VF-TRANS: 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-TRANS
Largest movements
- Tangible fixed assets +€45,632
up €45,632 (+34.3%), from €133,029 to €178,662
- Deferred charges and accrued income +€5,924
up €5,924 (+378.9%), from €1,563 to €7,488
- Receivables within one year -€5,446
down €5,446 (-20.2%), from €26,982 to €21,536
of which Trade receivables: -€6,124
- Cash -€3,421
down €3,421 (-5.8%), from €58,745 to €55,324
mainly Investment in fixed assets (net) (-€72,000) and Contributions, distributions and other (-€30,000)
- Debts after one year +€35,688
up €35,688 (+35.4%), from €100,784 to €136,472
- Current portion of long-term debt +€15,921
up €15,921 (+93.2%), from €17,082 to €33,003
- Reserves -€11,577
down €11,577 (-23.5%), from €49,185 to €37,608
of which Distributable reserves: -€11,577
- Other debts +€11,292
up €11,292 (+55.3%), from €20,419 to €31,711
- Tax, wage and social debts -€5,443
down €5,443 (-55.2%), from €9,858 to €4,416
of which Taxes: -€5,443
- Depreciation +€17,997
up €17,997 (+215.0%), from €8,371 to €26,368
- Gross operating margin -€3,781
down €3,781 (-6.1%), from €62,382 to €58,601
- Taxes -€1,819
down €1,819 (-35.1%), from €5,188 to €3,369
- Staff costs +€1,658
up €1,658 (+395.7%), from €419 to €2,077
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 | €220,319 | €263,009 | +€42,690 | +19.4% |
| Fixed assets | 21/28 | €133,029 | €178,662 | +€45,632 | +34.3% |
| Tangible fixed assets | 22/27 | €133,029 | €178,662 | +€45,632 | +34.3% |
| Leasing and similar rights | 25 | €133,029 | €178,662 | +€45,632 | +34.3% |
| Current assets | 29/58 | €87,290 | €84,348 | -€2,943 | -3.4% |
| Amounts receivable within one year | 40/41 | €26,982 | €21,536 | -€5,446 | -20.2% |
| Trade receivables | 40 | €21,030 | €14,906 | -€6,124 | -29.1% |
| Other amounts receivable | 41 | €5,952 | €6,630 | +€678 | +11.4% |
| Cash at bank and in hand | 54/58 | €58,745 | €55,324 | -€3,421 | -5.8% |
| Deferred charges and accrued income | 490/1 | €1,563 | €7,488 | +€5,924 | +378.9% |
| Total equity and liabilities | 10/49 | €220,319 | €263,009 | +€42,690 | +19.4% |
| Equity | 10/15 | €64,185 | €52,608 | -€11,577 | -18.0% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €49,185 | €37,608 | -€11,577 | -23.5% |
| Tax-exempt reserves | 132 | €10,104 | €10,104 | = | 0.0% |
| Distributable reserves | 133 | €39,081 | €27,504 | -€11,577 | -29.6% |
| Amounts payable | 17/49 | €156,134 | €210,401 | +€54,267 | +34.8% |
| Amounts payable after more than one year | 17 | €100,784 | €136,472 | +€35,688 | +35.4% |
| Financial debts | 170/4 | €100,784 | €136,472 | +€35,688 | +35.4% |
| Amounts payable within one year | 42/48 | €51,674 | €69,320 | +€17,645 | +34.1% |
| Current portion of amounts payable after more than one year | 42 | €17,082 | €33,003 | +€15,921 | +93.2% |
| Trade debts | 44 | €4,315 | €190 | -€4,125 | -95.6% |
| Suppliers | 440/4 | €4,315 | €190 | -€4,125 | -95.6% |
| Taxes, remuneration and social security | 45 | €9,858 | €4,416 | -€5,443 | -55.2% |
| Taxes | 450/3 | €7,658 | €2,216 | -€5,443 | -71.1% |
| Remuneration and social security | 454/9 | €2,200 | €2,200 | = | 0.0% |
| Other amounts payable | 47/48 | €20,419 | €31,711 | +€11,292 | +55.3% |
| Accrued charges and deferred income | 492/3 | €3,676 | €4,610 | +€934 | +25.4% |
| Non-recurring operating income | 76A | €10,104 | - | -€10,104 | |
| Remuneration, social security and pensions | 62 | €419 | €2,077 | +€1,658 | +395.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,371 | €26,368 | +€17,997 | +215.0% |
| Other operating charges | 640/8 | €2,363 | €2,850 | +€487 | +20.6% |
| Gross operating margin | 9900 | €62,382 | €58,601 | -€3,781 | -6.1% |
| Operating profit (loss) | 9901 | €51,230 | €27,307 | -€23,923 | -46.7% |
| Financial income | 75/76B | €97 | - | -€97 | |
| Recurring financial income | 75 | €97 | - | -€97 | |
| Financial charges | 65/66B | €6,073 | €5,515 | -€558 | -9.2% |
| Recurring financial charges | 65 | €6,073 | €5,515 | -€558 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €45,254 | €21,792 | -€23,462 | -51.8% |
| Income taxes | 67/77 | €5,188 | €3,369 | -€1,819 | -35.1% |
| Profit (loss) for the period | 9904 | €40,066 | €18,423 | -€21,643 | -54.0% |
| Transfer to tax-exempt reserves | 689 | €10,104 | - | -€10,104 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,962 | €18,423 | -€11,539 | -38.5% |
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 4 October 2026 via checked.be.