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 -€126,082
down €126,082 (-10.7%), from €1.2m to €1.1m
of which Plant, machinery and equipment: -€92,782
- Profit (loss) carried forward -€99,549
down €99,549 (-5.0%), from -€2.0m to -€2.1m
- Other debts -€24,449
down €24,449 (-0.8%), from €3.2m to €3.1m
- Gross operating margin +€987
up €987 (+3.1%), from €31,462 to €32,449
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 | €1,183,017 | €1,059,019 | -€123,998 | -10.5% |
| Fixed assets | 21/28 | €1,182,860 | €1,056,778 | -€126,082 | -10.7% |
| Tangible fixed assets | 22/27 | €1,182,860 | €1,056,778 | -€126,082 | -10.7% |
| Land and buildings | 22 | €640,500 | €607,200 | -€33,300 | -5.2% |
| Plant, machinery and equipment | 23 | €542,360 | €449,578 | -€92,782 | -17.1% |
| Current assets | 29/58 | €157 | €2,241 | +€2,084 | +1323.4% |
| Cash at bank and in hand | 54/58 | €157 | €2,241 | +€2,084 | +1323.4% |
| Total equity and liabilities | 10/49 | €1,183,017 | €1,059,019 | -€123,998 | -10.5% |
| Equity | 10/15 | -€1,981,756 | -€2,081,305 | -€99,549 | -5.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Outside capital | 11 | €12,400 | - | -€12,400 | |
| Share premium | 1100/10 | €12,400 | - | -€12,400 | |
| Profit (loss) carried forward | 14 | -€1,994,156 | -€2,093,705 | -€99,549 | -5.0% |
| Amounts payable | 17/49 | €3,164,773 | €3,140,324 | -€24,449 | -0.8% |
| Amounts payable within one year | 42/48 | €3,164,773 | €3,140,324 | -€24,449 | -0.8% |
| Other amounts payable | 47/48 | €3,164,773 | €3,140,324 | -€24,449 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,010 | €126,082 | +€72 | +0.1% |
| Other operating charges | 640/8 | €5,721 | €5,901 | +€180 | +3.1% |
| Gross operating margin | 9900 | €31,462 | €32,449 | +€987 | +3.1% |
| Operating profit (loss) | 9901 | -€100,269 | -€99,534 | +€735 | +0.7% |
| Financial charges | 65/66B | €15 | €15 | = | 0.0% |
| Recurring financial charges | 65 | €15 | €15 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€100,284 | -€99,549 | +€735 | +0.7% |
| Profit (loss) for the period | 9904 | -€100,284 | -€99,549 | +€735 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€100,284 | -€99,549 | +€735 | +0.7% |
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.