V.L.P.: 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.P.
Largest movements
- Cash +€1.3m
up €1.3m (+849%), from €148,409 to €1.4m
mainly Net result for the year (+€1.0m) and Receivables within one year (+€101,129)
- Receivables within one year -€101,129
down €101,129 (-84.1%), from €120,281 to €19,152
of which Trade receivables: -€101,537
- Tangible fixed assets -€65,476
down €65,476 (-12.9%), from €506,834 to €441,357
of which Land and buildings: -€64,794
- Reserves +€1.0m
up €1.0m (+959%), from €105,468 to €1.1m
of which Distributable reserves: +€1.0m
- Tax, wage and social debts +€71,895
up €71,895 (+219%), from €32,837 to €104,732
of which Taxes: +€71,703
- Gross operating margin +€1.4m
up €1.4m (+1,176%), from €118,265 to €1.5m
- Taxes +€444,402
up €444,402 (+1,505%), from €29,533 to €473,934
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 | €775,649 | €1,869,342 | +€1.1m | +141% |
| Fixed assets | 21/28 | €506,834 | €441,357 | -€65,476 | -12.9% |
| Tangible fixed assets | 22/27 | €506,834 | €441,357 | -€65,476 | -12.9% |
| Land and buildings | 22 | €505,255 | €440,461 | -€64,794 | -12.8% |
| Furniture and vehicles | 24 | €1,579 | €897 | -€682 | -43.2% |
| Current assets | 29/58 | €268,815 | €1,427,985 | +€1.2m | +431% |
| Amounts receivable within one year | 40/41 | €120,281 | €19,152 | -€101,129 | -84.1% |
| Trade receivables | 40 | €119,818 | €18,281 | -€101,537 | -84.7% |
| Other amounts receivable | 41 | €462 | €871 | +€408 | +88.4% |
| Cash at bank and in hand | 54/58 | €148,409 | €1,408,703 | +€1.3m | +849% |
| Deferred charges and accrued income | 490/1 | €126 | €130 | +€4 | +3.3% |
| Total equity and liabilities | 10/49 | €775,649 | €1,869,342 | +€1.1m | +141% |
| Equity | 10/15 | €621,573 | €1,632,930 | +€1.0m | +163% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €105,468 | €1,116,825 | +€1.0m | +959% |
| Non-distributable reserves | 130/1 | €43,861 | €43,861 | = | 0.0% |
| Legal reserve | 130 | €43,861 | €43,861 | = | 0.0% |
| Tax-exempt reserves | 132 | €979 | €979 | = | 0.0% |
| Distributable reserves | 133 | €60,629 | €1,071,985 | +€1.0m | +1,668% |
| Profit (loss) carried forward | 14 | €454,605 | €454,605 | = | 0.0% |
| Amounts payable | 17/49 | €154,075 | €236,412 | +€82,337 | +53.4% |
| Amounts payable within one year | 42/48 | €154,075 | €236,412 | +€82,337 | +53.4% |
| Trade debts | 44 | €5,554 | €11,488 | +€5,934 | +107% |
| Suppliers | 440/4 | €5,554 | €11,488 | +€5,934 | +107% |
| Taxes, remuneration and social security | 45 | €32,837 | €104,732 | +€71,895 | +219% |
| Taxes | 450/3 | €30,487 | €102,190 | +€71,703 | +235% |
| Remuneration and social security | 454/9 | €2,350 | €2,542 | +€192 | +8.2% |
| Other amounts payable | 47/48 | €115,684 | €120,193 | +€4,508 | +3.9% |
| Non-recurring operating income | 76A | - | €1,471,345 | +€1.5m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,825 | €4,510 | -€3,315 | -42.4% |
| Other operating charges | 640/8 | €12,095 | €12,309 | +€214 | +1.8% |
| Gross operating margin | 9900 | €118,265 | €1,509,444 | +€1.4m | +1,176% |
| Operating profit (loss) | 9901 | €98,345 | €1,492,625 | +€1.4m | +1,418% |
| Financial income | 75/76B | €4 | €63 | +€59 | +1,556% |
| Recurring financial income | 75 | €4 | €63 | +€59 | +1,556% |
| Financial charges | 65/66B | €8,187 | €7,398 | -€790 | -9.6% |
| Recurring financial charges | 65 | €8,187 | €7,398 | -€790 | -9.6% |
| Profit (loss) for the period before taxes | 9903 | €90,162 | €1,485,291 | +€1.4m | +1,547% |
| Income taxes | 67/77 | €29,533 | €473,934 | +€444,402 | +1,505% |
| Profit (loss) for the period | 9904 | €60,629 | €1,011,356 | +€950,727 | +1,568% |
| Profit (loss) for the period to be appropriated | 9905 | €60,629 | €1,011,356 | +€950,727 | +1,568% |
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 28 October 2026 via checked.be.