VA 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.
VA LAW
Largest movements
- Cash -€115,750
down €115,750 (-74.6%), from €155,094 to €39,345
mainly Receivables within one year (-€111,108) and Debts after one year (-€9,857)
- Receivables within one year +€111,108
new in 2025: €111,108
of which Other amounts receivable: +€99,907
- Tangible fixed assets -€10,367
down €10,367 (-37.1%), from €27,954 to €17,587
- Debts after one year -€9,857
down €9,857 (-56.6%), from €17,415 to €7,558
- Profit (loss) carried forward -€4,265
down €4,265 (-48.1%), from -€8,874 to -€13,139
- Financial charges -€4,377
down €4,377 (-7.6%), from €57,963 to €53,586
- Gross operating margin +€3,964
up €3,964 (+6.8%), from €58,499 to €62,463
- Taxes +€2,103
up €2,103 (+449%), from €469 to €2,572
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 | €184,960 | €169,982 | -€14,978 | -8.1% |
| Fixed assets | 21/28 | €27,954 | €17,587 | -€10,367 | -37.1% |
| Tangible fixed assets | 22/27 | €27,954 | €17,587 | -€10,367 | -37.1% |
| Furniture and vehicles | 24 | €27,954 | €17,587 | -€10,367 | -37.1% |
| Current assets | 29/58 | €157,007 | €152,395 | -€4,611 | -2.9% |
| Amounts receivable within one year | 40/41 | - | €111,108 | +€111,108 | |
| Trade receivables | 40 | - | €11,201 | +€11,201 | |
| Other amounts receivable | 41 | - | €99,907 | +€99,907 | |
| Cash at bank and in hand | 54/58 | €155,094 | €39,345 | -€115,750 | -74.6% |
| Deferred charges and accrued income | 490/1 | €1,912 | €1,943 | +€31 | +1.6% |
| Total equity and liabilities | 10/49 | €184,960 | €169,982 | -€14,978 | -8.1% |
| Equity | 10/15 | €147,676 | €143,411 | -€4,265 | -2.9% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €154,550 | €154,550 | = | 0.0% |
| Distributable reserves | 133 | €154,550 | €154,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,874 | -€13,139 | -€4,265 | -48.1% |
| Amounts payable | 17/49 | €37,285 | €26,571 | -€10,714 | -28.7% |
| Amounts payable after more than one year | 17 | €17,415 | €7,558 | -€9,857 | -56.6% |
| Financial debts | 170/4 | €17,415 | €7,558 | -€9,857 | -56.6% |
| Amounts payable within one year | 42/48 | €19,870 | €19,014 | -€856 | -4.3% |
| Current portion of amounts payable after more than one year | 42 | €9,612 | €9,857 | +€245 | +2.6% |
| Trade debts | 44 | €0 | €488 | +€488 | +118,924% |
| Suppliers | 440/4 | €0 | €488 | +€488 | +118,924% |
| Taxes, remuneration and social security | 45 | €8,691 | €8,668 | -€22 | -0.3% |
| Taxes | 450/3 | €8,691 | €8,668 | -€22 | -0.3% |
| Other amounts payable | 47/48 | €1,566 | - | -€1,566 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,279 | €10,367 | +€88 | +0.9% |
| Other operating charges | 640/8 | €904 | €532 | -€372 | -41.1% |
| Gross operating margin | 9900 | €58,499 | €62,463 | +€3,964 | +6.8% |
| Operating profit (loss) | 9901 | €47,316 | €51,564 | +€4,248 | +9.0% |
| Financial income | 75/76B | €508 | €330 | -€178 | -35.1% |
| Recurring financial income | 75 | €508 | €330 | -€178 | -35.1% |
| Financial charges | 65/66B | €57,963 | €53,586 | -€4,377 | -7.6% |
| Recurring financial charges | 65 | €57,963 | €53,586 | -€4,377 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,139 | -€1,693 | +€8,446 | +83.3% |
| Income taxes | 67/77 | €469 | €2,572 | +€2,103 | +449% |
| Profit (loss) for the period | 9904 | -€10,608 | -€4,265 | +€6,343 | +59.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,608 | -€4,265 | +€6,343 | +59.8% |
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 23 October 2026 via checked.be.