VLAF: 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.
VLAF
Largest movements
- Cash -€33,318
down €33,318 (-98.4%), from €33,857 to €539
mainly Receivables within one year (-€30,433) and Net result for the year (-€21,648)
- Receivables within one year +€30,433
up €30,433 (+31.4%), from €96,996 to €127,429
of which Other amounts receivable: +€41,367
- Tangible fixed assets -€5,064
down €5,064 (-26.6%), from €19,026 to €13,962
- Trade debts +€23,818
up €23,818 (+147.4%), from €16,153 to €39,971
- Short-term financial debts +€23,766
new in 2025: €23,766
- Profit (loss) carried forward -€21,648
down €21,648 (-47.1%), from €45,984 to €24,336
- Current portion of long-term debt -€14,695
down €14,695 (-87.8%), from €16,734 to €2,039
- Tax, wage and social debts -€10,818
down €10,818 (-17.9%), from €60,506 to €49,688
of which Remuneration and social security: -€15,892
- Staff costs +€92,330
up €92,330 (+37.2%), from €248,395 to €340,725
- Gross operating margin +€75,866
up €75,866 (+28.5%), from €266,339 to €342,205
- Financial charges -€32,057
down €32,057 (-89.0%), from €36,029 to €3,971
- Taxes +€3,523
up €3,523 (+250.1%), from €1,408 to €4,932
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 | €151,370 | €142,806 | -€8,564 | -5.7% |
| Fixed assets | 21/28 | €20,518 | €14,838 | -€5,680 | -27.7% |
| Intangible fixed assets | 21 | €1,317 | €701 | -€616 | -46.8% |
| Tangible fixed assets | 22/27 | €19,026 | €13,962 | -€5,064 | -26.6% |
| Furniture and vehicles | 24 | €19,026 | €13,962 | -€5,064 | -26.6% |
| Financial fixed assets | 28 | €175 | €175 | = | 0.0% |
| Current assets | 29/58 | €130,852 | €127,968 | -€2,885 | -2.2% |
| Amounts receivable within one year | 40/41 | €96,996 | €127,429 | +€30,433 | +31.4% |
| Trade receivables | 40 | €96,996 | €86,061 | -€10,934 | -11.3% |
| Other amounts receivable | 41 | - | €41,367 | +€41,367 | |
| Cash at bank and in hand | 54/58 | €33,857 | €539 | -€33,318 | -98.4% |
| Total equity and liabilities | 10/49 | €151,370 | €142,806 | -€8,564 | -5.7% |
| Equity | 10/15 | €47,434 | €25,786 | -€21,648 | -45.6% |
| Contributions | 10/11 | €1,450 | €1,450 | = | 0.0% |
| Profit (loss) carried forward | 14 | €45,984 | €24,336 | -€21,648 | -47.1% |
| Amounts payable | 17/49 | €103,936 | €117,020 | +€13,084 | +12.6% |
| Amounts payable after more than one year | 17 | €1,714 | - | -€1,714 | |
| Financial debts | 170/4 | €1,714 | - | -€1,714 | |
| Amounts payable within one year | 42/48 | €102,222 | €117,020 | +€14,798 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €16,734 | €2,039 | -€14,695 | -87.8% |
| Financial debts | 43 | - | €23,766 | +€23,766 | |
| Credit institutions | 430/8 | - | €23,766 | +€23,766 | |
| Trade debts | 44 | €16,153 | €39,971 | +€23,818 | +147.4% |
| Suppliers | 440/4 | €16,153 | €39,971 | +€23,818 | +147.4% |
| Taxes, remuneration and social security | 45 | €60,506 | €49,688 | -€10,818 | -17.9% |
| Taxes | 450/3 | €25,213 | €30,286 | +€5,074 | +20.1% |
| Remuneration and social security | 454/9 | €35,293 | €19,401 | -€15,892 | -45.0% |
| Other amounts payable | 47/48 | €8,829 | €1,557 | -€7,273 | -82.4% |
| Remuneration, social security and pensions | 62 | €248,395 | €340,725 | +€92,330 | +37.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,122 | €11,774 | -€348 | -2.9% |
| Other operating charges | 640/8 | €3,843 | €2,595 | -€1,249 | -32.5% |
| Gross operating margin | 9900 | €266,339 | €342,205 | +€75,866 | +28.5% |
| Operating profit (loss) | 9901 | €1,978 | -€12,889 | -€14,867 | |
| Financial income | 75/76B | €113 | €143 | +€30 | +27.0% |
| Recurring financial income | 75 | €113 | €143 | +€30 | +27.0% |
| Financial charges | 65/66B | €36,029 | €3,971 | -€32,057 | -89.0% |
| Recurring financial charges | 65 | €36,029 | €3,971 | -€32,057 | -89.0% |
| Profit (loss) for the period before taxes | 9903 | -€33,937 | -€16,717 | +€17,221 | +50.7% |
| Income taxes | 67/77 | €1,408 | €4,932 | +€3,523 | +250.1% |
| Profit (loss) for the period | 9904 | -€35,346 | -€21,648 | +€13,698 | +38.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,346 | -€21,648 | +€13,698 | +38.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.