VLNTN: 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.
VLNTN
Largest movements
- Current investments +€119,683
up €119,683 (+397.0%), from €30,144 to €149,827
- Receivables within one year -€117,955
down €117,955 (-53.4%), from €220,921 to €102,967
of which Other amounts receivable: -€82,895
- Cash -€13,524
down €13,524 (-25.1%), from €53,797 to €40,273
mainly Contributions, distributions and other (-€157,500) and Current investments (-€119,683)
- Tangible fixed assets +€4,373
up €4,373 (+19.8%), from €22,046 to €26,419
of which Other tangible fixed assets: +€5,175
- Reserves -€118,791
down €118,791 (-48.7%), from €244,075 to €125,283
- Other debts +€58,914
up €58,914 (+126.1%), from €46,718 to €105,632
- Trade debts +€47,883
up €47,883 (+421.1%), from €11,371 to €59,253
- Tax, wage and social debts +€9,569
up €9,569 (+240.3%), from €3,982 to €13,551
- Accrued charges and deferred income -€3,578
no longer reported in 2025 (was €3,578)
- Gross operating margin +€24,736
up €24,736 (+59.0%), from €41,921 to €66,657
- Taxes +€13,950
up €13,950 (+132.9%), from €10,497 to €24,447
- Financial income -€6,984
down €6,984 (-52.9%), from €13,198 to €6,214
- Other operating charges -€3,003
down €3,003 (-77.4%), from €3,879 to €876
- Financial charges -€2,583
down €2,583 (-27.9%), from €9,247 to €6,664
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 | €328,323 | €322,319 | -€6,004 | -1.8% |
| Fixed assets | 21/28 | €22,884 | €27,257 | +€4,373 | +19.1% |
| Tangible fixed assets | 22/27 | €22,046 | €26,419 | +€4,373 | +19.8% |
| Plant, machinery and equipment | 23 | €2,994 | €3,038 | +€44 | +1.5% |
| Furniture and vehicles | 24 | €2,184 | €1,338 | -€846 | -38.7% |
| Other tangible fixed assets | 26 | €16,868 | €22,043 | +€5,175 | +30.7% |
| Financial fixed assets | 28 | €838 | €838 | = | 0.0% |
| Current assets | 29/58 | €305,439 | €295,062 | -€10,378 | -3.4% |
| Amounts receivable within one year | 40/41 | €220,921 | €102,967 | -€117,955 | -53.4% |
| Trade receivables | 40 | €35,811 | €752 | -€35,060 | -97.9% |
| Other amounts receivable | 41 | €185,110 | €102,215 | -€82,895 | -44.8% |
| Current investments | 50/53 | €30,144 | €149,827 | +€119,683 | +397.0% |
| Cash at bank and in hand | 54/58 | €53,797 | €40,273 | -€13,524 | -25.1% |
| Deferred charges and accrued income | 490/1 | €577 | €1,995 | +€1,418 | +245.6% |
| Total equity and liabilities | 10/49 | €328,323 | €322,319 | -€6,004 | -1.8% |
| Equity | 10/15 | €262,675 | €143,883 | -€118,791 | -45.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €244,075 | €125,283 | -€118,791 | -48.7% |
| Distributable reserves | 133 | €244,075 | €125,283 | -€118,791 | -48.7% |
| Amounts payable | 17/49 | €65,649 | €178,436 | +€112,787 | +171.8% |
| Amounts payable within one year | 42/48 | €62,070 | €178,436 | +€116,366 | +187.5% |
| Trade debts | 44 | €11,371 | €59,253 | +€47,883 | +421.1% |
| Suppliers | 440/4 | €11,371 | €59,253 | +€47,883 | +421.1% |
| Taxes, remuneration and social security | 45 | €3,982 | €13,551 | +€9,569 | +240.3% |
| Taxes | 450/3 | €3,982 | €13,551 | +€9,569 | +240.3% |
| Other amounts payable | 47/48 | €46,718 | €105,632 | +€58,914 | +126.1% |
| Accrued charges and deferred income | 492/3 | €3,578 | - | -€3,578 | |
| Non-recurring operating income | 76A | €785 | - | -€785 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,313 | €2,175 | -€138 | -6.0% |
| Other operating charges | 640/8 | €3,879 | €876 | -€3,003 | -77.4% |
| Non-recurring operating charges | 66A | €1,987 | - | -€1,987 | |
| Gross operating margin | 9900 | €41,921 | €66,657 | +€24,736 | +59.0% |
| Operating profit (loss) | 9901 | €33,741 | €63,606 | +€29,865 | +88.5% |
| Financial income | 75/76B | €13,198 | €6,214 | -€6,984 | -52.9% |
| Recurring financial income | 75 | €13,198 | €6,214 | -€6,984 | -52.9% |
| Financial charges | 65/66B | €9,247 | €6,664 | -€2,583 | -27.9% |
| Recurring financial charges | 65 | €9,247 | €6,664 | -€2,583 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €37,692 | €63,156 | +€25,463 | +67.6% |
| Income taxes | 67/77 | €10,497 | €24,447 | +€13,950 | +132.9% |
| Profit (loss) for the period | 9904 | €27,195 | €38,709 | +€11,513 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | €27,195 | €38,709 | +€11,513 | +42.3% |
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.