VNL: 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
VNL
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€963,212
2024 · €537,099-€1.5m
Equity
€162.5m
2024 · €163.4m-€963,212
Cash
€9.0m
2024 · €9.2m-€179,623
Balance sheet total
€176.8m
2024 · €164.3m+€12.5m
Largest movements
Assets
- Financial fixed assets +€12.7m
up €12.7m (+8.7%), from €145.5m to €158.2m
of which Affiliated companies: +€12.5m
Equity and liabilities
- Other debts +€14.0m
up €14.0m (+135,267,015%), from €10 to €14.0m
Income statement
No income-statement line moved by more than 1% of the activity.
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
€537,099
Staff costs
-€80,645
Other operating charges
-€13,997
Other operating items
-€140,028
Financial income
-€1.2m
Financial charges
-€198,817
Taxes
+€138,756
Result 2025
-€963,212
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
+€12.5m
Investment
-€12.6m
Financing
+€4,729
Cash 2024
€9.2m
From operations (derived)
+€12.5m
Net result for the year
-€963,212
Smaller working-capital items
+€4,238
Tax, wage and social debts
-€590,025
Other debts
+€14.0m
Investment (derived)
-€12.6m
Investment in fixed assets (net)
-€12.7m
Current investments
+€42,986
Financing
+€4,729
Debts after one year
+€4,729
Cash 2025
€9.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €164,282,080 | €176,751,852 | +€12.5m | +7.6% |
| Fixed assets | 21/28 | €145,940,575 | €158,619,050 | +€12.7m | +8.7% |
| Tangible fixed assets | 22/27 | €393,160 | €393,160 | = | 0.0% |
| Other tangible fixed assets | 26 | €393,160 | €393,160 | = | 0.0% |
| Financial fixed assets | 28 | €145,547,416 | €158,225,890 | +€12.7m | +8.7% |
| Affiliated companies | 280/1 | €110,317,695 | €122,835,695 | +€12.5m | +11.3% |
| Participating interests | 280 | €110,317,695 | €122,835,695 | +€12.5m | +11.3% |
| Companies linked by participating interests | 282/3 | €2,498,686 | €3,173,686 | +€675,000 | +27.0% |
| Participating interests | 282 | €2,498,686 | €3,173,686 | +€675,000 | +27.0% |
| Other financial fixed assets | 284/8 | €32,731,035 | €32,216,509 | -€514,526 | -1.6% |
| Shares | 284 | €32,730,835 | €32,216,309 | -€514,526 | -1.6% |
| Amounts receivable and cash guarantees | 285/8 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €18,341,505 | €18,132,802 | -€208,703 | -1.1% |
| Amounts receivable after more than one year | 29 | €1,251,686 | €1,273,677 | +€21,991 | +1.8% |
| Other amounts receivable | 291 | €1,251,686 | €1,273,677 | +€21,991 | +1.8% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €0 | €12,102 | +€12,102 | |
| Trade receivables | 40 | - | €4,104 | +€4,104 | |
| Other amounts receivable | 41 | €0 | €7,998 | +€7,998 | |
| Current investments | 50/53 | €7,876,189 | €7,833,204 | -€42,986 | -0.5% |
| Other investments | 51/53 | €7,876,189 | €7,833,204 | -€42,986 | -0.5% |
| Cash at bank and in hand | 54/58 | €9,174,168 | €8,994,545 | -€179,623 | -2.0% |
| Deferred charges and accrued income | 490/1 | €39,461 | €19,274 | -€20,187 | -51.2% |
| Total equity and liabilities | 10/49 | €164,282,080 | €176,751,852 | +€12.5m | +7.6% |
| Equity | 10/15 | €163,445,479 | €162,482,267 | -€963,212 | -0.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €163,377,279 | €162,414,067 | -€963,212 | -0.6% |
| Amounts payable | 17/49 | €836,601 | €14,269,585 | +€13.4m | +1,606% |
| Amounts payable after more than one year | 17 | €157,624 | €162,353 | +€4,729 | +3.0% |
| Other amounts payable | 178/9 | €157,624 | €162,353 | +€4,729 | +3.0% |
| Amounts payable within one year | 42/48 | €658,996 | €14,084,299 | +€13.4m | +2,037% |
| Trade debts | 44 | €18,177 | €33,369 | +€15,192 | +83.6% |
| Suppliers | 440/4 | €18,177 | €33,369 | +€15,192 | +83.6% |
| Taxes, remuneration and social security | 45 | €640,809 | €50,784 | -€590,025 | -92.1% |
| Taxes | 450/3 | €640,809 | €47,015 | -€593,795 | -92.7% |
| Remuneration and social security | 454/9 | - | €3,769 | +€3,769 | |
| Other amounts payable | 47/48 | €10 | €14,000,146 | +€14.0m | +135,267,015% |
| Accrued charges and deferred income | 492/3 | €19,981 | €22,933 | +€2,952 | +14.8% |
| Operating income | 70/76A | - | €4,376 | +€4,376 | |
| Other operating income | 74 | - | €4,376 | +€4,376 | |
| Operating charges | 60/66A | €296,079 | €535,124 | +€239,045 | +80.7% |
| Services and other goods | 61 | €220,507 | €364,910 | +€144,403 | +65.5% |
| Remuneration, social security and pensions | 62 | - | €80,645 | +€80,645 | |
| Other operating charges | 640/8 | €75,572 | €89,569 | +€13,997 | +18.5% |
| Operating profit (loss) | 9901 | -€296,079 | -€530,748 | -€234,669 | -79.3% |
| Financial income | 75/76B | €1,705,237 | €499,656 | -€1.2m | -70.7% |
| Recurring financial income | 75 | €1,705,237 | €499,656 | -€1.2m | -70.7% |
| Income from financial fixed assets | 750 | €960,203 | €89,899 | -€870,304 | -90.6% |
| Income from current assets | 751 | €348,088 | €329,239 | -€18,849 | -5.4% |
| Other financial income | 752/9 | €396,946 | €80,518 | -€316,428 | -79.7% |
| Financial charges | 65/66B | €727,314 | €926,131 | +€198,817 | +27.3% |
| Recurring financial charges | 65 | €727,314 | €905,431 | +€178,117 | +24.5% |
| Debt charges | 650 | €4,591 | €4,732 | +€141 | +3.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €688,746 | €272,275 | -€416,471 | -60.5% |
| Other financial charges | 652/9 | €33,977 | €628,424 | +€594,448 | +1,750% |
| Non-recurring financial charges | 66B | - | €20,700 | +€20,700 | |
| Profit (loss) for the period before taxes | 9903 | €681,844 | -€957,223 | -€1.6m | |
| Income taxes | 67/77 | €144,745 | €5,989 | -€138,756 | -95.9% |
| Taxes | 670/3 | €144,745 | €5,989 | -€138,756 | -95.9% |
| Profit (loss) for the period | 9904 | €537,099 | -€963,212 | -€1.5m | |
| Profit (loss) for the period to be appropriated | 9905 | €537,099 | -€963,212 | -€1.5m |
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 24 October 2026 via checked.be.