VL CONSULT: 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 CONSULT
Largest movements
- Receivables within one year +€26,677
up €26,677, from €0 to €26,677
of which Trade receivables: +€23,595
- Tangible fixed assets +€11,244
up €11,244 (+41.0%), from €27,441 to €38,685
- Cash +€7,854
up €7,854 (+8.4%), from €93,561 to €101,415
mainly Net result for the year (+€59,715) and Depreciation (+€14,756)
- Reserves +€59,715
up €59,715 (+12.8%), from €465,432 to €525,147
- Tax, wage and social debts -€10,431
down €10,431 (-47.2%), from €22,081 to €11,651
- Current portion of long-term debt -€10,123
down €10,123 (-100.0%), from €10,123 to €0
- Financial charges +€3,342
up €3,342 (+66.1%), from €5,056 to €8,397
- Gross operating margin -€1,456
down €1,456 (-1.3%), from €113,485 to €112,030
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 | €627,678 | €674,198 | +€46,520 | +7.4% |
| Fixed assets | 21/28 | €123,111 | €134,355 | +€11,244 | +9.1% |
| Tangible fixed assets | 22/27 | €27,441 | €38,685 | +€11,244 | +41.0% |
| Furniture and vehicles | 24 | €27,441 | €38,685 | +€11,244 | +41.0% |
| Financial fixed assets | 28 | €95,670 | €95,670 | = | 0.0% |
| Current assets | 29/58 | €504,567 | €539,843 | +€35,276 | +7.0% |
| Amounts receivable after more than one year | 29 | €400,000 | €400,000 | = | 0.0% |
| Trade receivables | 290 | €400,000 | €400,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €0 | €26,677 | +€26,677 | |
| Trade receivables | 40 | €0 | €23,595 | +€23,595 | |
| Other amounts receivable | 41 | €0 | €3,082 | +€3,082 | |
| Cash at bank and in hand | 54/58 | €93,561 | €101,415 | +€7,854 | +8.4% |
| Deferred charges and accrued income | 490/1 | €11,005 | €11,750 | +€745 | +6.8% |
| Total equity and liabilities | 10/49 | €627,678 | €674,198 | +€46,520 | +7.4% |
| Equity | 10/15 | €477,832 | €537,547 | +€59,715 | +12.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €465,432 | €525,147 | +€59,715 | +12.8% |
| Distributable reserves | 133 | €465,432 | €525,147 | +€59,715 | +12.8% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €149,846 | €136,650 | -€13,195 | -8.8% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €145,170 | €128,666 | -€16,504 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €10,123 | €0 | -€10,123 | -100.0% |
| Trade debts | 44 | €675 | €3,756 | +€3,081 | +456.4% |
| Suppliers | 440/4 | €675 | €3,756 | +€3,081 | +456.4% |
| Taxes, remuneration and social security | 45 | €22,081 | €11,651 | -€10,431 | -47.2% |
| Taxes | 450/3 | €22,081 | €11,651 | -€10,431 | -47.2% |
| Other amounts payable | 47/48 | €112,290 | €113,259 | +€969 | +0.9% |
| Accrued charges and deferred income | 492/3 | €4,676 | €7,984 | +€3,309 | +70.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,834 | €14,756 | -€78 | -0.5% |
| Other operating charges | 640/8 | €518 | €444 | -€75 | -14.4% |
| Gross operating margin | 9900 | €113,485 | €112,030 | -€1,456 | -1.3% |
| Operating profit (loss) | 9901 | €98,134 | €96,830 | -€1,304 | -1.3% |
| Financial charges | 65/66B | €5,056 | €8,397 | +€3,342 | +66.1% |
| Recurring financial charges | 65 | €5,056 | €8,397 | +€3,342 | +66.1% |
| Profit (loss) for the period before taxes | 9903 | €93,078 | €88,433 | -€4,645 | -5.0% |
| Income taxes | 67/77 | €28,200 | €28,717 | +€517 | +1.8% |
| Profit (loss) for the period | 9904 | €64,878 | €59,715 | -€5,162 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €64,878 | €59,715 | -€5,162 | -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 6 October 2026 via checked.be.