VL: 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.
VL
Largest movements
- Cash +€12,544
up €12,544 (+21.8%), from €57,474 to €70,017
mainly Net result for the year (+€66,485) and Receivables within one year (+€8,564)
- Receivables within one year -€8,564
down €8,564 (-34.9%), from €24,529 to €15,965
of which Other amounts receivable: -€4,745
- Tangible fixed assets -€2,014
down €2,014 (-26.7%), from €7,530 to €5,516
of which Plant, machinery and equipment: -€1,198
- Other debts +€5,681
up €5,681 (+7.2%), from €78,824 to €84,505
- Profit (loss) carried forward -€3,515
down €3,515 (-53.5%), from €6,574 to €3,058
- Gross operating margin -€6,838
down €6,838 (-7.3%), from €94,184 to €87,346
- Taxes -€1,546
down €1,546 (-8.2%), from €18,774 to €17,228
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 | €91,247 | €93,029 | +€1,782 | +2.0% |
| Fixed assets | 21/28 | €7,530 | €5,516 | -€2,014 | -26.7% |
| Tangible fixed assets | 22/27 | €7,530 | €5,516 | -€2,014 | -26.7% |
| Plant, machinery and equipment | 23 | €3,853 | €2,655 | -€1,198 | -31.1% |
| Furniture and vehicles | 24 | €3,677 | €2,861 | -€816 | -22.2% |
| Current assets | 29/58 | €83,717 | €87,513 | +€3,796 | +4.5% |
| Amounts receivable within one year | 40/41 | €24,529 | €15,965 | -€8,564 | -34.9% |
| Trade receivables | 40 | €13,786 | €9,967 | -€3,819 | -27.7% |
| Other amounts receivable | 41 | €10,743 | €5,998 | -€4,745 | -44.2% |
| Cash at bank and in hand | 54/58 | €57,474 | €70,017 | +€12,544 | +21.8% |
| Deferred charges and accrued income | 490/1 | €1,714 | €1,531 | -€184 | -10.7% |
| Total equity and liabilities | 10/49 | €91,247 | €93,029 | +€1,782 | +2.0% |
| Equity | 10/15 | €11,574 | €8,058 | -€3,515 | -30.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,574 | €3,058 | -€3,515 | -53.5% |
| Amounts payable | 17/49 | €79,673 | €84,970 | +€5,297 | +6.6% |
| Amounts payable within one year | 42/48 | €79,673 | €84,970 | +€5,297 | +6.6% |
| Trade debts | 44 | €848 | €465 | -€383 | -45.2% |
| Suppliers | 440/4 | €848 | €465 | -€383 | -45.2% |
| Other amounts payable | 47/48 | €78,824 | €84,505 | +€5,681 | +7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,577 | €2,913 | +€335 | +13.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €94,184 | €87,346 | -€6,838 | -7.3% |
| Operating profit (loss) | 9901 | €91,220 | €84,034 | -€7,186 | -7.9% |
| Financial charges | 65/66B | €179 | €321 | +€143 | +79.8% |
| Recurring financial charges | 65 | €179 | €321 | +€143 | +79.8% |
| Profit (loss) for the period before taxes | 9903 | €91,041 | €83,713 | -€7,329 | -8.0% |
| Income taxes | 67/77 | €18,774 | €17,228 | -€1,546 | -8.2% |
| Profit (loss) for the period | 9904 | €72,267 | €66,485 | -€5,783 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €72,267 | €66,485 | -€5,783 | -8.0% |
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 7 October 2026 via checked.be.