VLIN: 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.
VLIN
Largest movements
- Financial fixed assets -€3.0m
down €3.0m (-22.9%), from €13.1m to €10.1m
- Current investments +€1.4m
up €1.4m (+60.9%), from €2.3m to €3.7m
- Cash -€629,007
down €629,007 (-67.6%), from €929,880 to €300,873
mainly Net result for the year (-€2.3m) and Current investments (-€1.4m)
- Receivables within one year -€401,192
down €401,192 (-28.6%), from €1.4m to €999,613
of which Other amounts receivable: -€401,192
- Tangible fixed assets +€275,235
new in 2025: €275,235
of which Land and buildings: +€271,753
- Profit (loss) carried forward -€2.3m
down €2.3m (-53.0%), from €4.3m to €2.0m
- Financial income +€89,250
up €89,250 (+50.7%), from €176,115 to €265,365
- Gross operating margin +€59,843
up €59,843, from -€9,354 to €50,489
- Financial charges +€22,473
up €22,473 (+19.3%), from €116,663 to €139,136
- Taxes +€18,617
up €18,617 (+411.2%), from €4,528 to €23,145
- Depreciation +€16,573
new in 2025: €16,573
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 | €17,778,993 | €15,430,948 | -€2.3m | -13.2% |
| Fixed assets | 21/28 | €13,122,500 | €10,397,735 | -€2.7m | -20.8% |
| Tangible fixed assets | 22/27 | - | €275,235 | +€275,235 | |
| Land and buildings | 22 | - | €271,753 | +€271,753 | |
| Furniture and vehicles | 24 | - | €3,482 | +€3,482 | |
| Financial fixed assets | 28 | €13,122,500 | €10,122,500 | -€3.0m | -22.9% |
| Current assets | 29/58 | €4,656,493 | €5,033,213 | +€376,720 | +8.1% |
| Amounts receivable within one year | 40/41 | €1,400,805 | €999,613 | -€401,192 | -28.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €1,400,805 | €999,613 | -€401,192 | -28.6% |
| Current investments | 50/53 | €2,318,950 | €3,730,236 | +€1.4m | +60.9% |
| Cash at bank and in hand | 54/58 | €929,880 | €300,873 | -€629,007 | -67.6% |
| Deferred charges and accrued income | 490/1 | €6,857 | €2,491 | -€4,366 | -63.7% |
| Total equity and liabilities | 10/49 | €17,778,993 | €15,430,948 | -€2.3m | -13.2% |
| Equity | 10/15 | €13,200,732 | €11,029,047 | -€2.2m | -16.5% |
| Contributions | 10/11 | €4,975,000 | €5,077,544 | +€102,544 | +2.1% |
| Reserves | 13 | €3,934,796 | €3,934,796 | = | 0.0% |
| Non-distributable reserves | 130/1 | €497,500 | €497,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €497,500 | €497,500 | = | 0.0% |
| Distributable reserves | 133 | €3,437,296 | €3,437,296 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,290,936 | €2,016,708 | -€2.3m | -53.0% |
| Amounts payable | 17/49 | €4,578,262 | €4,401,901 | -€176,361 | -3.9% |
| Amounts payable after more than one year | 17 | €4,344,700 | €4,334,700 | -€10,000 | -0.2% |
| Other amounts payable | 178/9 | €4,344,700 | €4,334,700 | -€10,000 | -0.2% |
| Amounts payable within one year | 42/48 | €47,374 | €42,201 | -€5,173 | -10.9% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €0 | €39,102 | +€39,102 | |
| Taxes | 450/3 | €0 | €39,102 | +€39,102 | |
| Other amounts payable | 47/48 | €47,374 | €3,099 | -€44,275 | -93.5% |
| Accrued charges and deferred income | 492/3 | €186,188 | €25,000 | -€161,188 | -86.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €16,573 | +€16,573 | |
| Other operating charges | 640/8 | €291 | €4,122 | +€3,831 | +1318.9% |
| Non-recurring operating charges | 66A | - | €2,407,105 | +€2.4m | |
| Gross operating margin | 9900 | -€9,354 | €50,489 | +€59,843 | |
| Operating profit (loss) | 9901 | -€9,645 | -€2,377,311 | -€2.4m | -24548.7% |
| Financial income | 75/76B | €176,115 | €265,365 | +€89,250 | +50.7% |
| Recurring financial income | 75 | €176,115 | €265,365 | +€89,250 | +50.7% |
| Financial charges | 65/66B | €116,663 | €139,136 | +€22,473 | +19.3% |
| Recurring financial charges | 65 | €116,663 | €139,136 | +€22,473 | +19.3% |
| Profit (loss) for the period before taxes | 9903 | €49,808 | -€2,251,083 | -€2.3m | |
| Income taxes | 67/77 | €4,528 | €23,145 | +€18,617 | +411.2% |
| Profit (loss) for the period | 9904 | €45,280 | -€2,274,228 | -€2.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €45,280 | -€2,274,228 | -€2.3m |
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 10 October 2026 via checked.be.