VLINVEST: 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.
VLINVEST
Largest movements
- Stocks and contracts -€38,030
down €38,030 (-3.0%), from €1.3m to €1.2m
- Cash +€33,705
up €33,705 (+10,723%), from €314 to €34,019
mainly Other debts (+€53,453) and Stocks and contracts (+€38,030)
- Profit (loss) carried forward -€84,606
down €84,606, from €34,116 to -€50,490
- Other debts +€53,453
new in 2025: €53,453
- Trade debts +€34,293
up €34,293 (+206%), from €16,610 to €50,903
- Gross operating margin -€151,377
down €151,377, from €116,714 to -€34,664
- Taxes +€40,899
up €40,899, from -€40,899 to €0
- Financial charges -€23,922
down €23,922 (-33.9%), from €70,476 to €46,554
- Other operating charges +€1,769
up €1,769 (+365%), from €485 to €2,254
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 | €1,299,376 | €1,302,515 | +€3,140 | +0.2% |
| Fixed assets | 21/28 | €3,211 | €2,076 | -€1,135 | -35.4% |
| Tangible fixed assets | 22/27 | €3,211 | €2,076 | -€1,135 | -35.4% |
| Plant, machinery and equipment | 23 | €3,211 | €2,076 | -€1,135 | -35.4% |
| Current assets | 29/58 | €1,296,165 | €1,300,440 | +€4,275 | +0.3% |
| Stocks and contracts in progress | 3 | €1,286,368 | €1,248,338 | -€38,030 | -3.0% |
| Stocks | 30/36 | €1,286,368 | €1,248,338 | -€38,030 | -3.0% |
| Amounts receivable within one year | 40/41 | €9,046 | €18,083 | +€9,036 | +99.9% |
| Trade receivables | 40 | €117 | €0 | -€117 | -100% |
| Other amounts receivable | 41 | €8,929 | €18,083 | +€9,153 | +103% |
| Cash at bank and in hand | 54/58 | €314 | €34,019 | +€33,705 | +10,723% |
| Deferred charges and accrued income | 490/1 | €437 | €0 | -€437 | -100% |
| Total equity and liabilities | 10/49 | €1,299,376 | €1,302,515 | +€3,140 | +0.2% |
| Equity | 10/15 | €52,716 | -€31,890 | -€84,606 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,116 | -€50,490 | -€84,606 | |
| Amounts payable | 17/49 | €1,246,659 | €1,334,405 | +€87,746 | +7.0% |
| Amounts payable after more than one year | 17 | €1,229,247 | €1,229,247 | = | 0.0% |
| Financial debts | 170/4 | €1,229,247 | €1,229,247 | = | 0.0% |
| Amounts payable within one year | 42/48 | €16,610 | €104,356 | +€87,746 | +528% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €16,610 | €50,903 | +€34,293 | +206% |
| Suppliers | 440/4 | €16,610 | €50,903 | +€34,293 | +206% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €53,453 | +€53,453 | |
| Accrued charges and deferred income | 492/3 | €802 | €802 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,135 | €1,135 | = | 0.0% |
| Other operating charges | 640/8 | €485 | €2,254 | +€1,769 | +365% |
| Gross operating margin | 9900 | €116,714 | -€34,664 | -€151,377 | |
| Operating profit (loss) | 9901 | €115,094 | -€38,053 | -€153,146 | |
| Financial income | 75/76B | €730 | €0 | -€730 | -100.0% |
| Recurring financial income | 75 | €730 | €0 | -€730 | -100.0% |
| Financial charges | 65/66B | €70,476 | €46,554 | -€23,922 | -33.9% |
| Recurring financial charges | 65 | €70,476 | €46,554 | -€23,922 | -33.9% |
| Profit (loss) for the period before taxes | 9903 | €45,348 | -€84,606 | -€129,954 | |
| Income taxes | 67/77 | -€40,899 | €0 | +€40,899 | |
| Profit (loss) for the period | 9904 | €86,246 | -€84,606 | -€170,853 | |
| Profit (loss) for the period to be appropriated | 9905 | €86,246 | -€84,606 | -€170,853 |
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 20 October 2026 via checked.be.