VLEVAR: 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.
VLEVAR
Largest movements
- Tangible fixed assets -€18,404
down €18,404 (-2.6%), from €700,596 to €682,192
- Reserves -€7,950
down €7,950 (-2.6%), from €301,357 to €293,407
of which Tax-exempt reserves: -€7,950
- Gross operating margin +€767
up €767 (+10.1%), from €7,627 to €8,394
- Other operating charges -€112
down €112 (-2.3%), from €4,905 to €4,793
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 | €703,180 | €685,411 | -€17,769 | -2.5% |
| Fixed assets | 21/28 | €700,596 | €682,192 | -€18,404 | -2.6% |
| Tangible fixed assets | 22/27 | €700,596 | €682,192 | -€18,404 | -2.6% |
| Land and buildings | 22 | €700,596 | €682,192 | -€18,404 | -2.6% |
| Current assets | 29/58 | €2,584 | €3,219 | +€635 | +24.6% |
| Amounts receivable within one year | 40/41 | €18 | €12 | -€6 | -33.3% |
| Other amounts receivable | 41 | €18 | €12 | -€6 | -33.3% |
| Cash at bank and in hand | 54/58 | €2,566 | €3,207 | +€641 | +25.0% |
| Total equity and liabilities | 10/49 | €703,180 | €685,411 | -€17,769 | -2.5% |
| Equity | 10/15 | €642,742 | €630,562 | -€12,180 | -1.9% |
| Contributions | 10/11 | €309,000 | €309,000 | = | 0.0% |
| Reserves | 13 | €301,357 | €293,407 | -€7,950 | -2.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €169,601 | €161,651 | -€7,950 | -4.7% |
| Distributable reserves | 133 | €125,556 | €125,556 | = | 0.0% |
| Profit (loss) carried forward | 14 | €32,385 | €28,155 | -€4,230 | -13.1% |
| Provisions and deferred taxes | 16 | €56,534 | €53,884 | -€2,650 | -4.7% |
| Deferred taxes | 168 | €56,534 | €53,884 | -€2,650 | -4.7% |
| Amounts payable | 17/49 | €3,904 | €965 | -€2,939 | -75.3% |
| Amounts payable within one year | 42/48 | €3,904 | €965 | -€2,939 | -75.3% |
| Trade debts | 44 | €342 | - | -€342 | |
| Suppliers | 440/4 | €342 | - | -€342 | |
| Other amounts payable | 47/48 | €3,562 | €965 | -€2,597 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,405 | €18,404 | -€1 | 0.0% |
| Other operating charges | 640/8 | €4,905 | €4,793 | -€112 | -2.3% |
| Gross operating margin | 9900 | €7,627 | €8,394 | +€767 | +10.1% |
| Operating profit (loss) | 9901 | -€15,683 | -€14,803 | +€880 | +5.6% |
| Financial income | 75/76B | €61 | €39 | -€22 | -36.1% |
| Recurring financial income | 75 | €61 | €39 | -€22 | -36.1% |
| Financial charges | 65/66B | €54 | €66 | +€12 | +22.2% |
| Recurring financial charges | 65 | €54 | €66 | +€12 | +22.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,676 | -€14,830 | +€846 | +5.4% |
| Transfer from deferred taxes | 780 | €2,650 | €2,650 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€13,026 | -€12,180 | +€846 | +6.5% |
| Transfer from tax-exempt reserves | 789 | €7,950 | €7,950 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,076 | -€4,230 | +€846 | +16.7% |
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 28 September 2026 via checked.be.