VLATIM: 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.
VLATIM
Largest movements
- Tangible fixed assets -€228,487
down €228,487 (-38.4%), from €594,778 to €366,291
- Receivables within one year +€78,238
up €78,238 (+58.8%), from €133,139 to €211,377
- Cash +€48,617
up €48,617 (+786%), from €6,183 to €54,800
mainly Investment in fixed assets (net) (+€216,003) and Net result for the year (+€98,974)
- Debts after one year -€146,186
no longer reported in 2025 (was €146,186)
- Profit (loss) carried forward +€122,142
up €122,142 (+64.4%), from €189,698 to €311,839
- Other debts -€26,825
down €26,825 (-61.6%), from €43,552 to €16,727
- Reserves -€23,167
down €23,167 (-11.0%), from €211,485 to €188,318
of which Tax-exempt reserves: -€23,167
- Current portion of long-term debt -€20,990
no longer reported in 2025 (was €20,990)
- Gross operating margin +€104,708
up €104,708 (+616%), from €17,002 to €121,710
- Taxes +€11,684
up €11,684 (+173,864%), from €7 to €11,690
- Depreciation -€8,454
down €8,454 (-40.4%), from €20,938 to €12,484
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 | €734,100 | €632,468 | -€101,632 | -13.8% |
| Fixed assets | 21/28 | €594,778 | €366,291 | -€228,487 | -38.4% |
| Tangible fixed assets | 22/27 | €594,778 | €366,291 | -€228,487 | -38.4% |
| Land and buildings | 22 | €594,778 | €366,291 | -€228,487 | -38.4% |
| Current assets | 29/58 | €139,323 | €266,177 | +€126,855 | +91.1% |
| Amounts receivable within one year | 40/41 | €133,139 | €211,377 | +€78,238 | +58.8% |
| Other amounts receivable | 41 | €133,139 | €211,377 | +€78,238 | +58.8% |
| Cash at bank and in hand | 54/58 | €6,183 | €54,800 | +€48,617 | +786% |
| Total equity and liabilities | 10/49 | €734,100 | €632,468 | -€101,632 | -13.8% |
| Equity | 10/15 | €463,383 | €562,357 | +€98,974 | +21.4% |
| Contributions | 10/11 | €62,200 | €62,200 | = | 0.0% |
| Contributions outside capital | 11 | €62,200 | €62,200 | = | 0.0% |
| Other | 1109/19 | €62,200 | €62,200 | = | 0.0% |
| Reserves | 13 | €211,485 | €188,318 | -€23,167 | -11.0% |
| Non-distributable reserves | 130/1 | €6,247 | €6,247 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,247 | €6,247 | = | 0.0% |
| Tax-exempt reserves | 132 | €185,543 | €162,375 | -€23,167 | -12.5% |
| Distributable reserves | 133 | €19,696 | €19,696 | = | 0.0% |
| Profit (loss) carried forward | 14 | €189,698 | €311,839 | +€122,142 | +64.4% |
| Provisions and deferred taxes | 16 | €59,990 | €52,267 | -€7,722 | -12.9% |
| Deferred taxes | 168 | €59,990 | €52,267 | -€7,722 | -12.9% |
| Amounts payable | 17/49 | €210,728 | €17,844 | -€192,884 | -91.5% |
| Amounts payable after more than one year | 17 | €146,186 | - | -€146,186 | |
| Financial debts | 170/4 | €146,186 | - | -€146,186 | |
| Amounts payable within one year | 42/48 | €64,542 | €16,727 | -€47,815 | -74.1% |
| Current portion of amounts payable after more than one year | 42 | €20,990 | - | -€20,990 | |
| Other amounts payable | 47/48 | €43,552 | €16,727 | -€26,825 | -61.6% |
| Accrued charges and deferred income | 492/3 | - | €1,116 | +€1,116 | |
| Non-recurring operating income | 76A | - | €112,297 | +€112,297 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,938 | €12,484 | -€8,454 | -40.4% |
| Other operating charges | 640/8 | €3,525 | €2,492 | -€1,032 | -29.3% |
| Gross operating margin | 9900 | €17,002 | €121,710 | +€104,708 | +616% |
| Operating profit (loss) | 9901 | -€7,460 | €106,734 | +€114,194 | |
| Financial charges | 65/66B | €3,851 | €3,792 | -€59 | -1.5% |
| Recurring financial charges | 65 | €3,851 | €3,792 | -€59 | -1.5% |
| Profit (loss) for the period before taxes | 9903 | -€11,311 | €102,942 | +€114,253 | |
| Transfer from deferred taxes | 780 | €2,617 | €7,722 | +€5,106 | +195% |
| Income taxes | 67/77 | €7 | €11,690 | +€11,684 | +173,864% |
| Profit (loss) for the period | 9904 | -€8,701 | €98,974 | +€107,676 | |
| Transfer from tax-exempt reserves | 789 | €7,850 | €23,167 | +€15,317 | +195% |
| Profit (loss) for the period to be appropriated | 9905 | -€851 | €122,142 | +€122,993 |
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 14 October 2026 via checked.be.