VLECON: 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.
VLECON
Largest movements
- Receivables within one year +€4,317
up €4,317 (+163%), from €2,648 to €6,965
of which Trade receivables: +€4,181
- Tangible fixed assets -€3,836
down €3,836 (-66.4%), from €5,780 to €1,944
- Cash +€897
up €897 (+31.6%), from €2,841 to €3,738
mainly Depreciation (+€4,438) and Tax, wage and social debts (+€1,350)
- Stocks and contracts +€834
new in 2025: €834
- Formation expenses -€602
down €602 (-67.8%), from €888 to €286
- Current portion of long-term debt -€2,605
down €2,605 (-100%), from €2,605 to €0
- Tax, wage and social debts +€1,350
up €1,350 (+19.9%), from €6,789 to €8,140
of which Remuneration and social security: +€969
- Profit (loss) carried forward +€1,306
up €1,306 (+15.5%), from -€8,416 to -€7,110
- Other debts +€809
up €809 (+59.9%), from €1,351 to €2,160
- Trade debts +€543
up €543 (+41.9%), from €1,295 to €1,837
- Staff costs -€5,198
down €5,198 (-11.6%), from €44,775 to €39,576
- Gross operating margin -€3,777
down €3,777 (-7.3%), from €51,433 to €47,656
- Taxes +€690
up €690 (+62.7%), from €1,099 to €1,789
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 | €13,725 | €15,027 | +€1,301 | +9.5% |
| Formation expenses | 20 | €888 | €286 | -€602 | -67.8% |
| Fixed assets | 21/28 | €5,780 | €1,944 | -€3,836 | -66.4% |
| Tangible fixed assets | 22/27 | €5,780 | €1,944 | -€3,836 | -66.4% |
| Furniture and vehicles | 24 | €5,780 | €1,944 | -€3,836 | -66.4% |
| Current assets | 29/58 | €7,058 | €12,797 | +€5,739 | +81.3% |
| Stocks and contracts in progress | 3 | - | €834 | +€834 | |
| Stocks | 30/36 | - | €834 | +€834 | |
| Amounts receivable within one year | 40/41 | €2,648 | €6,965 | +€4,317 | +163% |
| Trade receivables | 40 | €2,648 | €6,829 | +€4,181 | +158% |
| Other amounts receivable | 41 | - | €136 | +€136 | |
| Cash at bank and in hand | 54/58 | €2,841 | €3,738 | +€897 | +31.6% |
| Deferred charges and accrued income | 490/1 | €1,568 | €1,259 | -€310 | -19.7% |
| Total equity and liabilities | 10/49 | €13,725 | €15,027 | +€1,301 | +9.5% |
| Equity | 10/15 | €1,584 | €2,890 | +€1,306 | +82.5% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,416 | -€7,110 | +€1,306 | +15.5% |
| Amounts payable | 17/49 | €12,142 | €12,137 | -€5 | 0.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €12,039 | €12,137 | +€97 | +0.8% |
| Current portion of amounts payable after more than one year | 42 | €2,605 | €0 | -€2,605 | -100% |
| Trade debts | 44 | €1,295 | €1,837 | +€543 | +41.9% |
| Suppliers | 440/4 | €1,295 | €1,837 | +€543 | +41.9% |
| Taxes, remuneration and social security | 45 | €6,789 | €8,140 | +€1,350 | +19.9% |
| Taxes | 450/3 | €5,618 | €5,999 | +€382 | +6.8% |
| Remuneration and social security | 454/9 | €1,171 | €2,140 | +€969 | +82.7% |
| Other amounts payable | 47/48 | €1,351 | €2,160 | +€809 | +59.9% |
| Accrued charges and deferred income | 492/3 | €102 | €0 | -€102 | -100% |
| Remuneration, social security and pensions | 62 | €44,775 | €39,576 | -€5,198 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,438 | €4,438 | = | 0.0% |
| Other operating charges | 640/8 | €449 | €466 | +€17 | +3.7% |
| Gross operating margin | 9900 | €51,433 | €47,656 | -€3,777 | -7.3% |
| Operating profit (loss) | 9901 | €1,771 | €3,176 | +€1,404 | +79.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €117 | €80 | -€37 | -31.3% |
| Recurring financial charges | 65 | €117 | €80 | -€37 | -31.3% |
| Profit (loss) for the period before taxes | 9903 | €1,654 | €3,095 | +€1,441 | +87.1% |
| Income taxes | 67/77 | €1,099 | €1,789 | +€690 | +62.7% |
| Profit (loss) for the period | 9904 | €555 | €1,306 | +€751 | +135% |
| Profit (loss) for the period to be appropriated | 9905 | €555 | €1,306 | +€751 | +135% |
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 14 October 2026 via checked.be.