VFC: 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.
VFC
Largest movements
- Intangible fixed assets -€34,327
down €34,327 (-13.5%), from €254,512 to €220,185
- Cash +€17,078
up €17,078 (+48.1%), from €35,525 to €52,603
mainly Other debts (+€57,271) and Net result for the year (+€48,388)
- Tangible fixed assets +€9,666
up €9,666 (+215%), from €4,500 to €14,166
of which Furniture and vehicles: +€10,059
- Receivables within one year +€3,901
up €3,901 (+16.8%), from €23,209 to €27,110
of which Trade receivables: +€4,748
- Other debts +€57,271
up €57,271, from €0 to €57,271
- Debts after one year -€31,484
down €31,484 (-14.2%), from €221,497 to €190,014
- Reserves -€27,883
down €27,883 (-78.0%), from €35,746 to €7,863
- Tax, wage and social debts -€5,568
down €5,568 (-50.6%), from €10,995 to €5,426
of which Taxes: -€5,650
- Trade debts +€3,827
up €3,827 (+72.6%), from €5,274 to €9,101
- Gross operating margin +€29,493
up €29,493 (+29.0%), from €101,720 to €131,213
- Taxes +€4,398
up €4,398 (+54.9%), from €8,004 to €12,402
- Depreciation +€3,913
up €3,913 (+10.6%), from €37,074 to €40,987
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 | €319,124 | €316,160 | -€2,964 | -0.9% |
| Fixed assets | 21/28 | €259,212 | €234,551 | -€24,661 | -9.5% |
| Intangible fixed assets | 21 | €254,512 | €220,185 | -€34,327 | -13.5% |
| Tangible fixed assets | 22/27 | €4,500 | €14,166 | +€9,666 | +215% |
| Plant, machinery and equipment | 23 | €1,005 | €612 | -€393 | -39.1% |
| Furniture and vehicles | 24 | €3,495 | €13,554 | +€10,059 | +288% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €59,911 | €81,609 | +€21,697 | +36.2% |
| Amounts receivable within one year | 40/41 | €23,209 | €27,110 | +€3,901 | +16.8% |
| Trade receivables | 40 | €12,625 | €17,373 | +€4,748 | +37.6% |
| Other amounts receivable | 41 | €10,584 | €9,736 | -€847 | -8.0% |
| Cash at bank and in hand | 54/58 | €35,525 | €52,603 | +€17,078 | +48.1% |
| Deferred charges and accrued income | 490/1 | €1,177 | €1,895 | +€718 | +61.0% |
| Total equity and liabilities | 10/49 | €319,124 | €316,160 | -€2,964 | -0.9% |
| Equity | 10/15 | €50,746 | €22,863 | -€27,883 | -54.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €35,746 | €7,863 | -€27,883 | -78.0% |
| Distributable reserves | 133 | €35,746 | €7,863 | -€27,883 | -78.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €268,378 | €293,296 | +€24,919 | +9.3% |
| Amounts payable after more than one year | 17 | €221,497 | €190,014 | -€31,484 | -14.2% |
| Financial debts | 170/4 | €221,497 | €190,014 | -€31,484 | -14.2% |
| Amounts payable within one year | 42/48 | €46,880 | €103,282 | +€56,402 | +120% |
| Current portion of amounts payable after more than one year | 42 | €30,612 | €31,483 | +€872 | +2.8% |
| Trade debts | 44 | €5,274 | €9,101 | +€3,827 | +72.6% |
| Suppliers | 440/4 | €5,274 | €9,101 | +€3,827 | +72.6% |
| Taxes, remuneration and social security | 45 | €10,995 | €5,426 | -€5,568 | -50.6% |
| Taxes | 450/3 | €7,940 | €2,290 | -€5,650 | -71.2% |
| Remuneration and social security | 454/9 | €3,054 | €3,136 | +€82 | +2.7% |
| Other amounts payable | 47/48 | €0 | €57,271 | +€57,271 | |
| Remuneration, social security and pensions | 62 | €20,860 | €21,280 | +€420 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,074 | €40,987 | +€3,913 | +10.6% |
| Other operating charges | 640/8 | €591 | €725 | +€134 | +22.7% |
| Non-recurring operating charges | 66A | €135 | €1,245 | +€1,110 | +821% |
| Gross operating margin | 9900 | €101,720 | €131,213 | +€29,493 | +29.0% |
| Operating profit (loss) | 9901 | €43,061 | €66,977 | +€23,916 | +55.5% |
| Financial income | 75/76B | €511 | €652 | +€142 | +27.7% |
| Recurring financial income | 75 | €511 | €652 | +€142 | +27.7% |
| Financial charges | 65/66B | €7,684 | €6,839 | -€845 | -11.0% |
| Recurring financial charges | 65 | €7,684 | €6,839 | -€845 | -11.0% |
| Profit (loss) for the period before taxes | 9903 | €35,887 | €60,790 | +€24,902 | +69.4% |
| Income taxes | 67/77 | €8,004 | €12,402 | +€4,398 | +54.9% |
| Profit (loss) for the period | 9904 | €27,883 | €48,388 | +€20,505 | +73.5% |
| Profit (loss) for the period to be appropriated | 9905 | €27,883 | €48,388 | +€20,505 | +73.5% |
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 26 October 2026 via checked.be.