VFX: 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.
VFX
Largest movements
- Receivables within one year -€37,081
down €37,081 (-75.9%), from €48,880 to €11,799
of which Other amounts receivable: -€28,395
- Receivables after one year +€31,000
new in 2025: €31,000
- Tangible fixed assets -€26,804
down €26,804 (-25.1%), from €106,942 to €80,138
of which Land and buildings: -€16,365
- Cash -€3,985
down €3,985 (-69.6%), from €5,723 to €1,738
mainly Receivables after one year (-€31,000) and Other debts (-€16,213)
- Other debts -€16,213
down €16,213 (-91.8%), from €17,664 to €1,451
- Tax, wage and social debts -€13,084
down €13,084 (-68.7%), from €19,048 to €5,964
- Debts after one year -€10,053
down €10,053 (-16.0%), from €62,823 to €52,770
- Gross operating margin -€25,775
down €25,775 (-41.5%), from €62,048 to €36,273
- Taxes -€7,931
down €7,931 (-77.1%), from €10,285 to €2,354
- Depreciation +€1,076
up €1,076 (+4.2%), from €25,728 to €26,804
- Other operating charges -€977
down €977 (-34.4%), from €2,839 to €1,862
- Financial charges -€805
down €805 (-19.2%), from €4,194 to €3,390
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 | €162,734 | €125,626 | -€37,108 | -22.8% |
| Fixed assets | 21/28 | €106,942 | €80,138 | -€26,804 | -25.1% |
| Tangible fixed assets | 22/27 | €106,942 | €80,138 | -€26,804 | -25.1% |
| Land and buildings | 22 | €84,270 | €67,905 | -€16,365 | -19.4% |
| Plant, machinery and equipment | 23 | €2,578 | €1,602 | -€977 | -37.9% |
| Furniture and vehicles | 24 | €20,093 | €10,631 | -€9,462 | -47.1% |
| Current assets | 29/58 | €55,792 | €45,488 | -€10,304 | -18.5% |
| Amounts receivable after more than one year | 29 | - | €31,000 | +€31,000 | |
| Other amounts receivable | 291 | - | €31,000 | +€31,000 | |
| Amounts receivable within one year | 40/41 | €48,880 | €11,799 | -€37,081 | -75.9% |
| Trade receivables | 40 | €20,485 | €11,799 | -€8,686 | -42.4% |
| Other amounts receivable | 41 | €28,395 | - | -€28,395 | |
| Cash at bank and in hand | 54/58 | €5,723 | €1,738 | -€3,985 | -69.6% |
| Deferred charges and accrued income | 490/1 | €1,189 | €951 | -€238 | -20.0% |
| Total equity and liabilities | 10/49 | €162,734 | €125,626 | -€37,108 | -22.8% |
| Equity | 10/15 | €51,508 | €53,402 | +€1,894 | +3.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €39,732 | €41,002 | +€1,270 | +3.2% |
| Distributable reserves | 133 | €39,732 | €41,002 | +€1,270 | +3.2% |
| Profit (loss) carried forward | 14 | -€624 | - | +€624 | |
| Amounts payable | 17/49 | €111,226 | €72,224 | -€39,002 | -35.1% |
| Amounts payable after more than one year | 17 | €62,823 | €52,770 | -€10,053 | -16.0% |
| Financial debts | 170/4 | €62,823 | €52,770 | -€10,053 | -16.0% |
| Amounts payable within one year | 42/48 | €48,403 | €19,454 | -€28,949 | -59.8% |
| Current portion of amounts payable after more than one year | 42 | €9,583 | €10,053 | +€470 | +4.9% |
| Trade debts | 44 | €2,108 | €1,986 | -€122 | -5.8% |
| Suppliers | 440/4 | €2,108 | €1,986 | -€122 | -5.8% |
| Taxes, remuneration and social security | 45 | €19,048 | €5,964 | -€13,084 | -68.7% |
| Taxes | 450/3 | €19,048 | €5,964 | -€13,084 | -68.7% |
| Other amounts payable | 47/48 | €17,664 | €1,451 | -€16,213 | -91.8% |
| Non-recurring operating income | 76A | €2,141 | - | -€2,141 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,728 | €26,804 | +€1,076 | +4.2% |
| Other operating charges | 640/8 | €2,839 | €1,862 | -€977 | -34.4% |
| Non-recurring operating charges | 66A | €300 | - | -€300 | |
| Gross operating margin | 9900 | €62,048 | €36,273 | -€25,775 | -41.5% |
| Operating profit (loss) | 9901 | €33,182 | €7,607 | -€25,574 | -77.1% |
| Financial income | 75/76B | €30 | €30 | +€0 | +0.1% |
| Recurring financial income | 75 | €30 | €30 | +€0 | +0.1% |
| Financial charges | 65/66B | €4,194 | €3,390 | -€805 | -19.2% |
| Recurring financial charges | 65 | €4,194 | €3,390 | -€805 | -19.2% |
| Profit (loss) for the period before taxes | 9903 | €29,017 | €4,248 | -€24,769 | -85.4% |
| Income taxes | 67/77 | €10,285 | €2,354 | -€7,931 | -77.1% |
| Profit (loss) for the period | 9904 | €18,732 | €1,894 | -€16,839 | -89.9% |
| Profit (loss) for the period to be appropriated | 9905 | €18,732 | €1,894 | -€16,839 | -89.9% |
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 9 October 2026 via checked.be.