VLS VERWARMING: 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.
VLS VERWARMING
Largest movements
- Stocks and contracts +€82,970
up €82,970 (+60.5%), from €137,169 to €220,139
of which Contracts in progress: +€87,100
- Cash +€55,755
up €55,755 (+14.5%), from €385,675 to €441,430
mainly Advances received (+€85,250) and Net result for the year (+€81,708)
- Receivables within one year -€38,156
down €38,156 (-10.5%), from €363,376 to €325,219
of which Trade receivables: -€28,947
- Tangible fixed assets -€18,437
down €18,437 (-5.7%), from €321,700 to €303,263
of which Land and buildings: -€11,158
- Advances received +€85,250
up €85,250 (+78.1%), from €109,200 to €194,450
- Reserves +€16,048
up €16,048 (+2.4%), from €670,622 to €686,670
- Debts after one year -€15,000
down €15,000 (-4.3%), from €345,810 to €330,810
- Depreciation -€3,623
down €3,623 (-16.4%), from €22,060 to €18,437
- Gross operating margin -€1,503
down €1,503 (-1.1%), from €142,837 to €141,333
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 | €1,210,592 | €1,292,584 | +€81,992 | +6.8% |
| Fixed assets | 21/28 | €321,700 | €303,263 | -€18,437 | -5.7% |
| Tangible fixed assets | 22/27 | €321,700 | €303,263 | -€18,437 | -5.7% |
| Land and buildings | 22 | €313,248 | €302,090 | -€11,158 | -3.6% |
| Plant, machinery and equipment | 23 | €932 | €246 | -€686 | -73.6% |
| Furniture and vehicles | 24 | €7,520 | €928 | -€6,593 | -87.7% |
| Current assets | 29/58 | €888,892 | €989,321 | +€100,429 | +11.3% |
| Stocks and contracts in progress | 3 | €137,169 | €220,139 | +€82,970 | +60.5% |
| Stocks | 30/36 | €23,269 | €19,139 | -€4,130 | -17.7% |
| Contracts in progress | 37 | €113,900 | €201,000 | +€87,100 | +76.5% |
| Amounts receivable within one year | 40/41 | €363,376 | €325,219 | -€38,156 | -10.5% |
| Trade receivables | 40 | €338,193 | €309,246 | -€28,947 | -8.6% |
| Other amounts receivable | 41 | €25,183 | €15,973 | -€9,209 | -36.6% |
| Cash at bank and in hand | 54/58 | €385,675 | €441,430 | +€55,755 | +14.5% |
| Deferred charges and accrued income | 490/1 | €2,672 | €2,533 | -€140 | -5.2% |
| Total equity and liabilities | 10/49 | €1,210,592 | €1,292,584 | +€81,992 | +6.8% |
| Equity | 10/15 | €689,222 | €705,270 | +€16,048 | +2.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €670,622 | €686,670 | +€16,048 | +2.4% |
| Distributable reserves | 133 | €670,622 | €686,670 | +€16,048 | +2.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €521,370 | €587,314 | +€65,944 | +12.6% |
| Amounts payable after more than one year | 17 | €345,810 | €330,810 | -€15,000 | -4.3% |
| Financial debts | 170/4 | €345,810 | €330,810 | -€15,000 | -4.3% |
| Amounts payable within one year | 42/48 | €175,560 | €256,504 | +€80,944 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €15,000 | = | 0.0% |
| Financial debts | 43 | €11,280 | €0 | -€11,280 | -100% |
| Credit institutions | 430/8 | €11,280 | €0 | -€11,280 | -100% |
| Trade debts | 44 | €23,988 | €33,535 | +€9,547 | +39.8% |
| Suppliers | 440/4 | €23,988 | €33,535 | +€9,547 | +39.8% |
| Advances received on contracts in progress | 46 | €109,200 | €194,450 | +€85,250 | +78.1% |
| Taxes, remuneration and social security | 45 | €2,626 | €5,739 | +€3,113 | +119% |
| Taxes | 450/3 | €2,626 | €5,739 | +€3,113 | +119% |
| Other amounts payable | 47/48 | €13,466 | €7,780 | -€5,686 | -42.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,060 | €18,437 | -€3,623 | -16.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€1,000 | -€1,000 | |
| Other operating charges | 640/8 | €3,477 | €3,728 | +€251 | +7.2% |
| Gross operating margin | 9900 | €142,837 | €141,333 | -€1,503 | -1.1% |
| Operating profit (loss) | 9901 | €117,300 | €120,168 | +€2,869 | +2.4% |
| Financial charges | 65/66B | €6,833 | €5,766 | -€1,067 | -15.6% |
| Recurring financial charges | 65 | €6,833 | €5,766 | -€1,067 | -15.6% |
| Profit (loss) for the period before taxes | 9903 | €110,467 | €114,403 | +€3,936 | +3.6% |
| Income taxes | 67/77 | €31,332 | €32,694 | +€1,362 | +4.3% |
| Profit (loss) for the period | 9904 | €79,135 | €81,708 | +€2,574 | +3.3% |
| Profit (loss) for the period to be appropriated | 9905 | €79,135 | €81,708 | +€2,574 | +3.3% |
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 26 October 2026 via checked.be.