VLERA: 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.
VLERA
Largest movements
- Tangible fixed assets +€22,020
up €22,020 (+116.3%), from €18,935 to €40,955
of which Furniture and vehicles: +€25,195
- Intangible fixed assets +€21,429
new in 2025: €21,429
- Receivables within one year +€15,450
up €15,450 (+14.2%), from €109,169 to €124,619
of which Trade receivables: +€26,821
- Cash +€8,139
up €8,139 (+45.9%), from €17,739 to €25,878
mainly Trade debts (+€88,333) and Depreciation (+€10,020)
- Trade debts +€88,333
up €88,333 (+137.7%), from €64,157 to €152,491
- Profit (loss) carried forward -€16,100
new in 2025: -€16,100
- Tax, wage and social debts -€5,226
down €5,226 (-22.9%), from €22,847 to €17,621
- Gross operating margin -€58,871
down €58,871 (-90.2%), from €65,286 to €6,416
- Staff costs -€13,165
no longer reported in 2025 (was €13,165)
- Taxes -€12,393
down €12,393 (-96.4%), from €12,854 to €461
- Financial charges +€8,925
up €8,925 (+328.3%), from €2,719 to €11,643
- Depreciation +€3,706
up €3,706 (+58.7%), from €6,314 to €10,020
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 | €157,403 | €224,411 | +€67,008 | +42.6% |
| Fixed assets | 21/28 | €19,451 | €63,132 | +€43,681 | +224.6% |
| Intangible fixed assets | 21 | - | €21,429 | +€21,429 | |
| Tangible fixed assets | 22/27 | €18,935 | €40,955 | +€22,020 | +116.3% |
| Plant, machinery and equipment | 23 | €6,640 | €3,465 | -€3,175 | -47.8% |
| Furniture and vehicles | 24 | €12,295 | €37,490 | +€25,195 | +204.9% |
| Financial fixed assets | 28 | €516 | €748 | +€232 | +45.0% |
| Current assets | 29/58 | €137,953 | €161,279 | +€23,327 | +16.9% |
| Stocks and contracts in progress | 3 | €9,536 | €9,009 | -€527 | -5.5% |
| Stocks | 30/36 | €9,536 | €9,009 | -€527 | -5.5% |
| Amounts receivable within one year | 40/41 | €109,169 | €124,619 | +€15,450 | +14.2% |
| Trade receivables | 40 | €92,031 | €118,852 | +€26,821 | +29.1% |
| Other amounts receivable | 41 | €17,138 | €5,768 | -€11,370 | -66.3% |
| Cash at bank and in hand | 54/58 | €17,739 | €25,878 | +€8,139 | +45.9% |
| Deferred charges and accrued income | 490/1 | €1,509 | €1,773 | +€264 | +17.5% |
| Total equity and liabilities | 10/49 | €157,403 | €224,411 | +€67,008 | +42.6% |
| Equity | 10/15 | €70,399 | €54,300 | -€16,100 | -22.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €65,399 | €65,399 | = | 0.0% |
| Distributable reserves | 133 | €65,399 | €65,399 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€16,100 | -€16,100 | |
| Amounts payable | 17/49 | €87,004 | €170,112 | +€83,107 | +95.5% |
| Amounts payable within one year | 42/48 | €87,004 | €170,112 | +€83,107 | +95.5% |
| Trade debts | 44 | €64,157 | €152,491 | +€88,333 | +137.7% |
| Suppliers | 440/4 | €64,157 | €152,491 | +€88,333 | +137.7% |
| Taxes, remuneration and social security | 45 | €22,847 | €17,621 | -€5,226 | -22.9% |
| Taxes | 450/3 | €22,847 | €17,621 | -€5,226 | -22.9% |
| Remuneration, social security and pensions | 62 | €13,165 | - | -€13,165 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,314 | €10,020 | +€3,706 | +58.7% |
| Other operating charges | 640/8 | €188 | €840 | +€652 | +346.5% |
| Gross operating margin | 9900 | €65,286 | €6,416 | -€58,871 | -90.2% |
| Operating profit (loss) | 9901 | €45,619 | -€4,445 | -€50,063 | |
| Financial income | 75/76B | €875 | €449 | -€426 | -48.7% |
| Recurring financial income | 75 | €875 | €449 | -€426 | -48.7% |
| Financial charges | 65/66B | €2,719 | €11,643 | +€8,925 | +328.3% |
| Recurring financial charges | 65 | €2,719 | €11,643 | +€8,925 | +328.3% |
| Profit (loss) for the period before taxes | 9903 | €43,775 | -€15,639 | -€59,414 | |
| Income taxes | 67/77 | €12,854 | €461 | -€12,393 | -96.4% |
| Profit (loss) for the period | 9904 | €30,921 | -€16,100 | -€47,021 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,921 | -€16,100 | -€47,021 |
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 6 October 2026 via checked.be.