V.L. DEVELOPMENT: 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. DEVELOPMENT
Largest movements
- Receivables within one year -€93,635
down €93,635 (-87.2%), from €107,319 to €13,684
- Cash -€55,883
down €55,883 (-94.2%), from €59,342 to €3,458
mainly Debts after one year (-€181,143) and Current portion of long-term debt (-€47,747)
- Tangible fixed assets -€21,930
down €21,930 (-4.8%), from €452,701 to €430,771
- Debts after one year -€181,143
down €181,143 (-29.0%), from €624,268 to €443,125
of which Financial debts: -€181,143
- Current portion of long-term debt -€47,747
down €47,747 (-37.0%), from €128,890 to €81,143
- Reserves +€37,994
up €37,994 (+7.7%), from €490,860 to €528,853
- Other debts +€23,000
up €23,000 (+5.9%), from €387,000 to €410,000
- Turnover -€106,565
no longer reported in 2025 (was €106,565)
- Write-downs +€65,000
no longer reported in 2025 (was -€65,000)
- Other operating charges -€64,319
down €64,319 (-95.9%), from €67,060 to €2,741
- Purchases and services -€16,573
no longer reported in 2025 (was €16,573)
- Gross operating margin +€11,863
up €11,863 (+12.2%), from €97,328 to €109,191
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 | €1,785,049 | €1,614,066 | -€170,983 | -9.6% |
| Fixed assets | 21/28 | €1,239,709 | €1,217,779 | -€21,930 | -1.8% |
| Tangible fixed assets | 22/27 | €452,701 | €430,771 | -€21,930 | -4.8% |
| Land and buildings | 22 | €452,701 | €430,771 | -€21,930 | -4.8% |
| Financial fixed assets | 28 | €787,008 | €787,008 | = | 0.0% |
| Current assets | 29/58 | €545,340 | €396,287 | -€149,053 | -27.3% |
| Amounts receivable after more than one year | 29 | €378,578 | €378,578 | = | 0.0% |
| Other amounts receivable | 291 | €378,578 | €378,578 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €107,319 | €13,684 | -€93,635 | -87.2% |
| Other amounts receivable | 41 | €107,319 | €13,684 | -€93,635 | -87.2% |
| Cash at bank and in hand | 54/58 | €59,342 | €3,458 | -€55,883 | -94.2% |
| Deferred charges and accrued income | 490/1 | €101 | €567 | +€465 | +459.9% |
| Total equity and liabilities | 10/49 | €1,785,049 | €1,614,066 | -€170,983 | -9.6% |
| Equity | 10/15 | €612,376 | €650,370 | +€37,994 | +6.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €490,860 | €528,853 | +€37,994 | +7.7% |
| Distributable reserves | 133 | €490,860 | €528,853 | +€37,994 | +7.7% |
| Profit (loss) carried forward | 14 | €115,317 | €115,317 | = | 0.0% |
| Amounts payable | 17/49 | €1,172,673 | €963,695 | -€208,977 | -17.8% |
| Amounts payable after more than one year | 17 | €624,268 | €443,125 | -€181,143 | -29.0% |
| Financial debts | 170/4 | €618,068 | €436,925 | -€181,143 | -29.3% |
| Other amounts payable | 178/9 | €6,200 | €6,200 | = | 0.0% |
| Amounts payable within one year | 42/48 | €547,169 | €510,665 | -€36,504 | -6.7% |
| Current portion of amounts payable after more than one year | 42 | €128,890 | €81,143 | -€47,747 | -37.0% |
| Trade debts | 44 | €878 | - | -€878 | |
| Suppliers | 440/4 | €878 | - | -€878 | |
| Taxes, remuneration and social security | 45 | €30,402 | €19,523 | -€10,879 | -35.8% |
| Taxes | 450/3 | €30,402 | €19,523 | -€10,879 | -35.8% |
| Other amounts payable | 47/48 | €387,000 | €410,000 | +€23,000 | +5.9% |
| Accrued charges and deferred income | 492/3 | €1,236 | €9,905 | +€8,669 | +701.4% |
| Turnover | 70 | €106,565 | - | -€106,565 | |
| Goods, raw materials, services and sundry goods | 60/61 | €16,573 | - | -€16,573 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,993 | €21,930 | -€63 | -0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€65,000 | - | +€65,000 | |
| Other operating charges | 640/8 | €67,060 | €2,741 | -€64,319 | -95.9% |
| Non-recurring operating charges | 66A | €173 | - | -€173 | |
| Gross operating margin | 9900 | €97,328 | €109,191 | +€11,863 | +12.2% |
| Operating profit (loss) | 9901 | €73,103 | €84,520 | +€11,417 | +15.6% |
| Financial income | 75/76B | €16,590 | €9,375 | -€7,215 | -43.5% |
| Recurring financial income | 75 | €16,590 | €9,375 | -€7,215 | -43.5% |
| Financial charges | 65/66B | €26,027 | €36,195 | +€10,168 | +39.1% |
| Recurring financial charges | 65 | €26,027 | €36,195 | +€10,168 | +39.1% |
| Profit (loss) for the period before taxes | 9903 | €63,665 | €57,700 | -€5,966 | -9.4% |
| Income taxes | 67/77 | €21,460 | €19,706 | -€1,754 | -8.2% |
| Profit (loss) for the period | 9904 | €42,205 | €37,994 | -€4,212 | -10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €42,205 | €37,994 | -€4,212 | -10.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.