VF ELEC: 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.
VF ELEC
Largest movements
- Tangible fixed assets +€18,036
up €18,036 (+75.5%), from €23,889 to €41,924
of which Furniture and vehicles: +€36,662
- Receivables within one year -€5,229
down €5,229 (-13.1%), from €39,791 to €34,562
of which Trade receivables: -€5,138
- Deferred charges and accrued income +€4,055
up €4,055 (+209%), from €1,945 to €5,999
- Cash -€3,667
down €3,667 (-45.9%), from €7,993 to €4,326
mainly Investment in fixed assets (net) (-€40,818) and Trade debts (-€23,520)
- Intangible fixed assets -€3,180
down €3,180 (-13.1%), from €24,197 to €21,017
- Debts after one year +€24,658
up €24,658 (+48.4%), from €50,901 to €75,559
- Trade debts -€23,520
down €23,520 (-74.5%), from €31,567 to €8,047
- Profit (loss) carried forward +€17,456
up €17,456 (+3,285%), from €531 to €17,987
- Other debts -€3,179
down €3,179 (-53.7%), from €5,915 to €2,736
- Tax, wage and social debts -€2,857
down €2,857 (-70.9%), from €4,032 to €1,175
of which Remuneration and social security: -€1,889
- Staff costs -€32,958
down €32,958 (-88.2%), from €37,367 to €4,409
- Gross operating margin +€21,194
up €21,194 (+62.7%), from €33,808 to €55,001
- Other operating charges +€3,067
up €3,067 (+555%), from €553 to €3,620
- Taxes -€2,170
no longer reported in 2025 (was €2,170)
- Depreciation +€1,177
up €1,177 (+4.7%), from €24,785 to €25,962
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 | €110,669 | €122,466 | +€11,797 | +10.7% |
| Fixed assets | 21/28 | €48,085 | €62,941 | +€14,856 | +30.9% |
| Intangible fixed assets | 21 | €24,197 | €21,017 | -€3,180 | -13.1% |
| Tangible fixed assets | 22/27 | €23,889 | €41,924 | +€18,036 | +75.5% |
| Plant, machinery and equipment | 23 | €11,080 | €1,545 | -€9,535 | -86.1% |
| Furniture and vehicles | 24 | €3,718 | €40,380 | +€36,662 | +986% |
| Leasing and similar rights | 25 | €9,091 | - | -€9,091 | |
| Current assets | 29/58 | €62,584 | €59,525 | -€3,059 | -4.9% |
| Stocks and contracts in progress | 3 | €12,856 | €14,638 | +€1,782 | +13.9% |
| Stocks | 30/36 | €12,856 | €14,638 | +€1,782 | +13.9% |
| Amounts receivable within one year | 40/41 | €39,791 | €34,562 | -€5,229 | -13.1% |
| Trade receivables | 40 | €23,084 | €17,946 | -€5,138 | -22.3% |
| Other amounts receivable | 41 | €16,707 | €16,616 | -€91 | -0.5% |
| Cash at bank and in hand | 54/58 | €7,993 | €4,326 | -€3,667 | -45.9% |
| Deferred charges and accrued income | 490/1 | €1,945 | €5,999 | +€4,055 | +209% |
| Total equity and liabilities | 10/49 | €110,669 | €122,466 | +€11,797 | +10.7% |
| Equity | 10/15 | €3,031 | €20,487 | +€17,456 | +576% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €531 | €17,987 | +€17,456 | +3,285% |
| Amounts payable | 17/49 | €107,638 | €101,978 | -€5,659 | -5.3% |
| Amounts payable after more than one year | 17 | €50,901 | €75,559 | +€24,658 | +48.4% |
| Financial debts | 170/4 | €50,901 | €75,559 | +€24,658 | +48.4% |
| Amounts payable within one year | 42/48 | €56,160 | €25,865 | -€30,295 | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €14,645 | €13,907 | -€738 | -5.0% |
| Trade debts | 44 | €31,567 | €8,047 | -€23,520 | -74.5% |
| Suppliers | 440/4 | €31,567 | €8,047 | -€23,520 | -74.5% |
| Taxes, remuneration and social security | 45 | €4,032 | €1,175 | -€2,857 | -70.9% |
| Taxes | 450/3 | €1,656 | €688 | -€968 | -58.4% |
| Remuneration and social security | 454/9 | €2,376 | €487 | -€1,889 | -79.5% |
| Other amounts payable | 47/48 | €5,915 | €2,736 | -€3,179 | -53.7% |
| Accrued charges and deferred income | 492/3 | €577 | €555 | -€23 | -3.9% |
| Remuneration, social security and pensions | 62 | €37,367 | €4,409 | -€32,958 | -88.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,785 | €25,962 | +€1,177 | +4.7% |
| Other operating charges | 640/8 | €553 | €3,620 | +€3,067 | +555% |
| Gross operating margin | 9900 | €33,808 | €55,001 | +€21,194 | +62.7% |
| Operating profit (loss) | 9901 | -€28,898 | €21,010 | +€49,908 | |
| Financial income | 75/76B | €19 | - | -€19 | |
| Recurring financial income | 75 | €19 | - | -€19 | |
| Financial charges | 65/66B | €3,535 | €3,554 | +€19 | +0.5% |
| Recurring financial charges | 65 | €3,535 | €3,554 | +€19 | +0.5% |
| Profit (loss) for the period before taxes | 9903 | -€32,414 | €17,456 | +€49,870 | |
| Income taxes | 67/77 | €2,170 | - | -€2,170 | |
| Profit (loss) for the period | 9904 | -€34,584 | €17,456 | +€52,040 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,584 | €17,456 | +€52,040 |
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 15 October 2026 via checked.be.