VLF: 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.
VLF
Largest movements
- Cash -€284,940
down €284,940 (-96.8%), from €294,370 to €9,431
mainly Investment in fixed assets (net) (-€149,832) and Contributions, distributions and other (-€95,000)
- Financial fixed assets +€149,832
up €149,832 (+95410.4%), from €157 to €149,989
- Deferred charges and accrued income +€23,977
up €23,977, from €0 to €23,977
- Receivables within one year +€16,644
up €16,644 (+7.8%), from €212,361 to €229,005
of which Trade receivables: +€32,274
- Reserves -€95,000
down €95,000 (-44.4%), from €213,860 to €118,860
- Other debts +€26,500
up €26,500 (+38.7%), from €68,500 to €95,000
- Debts after one year -€16,441
down €16,441 (-6.7%), from €246,239 to €229,798
- Tax, wage and social debts -€10,663
down €10,663 (-45.0%), from €23,676 to €13,013
- Gross operating margin -€116,604
down €116,604 (-84.5%), from €137,955 to €21,351
- Financial charges -€71,578
down €71,578 (-80.8%), from €88,543 to €16,964
- Other operating charges -€63,846
down €63,846 (-93.7%), from €68,105 to €4,259
- Taxes -€8,125
down €8,125 (-93.2%), from €8,718 to €593
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 | €506,888 | €412,402 | -€94,486 | -18.6% |
| Fixed assets | 21/28 | €157 | €149,989 | +€149,832 | +95410.4% |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Land and buildings | 22 | €0 | - | = | |
| Financial fixed assets | 28 | €157 | €149,989 | +€149,832 | +95410.4% |
| Current assets | 29/58 | €506,731 | €262,413 | -€244,318 | -48.2% |
| Amounts receivable within one year | 40/41 | €212,361 | €229,005 | +€16,644 | +7.8% |
| Trade receivables | 40 | €70,713 | €102,987 | +€32,274 | +45.6% |
| Other amounts receivable | 41 | €141,648 | €126,017 | -€15,630 | -11.0% |
| Cash at bank and in hand | 54/58 | €294,370 | €9,431 | -€284,940 | -96.8% |
| Deferred charges and accrued income | 490/1 | €0 | €23,977 | +€23,977 | |
| Total equity and liabilities | 10/49 | €506,888 | €412,402 | -€94,486 | -18.6% |
| Equity | 10/15 | €148,688 | €53,223 | -€95,465 | -64.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €213,860 | €118,860 | -€95,000 | -44.4% |
| Distributable reserves | 133 | €213,860 | €118,860 | -€95,000 | -44.4% |
| Profit (loss) carried forward | 14 | -€83,772 | -€84,237 | -€465 | -0.6% |
| Amounts payable | 17/49 | €358,200 | €359,179 | +€979 | +0.3% |
| Amounts payable after more than one year | 17 | €246,239 | €229,798 | -€16,441 | -6.7% |
| Financial debts | 170/4 | €246,239 | €229,798 | -€16,441 | -6.7% |
| Amounts payable within one year | 42/48 | €111,961 | €129,034 | +€17,073 | +15.2% |
| Current portion of amounts payable after more than one year | 42 | €16,176 | €16,441 | +€266 | +1.6% |
| Trade debts | 44 | €3,609 | €4,580 | +€971 | +26.9% |
| Suppliers | 440/4 | €3,609 | €4,580 | +€971 | +26.9% |
| Taxes, remuneration and social security | 45 | €23,676 | €13,013 | -€10,663 | -45.0% |
| Taxes | 450/3 | €23,676 | €13,013 | -€10,663 | -45.0% |
| Other amounts payable | 47/48 | €68,500 | €95,000 | +€26,500 | +38.7% |
| Accrued charges and deferred income | 492/3 | - | €348 | +€348 | |
| Non-recurring operating income | 76A | €13,695 | €0 | -€13,695 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €68,105 | €4,259 | -€63,846 | -93.7% |
| Non-recurring operating charges | 66A | €99,644 | €0 | -€99,644 | -100.0% |
| Gross operating margin | 9900 | €137,955 | €21,351 | -€116,604 | -84.5% |
| Operating profit (loss) | 9901 | -€29,795 | €17,092 | +€46,886 | |
| Financial income | 75/76B | €16 | €0 | -€16 | -100.0% |
| Recurring financial income | 75 | €16 | €0 | -€16 | -100.0% |
| Financial charges | 65/66B | €88,543 | €16,964 | -€71,578 | -80.8% |
| Recurring financial charges | 65 | €88,543 | €16,964 | -€71,578 | -80.8% |
| Profit (loss) for the period before taxes | 9903 | -€118,321 | €127 | +€118,449 | |
| Income taxes | 67/77 | €8,718 | €593 | -€8,125 | -93.2% |
| Profit (loss) for the period | 9904 | -€127,039 | -€465 | +€126,574 | +99.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€127,039 | -€465 | +€126,574 | +99.6% |
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 5 October 2026 via checked.be.