VLEBOWIN: 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.
What changed
VLEBOWIN
NACE 43.990, Other specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€64,220
2024 · -€16,647-€47,574
Equity
-€127,233
2024 · -€63,013-€64,220
Cash
€5,599
2024 · €1,573+€4,026
Balance sheet total
€1.2m
2024 · €1.3m-€177,969
Largest movements
Assets
- Stocks and contracts -€148,434
down €148,434 (-12.6%), from €1.2m to €1.0m
- Tangible fixed assets -€39,651
down €39,651 (-38.3%), from €103,531 to €63,880
of which Furniture and vehicles: -€37,559
Equity and liabilities
- Other debts -€112,373
down €112,373 (-8.4%), from €1.3m to €1.2m
- Profit (loss) carried forward -€64,220
down €64,220 (-76.2%), from -€84,266 to -€148,486
Income statement
- Gross operating margin -€46,521
down €46,521 (-57.8%), from €80,491 to €33,970
- Financial charges +€4,272
up €4,272 (+9.2%), from €46,361 to €50,634
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.
Result 2024
-€16,647
Gross operating margin
-€46,521
Depreciation
-€367
Other operating charges
-€643
Other operating items
+€3,078
Financial income
+€440
Financial charges
-€4,272
Taxes
+€712
Result 2025
-€64,220
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€10,415
Investment
-€2,239
Financing
-€4,150
Cash 2024
€1,573
From operations (derived)
+€10,415
Net result for the year
-€64,220
Depreciation
+€41,890
Stocks and contracts
+€148,434
Receivables within one year
-€5,312
Deferred charges and accrued income
-€778
Trade debts
+€3,900
Tax, wage and social debts
-€1,126
Other debts
-€112,373
Investment (derived)
-€2,239
Investment in fixed assets (net)
-€2,239
Financing
-€4,150
Debts after one year
-€1,758
Current portion of long-term debt
-€2,392
Cash 2025
€5,599
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,332,480 | €1,154,510 | -€177,969 | -13.4% |
| Fixed assets | 21/28 | €103,531 | €63,880 | -€39,651 | -38.3% |
| Tangible fixed assets | 22/27 | €103,531 | €63,880 | -€39,651 | -38.3% |
| Plant, machinery and equipment | 23 | €7,396 | €5,304 | -€2,092 | -28.3% |
| Furniture and vehicles | 24 | €96,135 | €58,575 | -€37,559 | -39.1% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Current assets | 29/58 | €1,228,949 | €1,090,631 | -€138,318 | -11.3% |
| Stocks and contracts in progress | 3 | €1,174,434 | €1,026,000 | -€148,434 | -12.6% |
| Contracts in progress | 37 | €1,174,434 | €1,026,000 | -€148,434 | -12.6% |
| Amounts receivable within one year | 40/41 | €46,336 | €51,648 | +€5,312 | +11.5% |
| Trade receivables | 40 | €20,388 | €25,065 | +€4,677 | +22.9% |
| Other amounts receivable | 41 | €25,948 | €26,583 | +€635 | +2.4% |
| Cash at bank and in hand | 54/58 | €1,573 | €5,599 | +€4,026 | +256% |
| Deferred charges and accrued income | 490/1 | €6,606 | €7,384 | +€778 | +11.8% |
| Total equity and liabilities | 10/49 | €1,332,480 | €1,154,510 | -€177,969 | -13.4% |
| Equity | 10/15 | -€63,013 | -€127,233 | -€64,220 | -102% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,661 | €2,661 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €802 | €802 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€84,266 | -€148,486 | -€64,220 | -76.2% |
| Amounts payable | 17/49 | €1,395,492 | €1,281,743 | -€113,749 | -8.2% |
| Amounts payable after more than one year | 17 | €1,758 | - | -€1,758 | |
| Financial debts | 170/4 | €1,758 | - | -€1,758 | |
| Amounts payable within one year | 42/48 | €1,393,734 | €1,281,743 | -€111,990 | -8.0% |
| Current portion of amounts payable after more than one year | 42 | €4,150 | €1,758 | -€2,392 | -57.6% |
| Trade debts | 44 | €44,894 | €48,794 | +€3,900 | +8.7% |
| Suppliers | 440/4 | €44,894 | €48,794 | +€3,900 | +8.7% |
| Taxes, remuneration and social security | 45 | €5,650 | €4,523 | -€1,126 | -19.9% |
| Taxes | 450/3 | €5,650 | €4,523 | -€1,126 | -19.9% |
| Other amounts payable | 47/48 | €1,339,041 | €1,226,668 | -€112,373 | -8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,524 | €41,890 | +€367 | +0.9% |
| Other operating charges | 640/8 | €5,817 | €6,460 | +€643 | +11.1% |
| Non-recurring operating charges | 66A | €3,578 | €500 | -€3,078 | -86.0% |
| Gross operating margin | 9900 | €80,491 | €33,970 | -€46,521 | -57.8% |
| Operating profit (loss) | 9901 | €29,572 | -€14,881 | -€44,453 | |
| Financial income | 75/76B | €2,397 | €2,837 | +€440 | +18.3% |
| Recurring financial income | 75 | €2,397 | €2,837 | +€440 | +18.3% |
| Financial charges | 65/66B | €46,361 | €50,634 | +€4,272 | +9.2% |
| Recurring financial charges | 65 | €46,361 | €50,634 | +€4,272 | +9.2% |
| Profit (loss) for the period before taxes | 9903 | -€14,392 | -€62,677 | -€48,286 | -336% |
| Income taxes | 67/77 | €2,255 | €1,543 | -€712 | -31.6% |
| Profit (loss) for the period | 9904 | -€16,647 | -€64,220 | -€47,574 | -286% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,647 | -€64,220 | -€47,574 | -286% |
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 17 October 2026 via checked.be.