VLA: 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.
VLA
Largest movements
- Receivables within one year -€45,486
down €45,486 (-99.7%), from €45,640 to €153
of which Trade receivables: -€41,549
- Tangible fixed assets -€42,973
down €42,973 (-2.4%), from €1.8m to €1.7m
of which Land and buildings: -€25,132
- Cash -€27,784
down €27,784 (-50.9%), from €54,614 to €26,830
mainly Debts after one year (-€122,211) and Investment in fixed assets (net) (-€35,538)
- Debts after one year -€122,211
down €122,211 (-7.5%), from €1.6m to €1.5m
- Other debts -€20,438
down €20,438 (-13.7%), from €149,692 to €129,254
- Gross operating margin +€117,016
up €117,016 (+180%), from €65,068 to €182,084
- Financial charges +€48,504
up €48,504 (+321%), from €15,099 to €63,603
- Staff costs +€17,319
new in 2025: €17,319
- Depreciation -€9,725
down €9,725 (-11.0%), from €88,237 to €78,511
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 | €1,878,440 | €1,763,294 | -€115,147 | -6.1% |
| Fixed assets | 21/28 | €1,771,512 | €1,728,539 | -€42,973 | -2.4% |
| Tangible fixed assets | 22/27 | €1,771,512 | €1,728,539 | -€42,973 | -2.4% |
| Land and buildings | 22 | €1,366,690 | €1,341,558 | -€25,132 | -1.8% |
| Plant, machinery and equipment | 23 | €82,580 | €82,274 | -€306 | -0.4% |
| Furniture and vehicles | 24 | €317,388 | €301,707 | -€15,680 | -4.9% |
| Other tangible fixed assets | 26 | €3,000 | €3,000 | = | 0.0% |
| Assets under construction and advance payments | 27 | €1,855 | - | -€1,855 | |
| Current assets | 29/58 | €106,928 | €34,755 | -€72,173 | -67.5% |
| Amounts receivable within one year | 40/41 | €45,640 | €153 | -€45,486 | -99.7% |
| Trade receivables | 40 | €41,702 | €153 | -€41,549 | -99.6% |
| Other amounts receivable | 41 | €3,938 | - | -€3,938 | |
| Cash at bank and in hand | 54/58 | €54,614 | €26,830 | -€27,784 | -50.9% |
| Deferred charges and accrued income | 490/1 | €6,675 | €7,772 | +€1,097 | +16.4% |
| Total equity and liabilities | 10/49 | €1,878,440 | €1,763,294 | -€115,147 | -6.1% |
| Equity | 10/15 | -€45,240 | -€35,590 | +€9,651 | +21.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€47,240 | -€37,590 | +€9,651 | +20.4% |
| Amounts payable | 17/49 | €1,923,681 | €1,798,883 | -€124,797 | -6.5% |
| Amounts payable after more than one year | 17 | €1,633,440 | €1,511,229 | -€122,211 | -7.5% |
| Financial debts | 170/4 | €1,633,440 | €1,511,229 | -€122,211 | -7.5% |
| Amounts payable within one year | 42/48 | €281,813 | €279,950 | -€1,864 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €114,830 | €132,202 | +€17,372 | +15.1% |
| Trade debts | 44 | €10,023 | €6,732 | -€3,291 | -32.8% |
| Suppliers | 440/4 | €10,023 | €6,732 | -€3,291 | -32.8% |
| Taxes, remuneration and social security | 45 | €7,268 | €11,762 | +€4,493 | +61.8% |
| Taxes | 450/3 | €7,268 | €5,883 | -€1,386 | -19.1% |
| Remuneration and social security | 454/9 | - | €5,879 | +€5,879 | |
| Other amounts payable | 47/48 | €149,692 | €129,254 | -€20,438 | -13.7% |
| Accrued charges and deferred income | 492/3 | €8,427 | €7,705 | -€722 | -8.6% |
| Non-recurring operating income | 76A | €520 | €203 | -€317 | -61.0% |
| Remuneration, social security and pensions | 62 | - | €17,319 | +€17,319 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,237 | €78,511 | -€9,725 | -11.0% |
| Other operating charges | 640/8 | €7,588 | €8,670 | +€1,082 | +14.3% |
| Non-recurring operating charges | 66A | €1,053 | €2,647 | +€1,594 | +151% |
| Gross operating margin | 9900 | €65,068 | €182,084 | +€117,016 | +180% |
| Operating profit (loss) | 9901 | -€31,810 | €74,937 | +€106,747 | |
| Financial income | 75/76B | €2 | €33 | +€31 | +1,627% |
| Recurring financial income | 75 | €2 | €33 | +€31 | +1,627% |
| Financial charges | 65/66B | €15,099 | €63,603 | +€48,504 | +321% |
| Recurring financial charges | 65 | €15,099 | €63,603 | +€48,504 | +321% |
| Profit (loss) for the period before taxes | 9903 | -€46,906 | €11,367 | +€58,273 | |
| Income taxes | 67/77 | €334 | €1,716 | +€1,382 | +414% |
| Profit (loss) for the period | 9904 | -€47,240 | €9,651 | +€56,891 | |
| Profit (loss) for the period to be appropriated | 9905 | -€47,240 | €9,651 | +€56,891 |
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 16 October 2026 via checked.be.