VLLM: what changed
Two fiscal 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.
VLLM
Largest movements
- Cash +€32,069
up €32,069 (+1453.0%), from €2,207 to €34,276
mainly Receivables within one year (+€25,150) and Depreciation (+€13,760)
- Receivables within one year -€25,150
down €25,150 (-81.7%), from €30,775 to €5,624
- Tangible fixed assets -€13,028
down €13,028 (-36.5%), from €35,647 to €22,618
- Formation expenses -€732
down €732 (-100.0%), from €732 to €0
- Reserves +€13,575
up €13,575 (+78.1%), from €17,389 to €30,964
- Debts after one year -€12,641
down €12,641 (-56.4%), from €22,418 to €9,777
- Tax, wage and social debts -€7,820
down €7,820 (-60.0%), from €13,043 to €5,223
of which Taxes: -€7,350
- Depreciation +€10,023
up €10,023 (+268.2%), from €3,737 to €13,760
- Gross operating margin +€8,007
up €8,007 (+27.8%), from €28,757 to €36,764
- Other operating charges +€1,227
up €1,227 (+266.9%), from €460 to €1,687
- Financial charges +€1,002
up €1,002 (+228.7%), from €438 to €1,440
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 | €72,222 | €65,428 | -€6,794 | -9.4% |
| Formation expenses | 20 | €732 | €0 | -€732 | -100.0% |
| Fixed assets | 21/28 | €35,647 | €22,618 | -€13,028 | -36.5% |
| Tangible fixed assets | 22/27 | €35,647 | €22,618 | -€13,028 | -36.5% |
| Furniture and vehicles | 24 | €35,647 | €22,618 | -€13,028 | -36.5% |
| Current assets | 29/58 | €35,843 | €42,809 | +€6,966 | +19.4% |
| Amounts receivable within one year | 40/41 | €30,775 | €5,624 | -€25,150 | -81.7% |
| Trade receivables | 40 | €30,775 | €5,624 | -€25,150 | -81.7% |
| Cash at bank and in hand | 54/58 | €2,207 | €34,276 | +€32,069 | +1453.0% |
| Deferred charges and accrued income | 490/1 | €2,861 | €2,909 | +€48 | +1.7% |
| Total equity and liabilities | 10/49 | €72,222 | €65,428 | -€6,794 | -9.4% |
| Equity | 10/15 | €20,889 | €34,464 | +€13,575 | +65.0% |
| Contributions | 10/11 | €3,500 | €3,500 | = | 0.0% |
| Reserves | 13 | €17,389 | €30,964 | +€13,575 | +78.1% |
| Distributable reserves | 133 | €17,389 | €30,964 | +€13,575 | +78.1% |
| Amounts payable | 17/49 | €51,333 | €30,964 | -€20,369 | -39.7% |
| Amounts payable after more than one year | 17 | €22,418 | €9,777 | -€12,641 | -56.4% |
| Financial debts | 170/4 | €22,418 | €9,777 | -€12,641 | -56.4% |
| Amounts payable within one year | 42/48 | €28,915 | €21,187 | -€7,728 | -26.7% |
| Current portion of amounts payable after more than one year | 42 | €12,204 | €12,641 | +€437 | +3.6% |
| Trade debts | 44 | €943 | €947 | +€4 | +0.4% |
| Suppliers | 440/4 | €943 | €947 | +€4 | +0.4% |
| Taxes, remuneration and social security | 45 | €13,043 | €5,223 | -€7,820 | -60.0% |
| Taxes | 450/3 | €10,997 | €3,647 | -€7,350 | -66.8% |
| Remuneration and social security | 454/9 | €2,046 | €1,576 | -€470 | -23.0% |
| Other amounts payable | 47/48 | €2,725 | €2,376 | -€349 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,737 | €13,760 | +€10,023 | +268.2% |
| Other operating charges | 640/8 | €460 | €1,687 | +€1,227 | +266.9% |
| Gross operating margin | 9900 | €28,757 | €36,764 | +€8,007 | +27.8% |
| Operating profit (loss) | 9901 | €24,560 | €21,317 | -€3,243 | -13.2% |
| Financial income | 75/76B | - | €295 | +€295 | |
| Recurring financial income | 75 | - | €295 | +€295 | |
| Financial charges | 65/66B | €438 | €1,440 | +€1,002 | +228.7% |
| Recurring financial charges | 65 | €438 | €1,440 | +€1,002 | +228.7% |
| Profit (loss) for the period before taxes | 9903 | €24,122 | €20,172 | -€3,950 | -16.4% |
| Income taxes | 67/77 | €6,733 | €6,597 | -€136 | -2.0% |
| Profit (loss) for the period | 9904 | €17,389 | €13,575 | -€3,814 | -21.9% |
| Profit (loss) for the period to be appropriated | 9905 | €17,389 | €13,575 | -€3,814 | -21.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.