VL INVEST: 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.
What changed
VL INVEST
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3,805
2024 · -€6,043+€2,238
Equity
€315,151
2024 · €318,956-€3,805
Cash
€6,169
2024 · €4,659+€1,510
Balance sheet total
€634,672
2024 · €701,527-€66,855
Largest movements
Assets
- Tangible fixed assets -€64,266
down €64,266 (-9.3%), from €690,828 to €626,562
Equity and liabilities
- Debts after one year -€61,119
down €61,119 (-20.8%), from €293,928 to €232,809
Income statement
- Gross operating margin +€1,129
up €1,129 (+1.5%), from €76,905 to €78,034
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.
Result 2024
-€6,043
Gross operating margin
+€1,129
Depreciation
+€773
Other operating charges
-€206
Financial income
+€15
Financial charges
+€526
Result 2025
-€3,805
raises the resultlowers the result
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.
From operations
+€61,260
Investment
€0
Financing
-€59,750
Cash 2024
€4,659
From operations (derived)
+€61,260
Net result for the year
-€3,805
Depreciation
+€64,266
Receivables within one year
+€4,099
Trade debts
+€167
Advances received
+€952
Other debts
-€3,690
Accrued charges and deferred income
-€730
Financing
-€59,750
Debts after one year
-€61,119
Current portion of long-term debt
+€1,369
Cash 2025
€6,169
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €701,527 | €634,672 | -€66,855 | -9.5% |
| Fixed assets | 21/28 | €690,828 | €626,562 | -€64,266 | -9.3% |
| Tangible fixed assets | 22/27 | €690,828 | €626,562 | -€64,266 | -9.3% |
| Land and buildings | 22 | €690,828 | €626,562 | -€64,266 | -9.3% |
| Current assets | 29/58 | €10,699 | €8,110 | -€2,589 | -24.2% |
| Amounts receivable within one year | 40/41 | €6,041 | €1,942 | -€4,099 | -67.9% |
| Trade receivables | 40 | €5,479 | €0 | -€5,479 | -100% |
| Other amounts receivable | 41 | €561 | €1,942 | +€1,380 | +246% |
| Cash at bank and in hand | 54/58 | €4,659 | €6,169 | +€1,510 | +32.4% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €701,527 | €634,672 | -€66,855 | -9.5% |
| Equity | 10/15 | €318,956 | €315,151 | -€3,805 | -1.2% |
| Contributions | 10/11 | €3,684 | €3,684 | = | 0.0% |
| Reserves | 13 | €187,831 | €187,831 | = | 0.0% |
| Distributable reserves | 133 | €187,831 | €187,831 | = | 0.0% |
| Profit (loss) carried forward | 14 | €127,441 | €123,636 | -€3,805 | -3.0% |
| Amounts payable | 17/49 | €382,571 | €319,521 | -€63,050 | -16.5% |
| Amounts payable after more than one year | 17 | €293,928 | €232,809 | -€61,119 | -20.8% |
| Financial debts | 170/4 | €293,928 | €232,809 | -€61,119 | -20.8% |
| Amounts payable within one year | 42/48 | €82,011 | €80,809 | -€1,202 | -1.5% |
| Current portion of amounts payable after more than one year | 42 | €60,377 | €61,746 | +€1,369 | +2.3% |
| Trade debts | 44 | €5,498 | €5,665 | +€167 | +3.0% |
| Suppliers | 440/4 | €5,498 | €5,665 | +€167 | +3.0% |
| Advances received on contracts in progress | 46 | - | €952 | +€952 | |
| Other amounts payable | 47/48 | €16,136 | €12,447 | -€3,690 | -22.9% |
| Accrued charges and deferred income | 492/3 | €6,633 | €5,903 | -€730 | -11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,039 | €64,266 | -€773 | -1.2% |
| Other operating charges | 640/8 | €5,985 | €6,191 | +€206 | +3.4% |
| Gross operating margin | 9900 | €76,905 | €78,034 | +€1,129 | +1.5% |
| Operating profit (loss) | 9901 | €5,881 | €7,578 | +€1,697 | +28.9% |
| Financial income | 75/76B | €23 | €38 | +€15 | +64.2% |
| Recurring financial income | 75 | €23 | €38 | +€15 | +64.2% |
| Financial charges | 65/66B | €11,947 | €11,420 | -€526 | -4.4% |
| Recurring financial charges | 65 | €11,947 | €11,420 | -€526 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | -€6,043 | -€3,805 | +€2,238 | +37.0% |
| Profit (loss) for the period | 9904 | -€6,043 | -€3,805 | +€2,238 | +37.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,043 | -€3,805 | +€2,238 | +37.0% |
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 24 October 2026 via checked.be.