V.L.C.I.: 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.L.C.I.
Largest movements
- Cash +€45,523
up €45,523 (+122%), from €37,392 to €82,916
mainly Depreciation (+€153,374) and Net result for the year (+€150,546)
- Tangible fixed assets -€35,895
down €35,895 (-1.8%), from €2.0m to €2.0m
of which Land and buildings: -€60,638
- Debts after one year -€111,922
down €111,922 (-10.9%), from €1.0m to €914,552
- Other debts +€78,407
up €78,407 (+78.2%), from €100,259 to €178,667
- Tax, wage and social debts +€24,230
up €24,230 (+68.0%), from €35,614 to €59,844
- Gross operating margin +€33,930
up €33,930 (+8.8%), from €386,686 to €420,616
- Taxes +€8,114
up €8,114 (+12.3%), from €65,954 to €74,069
- Depreciation +€4,944
up €4,944 (+3.3%), from €148,431 to €153,374
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 | €2,117,862 | €2,142,277 | +€24,415 | +1.2% |
| Fixed assets | 21/28 | €2,016,041 | €1,980,147 | -€35,895 | -1.8% |
| Tangible fixed assets | 22/27 | €2,016,041 | €1,980,147 | -€35,895 | -1.8% |
| Land and buildings | 22 | €2,001,603 | €1,940,965 | -€60,638 | -3.0% |
| Plant, machinery and equipment | 23 | €1,832 | €20,878 | +€19,046 | +1,040% |
| Furniture and vehicles | 24 | €12,607 | €18,304 | +€5,697 | +45.2% |
| Current assets | 29/58 | €101,821 | €162,130 | +€60,309 | +59.2% |
| Amounts receivable within one year | 40/41 | €56,501 | €69,562 | +€13,061 | +23.1% |
| Trade receivables | 40 | €25,570 | €69,542 | +€43,972 | +172% |
| Other amounts receivable | 41 | €30,931 | €20 | -€30,911 | -99.9% |
| Cash at bank and in hand | 54/58 | €37,392 | €82,916 | +€45,523 | +122% |
| Deferred charges and accrued income | 490/1 | €7,928 | €9,653 | +€1,725 | +21.8% |
| Total equity and liabilities | 10/49 | €2,117,862 | €2,142,277 | +€24,415 | +1.2% |
| Equity | 10/15 | €821,549 | €827,131 | +€5,582 | +0.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €801,549 | €807,131 | +€5,582 | +0.7% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €780,799 | €786,381 | +€5,582 | +0.7% |
| Amounts payable | 17/49 | €1,296,314 | €1,315,146 | +€18,832 | +1.5% |
| Amounts payable after more than one year | 17 | €1,026,474 | €914,552 | -€111,922 | -10.9% |
| Financial debts | 170/4 | €1,026,474 | €914,552 | -€111,922 | -10.9% |
| Amounts payable within one year | 42/48 | €269,840 | €396,107 | +€126,267 | +46.8% |
| Current portion of amounts payable after more than one year | 42 | €129,696 | €116,542 | -€13,154 | -10.1% |
| Financial debts | 43 | €1,087 | €17,008 | +€15,921 | +1,464% |
| Credit institutions | 430/8 | €1,087 | €17,008 | +€15,921 | +1,464% |
| Trade debts | 44 | €3,182 | €24,046 | +€20,863 | +656% |
| Suppliers | 440/4 | €3,182 | €24,046 | +€20,863 | +656% |
| Taxes, remuneration and social security | 45 | €35,614 | €59,844 | +€24,230 | +68.0% |
| Taxes | 450/3 | €35,614 | €59,844 | +€24,230 | +68.0% |
| Other amounts payable | 47/48 | €100,259 | €178,667 | +€78,407 | +78.2% |
| Accrued charges and deferred income | 492/3 | - | €4,487 | +€4,487 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €148,431 | €153,374 | +€4,944 | +3.3% |
| Other operating charges | 640/8 | €11,205 | €12,441 | +€1,236 | +11.0% |
| Gross operating margin | 9900 | €386,686 | €420,616 | +€33,930 | +8.8% |
| Operating profit (loss) | 9901 | €227,050 | €254,801 | +€27,750 | +12.2% |
| Financial income | 75/76B | €261 | €99 | -€161 | -61.9% |
| Recurring financial income | 75 | €261 | €99 | -€161 | -61.9% |
| Financial charges | 65/66B | €27,554 | €30,286 | +€2,732 | +9.9% |
| Recurring financial charges | 65 | €27,554 | €30,286 | +€2,732 | +9.9% |
| Profit (loss) for the period before taxes | 9903 | €199,757 | €224,614 | +€24,857 | +12.4% |
| Income taxes | 67/77 | €65,954 | €74,069 | +€8,114 | +12.3% |
| Profit (loss) for the period | 9904 | €133,803 | €150,546 | +€16,743 | +12.5% |
| Profit (loss) for the period to be appropriated | 9905 | €133,803 | €150,546 | +€16,743 | +12.5% |
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 19 October 2026 via checked.be.