VL-INVEST: what changed
VL-INVEST
Largest movements
- Cash +€63,389
up €63,389 (+41.1%), from €154,168 to €217,558
mainly Net result for the year (+€56,948) and Receivables within one year (+€51,083)
- Receivables within one year -€51,083
down €51,083 (-79.8%), from €64,020 to €12,937
of which Trade receivables: -€48,773
- Receivables after one year -€50,000
down €50,000 (-100%), from €50,000 to €0
- Tangible fixed assets -€11,885
down €11,885 (-2.1%), from €557,091 to €545,206
of which Land and buildings: -€7,327
- Reserves +€56,948
up €56,948 (+35.3%), from €161,186 to €218,134
of which Distributable reserves: +€56,948
- Accrued charges and deferred income -€40,000
down €40,000 (-100%), from €40,000 to €0
- Tax, wage and social debts -€34,829
down €34,829 (-52.5%), from €66,308 to €31,479
of which Taxes: -€34,829
- Other debts -€18,189
down €18,189 (-29.7%), from €61,281 to €43,092
- Debts after one year -€13,356
down €13,356 (-9.1%), from €146,254 to €132,898
- Gross operating margin -€91,534
down €91,534 (-43.4%), from €210,765 to €119,231
- Taxes -€30,937
down €30,937 (-50.0%), from €61,870 to €30,934
- Financial charges +€2,489
up €2,489 (+30.4%), from €8,177 to €10,666
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 | €831,803 | €783,022 | -€48,781 | -5.9% |
| Fixed assets | 21/28 | €561,534 | €549,649 | -€11,885 | -2.1% |
| Tangible fixed assets | 22/27 | €557,091 | €545,206 | -€11,885 | -2.1% |
| Land and buildings | 22 | €535,702 | €528,376 | -€7,327 | -1.4% |
| Plant, machinery and equipment | 23 | €9,195 | €8,680 | -€514 | -5.6% |
| Furniture and vehicles | 24 | €12,194 | €8,150 | -€4,044 | -33.2% |
| Financial fixed assets | 28 | €4,443 | €4,443 | = | 0.0% |
| Current assets | 29/58 | €270,269 | €233,373 | -€36,896 | -13.7% |
| Amounts receivable after more than one year | 29 | €50,000 | €0 | -€50,000 | -100% |
| Other amounts receivable | 291 | €50,000 | €0 | -€50,000 | -100% |
| Amounts receivable within one year | 40/41 | €64,020 | €12,937 | -€51,083 | -79.8% |
| Trade receivables | 40 | €61,710 | €12,937 | -€48,773 | -79.0% |
| Other amounts receivable | 41 | €2,310 | €0 | -€2,310 | -100% |
| Cash at bank and in hand | 54/58 | €154,168 | €217,558 | +€63,389 | +41.1% |
| Deferred charges and accrued income | 490/1 | €2,081 | €2,878 | +€798 | +38.3% |
| Total equity and liabilities | 10/49 | €831,803 | €783,022 | -€48,781 | -5.9% |
| Equity | 10/15 | €486,186 | €543,134 | +€56,948 | +11.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Revaluation surpluses | 12 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €161,186 | €218,134 | +€56,948 | +35.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €161,186 | €218,134 | +€56,948 | +35.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €345,617 | €239,888 | -€105,730 | -30.6% |
| Amounts payable after more than one year | 17 | €146,254 | €132,898 | -€13,356 | -9.1% |
| Financial debts | 170/4 | €146,254 | €132,898 | -€13,356 | -9.1% |
| Amounts payable within one year | 42/48 | €159,363 | €106,989 | -€52,374 | -32.9% |
| Current portion of amounts payable after more than one year | 42 | €16,662 | €13,356 | -€3,306 | -19.8% |
| Trade debts | 44 | €15,113 | €19,062 | +€3,950 | +26.1% |
| Suppliers | 440/4 | €15,113 | €19,062 | +€3,950 | +26.1% |
| Taxes, remuneration and social security | 45 | €66,308 | €31,479 | -€34,829 | -52.5% |
| Taxes | 450/3 | €66,308 | €31,479 | -€34,829 | -52.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €61,281 | €43,092 | -€18,189 | -29.7% |
| Accrued charges and deferred income | 492/3 | €40,000 | €0 | -€40,000 | -100% |
| Non-recurring operating income | 76A | €135,386 | €0 | -€135,386 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,706 | €18,385 | +€679 | +3.8% |
| Other operating charges | 640/8 | €4,454 | €3,548 | -€906 | -20.3% |
| Gross operating margin | 9900 | €210,765 | €119,231 | -€91,534 | -43.4% |
| Operating profit (loss) | 9901 | €188,605 | €97,297 | -€91,307 | -48.4% |
| Financial income | 75/76B | €205 | €1,251 | +€1,045 | +509% |
| Recurring financial income | 75 | €205 | €1,251 | +€1,045 | +509% |
| Financial charges | 65/66B | €8,177 | €10,666 | +€2,489 | +30.4% |
| Recurring financial charges | 65 | €8,177 | €10,666 | +€2,489 | +30.4% |
| Profit (loss) for the period before taxes | 9903 | €180,633 | €87,882 | -€92,752 | -51.3% |
| Income taxes | 67/77 | €61,870 | €30,934 | -€30,937 | -50.0% |
| Profit (loss) for the period | 9904 | €118,763 | €56,948 | -€61,815 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €118,763 | €56,948 | -€61,815 | -52.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.