VLIVAN: 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.
VLIVAN
Largest movements
- Tangible fixed assets -€42,763
down €42,763 (-58.0%), from €73,775 to €31,012
of which Furniture and vehicles: -€31,174
- Receivables within one year +€15,003
up €15,003 (+19.8%), from €75,945 to €90,948
of which Trade receivables: +€31,215
- Cash -€11,017
down €11,017 (-46.8%), from €23,537 to €12,520
mainly Trade debts (-€62,469) and Debts after one year (-€29,848)
- Intangible fixed assets -€10,714
down €10,714 (-23.5%), from €45,499 to €34,785
- Current investments -€10,000
down €10,000 (-66.7%), from €15,000 to €5,000
- Trade debts -€62,469
down €62,469 (-67.5%), from €92,493 to €30,024
- Debts after one year -€29,848
down €29,848 (-19.8%), from €150,528 to €120,680
of which Financial debts: -€29,848
- Other debts +€21,751
up €21,751 (+1865.5%), from €1,166 to €22,917
- Profit (loss) carried forward +€13,953
up €13,953 (+329.6%), from €4,234 to €18,187
- Current portion of long-term debt -€7,375
down €7,375 (-25.0%), from €29,551 to €22,176
- Gross operating margin +€45,569
up €45,569 (+80.7%), from €56,446 to €102,015
- Depreciation +€24,208
up €24,208 (+73.2%), from €33,051 to €57,259
- Taxes +€4,301
up €4,301 (+520.1%), from €827 to €5,128
- Financial income -€4,148
down €4,148 (-91.7%), from €4,523 to €375
- Staff costs +€2,478
up €2,478 (+46.6%), from €5,317 to €7,795
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 | €443,565 | €381,807 | -€61,758 | -13.9% |
| Fixed assets | 21/28 | €127,112 | €73,824 | -€53,288 | -41.9% |
| Intangible fixed assets | 21 | €45,499 | €34,785 | -€10,714 | -23.5% |
| Tangible fixed assets | 22/27 | €73,775 | €31,012 | -€42,763 | -58.0% |
| Plant, machinery and equipment | 23 | €14,906 | €3,317 | -€11,589 | -77.7% |
| Furniture and vehicles | 24 | €58,869 | €27,695 | -€31,174 | -53.0% |
| Financial fixed assets | 28 | €7,838 | €8,028 | +€190 | +2.4% |
| Current assets | 29/58 | €316,453 | €307,983 | -€8,470 | -2.7% |
| Stocks and contracts in progress | 3 | €201,308 | €198,851 | -€2,457 | -1.2% |
| Stocks | 30/36 | €201,308 | €198,851 | -€2,457 | -1.2% |
| Amounts receivable within one year | 40/41 | €75,945 | €90,948 | +€15,003 | +19.8% |
| Trade receivables | 40 | €59,733 | €90,948 | +€31,215 | +52.3% |
| Other amounts receivable | 41 | €16,212 | - | -€16,212 | |
| Current investments | 50/53 | €15,000 | €5,000 | -€10,000 | -66.7% |
| Cash at bank and in hand | 54/58 | €23,537 | €12,520 | -€11,017 | -46.8% |
| Deferred charges and accrued income | 490/1 | €663 | €663 | +€0 | +0.1% |
| Total equity and liabilities | 10/49 | €443,565 | €381,807 | -€61,758 | -13.9% |
| Equity | 10/15 | €16,234 | €30,187 | +€13,953 | +86.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,234 | €18,187 | +€13,953 | +329.6% |
| Amounts payable | 17/49 | €427,331 | €351,620 | -€75,711 | -17.7% |
| Amounts payable after more than one year | 17 | €150,528 | €120,680 | -€29,848 | -19.8% |
| Financial debts | 170/4 | €90,528 | €60,680 | -€29,848 | -33.0% |
| Other amounts payable | 178/9 | €60,000 | €60,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €276,803 | €230,940 | -€45,863 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €29,551 | €22,176 | -€7,375 | -25.0% |
| Financial debts | 43 | €125,000 | €125,000 | = | 0.0% |
| Credit institutions | 430/8 | €125,000 | €125,000 | = | 0.0% |
| Trade debts | 44 | €92,493 | €30,024 | -€62,469 | -67.5% |
| Suppliers | 440/4 | €92,493 | €30,024 | -€62,469 | -67.5% |
| Taxes, remuneration and social security | 45 | €28,593 | €30,822 | +€2,229 | +7.8% |
| Taxes | 450/3 | €28,032 | €30,822 | +€2,790 | +10.0% |
| Remuneration and social security | 454/9 | €561 | - | -€561 | |
| Other amounts payable | 47/48 | €1,166 | €22,917 | +€21,751 | +1865.5% |
| Remuneration, social security and pensions | 62 | €5,317 | €7,795 | +€2,478 | +46.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,051 | €57,259 | +€24,208 | +73.2% |
| Other operating charges | 640/8 | €4,122 | €6,329 | +€2,207 | +53.5% |
| Gross operating margin | 9900 | €56,446 | €102,015 | +€45,569 | +80.7% |
| Operating profit (loss) | 9901 | €13,956 | €30,633 | +€16,677 | +119.5% |
| Financial income | 75/76B | €4,523 | €375 | -€4,148 | -91.7% |
| Recurring financial income | 75 | €4,523 | €375 | -€4,148 | -91.7% |
| Financial charges | 65/66B | €13,709 | €11,926 | -€1,783 | -13.0% |
| Recurring financial charges | 65 | €13,709 | €11,926 | -€1,783 | -13.0% |
| Profit (loss) for the period before taxes | 9903 | €4,770 | €19,081 | +€14,311 | +300.0% |
| Income taxes | 67/77 | €827 | €5,128 | +€4,301 | +520.1% |
| Profit (loss) for the period | 9904 | €3,943 | €13,953 | +€10,010 | +253.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,943 | €13,953 | +€10,010 | +253.9% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.