VF Capital: what changed
Two fiscal 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.
What changed
VF Capital
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€20.4m
2024 · €30.4m-€10.1m
Equity
€462.8m
2024 · €447.4m+€15.4m
Cash
€2.0m
2024 · €9.1m-€7.1m
Balance sheet total
€471.2m
2024 · €456.2m+€15.0m
Largest movements
Assets
- Current investments +€17.9m
up €17.9m (+8.5%), from €210.1m to €228.1m
- Cash -€7.1m
down €7.1m (-77.5%), from €9.1m to €2.0m
mainly Current investments (-€17.9m) and Contributions, distributions and other (-€5.0m)
Equity and liabilities
- Profit (loss) carried forward +€15.4m
up €15.4m (+3.4%), from €446.3m to €461.7m
Income statement
- Financial charges +€5.4m
up €5.4m (+101.5%), from €5.3m to €10.7m
of which Non-recurring financial charges: +€6.4m
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.
Result 2024
€30.4m
Other operating charges
-€31
Other operating items
+€32,862
Financial income
-€4.2m
Financial charges
-€5.4m
Taxes
-€460,496
Result 2025
€20.4m
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.
From operations
+€21.0m
Investment
-€21.9m
Financing
-€6.2m
Cash 2024
€9.1m
From operations (derived)
+€21.0m
Net result for the year
+€20.4m
Smaller working-capital items
+€20,078
Deferred charges and accrued income
-€175,862
Tax, wage and social debts
+€765,989
Investment (derived)
-€21.9m
Investment in fixed assets (net)
-€4.0m
Current investments
-€17.9m
Financing
-€6.2m
Debts after one year
-€1.2m
Short-term financial debts
+€3,188
Contributions, distributions and other
-€5.0m
Cash 2025
€2.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €456,168,206 | €471,191,926 | +€15.0m | +3.3% |
| Fixed assets | 21/28 | €235,231,759 | €239,195,921 | +€4.0m | +1.7% |
| Financial fixed assets | 28 | €235,231,759 | €239,195,921 | +€4.0m | +1.7% |
| Affiliated companies | 280/1 | €35,879,224 | €40,190,169 | +€4.3m | +12.0% |
| Participating interests | 280 | €10,600,000 | €10,600,000 | = | 0.0% |
| Amounts receivable | 281 | €25,279,224 | €29,590,169 | +€4.3m | +17.1% |
| Other financial fixed assets | 284/8 | €199,352,535 | €199,005,753 | -€346,783 | -0.2% |
| Shares | 284 | €199,352,535 | €199,005,753 | -€346,783 | -0.2% |
| Current assets | 29/58 | €220,936,447 | €231,996,005 | +€11.1m | +5.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €1,607,146 | €1,628,028 | +€20,882 | +1.3% |
| Other amounts receivable | 41 | €1,607,146 | €1,628,028 | +€20,882 | +1.3% |
| Current investments | 50/53 | €210,117,640 | €228,050,949 | +€17.9m | +8.5% |
| Other investments | 51/53 | €210,117,640 | €228,050,949 | +€17.9m | +8.5% |
| Cash at bank and in hand | 54/58 | €9,118,436 | €2,047,940 | -€7.1m | -77.5% |
| Deferred charges and accrued income | 490/1 | €93,225 | €269,087 | +€175,862 | +188.6% |
| Total equity and liabilities | 10/49 | €456,168,206 | €471,191,926 | +€15.0m | +3.3% |
| Equity | 10/15 | €447,444,071 | €462,832,654 | +€15.4m | +3.4% |
| Contributions | 10/11 | €1,000,000 | €1,000,000 | = | 0.0% |
| Capital | 10 | €1,000,000 | €1,000,000 | = | 0.0% |
| Issued capital | 100 | €1,000,000 | €1,000,000 | = | 0.0% |
| Reserves | 13 | €103,725 | €103,725 | = | 0.0% |
| Non-distributable reserves | 130/1 | €103,725 | €103,725 | = | 0.0% |
| Legal reserve | 130 | €100,000 | €100,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,725 | €3,725 | = | 0.0% |
| Profit (loss) carried forward | 14 | €446,340,346 | €461,728,929 | +€15.4m | +3.4% |
| Amounts payable | 17/49 | €8,724,135 | €8,359,272 | -€364,863 | -4.2% |
| Amounts payable after more than one year | 17 | €3,466,914 | €2,291,914 | -€1.2m | -33.9% |
| Financial debts | 170/4 | €3,466,914 | €2,291,914 | -€1.2m | -33.9% |
| Other loans | 174 | €3,466,914 | €2,291,914 | -€1.2m | -33.9% |
| Amounts payable within one year | 42/48 | €5,198,061 | €6,017,359 | +€819,298 | +15.8% |
| Financial debts | 43 | €9,838 | €13,025 | +€3,188 | +32.4% |
| Credit institutions | 430/8 | €9,838 | €13,025 | +€3,188 | +32.4% |
| Trade debts | 44 | €23,075 | €54,465 | +€31,390 | +136.0% |
| Suppliers | 440/4 | €23,075 | €54,465 | +€31,390 | +136.0% |
| Taxes, remuneration and social security | 45 | €49,619 | €815,608 | +€765,989 | +1543.7% |
| Taxes | 450/3 | €49,619 | €815,608 | +€765,989 | +1543.7% |
| Other amounts payable | 47/48 | €5,115,529 | €5,134,260 | +€18,732 | +0.4% |
| Accrued charges and deferred income | 492/3 | €59,161 | €50,000 | -€9,161 | -15.5% |
| Operating income | 70/76A | - | €48,498 | +€48,498 | |
| Other operating income | 74 | - | €48,498 | +€48,498 | |
| Operating charges | 60/66A | €909,693 | €925,360 | +€15,667 | +1.7% |
| Services and other goods | 61 | €908,725 | €924,361 | +€15,636 | +1.7% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Operating profit (loss) | 9901 | -€909,693 | -€876,861 | +€32,831 | +3.6% |
| Financial income | 75/76B | €38,090,188 | €33,852,802 | -€4.2m | -11.1% |
| Recurring financial income | 75 | €38,090,188 | €30,665,145 | -€7.4m | -19.5% |
| Income from financial fixed assets | 750 | €29,396,716 | €13,919,935 | -€15.5m | -52.6% |
| Income from current assets | 751 | €3,748,991 | €5,743,540 | +€2.0m | +53.2% |
| Other financial income | 752/9 | €4,944,481 | €11,001,670 | +€6.1m | +122.5% |
| Non-recurring financial income | 76B | - | €3,187,657 | +€3.2m | |
| Financial charges | 65/66B | €5,307,564 | €10,696,497 | +€5.4m | +101.5% |
| Recurring financial charges | 65 | €2,119,907 | €1,114,632 | -€1.0m | -47.4% |
| Debt charges | 650 | €605,994 | €452,947 | -€153,048 | -25.3% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | -€287,276 | -€2,119,642 | -€1.8m | -637.8% |
| Other financial charges | 652/9 | €1,801,188 | €2,781,327 | +€980,139 | +54.4% |
| Non-recurring financial charges | 66B | €3,187,657 | €9,581,865 | +€6.4m | +200.6% |
| Profit (loss) for the period before taxes | 9903 | €31,872,932 | €22,279,444 | -€9.6m | -30.1% |
| Income taxes | 67/77 | €1,430,365 | €1,890,861 | +€460,496 | +32.2% |
| Taxes | 670/3 | €1,430,365 | €2,313,193 | +€882,829 | +61.7% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | €422,332 | +€422,332 | |
| Profit (loss) for the period | 9904 | €30,442,567 | €20,388,583 | -€10.1m | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,442,567 | €20,388,583 | -€10.1m | -33.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.