VLUX: 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.
What changed
VLUX
NACE 27.402, Manufacture of electrical equipment
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€49,790
2024 · -€54,088+€4,298
Equity
€1.2m
2024 · €2.8m-€1.6m
Cash
€182,245
2024 · €233,462-€51,217
Balance sheet total
€1.9m
2024 · €3.6m-€1.7m
Largest movements
Assets
- Current investments -€1.0m
no longer reported in 2025 (was €1.0m)
- Receivables within one year -€316,653
down €316,653 (-21.8%), from €1.5m to €1.1m
of which Trade receivables: -€251,278
- Stocks and contracts -€160,881
down €160,881 (-26.7%), from €603,070 to €442,189
- Tangible fixed assets -€142,652
down €142,652 (-51.2%), from €278,399 to €135,747
- Cash -€51,217
down €51,217 (-21.9%), from €233,462 to €182,245
mainly Contributions, distributions and other (-€1.6m) and Other debts (-€62,460)
Equity and liabilities
- Reserves -€1.7m
down €1.7m (-67.6%), from €2.5m to €809,677
of which Distributable reserves: -€1.5m
- Profit (loss) carried forward +€90,219
up €90,219 (+69.5%), from -€129,887 to -€39,668
- Other debts -€62,460
down €62,460 (-54.1%), from €115,389 to €52,930
Income statement
- Goods and materials -€681,265
down €681,265 (-16.3%), from €4.2m to €3.5m
of which Purchases: -€531,988
- Turnover -€568,400
down €568,400 (-9.2%), from €6.2m to €5.6m
- Write-downs +€317,831
up €317,831, from -€58,359 to €259,472
- Staff costs -€169,853
down €169,853 (-15.1%), from €1.1m to €956,073
- Services and other goods -€160,417
down €160,417 (-15.9%), from €1.0m to €851,516
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.
Result 2024
-€54,088
Turnover
-€568,400
Other operating income
-€40,508
Goods and materials
+€681,265
Services and other goods
+€160,417
Staff costs
+€169,853
Depreciation
+€9,697
Write-downs
-€317,831
Other operating charges
-€39,536
Other operating items
-€21,489
Financial income
-€20,069
Financial charges
-€2,706
Taxes
-€6,395
Result 2025
-€49,790
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€465,937
Investment
+€1.1m
Financing
-€1.6m
Cash 2024
€233,462
From operations (derived)
+€465,937
Net result for the year
-€49,790
Depreciation
+€81,393
Stocks and contracts
+€160,881
Receivables within one year
+€316,653
Deferred charges and accrued income
-€6,904
Provisions
-€4,220
Trade debts
+€12,405
Tax, wage and social debts
-€2,021
Other debts
-€62,460
Accrued charges and deferred income
+€20,000
Investment (derived)
+€1.1m
Investment in fixed assets (net)
+€61,259
Current investments
+€1.0m
Financing
-€1.6m
Contributions, distributions and other
-€1.6m
Cash 2025
€182,245
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,603,702 | €1,939,203 | -€1.7m | -46.2% |
| Fixed assets | 21/28 | €278,486 | €135,834 | -€142,652 | -51.2% |
| Tangible fixed assets | 22/27 | €278,399 | €135,747 | -€142,652 | -51.2% |
| Land and buildings | 22 | €65,664 | - | -€65,664 | |
| Plant, machinery and equipment | 23 | €188,911 | €128,390 | -€60,521 | -32.0% |
| Furniture and vehicles | 24 | €23,824 | €7,357 | -€16,467 | -69.1% |
| Financial fixed assets | 28 | €87 | €87 | = | 0.0% |
| Other financial fixed assets | 284/8 | €87 | €87 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €87 | €87 | = | 0.0% |
| Current assets | 29/58 | €3,325,217 | €1,803,369 | -€1.5m | -45.8% |
| Stocks and contracts in progress | 3 | €603,070 | €442,189 | -€160,881 | -26.7% |
| Stocks | 30/36 | €603,070 | €442,189 | -€160,881 | -26.7% |
| Raw materials and consumables | 30/31 | €392,716 | €191,550 | -€201,166 | -51.2% |
| Work in progress | 32 | €51,045 | €56,039 | +€4,993 | +9.8% |
| Finished goods | 33 | €131,548 | €123,407 | -€8,141 | -6.2% |
| Goods purchased for resale | 34 | €27,761 | €71,194 | +€43,433 | +156% |
| Amounts receivable within one year | 40/41 | €1,451,881 | €1,135,228 | -€316,653 | -21.8% |
| Trade receivables | 40 | €1,312,693 | €1,061,415 | -€251,278 | -19.1% |
| Other amounts receivable | 41 | €139,188 | €73,812 | -€65,375 | -47.0% |
| Current investments | 50/53 | €1,000,000 | - | -€1.0m | |
| Other investments | 51/53 | €1,000,000 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €233,462 | €182,245 | -€51,217 | -21.9% |
| Deferred charges and accrued income | 490/1 | €36,804 | €43,708 | +€6,904 | +18.8% |
| Total equity and liabilities | 10/49 | €3,603,702 | €1,939,203 | -€1.7m | -46.2% |
| Equity | 10/15 | €2,804,097 | €1,175,894 | -€1.6m | -58.1% |
| Contributions | 10/11 | €407,886 | €401,835 | -€6,050 | -1.5% |
| Capital | 10 | €407,886 | €401,835 | -€6,050 | -1.5% |
| Issued capital | 100 | €407,886 | €401,835 | -€6,050 | -1.5% |
| Revaluation surpluses | 12 | €24,314 | - | -€24,314 | |
| Reserves | 13 | €2,496,385 | €809,677 | -€1.7m | -67.6% |
| Non-distributable reserves | 130/1 | €247,920 | €114,355 | -€133,564 | -53.9% |
| Legal reserve | 130 | €247,920 | €114,355 | -€133,564 | -53.9% |
| Tax-exempt reserves | 132 | €355,600 | €341,935 | -€13,666 | -3.8% |
| Distributable reserves | 133 | €1,892,865 | €353,387 | -€1.5m | -81.3% |
| Profit (loss) carried forward | 14 | -€129,887 | -€39,668 | +€90,219 | +69.5% |
| Investment grants | 15 | €5,400 | €4,050 | -€1,350 | -25.0% |
| Provisions and deferred taxes | 16 | €7,814 | €3,594 | -€4,220 | -54.0% |
| Provisions for liabilities and charges | 160/5 | €7,814 | €3,594 | -€4,220 | -54.0% |
| Taxes | 161 | €7,814 | €3,594 | -€4,220 | -54.0% |
| Amounts payable | 17/49 | €791,791 | €759,715 | -€32,077 | -4.1% |
| Amounts payable within one year | 42/48 | €762,581 | €710,505 | -€52,077 | -6.8% |
| Trade debts | 44 | €485,851 | €498,256 | +€12,405 | +2.6% |
| Suppliers | 440/4 | €485,851 | €498,256 | +€12,405 | +2.6% |
| Taxes, remuneration and social security | 45 | €161,340 | €159,319 | -€2,021 | -1.3% |
| Taxes | 450/3 | €17,884 | €28,562 | +€10,678 | +59.7% |
| Remuneration and social security | 454/9 | €143,457 | €130,757 | -€12,700 | -8.9% |
| Other amounts payable | 47/48 | €115,389 | €52,930 | -€62,460 | -54.1% |
| Accrued charges and deferred income | 492/3 | €29,210 | €49,210 | +€20,000 | +68.5% |
| Operating income | 70/76A | €6,278,380 | €5,647,984 | -€630,397 | -10.0% |
| Turnover | 70 | €6,203,507 | €5,635,108 | -€568,400 | -9.2% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €26,482 | €4,993 | -€21,489 | -81.1% |
| Other operating income | 74 | €48,391 | €7,883 | -€40,508 | -83.7% |
| Operating charges | 60/66A | €6,367,199 | €5,703,334 | -€663,865 | -10.4% |
| Goods for resale, raw materials and consumables | 60 | €4,169,338 | €3,488,072 | -€681,265 | -16.3% |
| Purchases | 600/8 | €3,854,186 | €3,322,197 | -€531,988 | -13.8% |
| Change in stocks: decrease (increase) | 609 | €315,152 | €165,875 | -€149,277 | -47.4% |
| Services and other goods | 61 | €1,011,932 | €851,516 | -€160,417 | -15.9% |
| Remuneration, social security and pensions | 62 | €1,125,926 | €956,073 | -€169,853 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €91,090 | €81,393 | -€9,697 | -10.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€58,359 | €259,472 | +€317,831 | |
| Other operating charges | 640/8 | €27,272 | €66,808 | +€39,536 | +145% |
| Operating profit (loss) | 9901 | -€88,819 | -€55,350 | +€33,469 | +37.7% |
| Financial income | 75/76B | €29,516 | €9,447 | -€20,069 | -68.0% |
| Recurring financial income | 75 | €29,516 | €9,447 | -€20,069 | -68.0% |
| Income from current assets | 751 | €27,399 | €7,676 | -€19,723 | -72.0% |
| Other financial income | 752/9 | €2,117 | €1,771 | -€346 | -16.3% |
| Financial charges | 65/66B | €4,357 | €7,063 | +€2,706 | +62.1% |
| Recurring financial charges | 65 | €4,357 | €7,063 | +€2,706 | +62.1% |
| Other financial charges | 652/9 | €4,357 | €7,063 | +€2,706 | +62.1% |
| Profit (loss) for the period before taxes | 9903 | -€63,660 | -€52,966 | +€10,694 | +16.8% |
| Transfer from deferred taxes | 780 | €4,220 | €4,220 | = | 0.0% |
| Income taxes | 67/77 | -€5,352 | €1,043 | +€6,395 | |
| Taxes | 670/3 | - | €1,043 | +€1,043 | |
| Tax adjustments and reversals of tax provisions | 77 | €5,352 | - | -€5,352 | |
| Profit (loss) for the period | 9904 | -€54,088 | -€49,790 | +€4,298 | +7.9% |
| Transfer from tax-exempt reserves | 789 | €8,195 | €8,195 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€45,893 | -€41,595 | +€4,298 | +9.4% |
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 13 October 2026 via checked.be.