VF Group: 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.
VF Group
Largest movements
- Financial fixed assets +€119,500
up €119,500 (+4596.2%), from €2,600 to €122,100
- Receivables within one year +€62,694
up €62,694 (+8523.0%), from €736 to €63,429
of which Other amounts receivable: +€50,184
- Cash +€54,054
up €54,054 (+27891.8%), from €194 to €54,248
mainly Net result for the year (+€166,578) and Debts after one year (+€27,566)
- Tangible fixed assets -€31,926
down €31,926 (-100.0%), from €31,926 to €0
of which Plant, machinery and equipment: -€31,187
- Profit (loss) carried forward +€166,578
up €166,578 (+96.3%), from -€173,024 to -€6,446
- Debts after one year +€27,566
up €27,566 (+13.7%), from €201,830 to €229,396
of which Other amounts payable: +€15,000
- Tax, wage and social debts +€11,827
up €11,827, from €0 to €11,827
- Trade debts -€3,480
down €3,480 (-100.0%), from €3,480 to €0
- Gross operating margin +€216,648
up €216,648, from -€3,557 to €213,092
- Taxes +€7,954
up €7,954 (+187.2%), from €4,249 to €12,203
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 | €37,528 | €239,777 | +€202,249 | +538.9% |
| Fixed assets | 21/28 | €36,599 | €122,100 | +€85,501 | +233.6% |
| Intangible fixed assets | 21 | €2,073 | €0 | -€2,073 | -100.0% |
| Tangible fixed assets | 22/27 | €31,926 | €0 | -€31,926 | -100.0% |
| Plant, machinery and equipment | 23 | €31,187 | €0 | -€31,187 | -100.0% |
| Furniture and vehicles | 24 | €738 | €0 | -€738 | -100.0% |
| Financial fixed assets | 28 | €2,600 | €122,100 | +€119,500 | +4596.2% |
| Current assets | 29/58 | €929 | €117,677 | +€116,748 | +12561.9% |
| Amounts receivable within one year | 40/41 | €736 | €63,429 | +€62,694 | +8523.0% |
| Trade receivables | 40 | €0 | €12,510 | +€12,510 | |
| Other amounts receivable | 41 | €736 | €50,919 | +€50,184 | +6822.3% |
| Cash at bank and in hand | 54/58 | €194 | €54,248 | +€54,054 | +27891.8% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €37,528 | €239,777 | +€202,249 | +538.9% |
| Equity | 10/15 | -€168,024 | -€1,446 | +€166,578 | +99.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€173,024 | -€6,446 | +€166,578 | +96.3% |
| Amounts payable | 17/49 | €205,552 | €241,223 | +€35,671 | +17.4% |
| Amounts payable after more than one year | 17 | €201,830 | €229,396 | +€27,566 | +13.7% |
| Financial debts | 170/4 | €201,730 | €214,296 | +€12,566 | +6.2% |
| Other amounts payable | 178/9 | €100 | €15,100 | +€15,000 | +15000.0% |
| Amounts payable within one year | 42/48 | €3,722 | €11,827 | +€8,105 | +217.8% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €3,480 | €0 | -€3,480 | -100.0% |
| Suppliers | 440/4 | €3,480 | €0 | -€3,480 | -100.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €11,827 | +€11,827 | |
| Taxes | 450/3 | €0 | €11,827 | +€11,827 | |
| Other amounts payable | 47/48 | €242 | €0 | -€242 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Other operating charges | 640/8 | €590 | €643 | +€53 | +9.0% |
| Non-recurring operating charges | 66A | - | €33,999 | +€33,999 | |
| Gross operating margin | 9900 | -€3,557 | €213,092 | +€216,648 | |
| Operating profit (loss) | 9901 | -€4,147 | €178,450 | +€182,597 | |
| Financial income | 75/76B | - | €332 | +€332 | |
| Recurring financial income | 75 | - | €332 | +€332 | |
| Financial charges | 65/66B | €13 | €0 | -€13 | -100.0% |
| Recurring financial charges | 65 | €13 | €0 | -€13 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,160 | €178,782 | +€182,941 | |
| Income taxes | 67/77 | €4,249 | €12,203 | +€7,954 | +187.2% |
| Profit (loss) for the period | 9904 | -€8,409 | €166,578 | +€174,987 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,409 | €166,578 | +€174,987 |
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 5 October 2026 via checked.be.