V-LAW: 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-LAW
Largest movements
- Receivables within one year -€118,835
down €118,835 (-46.7%), from €254,510 to €135,675
of which Trade receivables: -€116,257
- Cash -€30,305
down €30,305 (-32.1%), from €94,371 to €64,066
mainly Net result for the year (-€56,124) and Contributions, distributions and other (-€50,000)
- Intangible fixed assets -€30,000
down €30,000 (-50.0%), from €60,000 to €30,000
- Deferred charges and accrued income +€17,681
up €17,681 (+144%), from €12,288 to €29,968
- Tangible fixed assets -€6,018
down €6,018 (-53.2%), from €11,322 to €5,304
of which Furniture and vehicles: -€4,220
- Reserves -€106,124
down €106,124 (-57.6%), from €184,267 to €78,143
- Trade debts -€41,107
down €41,107 (-60.1%), from €68,447 to €27,340
- Other debts +€33,760
up €33,760 (+357%), from €9,469 to €43,229
- Debts after one year -€30,942
down €30,942 (-62.7%), from €49,312 to €18,369
- Tax, wage and social debts -€13,387
down €13,387 (-25.1%), from €53,313 to €39,926
of which Taxes: -€21,597
- Staff costs +€44,962
up €44,962 (+86.6%), from €51,947 to €96,910
- Gross operating margin -€19,156
down €19,156 (-19.2%), from €99,815 to €80,659
- Depreciation -€9,118
down €9,118 (-20.2%), from €45,137 to €36,018
- Taxes -€1,366
no longer reported in 2025 (was €1,366)
- Write-downs +€1,057
no longer reported in 2025 (was -€1,057)
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 | €432,491 | €265,013 | -€167,478 | -38.7% |
| Fixed assets | 21/28 | €71,322 | €35,304 | -€36,018 | -50.5% |
| Intangible fixed assets | 21 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Tangible fixed assets | 22/27 | €11,322 | €5,304 | -€6,018 | -53.2% |
| Furniture and vehicles | 24 | €9,178 | €4,957 | -€4,220 | -46.0% |
| Other tangible fixed assets | 26 | €2,145 | €347 | -€1,798 | -83.8% |
| Current assets | 29/58 | €361,169 | €229,709 | -€131,460 | -36.4% |
| Amounts receivable within one year | 40/41 | €254,510 | €135,675 | -€118,835 | -46.7% |
| Trade receivables | 40 | €251,510 | €135,253 | -€116,257 | -46.2% |
| Other amounts receivable | 41 | €3,000 | €421 | -€2,579 | -86.0% |
| Cash at bank and in hand | 54/58 | €94,371 | €64,066 | -€30,305 | -32.1% |
| Deferred charges and accrued income | 490/1 | €12,288 | €29,968 | +€17,681 | +144% |
| Total equity and liabilities | 10/49 | €432,491 | €265,013 | -€167,478 | -38.7% |
| Equity | 10/15 | €189,267 | €83,143 | -€106,124 | -56.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €184,267 | €78,143 | -€106,124 | -57.6% |
| Distributable reserves | 133 | €184,267 | €78,143 | -€106,124 | -57.6% |
| Amounts payable | 17/49 | €243,224 | €181,870 | -€61,354 | -25.2% |
| Amounts payable after more than one year | 17 | €49,312 | €18,369 | -€30,942 | -62.7% |
| Financial debts | 170/4 | €49,312 | €18,369 | -€30,942 | -62.7% |
| Amounts payable within one year | 42/48 | €189,112 | €163,501 | -€25,611 | -13.5% |
| Current portion of amounts payable after more than one year | 42 | €35,820 | €30,942 | -€4,877 | -13.6% |
| Trade debts | 44 | €68,447 | €27,340 | -€41,107 | -60.1% |
| Suppliers | 440/4 | €68,447 | €27,340 | -€41,107 | -60.1% |
| Advances received on contracts in progress | 46 | €22,064 | €22,064 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €53,313 | €39,926 | -€13,387 | -25.1% |
| Taxes | 450/3 | €42,709 | €21,111 | -€21,597 | -50.6% |
| Remuneration and social security | 454/9 | €10,604 | €18,814 | +€8,210 | +77.4% |
| Other amounts payable | 47/48 | €9,469 | €43,229 | +€33,760 | +357% |
| Accrued charges and deferred income | 492/3 | €4,800 | - | -€4,800 | |
| Remuneration, social security and pensions | 62 | €51,947 | €96,910 | +€44,962 | +86.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,137 | €36,018 | -€9,118 | -20.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,057 | - | +€1,057 | |
| Other operating charges | 640/8 | €1,094 | €831 | -€263 | -24.0% |
| Gross operating margin | 9900 | €99,815 | €80,659 | -€19,156 | -19.2% |
| Operating profit (loss) | 9901 | €2,693 | -€53,100 | -€55,794 | |
| Financial income | 75/76B | €795 | €625 | -€170 | -21.4% |
| Recurring financial income | 75 | €795 | €625 | -€170 | -21.4% |
| Financial charges | 65/66B | €2,799 | €3,648 | +€850 | +30.4% |
| Recurring financial charges | 65 | €2,799 | €3,648 | +€850 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | €689 | -€56,124 | -€56,814 | |
| Income taxes | 67/77 | €1,366 | - | -€1,366 | |
| Profit (loss) for the period | 9904 | -€677 | -€56,124 | -€55,447 | -8,192% |
| Profit (loss) for the period to be appropriated | 9905 | -€677 | -€56,124 | -€55,447 | -8,192% |
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 14 October 2026 via checked.be.