VFE: 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.
VFE
Largest movements
- Tangible fixed assets -€29,061
down €29,061 (-48.2%), from €60,244 to €31,183
of which Furniture and vehicles: -€27,935
- Cash -€17,244
down €17,244 (-3.1%), from €558,794 to €541,551
mainly Contributions, distributions and other (-€168,483) and Tax, wage and social debts (-€33,578)
- Tax, wage and social debts -€33,578
down €33,578 (-50.4%), from €66,680 to €33,102
of which Taxes: -€33,866
- Trade debts -€10,546
down €10,546 (-50.8%), from €20,780 to €10,234
- Gross operating margin +€17,193
up €17,193 (+7.7%), from €222,079 to €239,271
- Depreciation -€6,136
down €6,136 (-35.0%), from €17,514 to €11,378
- Taxes +€3,218
up €3,218 (+5.3%), from €60,994 to €64,211
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 | €706,254 | €655,687 | -€50,566 | -7.2% |
| Fixed assets | 21/28 | €60,250 | €31,189 | -€29,061 | -48.2% |
| Tangible fixed assets | 22/27 | €60,244 | €31,183 | -€29,061 | -48.2% |
| Plant, machinery and equipment | 23 | €2,132 | €1,278 | -€854 | -40.1% |
| Furniture and vehicles | 24 | €56,256 | €28,321 | -€27,935 | -49.7% |
| Other tangible fixed assets | 26 | €1,856 | €1,584 | -€272 | -14.7% |
| Financial fixed assets | 28 | €7 | €7 | = | 0.0% |
| Current assets | 29/58 | €646,003 | €624,498 | -€21,505 | -3.3% |
| Stocks and contracts in progress | 3 | €13,458 | €12,328 | -€1,130 | -8.4% |
| Stocks | 30/36 | €13,458 | €12,328 | -€1,130 | -8.4% |
| Amounts receivable within one year | 40/41 | €68,038 | €65,616 | -€2,422 | -3.6% |
| Trade receivables | 40 | €68,038 | €64,794 | -€3,244 | -4.8% |
| Other amounts receivable | 41 | - | €822 | +€822 | |
| Cash at bank and in hand | 54/58 | €558,794 | €541,551 | -€17,244 | -3.1% |
| Deferred charges and accrued income | 490/1 | €5,713 | €5,004 | -€710 | -12.4% |
| Total equity and liabilities | 10/49 | €706,254 | €655,687 | -€50,566 | -7.2% |
| Equity | 10/15 | €611,141 | €604,701 | -€6,440 | -1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €592,541 | €586,101 | -€6,440 | -1.1% |
| Non-distributable reserves | 130/1 | €100 | €100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €100 | €100 | = | 0.0% |
| Distributable reserves | 133 | €592,441 | €586,001 | -€6,440 | -1.1% |
| Amounts payable | 17/49 | €95,112 | €50,986 | -€44,126 | -46.4% |
| Amounts payable within one year | 42/48 | €95,112 | €50,986 | -€44,126 | -46.4% |
| Trade debts | 44 | €20,780 | €10,234 | -€10,546 | -50.8% |
| Suppliers | 440/4 | €20,780 | €10,234 | -€10,546 | -50.8% |
| Advances received on contracts in progress | 46 | €937 | €614 | -€323 | -34.5% |
| Taxes, remuneration and social security | 45 | €66,680 | €33,102 | -€33,578 | -50.4% |
| Taxes | 450/3 | €65,400 | €31,534 | -€33,866 | -51.8% |
| Remuneration and social security | 454/9 | €1,280 | €1,568 | +€288 | +22.5% |
| Other amounts payable | 47/48 | €6,716 | €7,036 | +€321 | +4.8% |
| Non-recurring operating income | 76A | €8,328 | - | -€8,328 | |
| Remuneration, social security and pensions | 62 | €1,465 | - | -€1,465 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,514 | €11,378 | -€6,136 | -35.0% |
| Other operating charges | 640/8 | €2,128 | €2,198 | +€70 | +3.3% |
| Non-recurring operating charges | 66A | - | €1,981 | +€1,981 | |
| Gross operating margin | 9900 | €222,079 | €239,271 | +€17,193 | +7.7% |
| Operating profit (loss) | 9901 | €200,972 | €223,715 | +€22,743 | +11.3% |
| Financial income | 75/76B | €1,867 | €2,598 | +€732 | +39.2% |
| Recurring financial income | 75 | €1,867 | €2,598 | +€732 | +39.2% |
| Financial charges | 65/66B | €538 | €59 | -€479 | -89.0% |
| Recurring financial charges | 65 | €538 | €59 | -€479 | -89.0% |
| Profit (loss) for the period before taxes | 9903 | €202,300 | €226,254 | +€23,954 | +11.8% |
| Income taxes | 67/77 | €60,994 | €64,211 | +€3,218 | +5.3% |
| Profit (loss) for the period | 9904 | €141,306 | €162,043 | +€20,736 | +14.7% |
| Profit (loss) for the period to be appropriated | 9905 | €141,306 | €162,043 | +€20,736 | +14.7% |
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.