VL ONE MANAGEMENT: what changed
VL ONE MANAGEMENT
Largest movements
- Tangible fixed assets +€54,230
up €54,230 (+447%), from €12,121 to €66,351
of which Assets under construction and advance payments: +€36,669
- Cash +€27,371
up €27,371 (+56.2%), from €48,718 to €76,089
mainly Net result for the year (+€33,822) and Debts after one year (+€17,243)
- Current investments -€12,760
down €12,760 (-7.2%), from €177,760 to €165,000
- Receivables within one year -€12,497
down €12,497 (-74.8%), from €16,704 to €4,208
of which Trade receivables: -€13,189
- Reserves +€33,800
up €33,800 (+47.6%), from €71,063 to €104,863
- Debts after one year +€17,243
new in 2026: €17,243
- Current portion of long-term debt +€7,201
new in 2026: €7,201
- Gross operating margin -€14,237
down €14,237 (-23.9%), from €59,627 to €45,390
- Financial income +€8,131
up €8,131 (+740%), from €1,098 to €9,229
- Depreciation -€1,426
down €1,426 (-26.2%), from €5,437 to €4,011
- Taxes -€1,216
down €1,216 (-7.9%), from €15,362 to €14,146
- Other operating charges +€1,033
up €1,033 (+107%), from €966 to €1,999
Change in the result, 2025 to 2026
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 2025 and 2026 balance sheets and the 2026 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 | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €258,562 | €314,129 | +€55,567 | +21.5% |
| Fixed assets | 21/28 | €12,121 | €66,351 | +€54,230 | +447% |
| Tangible fixed assets | 22/27 | €12,121 | €66,351 | +€54,230 | +447% |
| Furniture and vehicles | 24 | €8,952 | €25,009 | +€16,057 | +179% |
| Other tangible fixed assets | 26 | €3,168 | €4,673 | +€1,504 | +47.5% |
| Assets under construction and advance payments | 27 | - | €36,669 | +€36,669 | |
| Current assets | 29/58 | €246,441 | €247,778 | +€1,337 | +0.5% |
| Amounts receivable within one year | 40/41 | €16,704 | €4,208 | -€12,497 | -74.8% |
| Trade receivables | 40 | €13,217 | €29 | -€13,189 | -99.8% |
| Other amounts receivable | 41 | €3,487 | €4,179 | +€692 | +19.8% |
| Current investments | 50/53 | €177,760 | €165,000 | -€12,760 | -7.2% |
| Cash at bank and in hand | 54/58 | €48,718 | €76,089 | +€27,371 | +56.2% |
| Deferred charges and accrued income | 490/1 | €3,259 | €2,482 | -€777 | -23.8% |
| Total equity and liabilities | 10/49 | €258,562 | €314,129 | +€55,567 | +21.5% |
| Equity | 10/15 | €250,608 | €284,430 | +€33,822 | +13.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €71,063 | €104,863 | +€33,800 | +47.6% |
| Distributable reserves | 133 | €71,063 | €104,863 | +€33,800 | +47.6% |
| Profit (loss) carried forward | 14 | €159,085 | €159,107 | +€22 | 0.0% |
| Amounts payable | 17/49 | €7,954 | €29,699 | +€21,745 | +273% |
| Amounts payable after more than one year | 17 | - | €17,243 | +€17,243 | |
| Financial debts | 170/4 | - | €17,243 | +€17,243 | |
| Amounts payable within one year | 42/48 | €7,601 | €12,457 | +€4,856 | +63.9% |
| Current portion of amounts payable after more than one year | 42 | - | €7,201 | +€7,201 | |
| Trade debts | 44 | €1,205 | €787 | -€419 | -34.7% |
| Suppliers | 440/4 | €1,205 | €787 | -€419 | -34.7% |
| Taxes, remuneration and social security | 45 | €2,550 | €2,231 | -€319 | -12.5% |
| Taxes | 450/3 | €2,550 | €2,231 | -€319 | -12.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €3,845 | €2,238 | -€1,607 | -41.8% |
| Accrued charges and deferred income | 492/3 | €354 | €0 | -€354 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,437 | €4,011 | -€1,426 | -26.2% |
| Other operating charges | 640/8 | €966 | €1,999 | +€1,033 | +107% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €59,627 | €45,390 | -€14,237 | -23.9% |
| Operating profit (loss) | 9901 | €53,224 | €39,380 | -€13,843 | -26.0% |
| Financial income | 75/76B | €1,098 | €9,229 | +€8,131 | +740% |
| Recurring financial income | 75 | €1,098 | €9,229 | +€8,131 | +740% |
| Financial charges | 65/66B | €850 | €641 | -€208 | -24.5% |
| Recurring financial charges | 65 | €850 | €641 | -€208 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €53,472 | €47,968 | -€5,504 | -10.3% |
| Income taxes | 67/77 | €15,362 | €14,146 | -€1,216 | -7.9% |
| Profit (loss) for the period | 9904 | €38,110 | €33,822 | -€4,288 | -11.3% |
| Profit (loss) for the period to be appropriated | 9905 | €38,110 | €33,822 | -€4,288 | -11.3% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.