VLARET: 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.
VLARET
Largest movements
- Tangible fixed assets -€26,217
down €26,217 (-3.3%), from €785,706 to €759,490
- Debts after one year -€326,453
down €326,453 (-60.7%), from €537,848 to €211,395
- Current portion of long-term debt +€300,706
up €300,706 (+947%), from €31,748 to €332,453
- Financial charges -€10,176
down €10,176 (-28.8%), from €35,349 to €25,173
- Gross operating margin +€3,285
up €3,285 (+6.6%), from €49,416 to €52,702
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 | €793,861 | €767,343 | -€26,518 | -3.3% |
| Fixed assets | 21/28 | €785,706 | €759,490 | -€26,217 | -3.3% |
| Tangible fixed assets | 22/27 | €785,706 | €759,490 | -€26,217 | -3.3% |
| Other tangible fixed assets | 26 | €785,706 | €759,490 | -€26,217 | -3.3% |
| Current assets | 29/58 | €8,155 | €7,854 | -€301 | -3.7% |
| Cash at bank and in hand | 54/58 | €8,155 | €7,854 | -€301 | -3.7% |
| Total equity and liabilities | 10/49 | €793,861 | €767,343 | -€26,518 | -3.3% |
| Equity | 10/15 | €212,973 | €210,104 | -€2,868 | -1.3% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€287,027 | -€289,896 | -€2,868 | -1.0% |
| Amounts payable | 17/49 | €580,888 | €557,239 | -€23,649 | -4.1% |
| Amounts payable after more than one year | 17 | €537,848 | €211,395 | -€326,453 | -60.7% |
| Financial debts | 170/4 | €537,848 | €211,395 | -€326,453 | -60.7% |
| Amounts payable within one year | 42/48 | €32,288 | €332,845 | +€300,558 | +931% |
| Current portion of amounts payable after more than one year | 42 | €31,748 | €332,453 | +€300,706 | +947% |
| Trade debts | 44 | €540 | €392 | -€148 | -27.4% |
| Suppliers | 440/4 | €540 | €392 | -€148 | -27.4% |
| Accrued charges and deferred income | 492/3 | €10,753 | €12,999 | +€2,246 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,217 | €26,217 | = | 0.0% |
| Other operating charges | 640/8 | €4,635 | €4,181 | -€454 | -9.8% |
| Gross operating margin | 9900 | €49,416 | €52,702 | +€3,285 | +6.6% |
| Operating profit (loss) | 9901 | €18,564 | €22,304 | +€3,740 | +20.1% |
| Financial charges | 65/66B | €35,349 | €25,173 | -€10,176 | -28.8% |
| Recurring financial charges | 65 | €35,349 | €25,173 | -€10,176 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | -€16,785 | -€2,868 | +€13,916 | +82.9% |
| Profit (loss) for the period | 9904 | -€16,785 | -€2,868 | +€13,916 | +82.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,785 | -€2,868 | +€13,916 | +82.9% |
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 19 October 2026 via checked.be.