VLEC: 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.
VLEC
Largest movements
- Stocks and contracts +€446,926
up €446,926 (+89.7%), from €498,071 to €944,997
- Cash -€56,047
down €56,047 (-77.7%), from €72,141 to €16,094
mainly Stocks and contracts (-€446,926) and Receivables within one year (-€10,160)
- Receivables within one year +€10,160
up €10,160 (+34.0%), from €29,840 to €40,000
- Other debts +€321,546
up €321,546 (+35727.4%), from €900 to €322,446
- Reserves +€54,132
up €54,132 (+151.9%), from €35,640 to €89,771
- Current portion of long-term debt +€21,567
new in 2025: €21,567
- Gross operating margin +€36,501
up €36,501 (+64.8%), from €56,360 to €92,861
- Financial charges +€9,061
up €9,061 (+148.0%), from €6,123 to €15,185
- Taxes +€4,968
up €4,968 (+52.5%), from €9,472 to €14,441
- Depreciation +€3,701
up €3,701 (+106.8%), from €3,466 to €7,167
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 | €618,791 | €1,012,755 | +€393,964 | +63.7% |
| Fixed assets | 21/28 | €18,034 | €10,867 | -€7,167 | -39.7% |
| Tangible fixed assets | 22/27 | €18,034 | €10,867 | -€7,167 | -39.7% |
| Furniture and vehicles | 24 | €18,034 | €10,867 | -€7,167 | -39.7% |
| Current assets | 29/58 | €600,757 | €1,001,888 | +€401,130 | +66.8% |
| Stocks and contracts in progress | 3 | €498,071 | €944,997 | +€446,926 | +89.7% |
| Contracts in progress | 37 | €498,071 | €944,997 | +€446,926 | +89.7% |
| Amounts receivable within one year | 40/41 | €29,840 | €40,000 | +€10,160 | +34.0% |
| Trade receivables | 40 | €29,840 | €40,000 | +€10,160 | +34.0% |
| Cash at bank and in hand | 54/58 | €72,141 | €16,094 | -€56,047 | -77.7% |
| Deferred charges and accrued income | 490/1 | €705 | €796 | +€92 | +13.0% |
| Total equity and liabilities | 10/49 | €618,791 | €1,012,755 | +€393,964 | +63.7% |
| Equity | 10/15 | €40,640 | €94,771 | +€54,132 | +133.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €35,640 | €89,771 | +€54,132 | +151.9% |
| Distributable reserves | 133 | €35,640 | €89,771 | +€54,132 | +151.9% |
| Amounts payable | 17/49 | €578,152 | €917,984 | +€339,832 | +58.8% |
| Amounts payable after more than one year | 17 | €552,025 | €546,501 | -€5,524 | -1.0% |
| Financial debts | 170/4 | €352,025 | €346,501 | -€5,524 | -1.6% |
| Other amounts payable | 178/9 | €200,000 | €200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €26,127 | €368,611 | +€342,484 | +1310.8% |
| Current portion of amounts payable after more than one year | 42 | - | €21,567 | +€21,567 | |
| Trade debts | 44 | €9,490 | €635 | -€8,855 | -93.3% |
| Suppliers | 440/4 | €9,490 | €635 | -€8,855 | -93.3% |
| Taxes, remuneration and social security | 45 | €15,737 | €23,962 | +€8,225 | +52.3% |
| Taxes | 450/3 | €15,737 | €23,962 | +€8,225 | +52.3% |
| Other amounts payable | 47/48 | €900 | €322,446 | +€321,546 | +35727.4% |
| Accrued charges and deferred income | 492/3 | - | €2,872 | +€2,872 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,466 | €7,167 | +€3,701 | +106.8% |
| Other operating charges | 640/8 | €1,392 | €1,443 | +€51 | +3.7% |
| Gross operating margin | 9900 | €56,360 | €92,861 | +€36,501 | +64.8% |
| Operating profit (loss) | 9901 | €51,502 | €84,252 | +€32,750 | +63.6% |
| Financial income | 75/76B | €633 | €405 | -€228 | -36.0% |
| Recurring financial income | 75 | €633 | €405 | -€228 | -36.0% |
| Financial charges | 65/66B | €6,123 | €15,185 | +€9,061 | +148.0% |
| Recurring financial charges | 65 | €6,123 | €15,185 | +€9,061 | +148.0% |
| Profit (loss) for the period before taxes | 9903 | €46,012 | €69,473 | +€23,461 | +51.0% |
| Income taxes | 67/77 | €9,472 | €14,441 | +€4,968 | +52.5% |
| Profit (loss) for the period | 9904 | €36,540 | €55,032 | +€18,492 | +50.6% |
| Profit (loss) for the period to be appropriated | 9905 | €36,540 | €55,032 | +€18,492 | +50.6% |
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 8 October 2026 via checked.be.