VL CONCEPT: 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.
VL CONCEPT
Largest movements
- Receivables within one year +€229,078
up €229,078 (+644.7%), from €35,535 to €264,613
of which Trade receivables: +€222,133
- Tangible fixed assets +€65,143
up €65,143 (+138.5%), from €47,042 to €112,185
of which Furniture and vehicles: +€57,679
- Intangible fixed assets -€4,709
down €4,709 (-33.9%), from €13,897 to €9,189
- Trade debts +€155,840
up €155,840 (+642.3%), from €24,264 to €180,104
- Profit (loss) carried forward +€94,808
up €94,808, from -€52,027 to €42,782
- Debts after one year +€31,928
up €31,928 (+47.5%), from €67,238 to €99,166
- Other debts -€16,855
down €16,855 (-48.5%), from €34,781 to €17,927
- Tax, wage and social debts +€12,172
up €12,172 (+452.5%), from €2,690 to €14,862
of which Taxes: +€12,332
- Gross operating margin +€77,037
up €77,037 (+104.0%), from €74,092 to €151,128
- Taxes +€14,862
new in 2025: €14,862
- Write-downs -€4,878
no longer reported in 2025 (was €4,878)
- Depreciation +€2,390
up €2,390 (+10.0%), from €23,909 to €26,300
- Other operating charges +€2,151
up €2,151 (+175.6%), from €1,225 to €3,375
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 | €113,844 | €401,976 | +€288,132 | +253.1% |
| Fixed assets | 21/28 | €60,939 | €121,374 | +€60,435 | +99.2% |
| Intangible fixed assets | 21 | €13,897 | €9,189 | -€4,709 | -33.9% |
| Tangible fixed assets | 22/27 | €47,042 | €112,185 | +€65,143 | +138.5% |
| Plant, machinery and equipment | 23 | - | €7,464 | +€7,464 | |
| Furniture and vehicles | 24 | €47,042 | €104,721 | +€57,679 | +122.6% |
| Current assets | 29/58 | €52,905 | €280,602 | +€227,698 | +430.4% |
| Amounts receivable within one year | 40/41 | €35,535 | €264,613 | +€229,078 | +644.7% |
| Trade receivables | 40 | €33,405 | €255,538 | +€222,133 | +665.0% |
| Other amounts receivable | 41 | €2,130 | €9,076 | +€6,946 | +326.1% |
| Cash at bank and in hand | 54/58 | €16,273 | €14,664 | -€1,609 | -9.9% |
| Deferred charges and accrued income | 490/1 | €1,096 | €1,325 | +€229 | +20.9% |
| Total equity and liabilities | 10/49 | €113,844 | €401,976 | +€288,132 | +253.1% |
| Equity | 10/15 | -€31,575 | €63,233 | +€94,808 | |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€52,027 | €42,782 | +€94,808 | |
| Amounts payable | 17/49 | €145,419 | €338,743 | +€193,324 | +132.9% |
| Amounts payable after more than one year | 17 | €67,238 | €99,166 | +€31,928 | +47.5% |
| Financial debts | 170/4 | €67,238 | €99,166 | +€31,928 | +47.5% |
| Amounts payable within one year | 42/48 | €78,181 | €239,577 | +€161,396 | +206.4% |
| Current portion of amounts payable after more than one year | 42 | €16,446 | €26,684 | +€10,238 | +62.3% |
| Trade debts | 44 | €24,264 | €180,104 | +€155,840 | +642.3% |
| Suppliers | 440/4 | €24,264 | €180,104 | +€155,840 | +642.3% |
| Taxes, remuneration and social security | 45 | €2,690 | €14,862 | +€12,172 | +452.5% |
| Taxes | 450/3 | €2,530 | €14,862 | +€12,332 | +487.5% |
| Remuneration and social security | 454/9 | €160 | - | -€160 | |
| Other amounts payable | 47/48 | €34,781 | €17,927 | -€16,855 | -48.5% |
| Non-recurring operating income | 76A | €10,796 | €41,619 | +€30,822 | +285.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,909 | €26,300 | +€2,390 | +10.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,878 | - | -€4,878 | |
| Other operating charges | 640/8 | €1,225 | €3,375 | +€2,151 | +175.6% |
| Non-recurring operating charges | 66A | - | €7,179 | +€7,179 | |
| Gross operating margin | 9900 | €74,092 | €151,128 | +€77,037 | +104.0% |
| Operating profit (loss) | 9901 | €44,080 | €114,275 | +€70,194 | +159.2% |
| Financial income | 75/76B | €0 | €0 | +€0 | +350.0% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +350.0% |
| Financial charges | 65/66B | €3,698 | €4,604 | +€906 | +24.5% |
| Recurring financial charges | 65 | €3,698 | €4,604 | +€906 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | €40,382 | €109,671 | +€69,288 | +171.6% |
| Income taxes | 67/77 | - | €14,862 | +€14,862 | |
| Profit (loss) for the period | 9904 | €40,382 | €94,808 | +€54,426 | +134.8% |
| Profit (loss) for the period to be appropriated | 9905 | €40,382 | €94,808 | +€54,426 | +134.8% |
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 12 October 2026 via checked.be.