VLTN: 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.
VLTN
Largest movements
- Current investments -€430,268
down €430,268 (-95.6%), from €450,000 to €19,732
- Cash +€118,324
up €118,324 (+37.6%), from €314,911 to €433,235
mainly Current investments (+€430,268) and Net result for the year (+€20,745)
- Other debts -€222,631
down €222,631 (-45.5%), from €489,180 to €266,550
- Reserves -€94,937
down €94,937 (-31.6%), from €300,210 to €205,273
- Financial income -€10,969
down €10,969 (-63.7%), from €17,211 to €6,242
- Gross operating margin +€5,806
up €5,806 (+24.2%), from €23,964 to €29,770
- Taxes -€1,709
down €1,709 (-16.6%), from €10,317 to €8,608
- Depreciation +€811
up €811 (+33.6%), from €2,413 to €3,224
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 | €801,142 | €481,801 | -€319,341 | -39.9% |
| Fixed assets | 21/28 | €9,798 | €10,423 | +€625 | +6.4% |
| Intangible fixed assets | 21 | €1,896 | €451 | -€1,444 | -76.2% |
| Tangible fixed assets | 22/27 | €7,903 | €9,972 | +€2,069 | +26.2% |
| Furniture and vehicles | 24 | €6,864 | €9,300 | +€2,435 | +35.5% |
| Other tangible fixed assets | 26 | €1,038 | €673 | -€366 | -35.2% |
| Current assets | 29/58 | €791,343 | €471,377 | -€319,966 | -40.4% |
| Amounts receivable within one year | 40/41 | €20,453 | €17,229 | -€3,224 | -15.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €20,453 | €17,229 | -€3,224 | -15.8% |
| Current investments | 50/53 | €450,000 | €19,732 | -€430,268 | -95.6% |
| Cash at bank and in hand | 54/58 | €314,911 | €433,235 | +€118,324 | +37.6% |
| Deferred charges and accrued income | 490/1 | €5,979 | €1,182 | -€4,798 | -80.2% |
| Total equity and liabilities | 10/49 | €801,142 | €481,801 | -€319,341 | -39.9% |
| Equity | 10/15 | €301,210 | €206,273 | -€94,937 | -31.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €300,210 | €205,273 | -€94,937 | -31.6% |
| Distributable reserves | 133 | €300,210 | €205,273 | -€94,937 | -31.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €499,932 | €275,527 | -€224,404 | -44.9% |
| Amounts payable within one year | 42/48 | €498,862 | €274,177 | -€224,684 | -45.0% |
| Financial debts | 43 | €83 | €0 | -€83 | -100% |
| Credit institutions | 430/8 | €83 | €0 | -€83 | -100% |
| Trade debts | 44 | €6,130 | €5,553 | -€576 | -9.4% |
| Suppliers | 440/4 | €6,130 | €5,553 | -€576 | -9.4% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €3,468 | €2,075 | -€1,394 | -40.2% |
| Taxes | 450/3 | €3,468 | €2,075 | -€1,394 | -40.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €489,180 | €266,550 | -€222,631 | -45.5% |
| Accrued charges and deferred income | 492/3 | €1,070 | €1,350 | +€280 | +26.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,413 | €3,224 | +€811 | +33.6% |
| Other operating charges | 640/8 | €1,594 | €1,569 | -€25 | -1.6% |
| Gross operating margin | 9900 | €23,964 | €29,770 | +€5,806 | +24.2% |
| Operating profit (loss) | 9901 | €19,957 | €24,977 | +€5,021 | +25.2% |
| Financial income | 75/76B | €17,211 | €6,242 | -€10,969 | -63.7% |
| Recurring financial income | 75 | €17,211 | €6,242 | -€10,969 | -63.7% |
| Financial charges | 65/66B | €1,886 | €1,866 | -€20 | -1.1% |
| Recurring financial charges | 65 | €1,886 | €1,866 | -€20 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €35,282 | €29,353 | -€5,929 | -16.8% |
| Income taxes | 67/77 | €10,317 | €8,608 | -€1,709 | -16.6% |
| Profit (loss) for the period | 9904 | €24,965 | €20,745 | -€4,219 | -16.9% |
| Profit (loss) for the period to be appropriated | 9905 | €24,965 | €20,745 | -€4,219 | -16.9% |
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 17 October 2026 via checked.be.