VC LEX: 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.
VC LEX
Largest movements
- Cash +€21,129
up €21,129 (+18.1%), from €116,482 to €137,611
mainly Net result for the year (+€22,439) and Depreciation (+€2,981)
- Receivables within one year +€5,444
up €5,444 (+37.5%), from €14,524 to €19,968
of which Trade receivables: +€9,679
- Tangible fixed assets -€2,981
down €2,981 (-25.2%), from €11,833 to €8,852
of which Other tangible fixed assets: -€1,957
- Reserves +€21,606
up €21,606 (+22.8%), from €94,931 to €116,537
- Trade debts -€2,991
down €2,991 (-57.0%), from €5,246 to €2,256
- Tax, wage and social debts +€2,690
up €2,690 (+325.3%), from €827 to €3,517
- Gross operating margin +€10,601
up €10,601 (+42.5%), from €24,933 to €35,534
- Taxes +€2,926
up €2,926 (+50.2%), from €5,833 to €8,759
- Other operating charges -€609
down €609 (-43.7%), from €1,394 to €785
- Write-downs +€386
new in 2025: €386
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.
Cash bridge derived
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 | €143,339 | €166,931 | +€23,593 | +16.5% |
| Fixed assets | 21/28 | €11,833 | €8,852 | -€2,981 | -25.2% |
| Tangible fixed assets | 22/27 | €11,833 | €8,852 | -€2,981 | -25.2% |
| Furniture and vehicles | 24 | €1,885 | €861 | -€1,024 | -54.3% |
| Other tangible fixed assets | 26 | €9,948 | €7,991 | -€1,957 | -19.7% |
| Current assets | 29/58 | €131,506 | €158,079 | +€26,573 | +20.2% |
| Amounts receivable within one year | 40/41 | €14,524 | €19,968 | +€5,444 | +37.5% |
| Trade receivables | 40 | €9,622 | €19,301 | +€9,679 | +100.6% |
| Other amounts receivable | 41 | €4,902 | €667 | -€4,234 | -86.4% |
| Cash at bank and in hand | 54/58 | €116,482 | €137,611 | +€21,129 | +18.1% |
| Deferred charges and accrued income | 490/1 | €500 | €500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €143,339 | €166,931 | +€23,593 | +16.5% |
| Equity | 10/15 | €113,531 | €135,137 | +€21,606 | +19.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €94,931 | €116,537 | +€21,606 | +22.8% |
| Distributable reserves | 133 | €94,931 | €116,537 | +€21,606 | +22.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €29,807 | €31,794 | +€1,987 | +6.7% |
| Amounts payable within one year | 42/48 | €29,807 | €31,538 | +€1,731 | +5.8% |
| Trade debts | 44 | €5,246 | €2,256 | -€2,991 | -57.0% |
| Suppliers | 440/4 | €5,246 | €2,256 | -€2,991 | -57.0% |
| Advances received on contracts in progress | 46 | €0 | €1,100 | +€1,100 | |
| Taxes, remuneration and social security | 45 | €827 | €3,517 | +€2,690 | +325.3% |
| Taxes | 450/3 | €827 | €3,517 | +€2,690 | +325.3% |
| Other amounts payable | 47/48 | €23,734 | €24,665 | +€931 | +3.9% |
| Accrued charges and deferred income | 492/3 | - | €256 | +€256 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,038 | €2,981 | -€57 | -1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €386 | +€386 | |
| Other operating charges | 640/8 | €1,394 | €785 | -€609 | -43.7% |
| Gross operating margin | 9900 | €24,933 | €35,534 | +€10,601 | +42.5% |
| Operating profit (loss) | 9901 | €20,500 | €31,381 | +€10,881 | +53.1% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €153 | €184 | +€31 | +20.3% |
| Recurring financial charges | 65 | €153 | €184 | +€31 | +20.3% |
| Profit (loss) for the period before taxes | 9903 | €20,348 | €31,197 | +€10,850 | +53.3% |
| Income taxes | 67/77 | €5,833 | €8,759 | +€2,926 | +50.2% |
| Profit (loss) for the period | 9904 | €14,515 | €22,439 | +€7,924 | +54.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,515 | €22,439 | +€7,924 | +54.6% |
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 11 October 2026 via checked.be.