VNFF: what changed
Two fiscal 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.
VNFF
Largest movements
- Financial fixed assets -€4.9m
down €4.9m (-28.0%), from €17.5m to €12.6m
- Current investments +€4.5m
up €4.5m (+43.1%), from €10.4m to €14.9m
- Cash -€1.8m
down €1.8m (-37.6%), from €4.8m to €3.0m
mainly Current investments (-€4.5m) and Contributions, distributions and other (-€2.2m)
- Receivables after one year -€382,932
down €382,932 (-10.6%), from €3.6m to €3.2m
- Reserves -€2.2m
down €2.2m (-15.9%), from €13.8m to €11.6m
- Profit (loss) carried forward -€1.3m
down €1.3m (-22.0%), from -€5.9m to -€7.2m
- Other debts +€951,143
up €951,143 (+228398.5%), from €416 to €951,559
- Financial charges +€2.1m
up €2.1m (+145.0%), from €1.4m to €3.5m
of which Non-recurring financial charges: +€2.7m
- Financial income +€888,654
up €888,654 (+53.5%), from €1.7m to €2.6m
- Provisions +€180,000
new in 2025: €180,000
- Gross operating margin -€8,775
down €8,775 (-6.5%), from -€135,340 to -€144,115
- Taxes -€4,354
down €4,354 (-15.9%), from -€27,403 to -€31,757
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.
Cash bridge derived
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 | €36,829,566 | €34,390,599 | -€2.4m | -6.6% |
| Fixed assets | 21/28 | €17,824,543 | €12,910,294 | -€4.9m | -27.6% |
| Tangible fixed assets | 22/27 | €364,236 | €340,823 | -€23,413 | -6.4% |
| Land and buildings | 22 | €364,236 | €340,823 | -€23,413 | -6.4% |
| Financial fixed assets | 28 | €17,460,307 | €12,569,470 | -€4.9m | -28.0% |
| Current assets | 29/58 | €19,005,023 | €21,480,305 | +€2.5m | +13.0% |
| Amounts receivable after more than one year | 29 | €3,616,640 | €3,233,708 | -€382,932 | -10.6% |
| Other amounts receivable | 291 | €3,616,640 | €3,233,708 | -€382,932 | -10.6% |
| Amounts receivable within one year | 40/41 | €31,909 | €170,663 | +€138,754 | +434.8% |
| Trade receivables | 40 | - | €425 | +€425 | |
| Other amounts receivable | 41 | €31,909 | €170,238 | +€138,329 | +433.5% |
| Current investments | 50/53 | €10,385,413 | €14,856,681 | +€4.5m | +43.1% |
| Cash at bank and in hand | 54/58 | €4,825,213 | €3,013,174 | -€1.8m | -37.6% |
| Deferred charges and accrued income | 490/1 | €145,848 | €206,078 | +€60,230 | +41.3% |
| Total equity and liabilities | 10/49 | €36,829,566 | €34,390,599 | -€2.4m | -6.6% |
| Equity | 10/15 | €36,735,590 | €33,235,809 | -€3.5m | -9.5% |
| Contributions | 10/11 | €28,800,117 | €28,800,117 | = | 0.0% |
| Reserves | 13 | €13,846,142 | €11,646,142 | -€2.2m | -15.9% |
| Distributable reserves | 133 | €13,846,142 | €11,646,142 | -€2.2m | -15.9% |
| Profit (loss) carried forward | 14 | -€5,910,669 | -€7,210,451 | -€1.3m | -22.0% |
| Provisions and deferred taxes | 16 | - | €180,000 | +€180,000 | |
| Provisions for liabilities and charges | 160/5 | - | €180,000 | +€180,000 | |
| Other liabilities and charges | 164/5 | - | €180,000 | +€180,000 | |
| Amounts payable | 17/49 | €93,976 | €974,790 | +€880,814 | +937.3% |
| Amounts payable within one year | 42/48 | €53,380 | €959,372 | +€905,992 | +1697.2% |
| Trade debts | 44 | €48,877 | €4,433 | -€44,444 | -90.9% |
| Suppliers | 440/4 | €48,877 | €4,433 | -€44,444 | -90.9% |
| Taxes, remuneration and social security | 45 | €4,087 | €3,380 | -€707 | -17.3% |
| Taxes | 450/3 | €4,087 | €3,380 | -€707 | -17.3% |
| Other amounts payable | 47/48 | €416 | €951,559 | +€951,143 | +228398.5% |
| Accrued charges and deferred income | 492/3 | €40,595 | €15,418 | -€25,178 | -62.0% |
| Non-recurring operating income | 76A | €10,860 | - | -€10,860 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,205 | €23,413 | +€208 | +0.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €180,000 | +€180,000 | |
| Other operating charges | 640/8 | €12,286 | €13,071 | +€785 | +6.4% |
| Gross operating margin | 9900 | -€135,340 | -€144,115 | -€8,775 | -6.5% |
| Operating profit (loss) | 9901 | -€170,831 | -€360,599 | -€189,768 | -111.1% |
| Financial income | 75/76B | €1,662,565 | €2,551,219 | +€888,654 | +53.5% |
| Recurring financial income | 75 | €1,662,565 | €2,551,219 | +€888,654 | +53.5% |
| Financial charges | 65/66B | €1,437,751 | €3,522,159 | +€2.1m | +145.0% |
| Recurring financial charges | 65 | €679,359 | €83,318 | -€596,040 | -87.7% |
| Non-recurring financial charges | 66B | €758,392 | €3,438,840 | +€2.7m | +353.4% |
| Profit (loss) for the period before taxes | 9903 | €53,983 | -€1,331,538 | -€1.4m | |
| Income taxes | 67/77 | -€27,403 | -€31,757 | -€4,354 | -15.9% |
| Profit (loss) for the period | 9904 | €81,386 | -€1,299,781 | -€1.4m | |
| Profit (loss) for the period to be appropriated | 9905 | €81,386 | -€1,299,781 | -€1.4m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.