VLEBEL: 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.
VLEBEL
Largest movements
- Tangible fixed assets -€316,383
down €316,383 (-8.9%), from €3.6m to €3.3m
of which Land and buildings: -€291,167
- Receivables within one year +€282,227
up €282,227 (+56.8%), from €496,921 to €779,148
of which Other amounts receivable: +€269,321
- Receivables after one year -€131,250
no longer reported in 2025 (was €131,250)
- Other debts -€899,016
down €899,016 (-99.8%), from €900,831 to €1,815
- Debts after one year +€778,048
up €778,048 (+274.1%), from €283,823 to €1.1m
of which Other amounts payable: +€815,016
- Short-term financial debts -€281,376
down €281,376 (-94.6%), from €297,474 to €16,098
- Current portion of long-term debt +€242,478
up €242,478 (+490.0%), from €49,490 to €291,968
- Trade debts -€44,840
down €44,840 (-84.2%), from €53,231 to €8,391
- Financial charges -€2.0m
down €2.0m (-96.0%), from €2.1m to €81,673
of which Non-recurring financial charges: -€2.0m
- Financial income -€945,569
down €945,569 (-84.2%), from €1.1m to €177,539
of which Non-recurring financial income: -€957,675
- Gross operating margin -€308,384
down €308,384 (-69.5%), from €443,716 to €135,332
- Write-downs -€61,853
no longer reported in 2025 (was €61,853)
- Depreciation -€33,033
down €33,033 (-30.3%), from €109,144 to €76,111
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 | €4,244,802 | €4,060,215 | -€184,588 | -4.3% |
| Fixed assets | 21/28 | €3,603,162 | €3,257,979 | -€345,183 | -9.6% |
| Tangible fixed assets | 22/27 | €3,573,142 | €3,256,759 | -€316,383 | -8.9% |
| Land and buildings | 22 | €3,529,038 | €3,237,870 | -€291,167 | -8.3% |
| Plant, machinery and equipment | 23 | €102 | - | -€102 | |
| Furniture and vehicles | 24 | €44,002 | €18,889 | -€25,114 | -57.1% |
| Financial fixed assets | 28 | €30,020 | €1,220 | -€28,800 | -95.9% |
| Current assets | 29/58 | €641,640 | €802,236 | +€160,595 | +25.0% |
| Amounts receivable after more than one year | 29 | €131,250 | - | -€131,250 | |
| Other amounts receivable | 291 | €131,250 | - | -€131,250 | |
| Amounts receivable within one year | 40/41 | €496,921 | €779,148 | +€282,227 | +56.8% |
| Trade receivables | 40 | €7,095 | €20,000 | +€12,905 | +181.9% |
| Other amounts receivable | 41 | €489,826 | €759,148 | +€269,321 | +55.0% |
| Cash at bank and in hand | 54/58 | €13,405 | €23,088 | +€9,683 | +72.2% |
| Deferred charges and accrued income | 490/1 | €64 | - | -€64 | |
| Total equity and liabilities | 10/49 | €4,244,802 | €4,060,215 | -€184,588 | -4.3% |
| Equity | 10/15 | €2,635,506 | €2,675,725 | +€40,219 | +1.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €740,053 | €740,053 | = | 0.0% |
| Reserves | 13 | €152,799 | €152,799 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €150,944 | €150,944 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,724,104 | €1,764,323 | +€40,219 | +2.3% |
| Amounts payable | 17/49 | €1,609,296 | €1,384,490 | -€224,807 | -14.0% |
| Amounts payable after more than one year | 17 | €283,823 | €1,061,871 | +€778,048 | +274.1% |
| Financial debts | 170/4 | €282,993 | €246,025 | -€36,968 | -13.1% |
| Other amounts payable | 178/9 | €830 | €815,846 | +€815,016 | +98194.7% |
| Amounts payable within one year | 42/48 | €1,305,634 | €322,619 | -€983,015 | -75.3% |
| Current portion of amounts payable after more than one year | 42 | €49,490 | €291,968 | +€242,478 | +490.0% |
| Financial debts | 43 | €297,474 | €16,098 | -€281,376 | -94.6% |
| Credit institutions | 430/8 | €297,474 | €16,098 | -€281,376 | -94.6% |
| Trade debts | 44 | €53,231 | €8,391 | -€44,840 | -84.2% |
| Suppliers | 440/4 | €53,231 | €8,391 | -€44,840 | -84.2% |
| Taxes, remuneration and social security | 45 | €4,607 | €4,346 | -€261 | -5.7% |
| Taxes | 450/3 | €4,607 | €4,346 | -€261 | -5.7% |
| Other amounts payable | 47/48 | €900,831 | €1,815 | -€899,016 | -99.8% |
| Accrued charges and deferred income | 492/3 | €19,839 | - | -€19,839 | |
| Non-recurring operating income | 76A | €439,947 | €106,828 | -€333,119 | -75.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €109,144 | €76,111 | -€33,033 | -30.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €61,853 | - | -€61,853 | |
| Other operating charges | 640/8 | €32,469 | €2,725 | -€29,744 | -91.6% |
| Non-recurring operating charges | 66A | €486,057 | €110,244 | -€375,812 | -77.3% |
| Gross operating margin | 9900 | €443,716 | €135,332 | -€308,384 | -69.5% |
| Operating profit (loss) | 9901 | -€245,807 | -€53,748 | +€192,059 | +78.1% |
| Financial income | 75/76B | €1,123,108 | €177,539 | -€945,569 | -84.2% |
| Recurring financial income | 75 | €18,095 | €30,200 | +€12,105 | +66.9% |
| Non-recurring financial income | 76B | €1,105,013 | €147,338 | -€957,675 | -86.7% |
| Financial charges | 65/66B | €2,066,413 | €81,673 | -€2.0m | -96.0% |
| Recurring financial charges | 65 | €64,330 | €81,673 | +€17,344 | +27.0% |
| Non-recurring financial charges | 66B | €2,002,084 | - | -€2.0m | |
| Profit (loss) for the period before taxes | 9903 | -€1,189,112 | €42,117 | +€1.2m | |
| Income taxes | 67/77 | €2,089 | €1,898 | -€191 | -9.1% |
| Profit (loss) for the period | 9904 | -€1,191,201 | €40,219 | +€1.2m | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,191,201 | €40,219 | +€1.2m |
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 7 October 2026 via checked.be.