VFT: 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.
VFT
Largest movements
- Cash +€303,842
up €303,842 (+44.1%), from €689,518 to €993,359
mainly Net result for the year (+€317,495) and Trade debts (+€223,324)
- Stocks and contracts -€79,059
down €79,059 (-8.9%), from €886,417 to €807,357
- Receivables within one year +€50,969
up €50,969 (+45.9%), from €110,927 to €161,896
of which Trade receivables: +€53,060
- Trade debts +€223,324
up €223,324 (+93.1%), from €239,851 to €463,175
- Other debts +€62,966
up €62,966 (+15.8%), from €399,754 to €462,720
- Debts after one year -€62,834
down €62,834 (-34.5%), from €182,168 to €119,334
- Profit (loss) carried forward +€55,495
up €55,495 (+9.0%), from €615,187 to €670,682
- Short-term financial debts -€27,009
down €27,009 (-100%), from €27,009 to €0
- Gross operating margin -€77,679
down €77,679 (-11.0%), from €708,008 to €630,328
- Taxes -€36,217
down €36,217 (-57.2%), from €63,264 to €27,048
- Depreciation -€13,241
down €13,241 (-40.1%), from €33,038 to €19,797
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.
Derived cash bridge
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 | €1,756,990 | €2,015,117 | +€258,127 | +14.7% |
| Fixed assets | 21/28 | €61,812 | €42,016 | -€19,797 | -32.0% |
| Intangible fixed assets | 21 | €6,347 | €4,355 | -€1,991 | -31.4% |
| Tangible fixed assets | 22/27 | €55,466 | €37,660 | -€17,805 | -32.1% |
| Furniture and vehicles | 24 | €40,134 | €27,728 | -€12,407 | -30.9% |
| Other tangible fixed assets | 26 | €15,331 | €9,933 | -€5,399 | -35.2% |
| Current assets | 29/58 | €1,695,178 | €1,973,101 | +€277,924 | +16.4% |
| Stocks and contracts in progress | 3 | €886,417 | €807,357 | -€79,059 | -8.9% |
| Stocks | 30/36 | €886,417 | €807,357 | -€79,059 | -8.9% |
| Amounts receivable within one year | 40/41 | €110,927 | €161,896 | +€50,969 | +45.9% |
| Trade receivables | 40 | €94,191 | €147,251 | +€53,060 | +56.3% |
| Other amounts receivable | 41 | €16,736 | €14,645 | -€2,091 | -12.5% |
| Cash at bank and in hand | 54/58 | €689,518 | €993,359 | +€303,842 | +44.1% |
| Deferred charges and accrued income | 490/1 | €8,317 | €10,489 | +€2,172 | +26.1% |
| Total equity and liabilities | 10/49 | €1,756,990 | €2,015,117 | +€258,127 | +14.7% |
| Equity | 10/15 | €775,187 | €830,682 | +€55,495 | +7.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €140,000 | €140,000 | = | 0.0% |
| Distributable reserves | 133 | €140,000 | €140,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €615,187 | €670,682 | +€55,495 | +9.0% |
| Amounts payable | 17/49 | €981,803 | €1,184,435 | +€202,632 | +20.6% |
| Amounts payable after more than one year | 17 | €182,168 | €119,334 | -€62,834 | -34.5% |
| Financial debts | 170/4 | €182,168 | €119,334 | -€62,834 | -34.5% |
| Amounts payable within one year | 42/48 | €796,307 | €1,051,264 | +€254,957 | +32.0% |
| Current portion of amounts payable after more than one year | 42 | €62,144 | €62,834 | +€690 | +1.1% |
| Financial debts | 43 | €27,009 | €0 | -€27,009 | -100% |
| Credit institutions | 430/8 | €27,009 | €0 | -€27,009 | -100% |
| Trade debts | 44 | €239,851 | €463,175 | +€223,324 | +93.1% |
| Suppliers | 440/4 | €239,851 | €463,175 | +€223,324 | +93.1% |
| Taxes, remuneration and social security | 45 | €67,550 | €62,535 | -€5,015 | -7.4% |
| Taxes | 450/3 | €31,363 | €29,414 | -€1,949 | -6.2% |
| Remuneration and social security | 454/9 | €36,187 | €33,121 | -€3,066 | -8.5% |
| Other amounts payable | 47/48 | €399,754 | €462,720 | +€62,966 | +15.8% |
| Accrued charges and deferred income | 492/3 | €3,328 | €13,837 | +€10,509 | +316% |
| Remuneration, social security and pensions | 62 | €280,788 | €274,997 | -€5,791 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,038 | €19,797 | -€13,241 | -40.1% |
| Other operating charges | 640/8 | €3,074 | €2,330 | -€744 | -24.2% |
| Gross operating margin | 9900 | €708,008 | €630,328 | -€77,679 | -11.0% |
| Operating profit (loss) | 9901 | €391,108 | €333,205 | -€57,903 | -14.8% |
| Financial income | 75/76B | €27,055 | €21,132 | -€5,923 | -21.9% |
| Recurring financial income | 75 | €27,055 | €21,132 | -€5,923 | -21.9% |
| Financial charges | 65/66B | €11,491 | €9,793 | -€1,697 | -14.8% |
| Recurring financial charges | 65 | €11,491 | €9,793 | -€1,697 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €406,672 | €344,543 | -€62,129 | -15.3% |
| Income taxes | 67/77 | €63,264 | €27,048 | -€36,217 | -57.2% |
| Profit (loss) for the period | 9904 | €343,408 | €317,495 | -€25,912 | -7.5% |
| Profit (loss) for the period to be appropriated | 9905 | €343,408 | €317,495 | -€25,912 | -7.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.