VL MOTOR: 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 MOTOR
Largest movements
- Receivables within one year -€47,475
down €47,475 (-50.1%), from €94,787 to €47,311
of which Trade receivables: -€37,778
- Cash -€14,126
down €14,126 (-80.3%), from €17,598 to €3,472
mainly Advances received (-€29,500) and Other debts (-€26,226)
- Stocks and contracts +€7,506
up €7,506 (+11.2%), from €67,148 to €74,654
- Tangible fixed assets -€2,496
down €2,496 (-36.9%), from €6,761 to €4,265
of which Plant, machinery and equipment: -€2,029
- Advances received -€29,500
no longer reported in 2025 (was €29,500)
- Other debts -€26,226
down €26,226 (-30.3%), from €86,649 to €60,423
- Trade debts -€2,953
down €2,953 (-12.1%), from €24,365 to €21,412
- Financial charges -€5,007
down €5,007 (-71.5%), from €7,000 to €1,993
- Gross operating margin -€4,966
down €4,966 (-33.2%), from €14,947 to €9,981
- Other operating charges +€4,103
up €4,103, from €0 to €4,103
- Depreciation -€2,952
down €2,952 (-54.2%), from €5,448 to €2,496
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 | €190,372 | €133,080 | -€57,292 | -30.1% |
| Fixed assets | 21/28 | €6,886 | €4,265 | -€2,621 | -38.1% |
| Tangible fixed assets | 22/27 | €6,761 | €4,265 | -€2,496 | -36.9% |
| Plant, machinery and equipment | 23 | €6,253 | €4,224 | -€2,029 | -32.4% |
| Furniture and vehicles | 24 | €508 | €41 | -€468 | -92.0% |
| Financial fixed assets | 28 | €125 | - | -€125 | |
| Current assets | 29/58 | €183,486 | €128,815 | -€54,670 | -29.8% |
| Stocks and contracts in progress | 3 | €67,148 | €74,654 | +€7,506 | +11.2% |
| Stocks | 30/36 | €67,148 | €74,654 | +€7,506 | +11.2% |
| Amounts receivable within one year | 40/41 | €94,787 | €47,311 | -€47,475 | -50.1% |
| Trade receivables | 40 | €81,970 | €44,192 | -€37,778 | -46.1% |
| Other amounts receivable | 41 | €12,816 | €3,119 | -€9,697 | -75.7% |
| Cash at bank and in hand | 54/58 | €17,598 | €3,472 | -€14,126 | -80.3% |
| Deferred charges and accrued income | 490/1 | €3,953 | €3,378 | -€575 | -14.5% |
| Total equity and liabilities | 10/49 | €190,372 | €133,080 | -€57,292 | -30.1% |
| Equity | 10/15 | -€25,142 | -€23,754 | +€1,388 | +5.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €11,360 | €11,360 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €9,500 | €9,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,102 | -€53,714 | +€1,388 | +2.5% |
| Amounts payable | 17/49 | €215,514 | €156,835 | -€58,680 | -27.2% |
| Amounts payable after more than one year | 17 | €75,000 | €75,000 | = | 0.0% |
| Other amounts payable | 178/9 | €75,000 | €75,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €140,514 | €81,835 | -€58,680 | -41.8% |
| Trade debts | 44 | €24,365 | €21,412 | -€2,953 | -12.1% |
| Suppliers | 440/4 | €24,365 | €21,412 | -€2,953 | -12.1% |
| Advances received on contracts in progress | 46 | €29,500 | - | -€29,500 | |
| Other amounts payable | 47/48 | €86,649 | €60,423 | -€26,226 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,448 | €2,496 | -€2,952 | -54.2% |
| Other operating charges | 640/8 | €0 | €4,103 | +€4,103 | |
| Gross operating margin | 9900 | €14,947 | €9,981 | -€4,966 | -33.2% |
| Operating profit (loss) | 9901 | €9,498 | €3,381 | -€6,117 | -64.4% |
| Financial charges | 65/66B | €7,000 | €1,993 | -€5,007 | -71.5% |
| Recurring financial charges | 65 | €7,000 | €1,993 | -€5,007 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €2,498 | €1,388 | -€1,110 | -44.4% |
| Profit (loss) for the period | 9904 | €2,498 | €1,388 | -€1,110 | -44.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,498 | €1,388 | -€1,110 | -44.4% |
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.