V.L.M.: 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.M.
Largest movements
- Cash +€79,114
up €79,114 (+47.0%), from €168,491 to €247,605
mainly Net result for the year (+€119,264) and Receivables within one year (+€26,079)
- Receivables within one year -€26,079
down €26,079 (-19.5%), from €133,433 to €107,354
of which Other amounts receivable: -€16,963
- Stocks and contracts +€16,356
up €16,356 (+25.6%), from €63,883 to €80,239
- Reserves +€59,264
up €59,264 (+53.9%), from €110,020 to €169,284
- Tax, wage and social debts +€16,493
up €16,493 (+58.0%), from €28,456 to €44,949
- Trade debts -€5,163
down €5,163 (-10.8%), from €47,862 to €42,699
- Gross operating margin +€47,540
up €47,540 (+39.2%), from €121,174 to €168,714
- Taxes +€16,493
up €16,493 (+58.0%), from €28,456 to €44,949
- Other operating charges +€1,797
up €1,797 (+72.1%), from €2,492 to €4,289
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 | €368,418 | €439,011 | +€70,593 | +19.2% |
| Fixed assets | 21/28 | €1,221 | €2,374 | +€1,154 | +94.5% |
| Tangible fixed assets | 22/27 | €1,221 | €2,374 | +€1,154 | +94.5% |
| Furniture and vehicles | 24 | €1,221 | €2,374 | +€1,154 | +94.5% |
| Current assets | 29/58 | €367,197 | €436,637 | +€69,439 | +18.9% |
| Stocks and contracts in progress | 3 | €63,883 | €80,239 | +€16,356 | +25.6% |
| Stocks | 30/36 | €63,883 | €80,239 | +€16,356 | +25.6% |
| Amounts receivable within one year | 40/41 | €133,433 | €107,354 | -€26,079 | -19.5% |
| Trade receivables | 40 | €91,133 | €82,018 | -€9,116 | -10.0% |
| Other amounts receivable | 41 | €42,299 | €25,336 | -€16,963 | -40.1% |
| Cash at bank and in hand | 54/58 | €168,491 | €247,605 | +€79,114 | +47.0% |
| Deferred charges and accrued income | 490/1 | €1,390 | €1,439 | +€49 | +3.5% |
| Total equity and liabilities | 10/49 | €368,418 | €439,011 | +€70,593 | +19.2% |
| Equity | 10/15 | €130,020 | €189,284 | +€59,264 | +45.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €110,020 | €169,284 | +€59,264 | +53.9% |
| Distributable reserves | 133 | €110,020 | €169,284 | +€59,264 | +53.9% |
| Amounts payable | 17/49 | €238,398 | €249,727 | +€11,330 | +4.8% |
| Amounts payable after more than one year | 17 | €80,000 | €80,000 | = | 0.0% |
| Other amounts payable | 178/9 | €80,000 | €80,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €136,318 | €147,647 | +€11,330 | +8.3% |
| Trade debts | 44 | €47,862 | €42,699 | -€5,163 | -10.8% |
| Suppliers | 440/4 | €47,862 | €42,699 | -€5,163 | -10.8% |
| Taxes, remuneration and social security | 45 | €28,456 | €44,949 | +€16,493 | +58.0% |
| Taxes | 450/3 | €28,456 | €44,949 | +€16,493 | +58.0% |
| Other amounts payable | 47/48 | €60,000 | €60,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €22,080 | €22,080 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,176 | €746 | -€1,430 | -65.7% |
| Other operating charges | 640/8 | €2,492 | €4,289 | +€1,797 | +72.1% |
| Gross operating margin | 9900 | €121,174 | €168,714 | +€47,540 | +39.2% |
| Operating profit (loss) | 9901 | €116,506 | €163,679 | +€47,174 | +40.5% |
| Financial income | 75/76B | €354 | €1,146 | +€791 | +223% |
| Recurring financial income | 75 | €354 | €1,146 | +€791 | +223% |
| Financial charges | 65/66B | €688 | €613 | -€75 | -10.9% |
| Recurring financial charges | 65 | €688 | €613 | -€75 | -10.9% |
| Profit (loss) for the period before taxes | 9903 | €116,172 | €164,212 | +€48,040 | +41.4% |
| Income taxes | 67/77 | €28,456 | €44,949 | +€16,493 | +58.0% |
| Profit (loss) for the period | 9904 | €87,716 | €119,264 | +€31,547 | +36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €87,716 | €119,264 | +€31,547 | +36.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.