VLC: 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.
VLC
Largest movements
- Receivables within one year +€103,271
up €103,271 (+12.6%), from €817,503 to €920,774
of which Trade receivables: +€101,306
- Tangible fixed assets -€17,559
down €17,559 (-28.2%), from €62,297 to €44,738
of which Plant, machinery and equipment: -€33,590
- Other debts +€143,406
up €143,406 (+24.6%), from €582,968 to €726,375
- Reserves -€113,239
down €113,239 (-40.1%), from €282,736 to €169,497
- Tax, wage and social debts +€50,131
new in 2025: €50,131
- Other operating charges +€52,344
up €52,344 (+2239.9%), from €2,337 to €54,681
- Financial charges +€32,505
up €32,505 (+3469.2%), from €937 to €33,442
- Gross operating margin +€19,447
up €19,447, from -€7,370 to €12,077
- Depreciation -€17,856
down €17,856 (-32.4%), from €55,155 to €37,299
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 | €885,704 | €966,002 | +€80,298 | +9.1% |
| Fixed assets | 21/28 | €62,447 | €44,888 | -€17,559 | -28.1% |
| Tangible fixed assets | 22/27 | €62,297 | €44,738 | -€17,559 | -28.2% |
| Plant, machinery and equipment | 23 | €37,837 | €4,247 | -€33,590 | -88.8% |
| Furniture and vehicles | 24 | €24,460 | €40,491 | +€16,031 | +65.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €823,257 | €921,114 | +€97,857 | +11.9% |
| Amounts receivable within one year | 40/41 | €817,503 | €920,774 | +€103,271 | +12.6% |
| Trade receivables | 40 | €351,175 | €452,481 | +€101,306 | +28.8% |
| Other amounts receivable | 41 | €466,328 | €468,293 | +€1,965 | +0.4% |
| Cash at bank and in hand | 54/58 | €5,755 | €341 | -€5,414 | -94.1% |
| Total equity and liabilities | 10/49 | €885,704 | €966,002 | +€80,298 | +9.1% |
| Equity | 10/15 | €302,736 | €189,497 | -€113,239 | -37.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €282,736 | €169,497 | -€113,239 | -40.1% |
| Distributable reserves | 133 | €282,736 | €169,497 | -€113,239 | -40.1% |
| Amounts payable | 17/49 | €582,968 | €776,505 | +€193,537 | +33.2% |
| Amounts payable within one year | 42/48 | €582,968 | €776,505 | +€193,537 | +33.2% |
| Taxes, remuneration and social security | 45 | - | €50,131 | +€50,131 | |
| Taxes | 450/3 | - | €50,131 | +€50,131 | |
| Other amounts payable | 47/48 | €582,968 | €726,375 | +€143,406 | +24.6% |
| Non-recurring operating income | 76A | - | €16,015 | +€16,015 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,155 | €37,299 | -€17,856 | -32.4% |
| Other operating charges | 640/8 | €2,337 | €54,681 | +€52,344 | +2239.9% |
| Gross operating margin | 9900 | -€7,370 | €12,077 | +€19,447 | |
| Operating profit (loss) | 9901 | -€64,862 | -€79,902 | -€15,041 | -23.2% |
| Financial income | 75/76B | €58 | €106 | +€48 | +83.8% |
| Recurring financial income | 75 | €58 | €106 | +€48 | +83.8% |
| Financial charges | 65/66B | €937 | €33,442 | +€32,505 | +3469.2% |
| Recurring financial charges | 65 | €937 | €33,442 | +€32,505 | +3469.2% |
| Profit (loss) for the period before taxes | 9903 | -€65,741 | -€113,239 | -€47,498 | -72.2% |
| Profit (loss) for the period | 9904 | -€65,741 | -€113,239 | -€47,498 | -72.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€65,741 | -€113,239 | -€47,498 | -72.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.