VLASOPH: 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.
VLASOPH
Largest movements
- Receivables within one year +€118,544
up €118,544 (+111.7%), from €106,170 to €224,714
of which Trade receivables: +€111,931
- Tangible fixed assets +€38,603
up €38,603 (+97.1%), from €39,757 to €78,361
of which Plant, machinery and equipment: +€20,164
- Cash +€24,015
up €24,015 (+414.8%), from €5,789 to €29,804
mainly Trade debts (+€87,312) and Net result for the year (+€78,599)
- Financial fixed assets +€18,800
up €18,800 (+117.5%), from €16,000 to €34,800
- Trade debts +€87,312
up €87,312 (+200.2%), from €43,605 to €130,918
- Profit (loss) carried forward +€58,599
up €58,599 (+79.3%), from €73,905 to €132,504
- Tax, wage and social debts +€39,480
up €39,480 (+263.7%), from €14,972 to €54,453
of which Remuneration and social security: +€22,326
- Short-term financial debts +€20,000
up €20,000 (+142.9%), from €14,000 to €34,000
- Current portion of long-term debt -€12,704
down €12,704 (-70.7%), from €17,973 to €5,268
- Gross operating margin +€185,989
up €185,989 (+158.9%), from €117,020 to €303,009
- Staff costs +€116,603
up €116,603 (+330.4%), from €35,287 to €151,890
- Taxes +€14,155
up €14,155 (+130.3%), from €10,866 to €25,021
- Depreciation +€12,928
up €12,928 (+50.3%), from €25,680 to €38,608
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €170,538 | €370,612 | +€200,074 | +117.3% |
| Fixed assets | 21/28 | €55,757 | €113,161 | +€57,403 | +103.0% |
| Tangible fixed assets | 22/27 | €39,757 | €78,361 | +€38,603 | +97.1% |
| Plant, machinery and equipment | 23 | - | €20,164 | +€20,164 | |
| Furniture and vehicles | 24 | €39,757 | €58,196 | +€18,439 | +46.4% |
| Financial fixed assets | 28 | €16,000 | €34,800 | +€18,800 | +117.5% |
| Current assets | 29/58 | €114,781 | €257,451 | +€142,670 | +124.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €106,170 | €224,714 | +€118,544 | +111.7% |
| Trade receivables | 40 | €95,477 | €207,408 | +€111,931 | +117.2% |
| Other amounts receivable | 41 | €10,694 | €17,306 | +€6,613 | +61.8% |
| Cash at bank and in hand | 54/58 | €5,789 | €29,804 | +€24,015 | +414.8% |
| Deferred charges and accrued income | 490/1 | €2,821 | €2,933 | +€112 | +4.0% |
| Total equity and liabilities | 10/49 | €170,538 | €370,612 | +€200,074 | +117.3% |
| Equity | 10/15 | €78,905 | €137,504 | +€58,599 | +74.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,905 | €132,504 | +€58,599 | +79.3% |
| Amounts payable | 17/49 | €91,633 | €233,108 | +€141,474 | +154.4% |
| Amounts payable after more than one year | 17 | €1,083 | €8,469 | +€7,386 | +682.1% |
| Financial debts | 170/4 | €1,083 | €8,469 | +€7,386 | +682.1% |
| Amounts payable within one year | 42/48 | €90,550 | €224,639 | +€134,088 | +148.1% |
| Current portion of amounts payable after more than one year | 42 | €17,973 | €5,268 | -€12,704 | -70.7% |
| Financial debts | 43 | €14,000 | €34,000 | +€20,000 | +142.9% |
| Credit institutions | 430/8 | €14,000 | €34,000 | +€20,000 | +142.9% |
| Trade debts | 44 | €43,605 | €130,918 | +€87,312 | +200.2% |
| Suppliers | 440/4 | €43,605 | €130,918 | +€87,312 | +200.2% |
| Taxes, remuneration and social security | 45 | €14,972 | €54,453 | +€39,480 | +263.7% |
| Taxes | 450/3 | €10,866 | €28,021 | +€17,155 | +157.9% |
| Remuneration and social security | 454/9 | €4,107 | €26,432 | +€22,326 | +543.6% |
| Other amounts payable | 47/48 | - | €0 | = | |
| Remuneration, social security and pensions | 62 | €35,287 | €151,890 | +€116,603 | +330.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,680 | €38,608 | +€12,928 | +50.3% |
| Other operating charges | 640/8 | €3,827 | €4,007 | +€180 | +4.7% |
| Gross operating margin | 9900 | €117,020 | €303,009 | +€185,989 | +158.9% |
| Operating profit (loss) | 9901 | €52,227 | €108,505 | +€56,278 | +107.8% |
| Financial income | 75/76B | €314 | €172 | -€142 | -45.3% |
| Recurring financial income | 75 | €314 | €172 | -€142 | -45.3% |
| Financial charges | 65/66B | €2,936 | €5,057 | +€2,121 | +72.2% |
| Recurring financial charges | 65 | €2,936 | €5,057 | +€2,121 | +72.2% |
| Profit (loss) for the period before taxes | 9903 | €49,605 | €103,620 | +€54,015 | +108.9% |
| Income taxes | 67/77 | €10,866 | €25,021 | +€14,155 | +130.3% |
| Profit (loss) for the period | 9904 | €38,739 | €78,599 | +€39,860 | +102.9% |
| Profit (loss) for the period to be appropriated | 9905 | €38,739 | €78,599 | +€39,860 | +102.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.