V-LEC: 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-LEC
Largest movements
- Receivables within one year -€78,604
down €78,604 (-19.1%), from €410,813 to €332,209
of which Trade receivables: -€93,495
- Tangible fixed assets -€13,396
down €13,396 (-39.0%), from €34,360 to €20,964
of which Furniture and vehicles: -€11,024
- Deferred charges and accrued income +€7,233
up €7,233 (+150%), from €4,838 to €12,071
- Trade debts -€43,459
down €43,459 (-47.3%), from €91,965 to €48,506
- Short-term financial debts -€22,031
down €22,031 (-44.3%), from €49,760 to €27,729
- Profit (loss) carried forward +€14,067
up €14,067 (+6.6%), from €214,518 to €228,585
- Tax, wage and social debts -€13,076
down €13,076 (-29.2%), from €44,717 to €31,641
of which Taxes: -€9,252
- Debts after one year -€7,500
down €7,500 (-47.4%), from €15,833 to €8,333
- Gross operating margin -€48,137
down €48,137 (-24.7%), from €195,041 to €146,904
- Taxes -€9,171
down €9,171 (-62.0%), from €14,796 to €5,624
- Staff costs -€3,677
down €3,677 (-3.1%), from €119,233 to €115,556
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 | €450,106 | €365,254 | -€84,851 | -18.9% |
| Fixed assets | 21/28 | €34,360 | €20,964 | -€13,396 | -39.0% |
| Tangible fixed assets | 22/27 | €34,360 | €20,964 | -€13,396 | -39.0% |
| Plant, machinery and equipment | 23 | €12,178 | €10,224 | -€1,953 | -16.0% |
| Furniture and vehicles | 24 | €21,345 | €10,321 | -€11,024 | -51.6% |
| Other tangible fixed assets | 26 | €838 | €419 | -€419 | -50.0% |
| Current assets | 29/58 | €415,745 | €344,290 | -€71,456 | -17.2% |
| Amounts receivable within one year | 40/41 | €410,813 | €332,209 | -€78,604 | -19.1% |
| Trade receivables | 40 | €161,725 | €68,230 | -€93,495 | -57.8% |
| Other amounts receivable | 41 | €249,088 | €263,979 | +€14,891 | +6.0% |
| Cash at bank and in hand | 54/58 | €95 | €10 | -€84 | -89.1% |
| Deferred charges and accrued income | 490/1 | €4,838 | €12,071 | +€7,233 | +150% |
| Total equity and liabilities | 10/49 | €450,106 | €365,254 | -€84,851 | -18.9% |
| Equity | 10/15 | €234,978 | €249,045 | +€14,067 | +6.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €214,518 | €228,585 | +€14,067 | +6.6% |
| Amounts payable | 17/49 | €215,128 | €116,209 | -€98,919 | -46.0% |
| Amounts payable after more than one year | 17 | €15,833 | €8,333 | -€7,500 | -47.4% |
| Financial debts | 170/4 | €15,833 | €8,333 | -€7,500 | -47.4% |
| Amounts payable within one year | 42/48 | €199,142 | €107,876 | -€91,266 | -45.8% |
| Financial debts | 43 | €49,760 | €27,729 | -€22,031 | -44.3% |
| Credit institutions | 430/8 | €49,760 | €27,729 | -€22,031 | -44.3% |
| Trade debts | 44 | €91,965 | €48,506 | -€43,459 | -47.3% |
| Suppliers | 440/4 | €91,965 | €48,506 | -€43,459 | -47.3% |
| Advances received on contracts in progress | 46 | €7,000 | - | -€7,000 | |
| Taxes, remuneration and social security | 45 | €44,717 | €31,641 | -€13,076 | -29.2% |
| Taxes | 450/3 | €30,461 | €21,209 | -€9,252 | -30.4% |
| Remuneration and social security | 454/9 | €14,256 | €10,432 | -€3,824 | -26.8% |
| Other amounts payable | 47/48 | €5,700 | - | -€5,700 | |
| Accrued charges and deferred income | 492/3 | €152 | - | -€152 | |
| Remuneration, social security and pensions | 62 | €119,233 | €115,556 | -€3,677 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,055 | €14,445 | -€611 | -4.1% |
| Other operating charges | 640/8 | €2,595 | €2,145 | -€450 | -17.4% |
| Gross operating margin | 9900 | €195,041 | €146,904 | -€48,137 | -24.7% |
| Operating profit (loss) | 9901 | €58,158 | €14,758 | -€43,399 | -74.6% |
| Financial income | 75/76B | €11,317 | €12,111 | +€794 | +7.0% |
| Recurring financial income | 75 | €11,317 | €12,111 | +€794 | +7.0% |
| Financial charges | 65/66B | €6,791 | €7,178 | +€387 | +5.7% |
| Recurring financial charges | 65 | €6,791 | €7,178 | +€387 | +5.7% |
| Profit (loss) for the period before taxes | 9903 | €62,683 | €19,692 | -€42,991 | -68.6% |
| Income taxes | 67/77 | €14,796 | €5,624 | -€9,171 | -62.0% |
| Profit (loss) for the period | 9904 | €47,887 | €14,067 | -€33,820 | -70.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,887 | €14,067 | -€33,820 | -70.6% |
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 25 October 2026 via checked.be.