VLATEX: 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.
VLATEX
Largest movements
- Receivables within one year +€660,307
up €660,307 (+75175.0%), from €878 to €661,185
of which Other amounts receivable: +€403,225
- Tangible fixed assets +€71,342
up €71,342 (+5.8%), from €1.2m to €1.3m
of which Land and buildings: +€77,741
- Cash +€47,866
up €47,866 (+54.0%), from €88,672 to €136,538
mainly Other debts (+€537,093) and Net result for the year (+€202,039)
- Other debts +€537,093
up €537,093 (+182.7%), from €294,029 to €831,122
- Reserves +€202,039
up €202,039 (+46.0%), from €439,371 to €641,411
of which Distributable reserves: +€202,039
- Accrued charges and deferred income +€43,516
new in 2025: €43,516
- Gross operating margin +€357,233
up €357,233 (+734.1%), from €48,662 to €405,895
- Taxes +€87,955
up €87,955 (+5923.6%), from €1,485 to €89,440
- Financial charges +€42,415
up €42,415 (+34461.1%), from €123 to €42,538
- Depreciation +€25,523
up €25,523 (+80.6%), from €31,658 to €57,181
- Financial income -€11,626
down €11,626 (-100.0%), from €11,626 to €0
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 | €1,324,890 | €2,104,145 | +€779,254 | +58.8% |
| Fixed assets | 21/28 | €1,234,005 | €1,305,346 | +€71,342 | +5.8% |
| Tangible fixed assets | 22/27 | €1,234,005 | €1,305,346 | +€71,342 | +5.8% |
| Land and buildings | 22 | €1,207,272 | €1,285,013 | +€77,741 | +6.4% |
| Plant, machinery and equipment | 23 | €1,369 | €709 | -€661 | -48.2% |
| Furniture and vehicles | 24 | €25,363 | €19,625 | -€5,738 | -22.6% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €90,886 | €798,798 | +€707,913 | +778.9% |
| Stocks and contracts in progress | 3 | €1,335 | €702 | -€633 | -47.4% |
| Stocks | 30/36 | €1,335 | €702 | -€633 | -47.4% |
| Amounts receivable within one year | 40/41 | €878 | €661,185 | +€660,307 | +75175.0% |
| Trade receivables | 40 | €878 | €257,960 | +€257,082 | +29268.4% |
| Other amounts receivable | 41 | €0 | €403,225 | +€403,225 | |
| Cash at bank and in hand | 54/58 | €88,672 | €136,538 | +€47,866 | +54.0% |
| Deferred charges and accrued income | 490/1 | €0 | €373 | +€373 | |
| Total equity and liabilities | 10/49 | €1,324,890 | €2,104,145 | +€779,254 | +58.8% |
| Equity | 10/15 | €1,014,371 | €1,216,411 | +€202,039 | +19.9% |
| Contributions | 10/11 | €575,000 | €575,000 | = | 0.0% |
| Reserves | 13 | €439,371 | €641,411 | +€202,039 | +46.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Other | 1319 | €0 | - | = | |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €420,621 | €622,661 | +€202,039 | +48.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €310,519 | €887,734 | +€577,215 | +185.9% |
| Amounts payable after more than one year | 17 | €8,550 | €8,550 | = | 0.0% |
| Other amounts payable | 178/9 | €8,550 | €8,550 | = | 0.0% |
| Amounts payable within one year | 42/48 | €301,969 | €835,668 | +€533,698 | +176.7% |
| Trade debts | 44 | - | €4,396 | +€4,396 | |
| Suppliers | 440/4 | - | €4,396 | +€4,396 | |
| Taxes, remuneration and social security | 45 | €7,940 | €150 | -€7,790 | -98.1% |
| Taxes | 450/3 | €7,940 | €150 | -€7,790 | -98.1% |
| Other amounts payable | 47/48 | €294,029 | €831,122 | +€537,093 | +182.7% |
| Accrued charges and deferred income | 492/3 | - | €43,516 | +€43,516 | |
| Non-recurring operating income | 76A | €10,500 | €0 | -€10,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,658 | €57,181 | +€25,523 | +80.6% |
| Other operating charges | 640/8 | €14,641 | €14,696 | +€55 | +0.4% |
| Gross operating margin | 9900 | €48,662 | €405,895 | +€357,233 | +734.1% |
| Operating profit (loss) | 9901 | €2,363 | €334,017 | +€331,655 | +14037.8% |
| Financial income | 75/76B | €11,626 | €0 | -€11,626 | -100.0% |
| Recurring financial income | 75 | €11,626 | €0 | -€11,626 | -100.0% |
| Financial charges | 65/66B | €123 | €42,538 | +€42,415 | +34461.1% |
| Recurring financial charges | 65 | €123 | €42,538 | +€42,415 | +34461.1% |
| Profit (loss) for the period before taxes | 9903 | €13,866 | €291,480 | +€277,614 | +2002.2% |
| Income taxes | 67/77 | €1,485 | €89,440 | +€87,955 | +5923.6% |
| Profit (loss) for the period | 9904 | €12,381 | €202,039 | +€189,659 | +1531.9% |
| Profit (loss) for the period to be appropriated | 9905 | €12,381 | €202,039 | +€189,659 | +1531.9% |
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 11 October 2026 via checked.be.