VF RACING CONSTRUCT: 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 RACING CONSTRUCT
Largest movements
- Stocks and contracts +€17,928
up €17,928 (+62.5%), from €28,708 to €46,636
- Tangible fixed assets -€7,625
down €7,625 (-33.5%), from €22,743 to €15,117
of which Furniture and vehicles: -€9,912
- Other debts +€26,569
up €26,569 (+86.5%), from €30,711 to €57,280
- Accrued charges and deferred income -€11,219
down €11,219 (-84.1%), from €13,333 to €2,114
- Current portion of long-term debt -€6,666
down €6,666 (-83.3%), from €8,000 to €1,334
- Trade debts +€2,452
up €2,452 (+126.3%), from €1,941 to €4,393
- Gross operating margin -€8,483
down €8,483 (-33.1%), from €25,599 to €17,116
- Other operating charges -€3,745
down €3,745 (-87.5%), from €4,281 to €536
- Financial charges -€945
down €945 (-81.7%), from €1,156 to €211
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 | €191,021 | €202,367 | +€11,346 | +5.9% |
| Fixed assets | 21/28 | €22,743 | €15,117 | -€7,625 | -33.5% |
| Tangible fixed assets | 22/27 | €22,743 | €15,117 | -€7,625 | -33.5% |
| Plant, machinery and equipment | 23 | €5,200 | €7,486 | +€2,286 | +44.0% |
| Furniture and vehicles | 24 | €17,543 | €7,632 | -€9,912 | -56.5% |
| Current assets | 29/58 | €168,278 | €187,250 | +€18,972 | +11.3% |
| Stocks and contracts in progress | 3 | €28,708 | €46,636 | +€17,928 | +62.5% |
| Stocks | 30/36 | €28,708 | €46,636 | +€17,928 | +62.5% |
| Amounts receivable within one year | 40/41 | €133,334 | €133,243 | -€90 | -0.1% |
| Trade receivables | 40 | €131,891 | €129,083 | -€2,809 | -2.1% |
| Other amounts receivable | 41 | €1,442 | €4,161 | +€2,718 | +188.5% |
| Cash at bank and in hand | 54/58 | €6,236 | €7,370 | +€1,134 | +18.2% |
| Total equity and liabilities | 10/49 | €191,021 | €202,367 | +€11,346 | +5.9% |
| Equity | 10/15 | €131,164 | €131,840 | +€676 | +0.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €112,831 | €113,507 | +€676 | +0.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €110,971 | €111,647 | +€676 | +0.6% |
| Profit (loss) carried forward | 14 | -€266 | -€266 | = | 0.0% |
| Amounts payable | 17/49 | €59,857 | €70,527 | +€10,670 | +17.8% |
| Amounts payable after more than one year | 17 | €1,334 | €0 | -€1,334 | -100.0% |
| Financial debts | 170/4 | €1,334 | €0 | -€1,334 | -100.0% |
| Amounts payable within one year | 42/48 | €45,190 | €68,413 | +€23,223 | +51.4% |
| Current portion of amounts payable after more than one year | 42 | €8,000 | €1,334 | -€6,666 | -83.3% |
| Trade debts | 44 | €1,941 | €4,393 | +€2,452 | +126.3% |
| Suppliers | 440/4 | €1,941 | €4,393 | +€2,452 | +126.3% |
| Taxes, remuneration and social security | 45 | €4,538 | €5,406 | +€868 | +19.1% |
| Taxes | 450/3 | €4,538 | €5,406 | +€868 | +19.1% |
| Other amounts payable | 47/48 | €30,711 | €57,280 | +€26,569 | +86.5% |
| Accrued charges and deferred income | 492/3 | €13,333 | €2,114 | -€11,219 | -84.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,036 | €12,985 | -€52 | -0.4% |
| Other operating charges | 640/8 | €4,281 | €536 | -€3,745 | -87.5% |
| Gross operating margin | 9900 | €25,599 | €17,116 | -€8,483 | -33.1% |
| Operating profit (loss) | 9901 | €8,281 | €3,595 | -€4,687 | -56.6% |
| Financial income | 75/76B | €69 | €67 | -€3 | -3.9% |
| Recurring financial income | 75 | €69 | €67 | -€3 | -3.9% |
| Financial charges | 65/66B | €1,156 | €211 | -€945 | -81.7% |
| Recurring financial charges | 65 | €1,156 | €211 | -€945 | -81.7% |
| Profit (loss) for the period before taxes | 9903 | €7,195 | €3,450 | -€3,744 | -52.0% |
| Income taxes | 67/77 | €1,148 | €1,108 | -€40 | -3.5% |
| Profit (loss) for the period | 9904 | €6,046 | €2,342 | -€3,704 | -61.3% |
| Profit (loss) for the period to be appropriated | 9905 | €6,046 | €2,342 | -€3,704 | -61.3% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.