VL Developments: 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 Developments
Largest movements
- Receivables within one year +€13,801
up €13,801 (+37.0%), from €37,340 to €51,142
of which Other amounts receivable: +€14,202
- Deferred charges and accrued income -€8,572
down €8,572 (-77.7%), from €11,029 to €2,457
- Tangible fixed assets -€5,505
down €5,505 (-6.1%), from €89,723 to €84,218
of which Other tangible fixed assets: -€4,050
- Current portion of long-term debt -€19,261
down €19,261 (-91.6%), from €21,030 to €1,769
- Other debts +€17,186
up €17,186 (+20.0%), from €86,090 to €103,275
- Profit (loss) carried forward +€5,044
up €5,044 (+7.5%), from -€67,502 to -€62,458
- Trade debts -€2,545
down €2,545 (-15.2%), from €16,705 to €14,160
- Debts after one year -€1,769
no longer reported in 2025 (was €1,769)
- Gross operating margin +€6,059
up €6,059 (+62.8%), from €9,647 to €15,706
- Financial charges -€1,612
down €1,612 (-63.1%), from €2,556 to €944
- Taxes +€1,387
up €1,387 (+902%), from €154 to €1,540
- Other operating charges -€201
down €201 (-7.0%), from €2,874 to €2,673
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 | €138,745 | €138,287 | -€458 | -0.3% |
| Fixed assets | 21/28 | €89,723 | €84,218 | -€5,505 | -6.1% |
| Tangible fixed assets | 22/27 | €89,723 | €84,218 | -€5,505 | -6.1% |
| Land and buildings | 22 | €49,579 | €49,579 | = | 0.0% |
| Plant, machinery and equipment | 23 | €12,946 | €11,490 | -€1,456 | -11.2% |
| Other tangible fixed assets | 26 | €27,198 | €23,149 | -€4,050 | -14.9% |
| Current assets | 29/58 | €49,022 | €54,069 | +€5,047 | +10.3% |
| Stocks and contracts in progress | 3 | €446 | €446 | = | 0.0% |
| Stocks | 30/36 | €446 | €446 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €37,340 | €51,142 | +€13,801 | +37.0% |
| Trade receivables | 40 | €1,255 | €855 | -€401 | -31.9% |
| Other amounts receivable | 41 | €36,085 | €50,287 | +€14,202 | +39.4% |
| Cash at bank and in hand | 54/58 | €207 | €24 | -€183 | -88.4% |
| Deferred charges and accrued income | 490/1 | €11,029 | €2,457 | -€8,572 | -77.7% |
| Total equity and liabilities | 10/49 | €138,745 | €138,287 | -€458 | -0.3% |
| Equity | 10/15 | €12,498 | €17,542 | +€5,044 | +40.4% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€67,502 | -€62,458 | +€5,044 | +7.5% |
| Amounts payable | 17/49 | €126,247 | €120,745 | -€5,502 | -4.4% |
| Amounts payable after more than one year | 17 | €1,769 | - | -€1,769 | |
| Financial debts | 170/4 | €1,769 | - | -€1,769 | |
| Amounts payable within one year | 42/48 | €123,978 | €120,745 | -€3,233 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €21,030 | €1,769 | -€19,261 | -91.6% |
| Trade debts | 44 | €16,705 | €14,160 | -€2,545 | -15.2% |
| Suppliers | 440/4 | €16,705 | €14,160 | -€2,545 | -15.2% |
| Taxes, remuneration and social security | 45 | €154 | €1,540 | +€1,387 | +902% |
| Taxes | 450/3 | €154 | €1,540 | +€1,387 | +902% |
| Other amounts payable | 47/48 | €86,090 | €103,275 | +€17,186 | +20.0% |
| Accrued charges and deferred income | 492/3 | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,505 | €5,505 | = | 0.0% |
| Other operating charges | 640/8 | €2,874 | €2,673 | -€201 | -7.0% |
| Gross operating margin | 9900 | €9,647 | €15,706 | +€6,059 | +62.8% |
| Operating profit (loss) | 9901 | €1,268 | €7,528 | +€6,260 | +494% |
| Financial income | 75/76B | €30 | - | -€30 | |
| Recurring financial income | 75 | €30 | - | -€30 | |
| Financial charges | 65/66B | €2,556 | €944 | -€1,612 | -63.1% |
| Recurring financial charges | 65 | €2,556 | €944 | -€1,612 | -63.1% |
| Profit (loss) for the period before taxes | 9903 | -€1,258 | €6,584 | +€7,843 | |
| Income taxes | 67/77 | €154 | €1,540 | +€1,387 | +902% |
| Profit (loss) for the period | 9904 | -€1,412 | €5,044 | +€6,456 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,412 | €5,044 | +€6,456 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.