VL-EXPERTEN: what changed
VL-EXPERTEN
Largest movements
- Intangible fixed assets -€36,566
down €36,566 (-32.4%), from €112,822 to €76,256
- Current investments +€29,782
up €29,782 (+150%), from €19,917 to €49,699
- Tangible fixed assets -€9,725
down €9,725 (-20.3%), from €48,005 to €38,280
of which Furniture and vehicles: -€7,156
- Cash +€9,118
up €9,118 (+34.5%), from €26,425 to €35,543
mainly Depreciation (+€49,458) and Net result for the year (+€17,370)
- Receivables within one year +€2,559
up €2,559 (+29.2%), from €8,774 to €11,333
of which Trade receivables: +€2,537
- Debts after one year -€26,632
down €26,632 (-29.1%), from €91,473 to €64,841
- Reserves +€17,370
up €17,370 (+25.7%), from €67,691 to €85,061
- Tax, wage and social debts +€5,212
up €5,212 (+19.2%), from €27,179 to €32,391
- Trade debts -€2,585
down €2,585 (-69.1%), from €3,739 to €1,154
- Gross operating margin -€35,707
down €35,707 (-31.9%), from €111,920 to €76,213
- Turnover -€18,034
down €18,034 (-8.5%), from €212,937 to €194,903
- Purchases and services +€17,673
up €17,673 (+17.5%), from €101,017 to €118,690
- Taxes -€12,290
down €12,290 (-77.3%), from €15,892 to €3,602
- Depreciation +€4,285
up €4,285 (+9.5%), from €45,173 to €49,458
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €222,908 | €217,079 | -€5,829 | -2.6% |
| Fixed assets | 21/28 | €160,867 | €114,576 | -€46,291 | -28.8% |
| Intangible fixed assets | 21 | €112,822 | €76,256 | -€36,566 | -32.4% |
| Tangible fixed assets | 22/27 | €48,005 | €38,280 | -€9,725 | -20.3% |
| Plant, machinery and equipment | 23 | €21,391 | €18,993 | -€2,398 | -11.2% |
| Furniture and vehicles | 24 | €24,922 | €17,766 | -€7,156 | -28.7% |
| Other tangible fixed assets | 26 | €1,692 | €1,521 | -€171 | -10.1% |
| Financial fixed assets | 28 | €40 | €40 | = | 0.0% |
| Current assets | 29/58 | €62,041 | €102,503 | +€40,462 | +65.2% |
| Amounts receivable within one year | 40/41 | €8,774 | €11,333 | +€2,559 | +29.2% |
| Trade receivables | 40 | €8,125 | €10,662 | +€2,537 | +31.2% |
| Other amounts receivable | 41 | €649 | €671 | +€22 | +3.4% |
| Current investments | 50/53 | €19,917 | €49,699 | +€29,782 | +150% |
| Cash at bank and in hand | 54/58 | €26,425 | €35,543 | +€9,118 | +34.5% |
| Deferred charges and accrued income | 490/1 | €6,925 | €5,928 | -€997 | -14.4% |
| Total equity and liabilities | 10/49 | €222,908 | €217,079 | -€5,829 | -2.6% |
| Equity | 10/15 | €74,691 | €92,061 | +€17,370 | +23.3% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €67,691 | €85,061 | +€17,370 | +25.7% |
| Distributable reserves | 133 | €67,691 | €85,061 | +€17,370 | +25.7% |
| Amounts payable | 17/49 | €148,217 | €125,018 | -€23,199 | -15.7% |
| Amounts payable after more than one year | 17 | €91,473 | €64,841 | -€26,632 | -29.1% |
| Financial debts | 170/4 | €91,473 | €64,841 | -€26,632 | -29.1% |
| Amounts payable within one year | 42/48 | €56,744 | €60,177 | +€3,433 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €25,826 | €26,632 | +€806 | +3.1% |
| Trade debts | 44 | €3,739 | €1,154 | -€2,585 | -69.1% |
| Suppliers | 440/4 | €3,739 | €1,154 | -€2,585 | -69.1% |
| Taxes, remuneration and social security | 45 | €27,179 | €32,391 | +€5,212 | +19.2% |
| Taxes | 450/3 | €27,179 | €32,391 | +€5,212 | +19.2% |
| Turnover | 70 | €212,937 | €194,903 | -€18,034 | -8.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €101,017 | €118,690 | +€17,673 | +17.5% |
| Remuneration, social security and pensions | 62 | €998 | €677 | -€321 | -32.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,173 | €49,458 | +€4,285 | +9.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €949 | +€949 | |
| Other operating charges | 640/8 | €287 | €1,046 | +€759 | +264% |
| Gross operating margin | 9900 | €111,920 | €76,213 | -€35,707 | -31.9% |
| Operating profit (loss) | 9901 | €65,462 | €24,083 | -€41,379 | -63.2% |
| Financial income | 75/76B | €168 | €1,257 | +€1,089 | +648% |
| Recurring financial income | 75 | €168 | €1,257 | +€1,089 | +648% |
| Financial charges | 65/66B | €5,305 | €4,368 | -€937 | -17.7% |
| Recurring financial charges | 65 | €5,305 | €4,368 | -€937 | -17.7% |
| Profit (loss) for the period before taxes | 9903 | €60,325 | €20,972 | -€39,353 | -65.2% |
| Income taxes | 67/77 | €15,892 | €3,602 | -€12,290 | -77.3% |
| Profit (loss) for the period | 9904 | €44,433 | €17,370 | -€27,063 | -60.9% |
| Profit (loss) for the period to be appropriated | 9905 | €44,433 | €17,370 | -€27,063 | -60.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.