260
Receivables within one year
-€28,601
Deferred charges and accrued income
+€23,465
Trade debts
+€10,252
Tax, wage and social debts
-€37,009
Accrued charges and deferred income
+€70
Investment (derived)
-€1.0m
Investment in fixed assets (net)
-€1.0m
Financing
+€816,496
Debts after one year
+€785,816
Current portion of long-term debt
+€30,680
Cash 2025
€131,696
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,532,995 | €4,347,518 | +€814,523 | +23.1% |
| Fixed assets | 21/28 | €3,163,714 | €4,018,053 | +€854,340 | +27.0% |
| Tangible fixed assets | 22/27 | €2,663,714 | €3,518,053 | +€854,340 | +32.1% |
| Land and buildings | 22 | €2,663,714 | €3,518,053 | +€854,340 | +32.1% |
| Financial fixed assets | 28 | €500,000 | €500,000 | = | 0.0% |
| Current assets | 29/58 | €369,281 | €329,464 | -€39,817 | -10.8% |
| Stocks and contracts in progress | 3 | €8,260 | - | -€8,260 | |
| Stocks | 30/36 | €8,260 | - | -€8,260 | |
| Amounts receivable within one year | 40/41 | €96,205 | €124,805 | +€28,601 | +29.7% |
| Trade receivables | 40 | €55,902 | - | -€55,902 | |
| Other amounts receivable | 41 | €40,303 | €124,805 | +€84,503 | +209.7% |
| Cash at bank and in hand | 54/58 | €168,389 | €131,696 | -€36,693 | -21.8% |
| Deferred charges and accrued income | 490/1 | €96,427 | €72,963 | -€23,465 | -24.3% |
| Total equity and liabilities | 10/49 | €3,532,995 | €4,347,518 | +€814,523 | +23.1% |
| Equity | 10/15 | €1,848,224 | €1,872,937 | +€24,714 | +1.3% |
| Contributions | 10/11 | €102,239 | €102,239 | = | 0.0% |
| Capital | 10 | €102,239 | €102,239 | = | 0.0% |
| Issued capital | 100 | €102,239 | €102,239 | = | 0.0% |
| Revaluation surpluses | 12 | €656,237 | €656,237 | = | 0.0% |
| Reserves | 13 | €224,719 | €216,427 | -€8,292 | -3.7% |
| Non-distributable reserves | 130/1 | €10,224 | €10,224 | = | 0.0% |
| Legal reserve | 130 | €10,224 | €10,224 | = | 0.0% |
| Tax-exempt reserves | 132 | €95,580 | €87,288 | -€8,292 | -8.7% |
| Distributable reserves | 133 | €118,916 | €118,916 | = | 0.0% |
| Profit (loss) carried forward | 14 | €865,029 | €898,034 | +€33,006 | +3.8% |
| Amounts payable | 17/49 | €1,684,771 | €2,474,580 | +€789,809 | +46.9% |
| Amounts payable after more than one year | 17 | €1,454,409 | €2,240,225 | +€785,816 | +54.0% |
| Financial debts | 170/4 | €1,454,409 | €2,240,225 | +€785,816 | +54.0% |
| Amounts payable within one year | 42/48 | €228,777 | €232,700 | +€3,924 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €164,803 | €195,483 | +€30,680 | +18.6% |
| Trade debts | 44 | €3,703 | €13,955 | +€10,252 | +276.9% |
| Suppliers | 440/4 | €3,703 | €13,955 | +€10,252 | +276.9% |
| Taxes, remuneration and social security | 45 | €46,065 | €9,057 | -€37,009 | -80.3% |
| Taxes | 450/3 | €46,065 | €9,057 | -€37,009 | -80.3% |
| Other amounts payable | 47/48 | €14,206 | €14,206 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €1,586 | €1,655 | +€70 | +4.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,545 | €162,924 | +€89,378 | +121.5% |
| Other operating charges | 640/8 | €52,151 | €64,428 | +€12,277 | +23.5% |
| Gross operating margin | 9900 | €278,632 | €314,178 | +€35,546 | +12.8% |
| Operating profit (loss) | 9901 | €152,936 | €86,826 | -€66,110 | -43.2% |
| Financial income | 75/76B | €245,720 | €382 | -€245,338 | -99.8% |
| Recurring financial income | 75 | €245,720 | €382 | -€245,338 | -99.8% |
| Financial charges | 65/66B | €30,105 | €51,708 | +€21,603 | +71.8% |
| Recurring financial charges | 65 | €30,105 | €51,708 | +€21,603 | +71.8% |
| Profit (loss) for the period before taxes | 9903 | €368,551 | €35,500 | -€333,051 | -90.4% |
| Income taxes | 67/77 | €29,344 | €10,787 | -€18,557 | -63.2% |
| Profit (loss) for the period | 9904 | €339,208 | €24,714 | -€314,494 | -92.7% |
| Transfer from tax-exempt reserves | 789 | €8,292 | €8,292 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €347,500 | €33,006 | -€314,494 | -90.5% |
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 12 October 2026 via checked.be.