VLW: 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.
VLW
Largest movements
- Receivables within one year -€84,252
down €84,252 (-34.7%), from €242,509 to €158,257
of which Trade receivables: -€68,494
- Cash +€44,933
up €44,933 (+147%), from €30,670 to €75,604
mainly Receivables within one year (+€84,252) and Net result for the year (+€71,677)
- Tangible fixed assets +€28,524
up €28,524 (+2.4%), from €1.2m to €1.2m
of which Land and buildings: +€22,731
- Financial fixed assets -€21,806
down €21,806 (-99.1%), from €22,000 to €195
- Reserves +€94,290
up €94,290 (+16.4%), from €575,011 to €669,301
- Trade debts -€60,790
down €60,790 (-98.8%), from €61,507 to €716
- Debts after one year -€58,604
down €58,604 (-8.0%), from €735,185 to €676,581
- Other operating charges -€34,804
down €34,804 (-74.2%), from €46,893 to €12,089
- Gross operating margin +€14,809
up €14,809 (+9.3%), from €158,390 to €173,198
- Depreciation +€9,794
up €9,794 (+22.8%), from €42,930 to €52,724
- Taxes +€8,893
up €8,893 (+46.2%), from €19,249 to €28,142
- Financial income -€3,245
down €3,245 (-30.9%), from €10,492 to €7,247
of which Financial income: -€2,506
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 | €1,493,956 | €1,464,793 | -€29,163 | -2.0% |
| Fixed assets | 21/28 | €1,205,407 | €1,212,125 | +€6,718 | +0.6% |
| Tangible fixed assets | 22/27 | €1,183,407 | €1,211,931 | +€28,524 | +2.4% |
| Land and buildings | 22 | €1,174,141 | €1,196,872 | +€22,731 | +1.9% |
| Plant, machinery and equipment | 23 | €87 | €3,761 | +€3,674 | +4,206% |
| Furniture and vehicles | 24 | €9,179 | €4,942 | -€4,237 | -46.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | - | €6,356 | +€6,356 | |
| Financial fixed assets | 28 | €22,000 | €195 | -€21,806 | -99.1% |
| Current assets | 29/58 | €288,549 | €252,668 | -€35,881 | -12.4% |
| Amounts receivable within one year | 40/41 | €242,509 | €158,257 | -€84,252 | -34.7% |
| Trade receivables | 40 | €109,783 | €41,289 | -€68,494 | -62.4% |
| Other amounts receivable | 41 | €132,727 | €116,968 | -€15,758 | -11.9% |
| Current investments | 50/53 | €9,854 | €15,707 | +€5,854 | +59.4% |
| Cash at bank and in hand | 54/58 | €30,670 | €75,604 | +€44,933 | +147% |
| Deferred charges and accrued income | 490/1 | €5,515 | €3,100 | -€2,415 | -43.8% |
| Total equity and liabilities | 10/49 | €1,493,956 | €1,464,793 | -€29,163 | -2.0% |
| Equity | 10/15 | €598,129 | €697,419 | +€99,290 | +16.6% |
| Contributions | 10/11 | €6,200 | €11,200 | +€5,000 | +80.6% |
| Reserves | 13 | €575,011 | €669,301 | +€94,290 | +16.4% |
| Distributable reserves | 133 | €575,011 | €669,301 | +€94,290 | +16.4% |
| Profit (loss) carried forward | 14 | €16,918 | €16,918 | = | 0.0% |
| Amounts payable | 17/49 | €895,827 | €767,374 | -€128,453 | -14.3% |
| Amounts payable after more than one year | 17 | €735,185 | €676,581 | -€58,604 | -8.0% |
| Financial debts | 170/4 | €735,185 | €676,581 | -€58,604 | -8.0% |
| Amounts payable within one year | 42/48 | €149,951 | €83,714 | -€66,237 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €57,130 | €58,604 | +€1,474 | +2.6% |
| Trade debts | 44 | €61,507 | €716 | -€60,790 | -98.8% |
| Suppliers | 440/4 | €61,507 | €716 | -€60,790 | -98.8% |
| Taxes, remuneration and social security | 45 | €31,315 | €24,394 | -€6,922 | -22.1% |
| Taxes | 450/3 | €31,315 | €24,394 | -€6,922 | -22.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €10,690 | €7,079 | -€3,611 | -33.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,930 | €52,724 | +€9,794 | +22.8% |
| Other operating charges | 640/8 | €46,893 | €12,089 | -€34,804 | -74.2% |
| Gross operating margin | 9900 | €158,390 | €173,198 | +€14,809 | +9.3% |
| Operating profit (loss) | 9901 | €68,567 | €108,386 | +€39,819 | +58.1% |
| Financial income | 75/76B | €10,492 | €7,247 | -€3,245 | -30.9% |
| Recurring financial income | 75 | €9,021 | €6,514 | -€2,506 | -27.8% |
| Non-recurring financial income | 76B | €1,471 | €732 | -€739 | -50.2% |
| Financial charges | 65/66B | €13,368 | €15,814 | +€2,446 | +18.3% |
| Recurring financial charges | 65 | €13,368 | €15,814 | +€2,446 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €65,691 | €99,818 | +€34,127 | +52.0% |
| Income taxes | 67/77 | €19,249 | €28,142 | +€8,893 | +46.2% |
| Profit (loss) for the period | 9904 | €46,442 | €71,677 | +€25,234 | +54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €46,442 | €71,677 | +€25,234 | +54.3% |
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 25 October 2026 via checked.be.