VFM: 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.
VFM
Largest movements
- Tangible fixed assets -€22,804
down €22,804 (-3.6%), from €631,504 to €608,700
of which Land and buildings: -€23,850
- Receivables within one year -€13,364
down €13,364 (-33.1%), from €40,352 to €26,988
of which Other amounts receivable: -€27,436
- Deferred charges and accrued income -€9,000
down €9,000 (-99.9%), from €9,009 to €9
- Trade debts -€88,806
down €88,806 (-95.4%), from €93,081 to €4,275
- Profit (loss) carried forward +€52,263
up €52,263, from -€14,170 to €38,093
- Debts after one year -€28,205
down €28,205 (-5.2%), from €540,777 to €512,572
- Other debts +€20,081
up €20,081 (+80.1%), from €25,085 to €45,166
- Other operating charges -€72,679
down €72,679 (-93.0%), from €78,110 to €5,431
- Gross operating margin +€57,317
up €57,317 (+86.3%), from €66,391 to €123,708
- Financial charges +€20,483
up €20,483 (+262.0%), from €7,818 to €28,301
- Depreciation +€19,396
up €19,396 (+431.4%), from €4,496 to €23,893
- Taxes +€11,599
up €11,599 (+4762.5%), from €244 to €11,842
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 | €695,654 | €647,148 | -€48,505 | -7.0% |
| Fixed assets | 21/28 | €636,004 | €613,200 | -€22,804 | -3.6% |
| Tangible fixed assets | 22/27 | €631,504 | €608,700 | -€22,804 | -3.6% |
| Land and buildings | 22 | €631,504 | €607,654 | -€23,850 | -3.8% |
| Furniture and vehicles | 24 | - | €1,046 | +€1,046 | |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €59,650 | €33,948 | -€25,702 | -43.1% |
| Amounts receivable within one year | 40/41 | €40,352 | €26,988 | -€13,364 | -33.1% |
| Trade receivables | 40 | €12,916 | €26,988 | +€14,072 | +109.0% |
| Other amounts receivable | 41 | €27,436 | - | -€27,436 | |
| Cash at bank and in hand | 54/58 | €10,289 | €6,951 | -€3,338 | -32.4% |
| Deferred charges and accrued income | 490/1 | €9,009 | €9 | -€9,000 | -99.9% |
| Total equity and liabilities | 10/49 | €695,654 | €647,148 | -€48,505 | -7.0% |
| Equity | 10/15 | -€7,970 | €44,293 | +€52,263 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€14,170 | €38,093 | +€52,263 | |
| Amounts payable | 17/49 | €703,624 | €602,855 | -€100,769 | -14.3% |
| Amounts payable after more than one year | 17 | €540,777 | €512,572 | -€28,205 | -5.2% |
| Financial debts | 170/4 | €540,777 | €512,572 | -€28,205 | -5.2% |
| Amounts payable within one year | 42/48 | €162,847 | €90,283 | -€72,564 | -44.6% |
| Current portion of amounts payable after more than one year | 42 | €26,881 | €28,205 | +€1,324 | +4.9% |
| Financial debts | 43 | - | €162 | +€162 | |
| Other loans | 439 | - | €162 | +€162 | |
| Trade debts | 44 | €93,081 | €4,275 | -€88,806 | -95.4% |
| Suppliers | 440/4 | €93,081 | €4,275 | -€88,806 | -95.4% |
| Taxes, remuneration and social security | 45 | €17,801 | €12,475 | -€5,326 | -29.9% |
| Taxes | 450/3 | €15,322 | €9,997 | -€5,326 | -34.8% |
| Remuneration and social security | 454/9 | €2,478 | €2,478 | = | 0.0% |
| Other amounts payable | 47/48 | €25,085 | €45,166 | +€20,081 | +80.1% |
| Remuneration, social security and pensions | 62 | €1,658 | €1,978 | +€320 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,496 | €23,893 | +€19,396 | +431.4% |
| Other operating charges | 640/8 | €78,110 | €5,431 | -€72,679 | -93.0% |
| Gross operating margin | 9900 | €66,391 | €123,708 | +€57,317 | +86.3% |
| Operating profit (loss) | 9901 | -€17,874 | €92,406 | +€110,280 | |
| Financial income | 75/76B | €5 | - | -€5 | |
| Recurring financial income | 75 | €5 | - | -€5 | |
| Financial charges | 65/66B | €7,818 | €28,301 | +€20,483 | +262.0% |
| Recurring financial charges | 65 | €7,818 | €28,301 | +€20,483 | +262.0% |
| Profit (loss) for the period before taxes | 9903 | -€25,687 | €64,105 | +€89,793 | |
| Income taxes | 67/77 | €244 | €11,842 | +€11,599 | +4762.5% |
| Profit (loss) for the period | 9904 | -€25,931 | €52,263 | +€78,194 | |
| Profit (loss) for the period to be appropriated | 9905 | -€25,931 | €52,263 | +€78,194 |
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 10 October 2026 via checked.be.