VLG-projects: what changed
VLG-projects
Largest movements
- Receivables within one year -€43,485
down €43,485 (-31.1%), from €139,692 to €96,207
of which Trade receivables: -€42,175
- Tangible fixed assets +€20,014
up €20,014 (+5.5%), from €364,709 to €384,722
of which Leasing and similar rights: +€45,386
- Cash -€6,329
down €6,329 (-18.2%), from €34,846 to €28,518
mainly Investment in fixed assets (net) (-€66,217) and Contributions, distributions and other (-€26,311)
- Deferred charges and accrued income +€6,059
new in 2025: €6,059
- Current investments +€5,750
new in 2025: €5,750
- Other debts +€24,995
new in 2025: €24,995
- Reserves -€23,090
down €23,090 (-9.6%), from €239,837 to €216,748
of which Distributable reserves: -€21,235
- Tax, wage and social debts -€15,109
down €15,109 (-65.0%), from €23,252 to €8,143
of which Taxes: -€17,298
- Trade debts -€13,115
down €13,115 (-39.7%), from €33,063 to €19,948
- Current portion of long-term debt +€9,000
up €9,000 (+17.4%), from €51,678 to €60,678
- Staff costs -€83,851
down €83,851 (-33.6%), from €249,669 to €165,818
- Gross operating margin -€77,451
down €77,451 (-21.8%), from €355,211 to €277,760
- Write-downs +€22,157
new in 2025: €22,157
- Taxes -€9,564
down €9,564 (-52.3%), from €18,277 to €8,714
- Depreciation +€3,715
up €3,715 (+8.7%), from €42,489 to €46,204
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €574,247 | €556,256 | -€17,991 | -3.1% |
| Fixed assets | 21/28 | €364,709 | €384,722 | +€20,014 | +5.5% |
| Tangible fixed assets | 22/27 | €364,709 | €384,722 | +€20,014 | +5.5% |
| Land and buildings | 22 | €263,630 | €253,713 | -€9,917 | -3.8% |
| Plant, machinery and equipment | 23 | €52,986 | €42,016 | -€10,971 | -20.7% |
| Furniture and vehicles | 24 | €10,179 | €5,695 | -€4,484 | -44.1% |
| Leasing and similar rights | 25 | €37,913 | €83,299 | +€45,386 | +120% |
| Current assets | 29/58 | €209,539 | €171,534 | -€38,005 | -18.1% |
| Amounts receivable after more than one year | 29 | €35,000 | €35,000 | = | 0.0% |
| Other amounts receivable | 291 | €35,000 | €35,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €139,692 | €96,207 | -€43,485 | -31.1% |
| Trade receivables | 40 | €91,668 | €49,493 | -€42,175 | -46.0% |
| Other amounts receivable | 41 | €48,024 | €46,714 | -€1,310 | -2.7% |
| Current investments | 50/53 | - | €5,750 | +€5,750 | |
| Cash at bank and in hand | 54/58 | €34,846 | €28,518 | -€6,329 | -18.2% |
| Deferred charges and accrued income | 490/1 | - | €6,059 | +€6,059 | |
| Total equity and liabilities | 10/49 | €574,247 | €556,256 | -€17,991 | -3.1% |
| Equity | 10/15 | €252,237 | €229,148 | -€23,090 | -9.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €239,837 | €216,748 | -€23,090 | -9.6% |
| Non-distributable reserves | 130/1 | €1,855 | €0 | -€1,855 | -100% |
| Reserves not available under the articles | 1311 | €1,855 | €0 | -€1,855 | -100% |
| Distributable reserves | 133 | €237,982 | €216,748 | -€21,235 | -8.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €322,010 | €327,108 | +€5,099 | +1.6% |
| Amounts payable after more than one year | 17 | €208,945 | €208,420 | -€526 | -0.3% |
| Financial debts | 170/4 | €208,945 | €208,420 | -€526 | -0.3% |
| Amounts payable within one year | 42/48 | €113,065 | €118,689 | +€5,624 | +5.0% |
| Current portion of amounts payable after more than one year | 42 | €51,678 | €60,678 | +€9,000 | +17.4% |
| Financial debts | 43 | €5,072 | €4,925 | -€147 | -2.9% |
| Credit institutions | 430/8 | €5,072 | €4,925 | -€147 | -2.9% |
| Trade debts | 44 | €33,063 | €19,948 | -€13,115 | -39.7% |
| Suppliers | 440/4 | €33,063 | €19,948 | -€13,115 | -39.7% |
| Taxes, remuneration and social security | 45 | €23,252 | €8,143 | -€15,109 | -65.0% |
| Taxes | 450/3 | €17,497 | €199 | -€17,298 | -98.9% |
| Remuneration and social security | 454/9 | €5,755 | €7,945 | +€2,189 | +38.0% |
| Other amounts payable | 47/48 | - | €24,995 | +€24,995 | |
| Remuneration, social security and pensions | 62 | €249,669 | €165,818 | -€83,851 | -33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,489 | €46,204 | +€3,715 | +8.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €22,157 | +€22,157 | |
| Other operating charges | 640/8 | €3,968 | €5,331 | +€1,363 | +34.4% |
| Non-recurring operating charges | 66A | - | €23,058 | +€23,058 | |
| Gross operating margin | 9900 | €355,211 | €277,760 | -€77,451 | -21.8% |
| Operating profit (loss) | 9901 | €59,084 | €15,191 | -€43,893 | -74.3% |
| Financial income | 75/76B | €2,450 | €4,050 | +€1,600 | +65.3% |
| Recurring financial income | 75 | €2,450 | €4,050 | +€1,600 | +65.3% |
| Financial charges | 65/66B | €7,606 | €7,306 | -€300 | -3.9% |
| Recurring financial charges | 65 | €7,606 | €7,306 | -€300 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €53,928 | €11,935 | -€41,993 | -77.9% |
| Income taxes | 67/77 | €18,277 | €8,714 | -€9,564 | -52.3% |
| Profit (loss) for the period | 9904 | €35,651 | €3,221 | -€32,430 | -91.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,651 | €3,221 | -€32,430 | -91.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.