VFRANCO: 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.
VFRANCO
Largest movements
- Receivables after one year -€135,116
down €135,116 (-41.3%), from €327,445 to €192,329
- Receivables within one year +€40,007
up €40,007 (+292.3%), from €13,685 to €53,692
of which Other amounts receivable: +€47,507
- Cash +€20,586
up €20,586 (+75.7%), from €27,203 to €47,789
mainly Receivables after one year (+€135,116) and Tax, wage and social debts (+€16,194)
- Debts after one year -€85,628
down €85,628 (-29.5%), from €290,000 to €204,372
- Tax, wage and social debts +€16,194
up €16,194 (+205.5%), from €7,879 to €24,073
- Financial income -€76,552
down €76,552 (-100.0%), from €76,552 to €0
- Financial charges +€20,373
up €20,373 (+802.9%), from €2,538 to €22,911
- Taxes -€9,738
down €9,738 (-85.5%), from €11,385 to €1,647
- Gross operating margin +€8,078
up €8,078 (+54.6%), from €14,798 to €22,876
- Other operating charges -€1,869
down €1,869 (-55.4%), from €3,377 to €1,507
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 | €671,699 | €596,807 | -€74,892 | -11.1% |
| Fixed assets | 21/28 | €302,319 | €302,997 | +€677 | +0.2% |
| Tangible fixed assets | 22/27 | €2,319 | €2,997 | +€677 | +29.2% |
| Plant, machinery and equipment | 23 | €118 | €1,269 | +€1,152 | +977.2% |
| Furniture and vehicles | 24 | €2,202 | €1,727 | -€474 | -21.5% |
| Financial fixed assets | 28 | €300,000 | €300,000 | = | 0.0% |
| Current assets | 29/58 | €369,380 | €293,810 | -€75,569 | -20.5% |
| Amounts receivable after more than one year | 29 | €327,445 | €192,329 | -€135,116 | -41.3% |
| Other amounts receivable | 291 | €327,445 | €192,329 | -€135,116 | -41.3% |
| Amounts receivable within one year | 40/41 | €13,685 | €53,692 | +€40,007 | +292.3% |
| Trade receivables | 40 | €7,500 | €0 | -€7,500 | -100.0% |
| Other amounts receivable | 41 | €6,185 | €53,692 | +€47,507 | +768.1% |
| Cash at bank and in hand | 54/58 | €27,203 | €47,789 | +€20,586 | +75.7% |
| Deferred charges and accrued income | 490/1 | €1,046 | €0 | -€1,046 | -100.0% |
| Total equity and liabilities | 10/49 | €671,699 | €596,807 | -€74,892 | -11.1% |
| Equity | 10/15 | €371,729 | €366,319 | -€5,410 | -1.5% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €370,229 | €364,819 | -€5,410 | -1.5% |
| Amounts payable | 17/49 | €299,970 | €230,488 | -€69,482 | -23.2% |
| Amounts payable after more than one year | 17 | €290,000 | €204,372 | -€85,628 | -29.5% |
| Financial debts | 170/4 | €290,000 | €204,372 | -€85,628 | -29.5% |
| Amounts payable within one year | 42/48 | €9,970 | €26,116 | +€16,145 | +161.9% |
| Trade debts | 44 | €2,092 | €2,042 | -€49 | -2.3% |
| Suppliers | 440/4 | €2,092 | €2,042 | -€49 | -2.3% |
| Taxes, remuneration and social security | 45 | €7,879 | €24,073 | +€16,194 | +205.5% |
| Taxes | 450/3 | €7,879 | €24,073 | +€16,194 | +205.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,757 | €2,220 | +€464 | +26.4% |
| Other operating charges | 640/8 | €3,377 | €1,507 | -€1,869 | -55.4% |
| Gross operating margin | 9900 | €14,798 | €22,876 | +€8,078 | +54.6% |
| Operating profit (loss) | 9901 | €9,665 | €19,148 | +€9,483 | +98.1% |
| Financial income | 75/76B | €76,552 | €0 | -€76,552 | -100.0% |
| Recurring financial income | 75 | €76,552 | €0 | -€76,552 | -100.0% |
| Financial charges | 65/66B | €2,538 | €22,911 | +€20,373 | +802.9% |
| Recurring financial charges | 65 | €2,538 | €22,911 | +€20,373 | +802.9% |
| Profit (loss) for the period before taxes | 9903 | €83,679 | -€3,762 | -€87,442 | |
| Income taxes | 67/77 | €11,385 | €1,647 | -€9,738 | -85.5% |
| Profit (loss) for the period | 9904 | €72,295 | -€5,410 | -€77,704 | |
| Profit (loss) for the period to be appropriated | 9905 | €72,295 | -€5,410 | -€77,704 |
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.