VLERO: 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.
What changed
VLERO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€36,900
2024 · €55,722-€18,822
Equity
€796,509
2024 · €759,609+€36,900
Cash
€41,964
2024 · €19,141+€22,824
Balance sheet total
€5.3m
2024 · €5.2m+€59,307
Largest movements
Assets
- Current investments +€61,540
up €61,540 (+1.4%), from €4.4m to €4.5m
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Gross operating margin -€27,258
down €27,258 (-35.7%), from €76,351 to €49,093
- Taxes -€9,034
down €9,034 (-33.1%), from €27,254 to €18,220
- Financial income -€5,819
down €5,819 (-10.4%), from €55,695 to €49,876
- Other operating charges -€5,702
down €5,702 (-36.5%), from €15,616 to €9,913
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.
Result 2024
€55,722
Gross operating margin
-€27,258
Depreciation
-€286
Other operating charges
+€5,702
Financial income
-€5,819
Financial charges
-€195
Taxes
+€9,034
Result 2025
€36,900
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.
From operations
+€90,093
Investment
-€67,270
Financing
€0
Cash 2024
€19,141
From operations (derived)
+€90,093
Net result for the year
+€36,900
Depreciation
+€28,058
Receivables within one year
+€2,737
Deferred charges and accrued income
-€9
Trade debts
-€2,719
Tax, wage and social debts
+€17,960
Other debts
+€1,766
Accrued charges and deferred income
+€5,400
Investment (derived)
-€67,270
Investment in fixed assets (net)
-€5,729
Current investments
-€61,540
Cash 2025
€41,964
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,207,253 | €5,266,560 | +€59,307 | +1.1% |
| Fixed assets | 21/28 | €772,784 | €750,455 | -€22,329 | -2.9% |
| Tangible fixed assets | 22/27 | €335,984 | €313,655 | -€22,329 | -6.6% |
| Land and buildings | 22 | €335,984 | €313,655 | -€22,329 | -6.6% |
| Financial fixed assets | 28 | €436,800 | €436,800 | = | 0.0% |
| Current assets | 29/58 | €4,434,469 | €4,516,105 | +€81,636 | +1.8% |
| Amounts receivable within one year | 40/41 | €2,737 | €0 | -€2,737 | -100.0% |
| Trade receivables | 40 | €2,737 | €0 | -€2,737 | -100.0% |
| Current investments | 50/53 | €4,412,399 | €4,473,940 | +€61,540 | +1.4% |
| Cash at bank and in hand | 54/58 | €19,141 | €41,964 | +€22,824 | +119.2% |
| Deferred charges and accrued income | 490/1 | €192 | €201 | +€9 | +4.7% |
| Total equity and liabilities | 10/49 | €5,207,253 | €5,266,560 | +€59,307 | +1.1% |
| Equity | 10/15 | €759,609 | €796,509 | +€36,900 | +4.9% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Outside capital | 11 | €61,500 | €61,500 | = | 0.0% |
| Other | 1109/19 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €460,068 | €496,967 | +€36,900 | +8.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €453,918 | €490,817 | +€36,900 | +8.1% |
| Profit (loss) carried forward | 14 | €238,041 | €238,041 | = | 0.0% |
| Amounts payable | 17/49 | €4,447,644 | €4,470,051 | +€22,407 | +0.5% |
| Amounts payable after more than one year | 17 | €135,000 | €135,000 | = | 0.0% |
| Financial debts | 170/4 | €135,000 | €135,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,285,419 | €4,302,426 | +€17,007 | +0.4% |
| Trade debts | 44 | €3,016 | €296 | -€2,719 | -90.2% |
| Suppliers | 440/4 | €3,016 | €296 | -€2,719 | -90.2% |
| Taxes, remuneration and social security | 45 | €17,254 | €35,213 | +€17,960 | +104.1% |
| Taxes | 450/3 | €17,254 | €35,213 | +€17,960 | +104.1% |
| Other amounts payable | 47/48 | €4,265,150 | €4,266,916 | +€1,766 | 0.0% |
| Accrued charges and deferred income | 492/3 | €27,225 | €32,625 | +€5,400 | +19.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,772 | €28,058 | +€286 | +1.0% |
| Other operating charges | 640/8 | €15,616 | €9,913 | -€5,702 | -36.5% |
| Gross operating margin | 9900 | €76,351 | €49,093 | -€27,258 | -35.7% |
| Operating profit (loss) | 9901 | €32,964 | €11,122 | -€21,842 | -66.3% |
| Financial income | 75/76B | €55,695 | €49,876 | -€5,819 | -10.4% |
| Recurring financial income | 75 | €55,695 | €49,876 | -€5,819 | -10.4% |
| Financial charges | 65/66B | €5,683 | €5,879 | +€195 | +3.4% |
| Recurring financial charges | 65 | €5,683 | €5,879 | +€195 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €82,975 | €55,119 | -€27,856 | -33.6% |
| Income taxes | 67/77 | €27,254 | €18,220 | -€9,034 | -33.1% |
| Profit (loss) for the period | 9904 | €55,722 | €36,900 | -€18,822 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | €55,722 | €36,900 | -€18,822 | -33.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.