VLG: 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.
VLG
Largest movements
- Tangible fixed assets +€40,967
up €40,967 (+8.2%), from €500,704 to €541,671
of which Land and buildings: +€46,943
- Receivables within one year +€11,551
up €11,551 (+2,686%), from €430 to €11,981
of which Trade receivables: +€9,608
- Other debts +€93,651
up €93,651 (+66.0%), from €141,961 to €235,613
- Profit (loss) carried forward -€27,721
down €27,721, from €9,619 to -€18,102
- Debts after one year -€21,169
down €21,169 (-10.9%), from €193,987 to €172,818
- Current portion of long-term debt +€10,153
up €10,153 (+44.9%), from €22,589 to €32,742
- Gross operating margin -€13,749
down €13,749 (-50.3%), from €27,360 to €13,611
- Depreciation +€4,111
up €4,111 (+14.0%), from €29,387 to €33,498
- Other operating charges -€1,050
down €1,050 (-26.0%), from €4,035 to €2,985
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €501,134 | €553,652 | +€52,518 | +10.5% |
| Fixed assets | 21/28 | €500,704 | €541,671 | +€40,967 | +8.2% |
| Tangible fixed assets | 22/27 | €500,704 | €541,671 | +€40,967 | +8.2% |
| Land and buildings | 22 | €462,595 | €509,538 | +€46,943 | +10.1% |
| Plant, machinery and equipment | 23 | €658 | €138 | -€520 | -79.0% |
| Furniture and vehicles | 24 | €35,650 | €30,576 | -€5,074 | -14.2% |
| Other tangible fixed assets | 26 | €1,802 | €1,419 | -€383 | -21.3% |
| Current assets | 29/58 | €430 | €11,981 | +€11,551 | +2,686% |
| Amounts receivable within one year | 40/41 | €430 | €11,981 | +€11,551 | +2,686% |
| Trade receivables | 40 | €430 | €10,038 | +€9,608 | +2,235% |
| Other amounts receivable | 41 | - | €1,943 | +€1,943 | |
| Total equity and liabilities | 10/49 | €501,134 | €553,652 | +€52,518 | +10.5% |
| Equity | 10/15 | €107,384 | €77,247 | -€30,137 | -28.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €79,172 | €76,756 | -€2,416 | -3.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €77,313 | €74,897 | -€2,416 | -3.1% |
| Profit (loss) carried forward | 14 | €9,619 | -€18,102 | -€27,721 | |
| Provisions and deferred taxes | 16 | €32,475 | €31,461 | -€1,015 | -3.1% |
| Deferred taxes | 168 | €32,475 | €31,461 | -€1,015 | -3.1% |
| Amounts payable | 17/49 | €361,275 | €444,945 | +€83,670 | +23.2% |
| Amounts payable after more than one year | 17 | €193,987 | €172,818 | -€21,169 | -10.9% |
| Financial debts | 170/4 | €193,987 | €172,818 | -€21,169 | -10.9% |
| Amounts payable within one year | 42/48 | €167,288 | €272,127 | +€104,839 | +62.7% |
| Current portion of amounts payable after more than one year | 42 | €22,589 | €32,742 | +€10,153 | +44.9% |
| Financial debts | 43 | €1,609 | €3,773 | +€2,164 | +135% |
| Credit institutions | 430/8 | €1,609 | €3,773 | +€2,164 | +135% |
| Taxes, remuneration and social security | 45 | €1,129 | - | -€1,129 | |
| Taxes | 450/3 | €1,129 | - | -€1,129 | |
| Other amounts payable | 47/48 | €141,961 | €235,613 | +€93,651 | +66.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,387 | €33,498 | +€4,111 | +14.0% |
| Other operating charges | 640/8 | €4,035 | €2,985 | -€1,050 | -26.0% |
| Gross operating margin | 9900 | €27,360 | €13,611 | -€13,749 | -50.3% |
| Operating profit (loss) | 9901 | -€6,061 | -€22,871 | -€16,810 | -277% |
| Financial income | 75/76B | €2 | €3 | +€2 | +100% |
| Recurring financial income | 75 | €2 | €3 | +€2 | +100% |
| Financial charges | 65/66B | €8,274 | €8,284 | +€9 | +0.1% |
| Recurring financial charges | 65 | €8,274 | €8,284 | +€9 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | -€14,334 | -€31,152 | -€16,818 | -117% |
| Transfer from deferred taxes | 780 | €1,015 | €1,015 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€13,319 | -€30,137 | -€16,818 | -126% |
| Transfer from tax-exempt reserves | 789 | €2,416 | €2,416 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,903 | -€27,721 | -€16,818 | -154% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.