VL GREEN: 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 GREEN
Largest movements
- Tangible fixed assets +€50,731
up €50,731 (+297%), from €17,093 to €67,823
of which Furniture and vehicles: +€50,013
- Cash +€29,042
up €29,042 (+108%), from €26,934 to €55,976
mainly Net result for the year (+€49,804) and Debts after one year (+€35,111)
- Receivables after one year +€10,027
new in 2025: €10,027
- Receivables within one year +€5,055
up €5,055 (+16.8%), from €30,028 to €35,083
of which Other amounts receivable: +€6,489
- Profit (loss) carried forward +€49,804
up €49,804 (+107%), from €46,570 to €96,375
- Debts after one year +€35,111
new in 2025: €35,111
- Trade debts -€11,777
no longer reported in 2025 (was €11,777)
- Current portion of long-term debt +€9,608
new in 2025: €9,608
- Tax, wage and social debts +€9,317
up €9,317 (+171%), from €5,451 to €14,768
of which Taxes: +€8,268
- Gross operating margin +€100,083
up €100,083 (+76.5%), from €130,742 to €230,824
- Staff costs +€56,618
up €56,618 (+60.8%), from €93,150 to €149,768
- Taxes +€11,589
up €11,589 (+176%), from €6,594 to €18,183
- Depreciation +€3,126
up €3,126 (+41.2%), from €7,594 to €10,720
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 | €76,053 | €171,315 | +€95,261 | +125% |
| Formation expenses | 20 | €1,526 | €627 | -€899 | -58.9% |
| Fixed assets | 21/28 | €17,565 | €68,296 | +€50,731 | +289% |
| Tangible fixed assets | 22/27 | €17,093 | €67,823 | +€50,731 | +297% |
| Plant, machinery and equipment | 23 | €1,232 | €1,949 | +€717 | +58.2% |
| Furniture and vehicles | 24 | €15,861 | €65,874 | +€50,013 | +315% |
| Financial fixed assets | 28 | €473 | €473 | = | 0.0% |
| Current assets | 29/58 | €56,962 | €102,392 | +€45,430 | +79.8% |
| Amounts receivable after more than one year | 29 | - | €10,027 | +€10,027 | |
| Trade receivables | 290 | - | €10,027 | +€10,027 | |
| Amounts receivable within one year | 40/41 | €30,028 | €35,083 | +€5,055 | +16.8% |
| Trade receivables | 40 | €27,895 | €26,460 | -€1,435 | -5.1% |
| Other amounts receivable | 41 | €2,134 | €8,623 | +€6,489 | +304% |
| Cash at bank and in hand | 54/58 | €26,934 | €55,976 | +€29,042 | +108% |
| Deferred charges and accrued income | 490/1 | - | €1,306 | +€1,306 | |
| Total equity and liabilities | 10/49 | €76,053 | €171,315 | +€95,261 | +125% |
| Equity | 10/15 | €56,570 | €106,375 | +€49,804 | +88.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €46,570 | €96,375 | +€49,804 | +107% |
| Amounts payable | 17/49 | €19,483 | €64,940 | +€45,457 | +233% |
| Amounts payable after more than one year | 17 | - | €35,111 | +€35,111 | |
| Financial debts | 170/4 | - | €35,111 | +€35,111 | |
| Amounts payable within one year | 42/48 | €19,483 | €29,829 | +€10,346 | +53.1% |
| Current portion of amounts payable after more than one year | 42 | - | €9,608 | +€9,608 | |
| Trade debts | 44 | €11,777 | - | -€11,777 | |
| Suppliers | 440/4 | €11,777 | - | -€11,777 | |
| Taxes, remuneration and social security | 45 | €5,451 | €14,768 | +€9,317 | +171% |
| Taxes | 450/3 | - | €8,268 | +€8,268 | |
| Remuneration and social security | 454/9 | €5,451 | €6,501 | +€1,050 | +19.3% |
| Other amounts payable | 47/48 | €2,255 | €5,453 | +€3,198 | +142% |
| Remuneration, social security and pensions | 62 | €93,150 | €149,768 | +€56,618 | +60.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,594 | €10,720 | +€3,126 | +41.2% |
| Other operating charges | 640/8 | €802 | €455 | -€347 | -43.2% |
| Non-recurring operating charges | 66A | - | €276 | +€276 | |
| Gross operating margin | 9900 | €130,742 | €230,824 | +€100,083 | +76.5% |
| Operating profit (loss) | 9901 | €29,196 | €69,605 | +€40,409 | +138% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €1,308 | €1,618 | +€310 | +23.7% |
| Recurring financial charges | 65 | €1,308 | €1,618 | +€310 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | €27,888 | €67,987 | +€40,098 | +144% |
| Income taxes | 67/77 | €6,594 | €18,183 | +€11,589 | +176% |
| Profit (loss) for the period | 9904 | €21,294 | €49,804 | +€28,510 | +134% |
| Profit (loss) for the period to be appropriated | 9905 | €21,294 | €49,804 | +€28,510 | +134% |
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 13 October 2026 via checked.be.