VLEM: 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.
VLEM
Largest movements
- Tangible fixed assets -€66,460
down €66,460 (-5.7%), from €1.2m to €1.1m
of which Land and buildings: -€65,030
- Receivables within one year +€23,546
up €23,546 (+14.0%), from €167,699 to €191,246
of which Other amounts receivable: +€23,900
- Cash +€14,883
up €14,883 (+190%), from €7,831 to €22,715
mainly Depreciation (+€71,828) and Trade debts (+€1,117)
- Reserves -€27,676
down €27,676 (-20.2%), from €136,937 to €109,261
- Gross operating margin +€35,589
up €35,589 (+79.6%), from €44,718 to €80,307
- Depreciation -€26,931
down €26,931 (-27.3%), from €98,759 to €71,828
- Taxes -€1,293
down €1,293, from €1,284 to -€8
- Financial income +€1,180
up €1,180 (+12.3%), from €9,572 to €10,752
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 | €1,358,888 | €1,331,886 | -€27,002 | -2.0% |
| Fixed assets | 21/28 | €1,170,659 | €1,104,199 | -€66,460 | -5.7% |
| Tangible fixed assets | 22/27 | €1,170,659 | €1,104,199 | -€66,460 | -5.7% |
| Land and buildings | 22 | €1,163,194 | €1,098,164 | -€65,030 | -5.6% |
| Plant, machinery and equipment | 23 | €2,652 | €2,016 | -€636 | -24.0% |
| Furniture and vehicles | 24 | €2,063 | €1,269 | -€794 | -38.5% |
| Other tangible fixed assets | 26 | €2,750 | €2,750 | = | 0.0% |
| Current assets | 29/58 | €188,229 | €227,687 | +€39,458 | +21.0% |
| Amounts receivable within one year | 40/41 | €167,699 | €191,246 | +€23,546 | +14.0% |
| Trade receivables | 40 | €354 | - | -€354 | |
| Other amounts receivable | 41 | €167,345 | €191,246 | +€23,900 | +14.3% |
| Cash at bank and in hand | 54/58 | €7,831 | €22,715 | +€14,883 | +190% |
| Deferred charges and accrued income | 490/1 | €12,699 | €13,727 | +€1,028 | +8.1% |
| Total equity and liabilities | 10/49 | €1,358,888 | €1,331,886 | -€27,002 | -2.0% |
| Equity | 10/15 | €149,337 | €121,661 | -€27,676 | -18.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €136,937 | €109,261 | -€27,676 | -20.2% |
| Distributable reserves | 133 | €136,937 | €109,261 | -€27,676 | -20.2% |
| Amounts payable | 17/49 | €1,209,551 | €1,210,225 | +€674 | +0.1% |
| Amounts payable after more than one year | 17 | €1,200,000 | €1,200,000 | = | 0.0% |
| Financial debts | 170/4 | €1,200,000 | €1,200,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €9,551 | €10,225 | +€674 | +7.1% |
| Trade debts | 44 | €50 | €1,167 | +€1,117 | +2,234% |
| Suppliers | 440/4 | €50 | €1,167 | +€1,117 | +2,234% |
| Taxes, remuneration and social security | 45 | €2,539 | €1,247 | -€1,293 | -50.9% |
| Taxes | 450/3 | €2,539 | €1,247 | -€1,293 | -50.9% |
| Other amounts payable | 47/48 | €6,962 | €7,811 | +€849 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,759 | €71,828 | -€26,931 | -27.3% |
| Other operating charges | 640/8 | €4,040 | €4,038 | -€2 | 0.0% |
| Gross operating margin | 9900 | €44,718 | €80,307 | +€35,589 | +79.6% |
| Operating profit (loss) | 9901 | -€58,080 | €4,441 | +€62,521 | |
| Financial income | 75/76B | €9,572 | €10,752 | +€1,180 | +12.3% |
| Recurring financial income | 75 | €9,572 | €10,752 | +€1,180 | +12.3% |
| Financial charges | 65/66B | €42,982 | €42,878 | -€105 | -0.2% |
| Recurring financial charges | 65 | €42,982 | €42,878 | -€105 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | -€91,490 | -€27,685 | +€63,806 | +69.7% |
| Income taxes | 67/77 | €1,284 | -€8 | -€1,293 | |
| Profit (loss) for the period | 9904 | -€92,775 | -€27,676 | +€65,099 | +70.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€92,775 | -€27,676 | +€65,099 | +70.2% |
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 21 October 2026 via checked.be.