VLR CONSEILS: 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.
VLR CONSEILS
Largest movements
- Current investments -€230,000
no longer reported in 2025 (was €230,000)
- Tangible fixed assets +€222,964
up €222,964 (+146%), from €153,086 to €376,051
of which Land and buildings: +€244,434
- Receivables within one year -€43,614
down €43,614 (-64.1%), from €68,010 to €24,396
of which Other amounts receivable: -€28,614
- Receivables after one year -€30,000
no longer reported in 2025 (was €30,000)
- Cash -€20,082
down €20,082 (-22.0%), from €91,306 to €71,224
mainly Contributions, distributions and other (-€466,383) and Investment in fixed assets (net) (-€290,682)
- Profit (loss) carried forward -€294,844
down €294,844 (-95.2%), from €309,844 to €15,000
- Other debts +€156,539
new in 2025: €156,539
- Debts after one year +€106,310
up €106,310 (+106%), from €100,039 to €206,349
- Reserves -€65,558
no longer reported in 2025 (was €65,558)
- Current portion of long-term debt +€7,765
up €7,765 (+13.8%), from €56,223 to €63,989
- Financial income -€214,948
down €214,948 (-94.3%), from €228,019 to €13,072
- Financial charges -€133,501
down €133,501 (-92.9%), from €143,737 to €10,236
- Depreciation +€47,249
up €47,249 (+231%), from €20,469 to €67,717
- Gross operating margin +€11,902
up €11,902 (+6.3%), from €190,089 to €201,991
- Taxes -€8,456
down €8,456 (-22.0%), from €38,496 to €30,039
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 | €573,770 | €492,679 | -€81,091 | -14.1% |
| Fixed assets | 21/28 | €154,086 | €377,051 | +€222,964 | +145% |
| Tangible fixed assets | 22/27 | €153,086 | €376,051 | +€222,964 | +146% |
| Land and buildings | 22 | - | €244,434 | +€244,434 | |
| Plant, machinery and equipment | 23 | €1,008 | €2,256 | +€1,248 | +124% |
| Furniture and vehicles | 24 | €90,862 | €68,145 | -€22,717 | -25.0% |
| Other tangible fixed assets | 26 | €61,216 | €61,216 | = | 0.0% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €419,684 | €115,629 | -€304,055 | -72.4% |
| Amounts receivable after more than one year | 29 | €30,000 | - | -€30,000 | |
| Other amounts receivable | 291 | €30,000 | - | -€30,000 | |
| Amounts receivable within one year | 40/41 | €68,010 | €24,396 | -€43,614 | -64.1% |
| Trade receivables | 40 | €35,000 | €20,000 | -€15,000 | -42.9% |
| Other amounts receivable | 41 | €33,010 | €4,396 | -€28,614 | -86.7% |
| Current investments | 50/53 | €230,000 | - | -€230,000 | |
| Cash at bank and in hand | 54/58 | €91,306 | €71,224 | -€20,082 | -22.0% |
| Deferred charges and accrued income | 490/1 | €367 | €20,009 | +€19,641 | +5,350% |
| Total equity and liabilities | 10/49 | €573,770 | €492,679 | -€81,091 | -14.1% |
| Equity | 10/15 | €378,402 | €18,000 | -€360,402 | -95.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €65,558 | - | -€65,558 | |
| Distributable reserves | 133 | €65,558 | - | -€65,558 | |
| Profit (loss) carried forward | 14 | €309,844 | €15,000 | -€294,844 | -95.2% |
| Amounts payable | 17/49 | €195,368 | €474,679 | +€279,312 | +143% |
| Amounts payable after more than one year | 17 | €100,039 | €206,349 | +€106,310 | +106% |
| Financial debts | 170/4 | €100,039 | €206,349 | +€106,310 | +106% |
| Amounts payable within one year | 42/48 | €95,272 | €268,331 | +€173,058 | +182% |
| Current portion of amounts payable after more than one year | 42 | €56,223 | €63,989 | +€7,765 | +13.8% |
| Trade debts | 44 | €1,681 | €1,106 | -€576 | -34.2% |
| Suppliers | 440/4 | €1,681 | €1,106 | -€576 | -34.2% |
| Advances received on contracts in progress | 46 | - | €5,000 | +€5,000 | |
| Taxes, remuneration and social security | 45 | €37,367 | €41,697 | +€4,330 | +11.6% |
| Taxes | 450/3 | €37,367 | €41,697 | +€4,330 | +11.6% |
| Other amounts payable | 47/48 | - | €156,539 | +€156,539 | |
| Accrued charges and deferred income | 492/3 | €57 | - | -€57 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,469 | €67,717 | +€47,249 | +231% |
| Other operating charges | 640/8 | €5,840 | €1,090 | -€4,751 | -81.3% |
| Gross operating margin | 9900 | €190,089 | €201,991 | +€11,902 | +6.3% |
| Operating profit (loss) | 9901 | €163,780 | €133,184 | -€30,596 | -18.7% |
| Financial income | 75/76B | €228,019 | €13,072 | -€214,948 | -94.3% |
| Recurring financial income | 75 | €228,019 | €13,072 | -€214,948 | -94.3% |
| Financial charges | 65/66B | €143,737 | €10,236 | -€133,501 | -92.9% |
| Recurring financial charges | 65 | €143,737 | €10,236 | -€133,501 | -92.9% |
| Profit (loss) for the period before taxes | 9903 | €248,063 | €136,020 | -€112,043 | -45.2% |
| Income taxes | 67/77 | €38,496 | €30,039 | -€8,456 | -22.0% |
| Profit (loss) for the period | 9904 | €209,567 | €105,981 | -€103,587 | -49.4% |
| Profit (loss) for the period to be appropriated | 9905 | €209,567 | €105,981 | -€103,587 | -49.4% |
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 24 October 2026 via checked.be.