VLACORA: 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.
VLACORA
Largest movements
- Financial fixed assets -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year +€38,524
up €38,524 (+31.2%), from €123,431 to €161,956
of which Trade receivables: +€38,724
- Tangible fixed assets -€21,173
down €21,173 (-16.7%), from €126,845 to €105,672
of which Plant, machinery and equipment: -€17,984
- Cash +€5,938
up €5,938 (+10.4%), from €57,326 to €63,264
mainly Investment in fixed assets (net) (+€43,774) and Depreciation (+€27,399)
- Trade debts -€23,150
down €23,150 (-38.2%), from €60,549 to €37,400
- Other debts +€16,484
up €16,484 (+8.8%), from €187,090 to €203,574
- Debts after one year -€13,306
down €13,306 (-67.6%), from €19,681 to €6,375
- Current portion of long-term debt -€7,083
down €7,083 (-26.1%), from €27,146 to €20,063
- Tax, wage and social debts -€3,683
down €3,683 (-6.5%), from €56,813 to €53,130
of which Taxes: -€9,054
- Gross operating margin -€57,215
down €57,215 (-24.8%), from €230,756 to €173,541
- Other operating charges -€25,067
down €25,067 (-77.7%), from €32,279 to €7,212
- Staff costs -€6,846
down €6,846 (-7.4%), from €92,157 to €85,311
- Financial income -€5,141
down €5,141 (-48.4%), from €10,611 to €5,470
of which Financial income: -€4,372
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 | €360,161 | €331,612 | -€28,549 | -7.9% |
| Fixed assets | 21/28 | €176,845 | €105,672 | -€71,173 | -40.2% |
| Tangible fixed assets | 22/27 | €126,845 | €105,672 | -€21,173 | -16.7% |
| Land and buildings | 22 | €529 | - | -€529 | |
| Plant, machinery and equipment | 23 | €122,004 | €104,019 | -€17,984 | -14.7% |
| Furniture and vehicles | 24 | €3,498 | €1,092 | -€2,406 | -68.8% |
| Other tangible fixed assets | 26 | €815 | €561 | -€253 | -31.1% |
| Financial fixed assets | 28 | €50,000 | - | -€50,000 | |
| Current assets | 29/58 | €183,316 | €225,940 | +€42,624 | +23.3% |
| Amounts receivable within one year | 40/41 | €123,431 | €161,956 | +€38,524 | +31.2% |
| Trade receivables | 40 | €107,114 | €145,838 | +€38,724 | +36.2% |
| Other amounts receivable | 41 | €16,318 | €16,118 | -€200 | -1.2% |
| Cash at bank and in hand | 54/58 | €57,326 | €63,264 | +€5,938 | +10.4% |
| Deferred charges and accrued income | 490/1 | €2,559 | €719 | -€1,839 | -71.9% |
| Total equity and liabilities | 10/49 | €360,161 | €331,612 | -€28,549 | -7.9% |
| Equity | 10/15 | €709 | €1,076 | +€367 | +51.7% |
| Contributions | 10/11 | €82,300 | €82,300 | = | 0.0% |
| Reserves | 13 | €8,230 | €8,230 | = | 0.0% |
| Distributable reserves | 133 | €8,230 | €8,230 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,821 | -€89,454 | +€367 | +0.4% |
| Amounts payable | 17/49 | €359,452 | €330,536 | -€28,916 | -8.0% |
| Amounts payable after more than one year | 17 | €19,681 | €6,375 | -€13,306 | -67.6% |
| Financial debts | 170/4 | €19,681 | €6,375 | -€13,306 | -67.6% |
| Amounts payable within one year | 42/48 | €339,657 | €324,041 | -€15,616 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €27,146 | €20,063 | -€7,083 | -26.1% |
| Financial debts | 43 | €8,059 | €9,875 | +€1,816 | +22.5% |
| Credit institutions | 430/8 | €8,059 | €9,875 | +€1,816 | +22.5% |
| Trade debts | 44 | €60,549 | €37,400 | -€23,150 | -38.2% |
| Suppliers | 440/4 | €60,549 | €37,400 | -€23,150 | -38.2% |
| Taxes, remuneration and social security | 45 | €56,813 | €53,130 | -€3,683 | -6.5% |
| Taxes | 450/3 | €34,937 | €25,883 | -€9,054 | -25.9% |
| Remuneration and social security | 454/9 | €21,877 | €27,248 | +€5,371 | +24.6% |
| Other amounts payable | 47/48 | €187,090 | €203,574 | +€16,484 | +8.8% |
| Accrued charges and deferred income | 492/3 | €114 | €120 | +€6 | +4.9% |
| Non-recurring operating income | 76A | - | €80 | +€80 | |
| Remuneration, social security and pensions | 62 | €92,157 | €85,311 | -€6,846 | -7.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,066 | €27,399 | -€667 | -2.4% |
| Other operating charges | 640/8 | €32,279 | €7,212 | -€25,067 | -77.7% |
| Non-recurring operating charges | 66A | €23,771 | €52,670 | +€28,899 | +121.6% |
| Gross operating margin | 9900 | €230,756 | €173,541 | -€57,215 | -24.8% |
| Operating profit (loss) | 9901 | €54,483 | €949 | -€53,534 | -98.3% |
| Financial income | 75/76B | €10,611 | €5,470 | -€5,141 | -48.4% |
| Recurring financial income | 75 | €9,843 | €5,470 | -€4,372 | -44.4% |
| Non-recurring financial income | 76B | €768 | - | -€768 | |
| Financial charges | 65/66B | €2,550 | €2,022 | -€528 | -20.7% |
| Recurring financial charges | 65 | €2,550 | €2,022 | -€528 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €62,544 | €4,397 | -€58,147 | -93.0% |
| Income taxes | 67/77 | €4,675 | €4,031 | -€645 | -13.8% |
| Profit (loss) for the period | 9904 | €57,869 | €367 | -€57,502 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €57,869 | €367 | -€57,502 | -99.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.