VLEUGELS-M: 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.
VLEUGELS-M
Largest movements
- Deferred charges and accrued income +€58,658
new in 2025: €58,658
- Receivables within one year -€16,127
down €16,127 (-49.1%), from €32,817 to €16,691
of which Trade receivables: -€16,127
- Intangible fixed assets -€14,250
down €14,250 (-16.1%), from €88,719 to €74,469
- Tangible fixed assets -€10,674
down €10,674 (-5.9%), from €181,331 to €170,657
of which Plant, machinery and equipment: -€6,723
- Cash -€4,077
down €4,077 (-16.1%), from €25,318 to €21,242
mainly Deferred charges and accrued income (-€58,658) and Tax, wage and social debts (-€34,582)
- Trade debts +€48,860
up €48,860 (+4,397%), from €1,111 to €49,972
- Profit (loss) carried forward +€37,862
up €37,862 (+66.3%), from €57,110 to €94,973
- Tax, wage and social debts -€34,582
down €34,582 (-43.4%), from €79,609 to €45,027
of which Taxes: -€24,096
- Debts after one year -€29,289
down €29,289 (-19.7%), from €148,745 to €119,456
- Other debts -€9,767
no longer reported in 2025 (was €9,767)
- Gross operating margin +€134,012
up €134,012 (+41.5%), from €323,274 to €457,286
- Staff costs +€106,791
up €106,791 (+44.3%), from €240,817 to €347,609
- Depreciation +€6,074
up €6,074 (+18.8%), from €32,349 to €38,423
- Financial charges +€4,994
up €4,994 (+35.9%), from €13,913 to €18,907
of which Financial charges: +€4,997
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 | €328,185 | €341,716 | +€13,531 | +4.1% |
| Fixed assets | 21/28 | €270,050 | €245,126 | -€24,924 | -9.2% |
| Intangible fixed assets | 21 | €88,719 | €74,469 | -€14,250 | -16.1% |
| Tangible fixed assets | 22/27 | €181,331 | €170,657 | -€10,674 | -5.9% |
| Plant, machinery and equipment | 23 | €161,394 | €154,671 | -€6,723 | -4.2% |
| Furniture and vehicles | 24 | €19,937 | €15,987 | -€3,951 | -19.8% |
| Current assets | 29/58 | €58,136 | €96,590 | +€38,455 | +66.1% |
| Amounts receivable within one year | 40/41 | €32,817 | €16,691 | -€16,127 | -49.1% |
| Trade receivables | 40 | €31,927 | €15,801 | -€16,127 | -50.5% |
| Other amounts receivable | 41 | €890 | €890 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €25,318 | €21,242 | -€4,077 | -16.1% |
| Deferred charges and accrued income | 490/1 | - | €58,658 | +€58,658 | |
| Total equity and liabilities | 10/49 | €328,185 | €341,716 | +€13,531 | +4.1% |
| Equity | 10/15 | €60,110 | €97,973 | +€37,862 | +63.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €57,110 | €94,973 | +€37,862 | +66.3% |
| Amounts payable | 17/49 | €268,075 | €243,743 | -€24,332 | -9.1% |
| Amounts payable after more than one year | 17 | €148,745 | €119,456 | -€29,289 | -19.7% |
| Financial debts | 170/4 | €148,745 | €119,456 | -€29,289 | -19.7% |
| Amounts payable within one year | 42/48 | €119,330 | €124,288 | +€4,958 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €28,843 | €29,289 | +€447 | +1.5% |
| Trade debts | 44 | €1,111 | €49,972 | +€48,860 | +4,397% |
| Suppliers | 440/4 | €1,111 | €49,972 | +€48,860 | +4,397% |
| Taxes, remuneration and social security | 45 | €79,609 | €45,027 | -€34,582 | -43.4% |
| Taxes | 450/3 | €36,488 | €12,392 | -€24,096 | -66.0% |
| Remuneration and social security | 454/9 | €43,121 | €32,635 | -€10,486 | -24.3% |
| Other amounts payable | 47/48 | €9,767 | - | -€9,767 | |
| Remuneration, social security and pensions | 62 | €240,817 | €347,609 | +€106,791 | +44.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,349 | €38,423 | +€6,074 | +18.8% |
| Other operating charges | 640/8 | €39 | €3,206 | +€3,167 | +8,184% |
| Non-recurring operating charges | 66A | - | €1 | +€1 | |
| Gross operating margin | 9900 | €323,274 | €457,286 | +€134,012 | +41.5% |
| Operating profit (loss) | 9901 | €50,069 | €68,047 | +€17,978 | +35.9% |
| Financial charges | 65/66B | €13,913 | €18,907 | +€4,994 | +35.9% |
| Recurring financial charges | 65 | €13,910 | €18,907 | +€4,997 | +35.9% |
| Non-recurring financial charges | 66B | €3 | - | -€3 | |
| Profit (loss) for the period before taxes | 9903 | €36,156 | €49,140 | +€12,983 | +35.9% |
| Income taxes | 67/77 | €7,325 | €11,277 | +€3,953 | +54.0% |
| Profit (loss) for the period | 9904 | €28,832 | €37,862 | +€9,031 | +31.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,832 | €37,862 | +€9,031 | +31.3% |
Source: filed annual accounts (NBB), financial years ended 30 April 2024 and 30 April 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.