VLD Concept: 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.
VLD Concept
Largest movements
- Receivables within one year +€29,081
up €29,081 (+17.4%), from €167,211 to €196,292
of which Trade receivables: +€68,237
- Cash +€20,305
up €20,305 (+230%), from €8,826 to €29,131
mainly Trade debts (+€49,522) and Net result for the year (+€1,874)
- Trade debts +€49,522
up €49,522 (+38.9%), from €127,268 to €176,791
of which Bills of exchange payable: +€161,889
- Gross operating margin -€6,714
down €6,714 (-60.2%), from €11,148 to €4,434
- Depreciation -€2,237
no longer reported in 2025 (was €2,237)
- Other operating charges -€665
down €665 (-65.1%), from €1,021 to €356
- Financial charges -€548
down €548 (-56.0%), from €979 to €431
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 | €176,038 | €225,423 | +€49,386 | +28.1% |
| Current assets | 29/58 | €176,038 | €225,423 | +€49,386 | +28.1% |
| Amounts receivable within one year | 40/41 | €167,211 | €196,292 | +€29,081 | +17.4% |
| Trade receivables | 40 | €109,272 | €177,509 | +€68,237 | +62.4% |
| Other amounts receivable | 41 | €57,939 | €18,783 | -€39,156 | -67.6% |
| Cash at bank and in hand | 54/58 | €8,826 | €29,131 | +€20,305 | +230% |
| Total equity and liabilities | 10/49 | €176,038 | €225,423 | +€49,386 | +28.1% |
| Equity | 10/15 | €45,480 | €47,354 | +€1,874 | +4.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,420 | €39,294 | +€1,874 | +5.0% |
| Amounts payable | 17/49 | €130,558 | €178,069 | +€47,512 | +36.4% |
| Amounts payable within one year | 42/48 | €130,558 | €178,069 | +€47,512 | +36.4% |
| Trade debts | 44 | €127,268 | €176,791 | +€49,522 | +38.9% |
| Suppliers | 440/4 | €127,268 | €14,902 | -€112,366 | -88.3% |
| Bills of exchange payable | 441 | - | €161,889 | +€161,889 | |
| Taxes, remuneration and social security | 45 | €3,289 | €1,045 | -€2,244 | -68.2% |
| Taxes | 450/3 | €3,289 | €1,045 | -€2,244 | -68.2% |
| Other amounts payable | 47/48 | - | €234 | +€234 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,237 | - | -€2,237 | |
| Other operating charges | 640/8 | €1,021 | €356 | -€665 | -65.1% |
| Gross operating margin | 9900 | €11,148 | €4,434 | -€6,714 | -60.2% |
| Operating profit (loss) | 9901 | €7,890 | €4,077 | -€3,812 | -48.3% |
| Financial charges | 65/66B | €979 | €431 | -€548 | -56.0% |
| Recurring financial charges | 65 | €979 | €431 | -€548 | -56.0% |
| Profit (loss) for the period before taxes | 9903 | €6,911 | €3,647 | -€3,265 | -47.2% |
| Income taxes | 67/77 | €1,774 | €1,772 | -€1 | -0.1% |
| Profit (loss) for the period | 9904 | €5,138 | €1,874 | -€3,264 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,138 | €1,874 | -€3,264 | -63.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.