V.L.T. 01: what changed
V.L.T. 01
Largest movements
- Cash +€23,239
up €23,239 (+25.6%), from €90,682 to €113,921
mainly Net result for the year (+€33,724) and Tax, wage and social debts (+€22,519)
- Tangible fixed assets +€9,491
up €9,491 (+14.7%), from €64,392 to €73,882
of which Land and buildings: +€7,265
- Receivables within one year +€7,864
up €7,864 (+26.0%), from €30,263 to €38,127
of which Trade receivables: +€7,587
- Reserves +€33,724
up €33,724 (+37.8%), from €89,332 to €123,056
of which Distributable reserves: +€36,124
- Tax, wage and social debts +€22,519
up €22,519 (+411%), from €5,477 to €27,995
- Accrued charges and deferred income -€4,815
down €4,815 (-79.9%), from €6,030 to €1,215
- Short-term financial debts -€4,030
no longer reported in 2025 (was €4,030)
- Other debts -€3,641
down €3,641 (-100%), from €3,641 to €0
- Gross operating margin +€15,461
up €15,461 (+24.3%), from €63,549 to €79,011
- Taxes +€13,156
up €13,156 (+284%), from €4,628 to €17,784
- Depreciation +€6,739
up €6,739 (+43.2%), from €15,615 to €22,355
- Other operating charges +€2,054
up €2,054 (+137%), from €1,497 to €3,551
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €185,336 | €225,930 | +€40,594 | +21.9% |
| Fixed assets | 21/28 | €64,392 | €73,882 | +€9,491 | +14.7% |
| Tangible fixed assets | 22/27 | €64,392 | €73,882 | +€9,491 | +14.7% |
| Land and buildings | 22 | €9,559 | €16,825 | +€7,265 | +76.0% |
| Plant, machinery and equipment | 23 | €26,406 | €26,315 | -€92 | -0.3% |
| Furniture and vehicles | 24 | €26,779 | €29,848 | +€3,069 | +11.5% |
| Other tangible fixed assets | 26 | €1,647 | €894 | -€752 | -45.7% |
| Current assets | 29/58 | €120,945 | €152,048 | +€31,103 | +25.7% |
| Amounts receivable within one year | 40/41 | €30,263 | €38,127 | +€7,864 | +26.0% |
| Trade receivables | 40 | €30,263 | €37,851 | +€7,587 | +25.1% |
| Other amounts receivable | 41 | - | €277 | +€277 | |
| Cash at bank and in hand | 54/58 | €90,682 | €113,921 | +€23,239 | +25.6% |
| Total equity and liabilities | 10/49 | €185,336 | €225,930 | +€40,594 | +21.9% |
| Equity | 10/15 | €137,656 | €171,380 | +€33,724 | +24.5% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €89,332 | €123,056 | +€33,724 | +37.8% |
| Non-distributable reserves | 130/1 | €2,400 | - | -€2,400 | |
| Reserves not available under the articles | 1311 | €2,400 | - | -€2,400 | |
| Distributable reserves | 133 | €86,932 | €123,056 | +€36,124 | +41.6% |
| Profit (loss) carried forward | 14 | €40,324 | €40,324 | = | 0.0% |
| Amounts payable | 17/49 | €47,681 | €54,550 | +€6,870 | +14.4% |
| Amounts payable within one year | 42/48 | €41,651 | €53,335 | +€11,685 | +28.1% |
| Financial debts | 43 | €4,030 | - | -€4,030 | |
| Credit institutions | 430/8 | €4,030 | - | -€4,030 | |
| Trade debts | 44 | €28,503 | €25,340 | -€3,163 | -11.1% |
| Suppliers | 440/4 | €28,503 | €25,340 | -€3,163 | -11.1% |
| Taxes, remuneration and social security | 45 | €5,477 | €27,995 | +€22,519 | +411% |
| Taxes | 450/3 | €5,477 | €27,995 | +€22,519 | +411% |
| Other amounts payable | 47/48 | €3,641 | €0 | -€3,641 | -100% |
| Accrued charges and deferred income | 492/3 | €6,030 | €1,215 | -€4,815 | -79.9% |
| Non-recurring operating income | 76A | - | €830 | +€830 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,615 | €22,355 | +€6,739 | +43.2% |
| Other operating charges | 640/8 | €1,497 | €3,551 | +€2,054 | +137% |
| Gross operating margin | 9900 | €63,549 | €79,011 | +€15,461 | +24.3% |
| Operating profit (loss) | 9901 | €46,437 | €53,105 | +€6,668 | +14.4% |
| Financial income | 75/76B | €52 | €529 | +€477 | +918% |
| Recurring financial income | 75 | €52 | €529 | +€477 | +918% |
| Financial charges | 65/66B | €1,537 | €2,126 | +€589 | +38.3% |
| Recurring financial charges | 65 | €1,537 | €2,126 | +€589 | +38.3% |
| Profit (loss) for the period before taxes | 9903 | €44,952 | €51,508 | +€6,556 | +14.6% |
| Income taxes | 67/77 | €4,628 | €17,784 | +€13,156 | +284% |
| Profit (loss) for the period | 9904 | €40,324 | €33,724 | -€6,600 | -16.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,324 | €33,724 | -€6,600 | -16.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.