VLV.: 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.
VLV.
Largest movements
- Tangible fixed assets -€459,420
down €459,420 (-74.7%), from €615,208 to €155,787
of which Land and buildings: -€458,870
- Cash -€350,059
down €350,059 (-76.2%), from €459,519 to €109,459
mainly Stocks and contracts (-€346,306) and Debts after one year (-€291,508)
- Stocks and contracts +€346,306
up €346,306 (+16.6%), from €2.1m to €2.4m
- Receivables within one year +€143,171
up €143,171 (+59.1%), from €242,308 to €385,479
of which Trade receivables: +€336,437
- Debts after one year -€291,508
down €291,508 (-16.4%), from €1.8m to €1.5m
- Accrued charges and deferred income -€121,723
down €121,723 (-99.4%), from €122,492 to €769
- Short-term financial debts -€107,018
down €107,018 (-3.8%), from €2.8m to €2.7m
- Other debts +€93,093
up €93,093 (+50.7%), from €183,780 to €276,873
- Reserves +€92,619
up €92,619 (+61.9%), from €149,653 to €242,272
of which Tax-exempt reserves: +€131,566
- Financial income +€201,578
up €201,578 (+149,317%), from €135 to €201,713
of which Non-recurring financial income: +€199,237
- Gross operating margin -€193,214
down €193,214 (-50.8%), from €380,110 to €186,896
- Financial charges +€55,562
up €55,562 (+30.9%), from €179,602 to €235,164
- Other operating charges -€42,107
down €42,107 (-75.0%), from €56,154 to €14,047
- Depreciation -€13,525
down €13,525 (-57.7%), from €23,426 to €9,901
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 | €5,149,407 | €4,827,391 | -€322,016 | -6.3% |
| Fixed assets | 21/28 | €2,353,959 | €1,894,538 | -€459,420 | -19.5% |
| Tangible fixed assets | 22/27 | €615,208 | €155,787 | -€459,420 | -74.7% |
| Land and buildings | 22 | €614,247 | €155,376 | -€458,870 | -74.7% |
| Furniture and vehicles | 24 | €961 | €411 | -€550 | -57.3% |
| Financial fixed assets | 28 | €1,738,751 | €1,738,751 | = | 0.0% |
| Current assets | 29/58 | €2,795,449 | €2,932,853 | +€137,404 | +4.9% |
| Stocks and contracts in progress | 3 | €2,090,735 | €2,437,041 | +€346,306 | +16.6% |
| Stocks | 30/36 | €2,090,735 | €2,437,041 | +€346,306 | +16.6% |
| Amounts receivable within one year | 40/41 | €242,308 | €385,479 | +€143,171 | +59.1% |
| Trade receivables | 40 | €5,083 | €341,520 | +€336,437 | +6,619% |
| Other amounts receivable | 41 | €237,225 | €43,959 | -€193,266 | -81.5% |
| Cash at bank and in hand | 54/58 | €459,519 | €109,459 | -€350,059 | -76.2% |
| Deferred charges and accrued income | 490/1 | €2,887 | €874 | -€2,013 | -69.7% |
| Total equity and liabilities | 10/49 | €5,149,407 | €4,827,391 | -€322,016 | -6.3% |
| Equity | 10/15 | €182,135 | €260,872 | +€78,737 | +43.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €149,653 | €242,272 | +€92,619 | +61.9% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100% |
| Tax-exempt reserves | 132 | €105,320 | €236,887 | +€131,566 | +125% |
| Distributable reserves | 133 | €42,473 | €5,386 | -€37,087 | -87.3% |
| Profit (loss) carried forward | 14 | €13,882 | €0 | -€13,882 | -100% |
| Provisions and deferred taxes | 16 | €35,107 | €78,962 | +€43,855 | +125% |
| Deferred taxes | 168 | €35,107 | €78,962 | +€43,855 | +125% |
| Amounts payable | 17/49 | €4,932,165 | €4,487,557 | -€444,608 | -9.0% |
| Amounts payable after more than one year | 17 | €1,778,038 | €1,486,530 | -€291,508 | -16.4% |
| Financial debts | 170/4 | €1,778,038 | €1,486,530 | -€291,508 | -16.4% |
| Amounts payable within one year | 42/48 | €3,031,635 | €3,000,258 | -€31,377 | -1.0% |
| Current portion of amounts payable after more than one year | 42 | €21,603 | €6,329 | -€15,274 | -70.7% |
| Financial debts | 43 | €2,824,018 | €2,717,000 | -€107,018 | -3.8% |
| Credit institutions | 430/8 | €2,824,018 | €2,717,000 | -€107,018 | -3.8% |
| Trade debts | 44 | €2,233 | €56 | -€2,177 | -97.5% |
| Suppliers | 440/4 | €2,233 | €56 | -€2,177 | -97.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €183,780 | €276,873 | +€93,093 | +50.7% |
| Accrued charges and deferred income | 492/3 | €122,492 | €769 | -€121,723 | -99.4% |
| Non-recurring operating income | 76A | €0 | €292,691 | +€292,691 | |
| Remuneration, social security and pensions | 62 | €0 | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,426 | €9,901 | -€13,525 | -57.7% |
| Other operating charges | 640/8 | €56,154 | €14,047 | -€42,107 | -75.0% |
| Non-recurring operating charges | 66A | - | €6,905 | +€6,905 | |
| Gross operating margin | 9900 | €380,110 | €186,896 | -€193,214 | -50.8% |
| Operating profit (loss) | 9901 | €300,530 | €156,043 | -€144,487 | -48.1% |
| Financial income | 75/76B | €135 | €201,713 | +€201,578 | +149,317% |
| Recurring financial income | 75 | €135 | €2,476 | +€2,341 | +1,734% |
| Non-recurring financial income | 76B | - | €199,237 | +€199,237 | |
| Financial charges | 65/66B | €179,602 | €235,164 | +€55,562 | +30.9% |
| Recurring financial charges | 65 | €179,602 | €235,164 | +€55,562 | +30.9% |
| Profit (loss) for the period before taxes | 9903 | €121,063 | €122,592 | +€1,529 | +1.3% |
| Transfer to deferred taxes | 680 | €35,107 | €43,855 | +€8,749 | +24.9% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €85,957 | €78,737 | -€7,220 | -8.4% |
| Transfer to tax-exempt reserves | 689 | €105,320 | €131,566 | +€26,246 | +24.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,364 | -€52,829 | -€33,466 | -173% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.