V.L.E.: 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.E.
Largest movements
- Cash +€55,053
up €55,053 (+37.4%), from €147,299 to €202,352
mainly Current investments (+€23,623) and Depreciation (+€16,615)
- Current investments -€23,623
down €23,623 (-11.5%), from €205,681 to €182,058
- Tangible fixed assets -€16,615
down €16,615 (-28.2%), from €58,826 to €42,210
of which Furniture and vehicles: -€10,447
- Reserves +€10,890
up €10,890 (+5.5%), from €199,360 to €210,250
- Gross operating margin +€7,738
up €7,738 (+38.8%), from €19,927 to €27,665
- Financial charges +€4,280
up €4,280, from -€4,072 to €208
- Depreciation +€4,275
up €4,275 (+34.6%), from €12,341 to €16,615
- Taxes +€3,638
up €3,638 (+115%), from €3,159 to €6,796
- Financial income +€868
up €868 (+12.8%), from €6,804 to €7,673
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 | €419,778 | €430,822 | +€11,043 | +2.6% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €58,826 | €42,210 | -€16,615 | -28.2% |
| Tangible fixed assets | 22/27 | €58,826 | €42,210 | -€16,615 | -28.2% |
| Plant, machinery and equipment | 23 | €7,816 | €3,038 | -€4,778 | -61.1% |
| Furniture and vehicles | 24 | €46,739 | €36,292 | -€10,447 | -22.4% |
| Other tangible fixed assets | 26 | €4,271 | €2,880 | -€1,391 | -32.6% |
| Current assets | 29/58 | €360,953 | €388,611 | +€27,659 | +7.7% |
| Amounts receivable within one year | 40/41 | €6,915 | €2,683 | -€4,233 | -61.2% |
| Trade receivables | 40 | €1,074 | €1,523 | +€449 | +41.8% |
| Other amounts receivable | 41 | €5,841 | €1,160 | -€4,681 | -80.1% |
| Current investments | 50/53 | €205,681 | €182,058 | -€23,623 | -11.5% |
| Cash at bank and in hand | 54/58 | €147,299 | €202,352 | +€55,053 | +37.4% |
| Deferred charges and accrued income | 490/1 | €1,058 | €1,518 | +€461 | +43.6% |
| Total equity and liabilities | 10/49 | €419,778 | €430,822 | +€11,043 | +2.6% |
| Equity | 10/15 | €401,570 | €412,582 | +€11,012 | +2.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €199,360 | €210,250 | +€10,890 | +5.5% |
| Distributable reserves | 133 | €199,360 | €210,250 | +€10,890 | +5.5% |
| Profit (loss) carried forward | 14 | €189,810 | €189,932 | +€122 | +0.1% |
| Amounts payable | 17/49 | €18,209 | €18,240 | +€31 | +0.2% |
| Amounts payable within one year | 42/48 | €7,622 | €7,570 | -€52 | -0.7% |
| Trade debts | 44 | €647 | €2,941 | +€2,294 | +355% |
| Suppliers | 440/4 | €647 | €2,941 | +€2,294 | +355% |
| Taxes, remuneration and social security | 45 | - | €660 | +€660 | |
| Taxes | 450/3 | - | €660 | +€660 | |
| Other amounts payable | 47/48 | €6,975 | €3,970 | -€3,005 | -43.1% |
| Accrued charges and deferred income | 492/3 | €10,587 | €10,670 | +€83 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,341 | €16,615 | +€4,275 | +34.6% |
| Other operating charges | 640/8 | €616 | €706 | +€91 | +14.8% |
| Gross operating margin | 9900 | €19,927 | €27,665 | +€7,738 | +38.8% |
| Operating profit (loss) | 9901 | €6,971 | €10,343 | +€3,372 | +48.4% |
| Financial income | 75/76B | €6,804 | €7,673 | +€868 | +12.8% |
| Recurring financial income | 75 | €6,804 | €7,673 | +€868 | +12.8% |
| Financial charges | 65/66B | -€4,072 | €208 | +€4,280 | |
| Recurring financial charges | 65 | -€4,072 | €208 | +€4,280 | |
| Profit (loss) for the period before taxes | 9903 | €17,847 | €17,808 | -€39 | -0.2% |
| Income taxes | 67/77 | €3,159 | €6,796 | +€3,638 | +115% |
| Profit (loss) for the period | 9904 | €14,689 | €11,012 | -€3,677 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €14,689 | €11,012 | -€3,677 | -25.0% |
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 17 October 2026 via checked.be.