Vlaco: 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.
What changed
Vlaco
NACE 72.109, Other research and development on natural sciences
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3,198
2024 · -€264+€3,462
Equity
€712,425
2024 · €709,227+€3,198
Cash
€633,673
2024 · €551,958+€81,715
Balance sheet total
€1.4m
2024 · €1.4m+€82,384
Largest movements
Assets
- Cash +€81,715
up €81,715 (+14.8%), from €551,958 to €633,673
mainly Accrued charges and deferred income (+€65,348) and Tax, wage and social debts (+€15,683)
Equity and liabilities
- Accrued charges and deferred income +€65,348
up €65,348 (+68.5%), from €95,426 to €160,774
- Trade debts -€16,093
down €16,093 (-9.1%), from €177,291 to €161,198
- Tax, wage and social debts +€15,683
up €15,683 (+12.8%), from €122,335 to €138,018
Income statement
- Staff costs +€73,874
up €73,874 (+6.6%), from €1.1m to €1.2m
- Gross operating margin -€59,470
down €59,470 (-4.2%), from €1.4m to €1.3m
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.
Result 2024
-€264
Gross operating margin
-€59,470
Staff costs
-€73,874
Depreciation
+€9,886
Write-downs
+€12,480
Other operating charges
-€5,067
Other operating items
+€108,371
Financial income
+€11,626
Financial charges
+€8
Taxes
-€498
Result 2025
€3,198
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.
From operations
+€88,042
Investment
-€6,327
Financing
€0
Cash 2024
€551,958
From operations (derived)
+€88,042
Net result for the year
+€3,198
Depreciation
+€6,733
Receivables within one year
-€265
Deferred charges and accrued income
-€810
Provisions
+€14,248
Trade debts
-€16,093
Tax, wage and social debts
+€15,683
Accrued charges and deferred income
+€65,348
Investment (derived)
-€6,327
Current investments
-€6,327
Cash 2025
€633,673
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,365,607 | €1,447,991 | +€82,384 | +6.0% |
| Fixed assets | 21/28 | €16,904 | €10,171 | -€6,733 | -39.8% |
| Tangible fixed assets | 22/27 | €16,904 | €10,171 | -€6,733 | -39.8% |
| Plant, machinery and equipment | 23 | €12,889 | €6,840 | -€6,049 | -46.9% |
| Furniture and vehicles | 24 | €4,015 | €3,331 | -€684 | -17.0% |
| Current assets | 29/58 | €1,348,703 | €1,437,820 | +€89,117 | +6.6% |
| Amounts receivable within one year | 40/41 | €90,901 | €91,166 | +€265 | +0.3% |
| Trade receivables | 40 | €90,901 | €3,164 | -€87,737 | -96.5% |
| Other amounts receivable | 41 | - | €88,002 | +€88,002 | |
| Current investments | 50/53 | €700,715 | €707,042 | +€6,327 | +0.9% |
| Cash at bank and in hand | 54/58 | €551,958 | €633,673 | +€81,715 | +14.8% |
| Deferred charges and accrued income | 490/1 | €5,129 | €5,939 | +€810 | +15.8% |
| Total equity and liabilities | 10/49 | €1,365,607 | €1,447,991 | +€82,384 | +6.0% |
| Equity | 10/15 | €709,227 | €712,425 | +€3,198 | +0.5% |
| Contributions | 10/11 | €175,678 | €175,678 | = | 0.0% |
| Capital | 10 | €175,678 | €175,678 | = | 0.0% |
| Reserves | 13 | €695,336 | €695,336 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€161,787 | -€158,589 | +€3,198 | +2.0% |
| Provisions and deferred taxes | 16 | €261,328 | €275,576 | +€14,248 | +5.5% |
| Provisions for liabilities and charges | 160/5 | €261,328 | €275,576 | +€14,248 | +5.5% |
| Other liabilities and charges | 164/5 | €261,328 | €275,576 | +€14,248 | +5.5% |
| Amounts payable | 17/49 | €395,052 | €459,990 | +€64,938 | +16.4% |
| Amounts payable within one year | 42/48 | €299,626 | €299,216 | -€410 | -0.1% |
| Trade debts | 44 | €177,291 | €161,198 | -€16,093 | -9.1% |
| Suppliers | 440/4 | €177,291 | €161,198 | -€16,093 | -9.1% |
| Taxes, remuneration and social security | 45 | €122,335 | €138,018 | +€15,683 | +12.8% |
| Remuneration and social security | 454/9 | €122,335 | €138,018 | +€15,683 | +12.8% |
| Accrued charges and deferred income | 492/3 | €95,426 | €160,774 | +€65,348 | +68.5% |
| Remuneration, social security and pensions | 62 | €1,116,945 | €1,190,819 | +€73,874 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,619 | €6,733 | -€9,886 | -59.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,524 | €44 | -€12,480 | -99.6% |
| Other operating charges | 640/8 | €4,602 | €9,669 | +€5,067 | +110.1% |
| Non-recurring operating charges | 66A | - | -€7,252 | -€7,252 | |
| Gross operating margin | 9900 | €1,400,094 | €1,340,624 | -€59,470 | -4.2% |
| Operating profit (loss) | 9901 | -€7,517 | -€15,191 | -€7,674 | -102.1% |
| Financial income | 75/76B | €10,527 | €22,153 | +€11,626 | +110.4% |
| Recurring financial income | 75 | €10,527 | €22,153 | +€11,626 | +110.4% |
| Financial charges | 65/66B | €216 | €208 | -€8 | -3.7% |
| Recurring financial charges | 65 | €216 | €208 | -€8 | -3.7% |
| Profit (loss) for the period before taxes | 9903 | €2,794 | €6,754 | +€3,960 | +141.7% |
| Income taxes | 67/77 | €3,058 | €3,556 | +€498 | +16.3% |
| Profit (loss) for the period | 9904 | -€264 | €3,198 | +€3,462 | |
| Profit (loss) for the period to be appropriated | 9905 | -€264 | €3,198 | +€3,462 |
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 29 September 2026 via checked.be.