VL-STAALWERKEN: what changed
What changed
VL-STAALWERKEN
NACE 25.510, Coating of metals
filed annual accounts (NBB)
Net result for the year
€34,224
2024 · €16,718+€17,506
Equity
€167,212
2024 · €132,988+€34,224
Cash
€63,329
2024 · €63,475-€146
Balance sheet total
€214,052
2024 · €195,843+€18,209
Largest movements
Assets
- Receivables within one year +€22,962
up €22,962 (+228%), from €10,065 to €33,027
of which Trade receivables: +€17,201
- Tangible fixed assets -€6,206
down €6,206 (-6.8%), from €91,493 to €85,287
of which Leasing and similar rights: -€4,360
Equity and liabilities
- Reserves +€34,224
up €34,224 (+44.7%), from €76,490 to €110,714
- Trade debts -€14,435
down €14,435 (-43.5%), from €33,161 to €18,726
- Debts after one year -€7,591
down €7,591 (-87.2%), from €8,708 to €1,117
- Tax, wage and social debts +€5,661
up €5,661 (+140%), from €4,048 to €9,709
of which Taxes: +€3,861
- Other debts +€3,220
up €3,220 (+106%), from €3,027 to €6,246
Income statement
- Gross operating margin +€30,054
up €30,054 (+48.4%), from €62,146 to €92,200
- Taxes +€8,986
up €8,986 (+115%), from €7,827 to €16,813
- Financial charges +€4,485
up €4,485 (+274%), from €1,635 to €6,120
- Depreciation -€3,429
down €3,429 (-11.0%), from €31,193 to €27,764
- Other operating charges +€2,694
up €2,694 (+57.6%), from €4,674 to €7,368
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.
Result 2024
€16,718
Gross operating margin
+€30,054
Staff costs
+€124
Depreciation
+€3,429
Other operating charges
-€2,694
Financial income
+€64
Financial charges
-€4,485
Taxes
-€8,986
Result 2025
€34,224
raises the resultlowers the result
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.
From operations
+€31,874
Investment
-€21,558
Financing
-€10,461
Cash 2024
€63,475
From operations (derived)
+€31,874
Net result for the year
+€34,224
Depreciation
+€27,764
Stocks and contracts
-€1,599
Receivables within one year
-€22,962
Trade debts
-€14,435
Tax, wage and social debts
+€5,661
Other debts
+€3,220
Investment (derived)
-€21,558
Investment in fixed assets (net)
-€21,558
Financing
-€10,461
Debts after one year
-€7,591
Current portion of long-term debt
-€2,871
Cash 2025
€63,329
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €195,843 | €214,052 | +€18,209 | +9.3% |
| Fixed assets | 21/28 | €91,493 | €85,287 | -€6,206 | -6.8% |
| Tangible fixed assets | 22/27 | €91,493 | €85,287 | -€6,206 | -6.8% |
| Land and buildings | 22 | €970 | €882 | -€88 | -9.1% |
| Plant, machinery and equipment | 23 | €71,546 | €69,283 | -€2,262 | -3.2% |
| Furniture and vehicles | 24 | €4,025 | €5,545 | +€1,519 | +37.7% |
| Leasing and similar rights | 25 | €9,879 | €5,519 | -€4,360 | -44.1% |
| Other tangible fixed assets | 26 | €5,073 | €4,059 | -€1,015 | -20.0% |
| Current assets | 29/58 | €104,351 | €128,765 | +€24,414 | +23.4% |
| Stocks and contracts in progress | 3 | €30,811 | €32,409 | +€1,599 | +5.2% |
| Stocks | 30/36 | €30,811 | €32,409 | +€1,599 | +5.2% |
| Amounts receivable within one year | 40/41 | €10,065 | €33,027 | +€22,962 | +228% |
| Trade receivables | 40 | €10,065 | €27,266 | +€17,201 | +171% |
| Other amounts receivable | 41 | - | €5,761 | +€5,761 | |
| Cash at bank and in hand | 54/58 | €63,475 | €63,329 | -€146 | -0.2% |
| Total equity and liabilities | 10/49 | €195,843 | €214,052 | +€18,209 | +9.3% |
| Equity | 10/15 | €132,988 | €167,212 | +€34,224 | +25.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,490 | €110,714 | +€34,224 | +44.7% |
| Distributable reserves | 133 | €76,490 | €110,714 | +€34,224 | +44.7% |
| Profit (loss) carried forward | 14 | €37,898 | €37,898 | = | 0.0% |
| Amounts payable | 17/49 | €62,855 | €46,840 | -€16,015 | -25.5% |
| Amounts payable after more than one year | 17 | €8,708 | €1,117 | -€7,591 | -87.2% |
| Financial debts | 170/4 | €8,708 | €1,117 | -€7,591 | -87.2% |
| Amounts payable within one year | 42/48 | €54,147 | €45,723 | -€8,425 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €13,912 | €11,042 | -€2,871 | -20.6% |
| Trade debts | 44 | €33,161 | €18,726 | -€14,435 | -43.5% |
| Suppliers | 440/4 | €33,161 | €18,726 | -€14,435 | -43.5% |
| Taxes, remuneration and social security | 45 | €4,048 | €9,709 | +€5,661 | +140% |
| Taxes | 450/3 | €4,048 | €7,909 | +€3,861 | +95.4% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €3,027 | €6,246 | +€3,220 | +106% |
| Non-recurring operating income | 76A | - | €14,698 | +€14,698 | |
| Remuneration, social security and pensions | 62 | €124 | - | -€124 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,193 | €27,764 | -€3,429 | -11.0% |
| Other operating charges | 640/8 | €4,674 | €7,368 | +€2,694 | +57.6% |
| Gross operating margin | 9900 | €62,146 | €92,200 | +€30,054 | +48.4% |
| Operating profit (loss) | 9901 | €26,155 | €57,068 | +€30,914 | +118% |
| Financial income | 75/76B | €25 | €89 | +€64 | +255% |
| Recurring financial income | 75 | €25 | €89 | +€64 | +255% |
| Financial charges | 65/66B | €1,635 | €6,120 | +€4,485 | +274% |
| Recurring financial charges | 65 | €1,635 | €6,120 | +€4,485 | +274% |
| Profit (loss) for the period before taxes | 9903 | €24,545 | €51,037 | +€26,492 | +108% |
| Income taxes | 67/77 | €7,827 | €16,813 | +€8,986 | +115% |
| Profit (loss) for the period | 9904 | €16,718 | €34,224 | +€17,506 | +105% |
| Profit (loss) for the period to be appropriated | 9905 | €16,718 | €34,224 | +€17,506 | +105% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.