VL POWER: what changed
VL POWER
Largest movements
- Current investments -€222,853
down €222,853 (-80.9%), from €275,363 to €52,511
- Receivables within one year +€27,638
up €27,638 (+55.7%), from €49,580 to €77,218
of which Trade receivables: +€35,599
- Cash -€20,133
down €20,133 (-48.4%), from €41,562 to €21,429
mainly Contributions, distributions and other (-€326,000) and Receivables within one year (-€27,638)
- Contributions -€194,964
down €194,964 (-97.5%), from €200,000 to €5,036
- Current portion of long-term debt -€14,001
down €14,001 (-100%), from €14,001 to €0
- Reserves -€13,052
down €13,052 (-50.8%), from €25,694 to €12,642
of which Non-distributable reserves: -€20,000
- Tax, wage and social debts +€10,073
up €10,073 (+83.6%), from €12,048 to €22,122
- Trade debts -€7,532
down €7,532 (-55.9%), from €13,478 to €5,946
- Gross operating margin +€27,879
up €27,879 (+21.4%), from €130,501 to €158,380
- Taxes +€7,499
up €7,499 (+23.0%), from €32,574 to €40,073
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 | €367,755 | €152,447 | -€215,308 | -58.5% |
| Current assets | 29/58 | €367,755 | €152,447 | -€215,308 | -58.5% |
| Amounts receivable within one year | 40/41 | €49,580 | €77,218 | +€27,638 | +55.7% |
| Trade receivables | 40 | €41,619 | €77,218 | +€35,599 | +85.5% |
| Other amounts receivable | 41 | €7,961 | €0 | -€7,961 | -100% |
| Current investments | 50/53 | €275,363 | €52,511 | -€222,853 | -80.9% |
| Cash at bank and in hand | 54/58 | €41,562 | €21,429 | -€20,133 | -48.4% |
| Deferred charges and accrued income | 490/1 | €1,250 | €1,289 | +€39 | +3.1% |
| Total equity and liabilities | 10/49 | €367,755 | €152,447 | -€215,308 | -58.5% |
| Equity | 10/15 | €225,694 | €17,678 | -€208,016 | -92.2% |
| Contributions | 10/11 | €200,000 | €5,036 | -€194,964 | -97.5% |
| Capital | 10 | €200,000 | - | -€200,000 | |
| Issued capital | 100 | €200,000 | - | -€200,000 | |
| Reserves | 13 | €25,694 | €12,642 | -€13,052 | -50.8% |
| Non-distributable reserves | 130/1 | €20,000 | €0 | -€20,000 | -100% |
| Legal reserve | 130 | €20,000 | - | -€20,000 | |
| Reserves not available under the articles | 1311 | - | €0 | = | |
| Distributable reserves | 133 | €5,694 | €12,642 | +€6,948 | +122% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €142,060 | €134,768 | -€7,292 | -5.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €139,527 | €134,068 | -€5,459 | -3.9% |
| Current portion of amounts payable after more than one year | 42 | €14,001 | €0 | -€14,001 | -100% |
| Trade debts | 44 | €13,478 | €5,946 | -€7,532 | -55.9% |
| Suppliers | 440/4 | €13,478 | €5,946 | -€7,532 | -55.9% |
| Taxes, remuneration and social security | 45 | €12,048 | €22,122 | +€10,073 | +83.6% |
| Taxes | 450/3 | €12,048 | €22,122 | +€10,073 | +83.6% |
| Other amounts payable | 47/48 | €100,000 | €106,000 | +€6,000 | +6.0% |
| Accrued charges and deferred income | 492/3 | €2,534 | €700 | -€1,833 | -72.4% |
| Other operating charges | 640/8 | €571 | €665 | +€93 | +16.3% |
| Gross operating margin | 9900 | €130,501 | €158,380 | +€27,879 | +21.4% |
| Operating profit (loss) | 9901 | €129,930 | €157,715 | +€27,786 | +21.4% |
| Financial income | 75/76B | €2,534 | €1,181 | -€1,353 | -53.4% |
| Recurring financial income | 75 | €2,534 | €1,181 | -€1,353 | -53.4% |
| Financial charges | 65/66B | €2,400 | €839 | -€1,561 | -65.0% |
| Recurring financial charges | 65 | €2,400 | €839 | -€1,561 | -65.0% |
| Profit (loss) for the period before taxes | 9903 | €130,063 | €158,057 | +€27,994 | +21.5% |
| Income taxes | 67/77 | €32,574 | €40,073 | +€7,499 | +23.0% |
| Profit (loss) for the period | 9904 | €97,489 | €117,984 | +€20,495 | +21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €97,489 | €117,984 | +€20,495 | +21.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.