VL TECHNICS: what changed
Two fiscal 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 TECHNICS
Largest movements
- Receivables within one year -€941,580
down €941,580 (-38.7%), from €2.4m to €1.5m
of which Trade receivables: -€899,007
- Stocks and contracts -€240,357
down €240,357 (-19.3%), from €1.2m to €1.0m
of which Contracts in progress: -€242,151
- Cash +€189,016
up €189,016 (+6.1%), from €3.1m to €3.3m
mainly Other debts (+€1.4m) and Receivables within one year (+€941,580)
- Reserves -€1.7m
down €1.7m (-57.0%), from €2.9m to €1.3m
of which Distributable reserves: -€1.7m
- Other debts +€1.4m
up €1.4m (+142.1%), from €950,000 to €2.3m
- Trade debts -€541,285
down €541,285 (-23.6%), from €2.3m to €1.7m
- Tax, wage and social debts -€124,760
down €124,760 (-46.5%), from €268,578 to €143,817
of which Taxes: -€148,416
- Gross operating margin -€168,079
down €168,079 (-6.8%), from €2.5m to €2.3m
- Staff costs +€100,704
up €100,704 (+7.5%), from €1.3m to €1.4m
- Taxes -€63,523
down €63,523 (-22.0%), from €288,281 to €224,758
- Depreciation -€35,200
down €35,200 (-66.0%), from €53,365 to €18,165
- Financial income -€33,631
down €33,631 (-79.5%), from €42,307 to €8,676
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.
Cash bridge derived
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 | €6,789,048 | €5,771,107 | -€1.0m | -15.0% |
| Fixed assets | 21/28 | €22,860 | €4,695 | -€18,165 | -79.5% |
| Intangible fixed assets | 21 | €14,542 | €4,633 | -€9,909 | -68.1% |
| Tangible fixed assets | 22/27 | €8,317 | €62 | -€8,256 | -99.3% |
| Plant, machinery and equipment | 23 | €4,886 | €62 | -€4,824 | -98.7% |
| Furniture and vehicles | 24 | €3,432 | €0 | -€3,432 | -100.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €6,766,188 | €5,766,412 | -€999,776 | -14.8% |
| Stocks and contracts in progress | 3 | €1,245,451 | €1,005,095 | -€240,357 | -19.3% |
| Stocks | 30/36 | €726,239 | €728,034 | +€1,795 | +0.2% |
| Contracts in progress | 37 | €519,212 | €277,061 | -€242,151 | -46.6% |
| Amounts receivable within one year | 40/41 | €2,431,753 | €1,490,173 | -€941,580 | -38.7% |
| Trade receivables | 40 | €2,279,872 | €1,380,865 | -€899,007 | -39.4% |
| Other amounts receivable | 41 | €151,881 | €109,308 | -€42,573 | -28.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €3,075,243 | €3,264,259 | +€189,016 | +6.1% |
| Deferred charges and accrued income | 490/1 | €13,741 | €6,885 | -€6,856 | -49.9% |
| Total equity and liabilities | 10/49 | €6,789,048 | €5,771,107 | -€1.0m | -15.0% |
| Equity | 10/15 | €3,218,590 | €1,540,287 | -€1.7m | -52.1% |
| Contributions | 10/11 | €276,600 | €276,600 | = | 0.0% |
| Reserves | 13 | €2,941,990 | €1,263,687 | -€1.7m | -57.0% |
| Tax-exempt reserves | 132 | €9,856 | €9,856 | = | 0.0% |
| Distributable reserves | 133 | €2,932,133 | €1,253,830 | -€1.7m | -57.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €3,570,458 | €4,230,821 | +€660,363 | +18.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,532,958 | €4,193,321 | +€660,363 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | €23,592 | €0 | -€23,592 | -100.0% |
| Trade debts | 44 | €2,290,789 | €1,749,503 | -€541,285 | -23.6% |
| Suppliers | 440/4 | €2,290,789 | €1,749,503 | -€541,285 | -23.6% |
| Taxes, remuneration and social security | 45 | €268,578 | €143,817 | -€124,760 | -46.5% |
| Taxes | 450/3 | €159,736 | €11,320 | -€148,416 | -92.9% |
| Remuneration and social security | 454/9 | €108,842 | €132,497 | +€23,655 | +21.7% |
| Other amounts payable | 47/48 | €950,000 | €2,300,000 | +€1.4m | +142.1% |
| Accrued charges and deferred income | 492/3 | €37,500 | €37,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €1,341,958 | €1,442,662 | +€100,704 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,365 | €18,165 | -€35,200 | -66.0% |
| Other operating charges | 640/8 | €5,543 | €5,401 | -€142 | -2.6% |
| Gross operating margin | 9900 | €2,483,414 | €2,315,335 | -€168,079 | -6.8% |
| Operating profit (loss) | 9901 | €1,082,548 | €849,107 | -€233,441 | -21.6% |
| Financial income | 75/76B | €42,307 | €8,676 | -€33,631 | -79.5% |
| Recurring financial income | 75 | €42,307 | €8,676 | -€33,631 | -79.5% |
| Financial charges | 65/66B | €12,179 | €11,328 | -€851 | -7.0% |
| Recurring financial charges | 65 | €12,179 | €11,328 | -€851 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €1,112,676 | €846,455 | -€266,221 | -23.9% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Income taxes | 67/77 | €288,281 | €224,758 | -€63,523 | -22.0% |
| Profit (loss) for the period | 9904 | €824,395 | €621,697 | -€202,698 | -24.6% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €824,395 | €621,697 | -€202,698 | -24.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.