V&L: 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.
V&L
Largest movements
- Cash -€164,415
down €164,415 (-96.3%), from €170,720 to €6,305
mainly Receivables within one year (-€99,468) and Investment in fixed assets (net) (-€65,081)
- Receivables within one year +€99,468
up €99,468 (+185.4%), from €53,648 to €153,116
of which Other amounts receivable: +€135,310
- Tangible fixed assets +€38,643
up €38,643 (+51.7%), from €74,708 to €113,350
of which Furniture and vehicles: +€39,673
- Stocks and contracts -€7,010
down €7,010 (-38.5%), from €18,230 to €11,220
- Trade debts -€50,253
down €50,253 (-31.7%), from €158,774 to €108,521
- Reserves +€37,319
up €37,319 (+31.2%), from €119,541 to €156,860
- Other debts -€14,355
down €14,355 (-100.0%), from €14,355 to €0
- Tax, wage and social debts -€6,096
down €6,096 (-99.8%), from €6,108 to €12
- Depreciation +€2,780
up €2,780 (+11.8%), from €23,658 to €26,438
- Gross operating margin +€2,584
up €2,584 (+3.3%), from €78,217 to €80,801
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 | €317,377 | €284,183 | -€33,195 | -10.5% |
| Fixed assets | 21/28 | €74,708 | €113,350 | +€38,643 | +51.7% |
| Tangible fixed assets | 22/27 | €74,708 | €113,350 | +€38,643 | +51.7% |
| Plant, machinery and equipment | 23 | €3,225 | €2,195 | -€1,030 | -31.9% |
| Furniture and vehicles | 24 | €71,482 | €111,155 | +€39,673 | +55.5% |
| Current assets | 29/58 | €242,670 | €170,832 | -€71,837 | -29.6% |
| Stocks and contracts in progress | 3 | €18,230 | €11,220 | -€7,010 | -38.5% |
| Stocks | 30/36 | €18,230 | €11,220 | -€7,010 | -38.5% |
| Amounts receivable within one year | 40/41 | €53,648 | €153,116 | +€99,468 | +185.4% |
| Trade receivables | 40 | €42,792 | €6,950 | -€35,842 | -83.8% |
| Other amounts receivable | 41 | €10,856 | €146,166 | +€135,310 | +1246.5% |
| Cash at bank and in hand | 54/58 | €170,720 | €6,305 | -€164,415 | -96.3% |
| Deferred charges and accrued income | 490/1 | €72 | €192 | +€120 | +166.7% |
| Total equity and liabilities | 10/49 | €317,377 | €284,183 | -€33,195 | -10.5% |
| Equity | 10/15 | €138,141 | €175,460 | +€37,319 | +27.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €119,541 | €156,860 | +€37,319 | +31.2% |
| Distributable reserves | 133 | €119,541 | €156,860 | +€37,319 | +31.2% |
| Amounts payable | 17/49 | €179,237 | €108,723 | -€70,514 | -39.3% |
| Amounts payable within one year | 42/48 | €179,237 | €108,533 | -€70,704 | -39.4% |
| Trade debts | 44 | €158,774 | €108,521 | -€50,253 | -31.7% |
| Suppliers | 440/4 | €158,774 | €108,521 | -€50,253 | -31.7% |
| Taxes, remuneration and social security | 45 | €6,108 | €12 | -€6,096 | -99.8% |
| Taxes | 450/3 | €6,108 | €12 | -€6,096 | -99.8% |
| Other amounts payable | 47/48 | €14,355 | €0 | -€14,355 | -100.0% |
| Accrued charges and deferred income | 492/3 | - | €190 | +€190 | |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,658 | €26,438 | +€2,780 | +11.8% |
| Other operating charges | 640/8 | €1,235 | €1,374 | +€140 | +11.3% |
| Non-recurring operating charges | 66A | - | €2,237 | +€2,237 | |
| Gross operating margin | 9900 | €78,217 | €80,801 | +€2,584 | +3.3% |
| Operating profit (loss) | 9901 | €53,325 | €50,751 | -€2,574 | -4.8% |
| Financial income | 75/76B | €394 | €577 | +€183 | +46.6% |
| Recurring financial income | 75 | €394 | €577 | +€183 | +46.6% |
| Financial charges | 65/66B | €166 | €201 | +€34 | +20.8% |
| Recurring financial charges | 65 | €166 | €201 | +€34 | +20.8% |
| Profit (loss) for the period before taxes | 9903 | €53,553 | €51,128 | -€2,425 | -4.5% |
| Income taxes | 67/77 | €14,144 | €13,809 | -€336 | -2.4% |
| Profit (loss) for the period | 9904 | €39,408 | €37,319 | -€2,089 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €39,408 | €37,319 | -€2,089 | -5.3% |
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 3 October 2026 via checked.be.