VFC MAINTENANCE: 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 MAINTENANCE
Largest movements
- Tangible fixed assets +€146,709
up €146,709 (+174.8%), from €83,924 to €230,633
of which Land and buildings: +€142,000
- Stocks and contracts -€74,122
down €74,122 (-41.6%), from €178,176 to €104,055
of which Contracts in progress: -€45,014
- Receivables within one year +€72,386
up €72,386 (+42.2%), from €171,682 to €244,068
of which Trade receivables: +€74,504
- Cash +€60,301
up €60,301 (+180.9%), from €33,328 to €93,629
mainly Debts after one year (+€122,408) and Stocks and contracts (+€74,122)
- Debts after one year +€122,408
up €122,408 (+420.3%), from €29,126 to €151,534
- Reserves +€45,539
up €45,539 (+2448.3%), from €1,860 to €47,399
- Trade debts +€32,299
up €32,299 (+27.4%), from €117,802 to €150,102
- Tax, wage and social debts +€8,525
up €8,525 (+8.9%), from €95,349 to €103,873
of which Remuneration and social security: +€4,402
- Gross operating margin +€61,578
up €61,578 (+9.2%), from €671,925 to €733,503
- Taxes +€18,093
up €18,093 (+100.7%), from €17,974 to €36,067
- Staff costs +€10,087
up €10,087 (+1.8%), from €566,962 to €577,050
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 | €475,070 | €681,514 | +€206,444 | +43.5% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €89,804 | €234,963 | +€145,159 | +161.6% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €83,924 | €230,633 | +€146,709 | +174.8% |
| Land and buildings | 22 | €17,315 | €159,315 | +€142,000 | +820.1% |
| Plant, machinery and equipment | 23 | €3,074 | €1,936 | -€1,138 | -37.0% |
| Furniture and vehicles | 24 | €51,035 | €69,382 | +€18,348 | +36.0% |
| Assets under construction and advance payments | 27 | €12,500 | - | -€12,500 | |
| Financial fixed assets | 28 | €5,880 | €4,330 | -€1,550 | -26.4% |
| Current assets | 29/58 | €385,266 | €446,551 | +€61,285 | +15.9% |
| Stocks and contracts in progress | 3 | €178,176 | €104,055 | -€74,122 | -41.6% |
| Stocks | 30/36 | €133,162 | €104,055 | -€29,108 | -21.9% |
| Contracts in progress | 37 | €45,014 | - | -€45,014 | |
| Amounts receivable within one year | 40/41 | €171,682 | €244,068 | +€72,386 | +42.2% |
| Trade receivables | 40 | €114,193 | €188,697 | +€74,504 | +65.2% |
| Other amounts receivable | 41 | €57,489 | €55,370 | -€2,118 | -3.7% |
| Cash at bank and in hand | 54/58 | €33,328 | €93,629 | +€60,301 | +180.9% |
| Deferred charges and accrued income | 490/1 | €2,079 | €4,799 | +€2,720 | +130.8% |
| Total equity and liabilities | 10/49 | €475,070 | €681,514 | +€206,444 | +43.5% |
| Equity | 10/15 | €151,860 | €197,399 | +€45,539 | +30.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €47,399 | +€45,539 | +2448.3% |
| Distributable reserves | 133 | €1,860 | €47,399 | +€45,539 | +2448.3% |
| Profit (loss) carried forward | 14 | €131,400 | €131,400 | = | 0.0% |
| Amounts payable | 17/49 | €323,210 | €484,115 | +€160,904 | +49.8% |
| Amounts payable after more than one year | 17 | €29,126 | €151,534 | +€122,408 | +420.3% |
| Financial debts | 170/4 | €29,126 | €151,534 | +€122,408 | +420.3% |
| Amounts payable within one year | 42/48 | €294,084 | €326,467 | +€32,383 | +11.0% |
| Current portion of amounts payable after more than one year | 42 | €52,974 | €47,492 | -€5,482 | -10.3% |
| Financial debts | 43 | €25,000 | €25,000 | = | 0.0% |
| Credit institutions | 430/8 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €117,802 | €150,102 | +€32,299 | +27.4% |
| Suppliers | 440/4 | €117,802 | €150,102 | +€32,299 | +27.4% |
| Taxes, remuneration and social security | 45 | €95,349 | €103,873 | +€8,525 | +8.9% |
| Taxes | 450/3 | €19,919 | €24,042 | +€4,123 | +20.7% |
| Remuneration and social security | 454/9 | €75,429 | €79,832 | +€4,402 | +5.8% |
| Other amounts payable | 47/48 | €2,960 | - | -€2,960 | |
| Accrued charges and deferred income | 492/3 | - | €6,113 | +€6,113 | |
| Non-recurring operating income | 76A | - | €4,344 | +€4,344 | |
| Remuneration, social security and pensions | 62 | €566,962 | €577,050 | +€10,087 | +1.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,677 | €51,874 | +€6,197 | +13.6% |
| Other operating charges | 640/8 | €8,088 | €12,986 | +€4,898 | +60.6% |
| Gross operating margin | 9900 | €671,925 | €733,503 | +€61,578 | +9.2% |
| Operating profit (loss) | 9901 | €51,198 | €91,593 | +€40,395 | +78.9% |
| Financial income | 75/76B | €1,252 | €2,151 | +€899 | +71.8% |
| Recurring financial income | 75 | €1,252 | €2,151 | +€899 | +71.8% |
| Financial charges | 65/66B | €8,408 | €12,138 | +€3,730 | +44.4% |
| Recurring financial charges | 65 | €8,408 | €12,138 | +€3,730 | +44.4% |
| Profit (loss) for the period before taxes | 9903 | €44,043 | €81,607 | +€37,564 | +85.3% |
| Income taxes | 67/77 | €17,974 | €36,067 | +€18,093 | +100.7% |
| Profit (loss) for the period | 9904 | €26,068 | €45,539 | +€19,471 | +74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €26,068 | €45,539 | +€19,471 | +74.7% |
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 11 October 2026 via checked.be.