VLIEGHEDIT: 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.
VLIEGHEDIT
Largest movements
- Tangible fixed assets +€125,241
up €125,241 (+260%), from €48,226 to €173,467
of which Land and buildings: +€140,223
- Cash -€8,581
down €8,581 (-47.2%), from €18,186 to €9,605
mainly Investment in fixed assets (net) (-€142,468) and Contributions, distributions and other (-€40,244)
- Receivables within one year +€7,690
up €7,690 (+28.8%), from €26,672 to €34,362
of which Trade receivables: +€7,689
- Debts after one year +€99,740
up €99,740 (+605%), from €16,490 to €116,230
- Trade debts +€18,569
up €18,569 (+357%), from €5,207 to €23,776
- Current portion of long-term debt +€10,500
up €10,500 (+162%), from €6,468 to €16,968
- Other debts -€6,462
down €6,462 (-89.5%), from €7,216 to €754
- Depreciation -€6,594
down €6,594 (-27.7%), from €23,821 to €17,227
- Gross operating margin -€3,431
down €3,431 (-4.8%), from €71,252 to €67,821
- Taxes -€2,284
down €2,284 (-23.8%), from €9,608 to €7,324
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 | €95,202 | €218,420 | +€123,218 | +129% |
| Fixed assets | 21/28 | €48,226 | €173,467 | +€125,241 | +260% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €48,226 | €173,467 | +€125,241 | +260% |
| Land and buildings | 22 | - | €140,223 | +€140,223 | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €48,226 | €33,244 | -€14,982 | -31.1% |
| Current assets | 29/58 | €46,976 | €44,953 | -€2,023 | -4.3% |
| Stocks and contracts in progress | 3 | €289 | €289 | = | 0.0% |
| Stocks | 30/36 | €289 | €289 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €26,672 | €34,362 | +€7,690 | +28.8% |
| Trade receivables | 40 | €26,607 | €34,296 | +€7,689 | +28.9% |
| Other amounts receivable | 41 | €66 | €66 | +€0 | +0.2% |
| Cash at bank and in hand | 54/58 | €18,186 | €9,605 | -€8,581 | -47.2% |
| Deferred charges and accrued income | 490/1 | €1,829 | €698 | -€1,131 | -61.8% |
| Total equity and liabilities | 10/49 | €95,202 | €218,420 | +€123,218 | +129% |
| Equity | 10/15 | €44,703 | €44,407 | -€296 | -0.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €26,103 | €25,807 | -€296 | -1.1% |
| Distributable reserves | 133 | €26,103 | €25,807 | -€296 | -1.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €50,499 | €174,014 | +€123,514 | +245% |
| Amounts payable after more than one year | 17 | €16,490 | €116,230 | +€99,740 | +605% |
| Financial debts | 170/4 | €16,490 | €116,230 | +€99,740 | +605% |
| Amounts payable within one year | 42/48 | €34,009 | €57,783 | +€23,774 | +69.9% |
| Current portion of amounts payable after more than one year | 42 | €6,468 | €16,968 | +€10,500 | +162% |
| Trade debts | 44 | €5,207 | €23,776 | +€18,569 | +357% |
| Suppliers | 440/4 | €5,207 | €23,776 | +€18,569 | +357% |
| Taxes, remuneration and social security | 45 | €15,118 | €16,285 | +€1,167 | +7.7% |
| Taxes | 450/3 | €15,118 | €16,285 | +€1,167 | +7.7% |
| Other amounts payable | 47/48 | €7,216 | €754 | -€6,462 | -89.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,821 | €17,227 | -€6,594 | -27.7% |
| Other operating charges | 640/8 | €1,018 | €976 | -€41 | -4.1% |
| Gross operating margin | 9900 | €71,252 | €67,821 | -€3,431 | -4.8% |
| Operating profit (loss) | 9901 | €46,413 | €49,618 | +€3,205 | +6.9% |
| Financial income | 75/76B | €227 | €2 | -€225 | -98.9% |
| Recurring financial income | 75 | €227 | €2 | -€225 | -98.9% |
| Financial charges | 65/66B | €1,636 | €2,349 | +€712 | +43.5% |
| Recurring financial charges | 65 | €1,636 | €2,349 | +€712 | +43.5% |
| Profit (loss) for the period before taxes | 9903 | €45,004 | €47,272 | +€2,268 | +5.0% |
| Income taxes | 67/77 | €9,608 | €7,324 | -€2,284 | -23.8% |
| Profit (loss) for the period | 9904 | €35,397 | €39,948 | +€4,551 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €35,397 | €39,948 | +€4,551 | +12.9% |
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 27 October 2026 via checked.be.