VLECAD: 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.
VLECAD
Largest movements
- Tangible fixed assets -€74,078
down €74,078 (-7.7%), from €962,748 to €888,670
- Receivables within one year -€19,690
down €19,690 (-23.3%), from €84,654 to €64,964
of which Other amounts receivable: -€18,422
- Intangible fixed assets -€15,755
down €15,755 (-30.0%), from €52,465 to €36,711
- Debts after one year -€88,352
down €88,352 (-13.9%), from €633,803 to €545,451
- Reserves -€82,337
down €82,337 (-27.9%), from €294,784 to €212,447
- Tax, wage and social debts +€45,015
up €45,015 (+63.8%), from €70,511 to €115,525
of which Remuneration and social security: +€31,012
- Trade debts +€17,993
up €17,993 (+47.3%), from €38,069 to €56,062
- Gross operating margin -€121,732
down €121,732 (-19.9%), from €612,535 to €490,803
- Financial charges -€25,594
down €25,594 (-66.0%), from €38,802 to €13,209
of which Non-recurring financial charges: -€24,477
- Staff costs +€8,232
up €8,232 (+1.9%), from €435,010 to €443,241
- Taxes -€6,694
down €6,694 (-84.0%), from €7,973 to €1,279
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 | €1,394,217 | €1,282,201 | -€112,015 | -8.0% |
| Fixed assets | 21/28 | €1,025,507 | €935,674 | -€89,833 | -8.8% |
| Intangible fixed assets | 21 | €52,465 | €36,711 | -€15,755 | -30.0% |
| Tangible fixed assets | 22/27 | €962,748 | €888,670 | -€74,078 | -7.7% |
| Land and buildings | 22 | €810,258 | €776,045 | -€34,214 | -4.2% |
| Plant, machinery and equipment | 23 | €15,762 | €9,305 | -€6,457 | -41.0% |
| Furniture and vehicles | 24 | €136,728 | €103,321 | -€33,407 | -24.4% |
| Financial fixed assets | 28 | €10,293 | €10,293 | = | 0.0% |
| Current assets | 29/58 | €368,710 | €346,527 | -€22,183 | -6.0% |
| Stocks and contracts in progress | 3 | €14,193 | €9,732 | -€4,461 | -31.4% |
| Stocks | 30/36 | €14,193 | €9,732 | -€4,461 | -31.4% |
| Amounts receivable within one year | 40/41 | €84,654 | €64,964 | -€19,690 | -23.3% |
| Trade receivables | 40 | €62,064 | €60,796 | -€1,268 | -2.0% |
| Other amounts receivable | 41 | €22,590 | €4,168 | -€18,422 | -81.6% |
| Cash at bank and in hand | 54/58 | €254,387 | €257,216 | +€2,828 | +1.1% |
| Deferred charges and accrued income | 490/1 | €15,475 | €14,615 | -€860 | -5.6% |
| Total equity and liabilities | 10/49 | €1,394,217 | €1,282,201 | -€112,015 | -8.0% |
| Equity | 10/15 | €313,334 | €230,997 | -€82,337 | -26.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €294,784 | €212,447 | -€82,337 | -27.9% |
| Distributable reserves | 133 | €294,784 | €212,447 | -€82,337 | -27.9% |
| Amounts payable | 17/49 | €1,080,882 | €1,051,204 | -€29,678 | -2.7% |
| Amounts payable after more than one year | 17 | €633,803 | €545,451 | -€88,352 | -13.9% |
| Financial debts | 170/4 | €633,803 | €545,451 | -€88,352 | -13.9% |
| Amounts payable within one year | 42/48 | €204,369 | €261,301 | +€56,933 | +27.9% |
| Current portion of amounts payable after more than one year | 42 | €94,421 | €88,352 | -€6,069 | -6.4% |
| Financial debts | 43 | €1,369 | €1,363 | -€6 | -0.4% |
| Credit institutions | 430/8 | €1,369 | €1,363 | -€6 | -0.4% |
| Trade debts | 44 | €38,069 | €56,062 | +€17,993 | +47.3% |
| Suppliers | 440/4 | €38,069 | €56,062 | +€17,993 | +47.3% |
| Taxes, remuneration and social security | 45 | €70,511 | €115,525 | +€45,015 | +63.8% |
| Taxes | 450/3 | €26,941 | €40,943 | +€14,003 | +52.0% |
| Remuneration and social security | 454/9 | €43,570 | €74,582 | +€31,012 | +71.2% |
| Accrued charges and deferred income | 492/3 | €242,710 | €244,451 | +€1,741 | +0.7% |
| Non-recurring operating income | 76A | €1,357 | - | -€1,357 | |
| Remuneration, social security and pensions | 62 | €435,010 | €443,241 | +€8,232 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,781 | €109,633 | -€2,149 | -1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,429 | - | -€2,429 | |
| Other operating charges | 640/8 | €7,964 | €7,527 | -€437 | -5.5% |
| Gross operating margin | 9900 | €612,535 | €490,803 | -€121,732 | -19.9% |
| Operating profit (loss) | 9901 | €55,351 | -€69,598 | -€124,949 | |
| Financial income | 75/76B | €2,444 | €1,748 | -€696 | -28.5% |
| Recurring financial income | 75 | €2,444 | €1,748 | -€696 | -28.5% |
| Financial charges | 65/66B | €38,802 | €13,209 | -€25,594 | -66.0% |
| Recurring financial charges | 65 | €14,325 | €13,209 | -€1,117 | -7.8% |
| Non-recurring financial charges | 66B | €24,477 | - | -€24,477 | |
| Profit (loss) for the period before taxes | 9903 | €18,992 | -€81,059 | -€100,051 | |
| Income taxes | 67/77 | €7,973 | €1,279 | -€6,694 | -84.0% |
| Profit (loss) for the period | 9904 | €11,020 | -€82,337 | -€93,357 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,020 | -€82,337 | -€93,357 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.