VRAL: 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.
VRAL
Largest movements
- Receivables within one year +€277,679
up €277,679 (+974%), from €28,500 to €306,179
of which Trade receivables: +€261,830
- Stocks and contracts -€170,322
down €170,322 (-45.7%), from €372,500 to €202,178
- Cash -€22,454
down €22,454 (-62.8%), from €35,768 to €13,314
mainly Receivables within one year (-€277,679) and Investment in fixed assets (net) (-€159,874)
- Trade debts +€156,896
up €156,896 (+95.4%), from €164,455 to €321,351
- Other debts -€50,939
down €50,939 (-5.3%), from €960,223 to €909,284
- Current portion of long-term debt +€34,241
up €34,241 (+40.5%), from €84,608 to €118,849
- Debts after one year -€30,413
down €30,413 (-4.6%), from €654,844 to €624,431
- Reserves -€19,765
no longer reported in 2025 (was €19,765)
- Gross operating margin -€54,163
down €54,163 (-26.1%), from €207,243 to €153,080
- Depreciation -€27,351
down €27,351 (-14.5%), from €188,836 to €161,485
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 | €1,881,944 | €1,965,258 | +€83,314 | +4.4% |
| Fixed assets | 21/28 | €1,440,032 | €1,438,421 | -€1,611 | -0.1% |
| Tangible fixed assets | 22/27 | €1,440,032 | €1,438,421 | -€1,611 | -0.1% |
| Land and buildings | 22 | €789,064 | €730,338 | -€58,726 | -7.4% |
| Plant, machinery and equipment | 23 | €650,968 | €708,083 | +€57,116 | +8.8% |
| Current assets | 29/58 | €441,912 | €526,837 | +€84,924 | +19.2% |
| Stocks and contracts in progress | 3 | €372,500 | €202,178 | -€170,322 | -45.7% |
| Stocks | 30/36 | €372,500 | €202,178 | -€170,322 | -45.7% |
| Amounts receivable within one year | 40/41 | €28,500 | €306,179 | +€277,679 | +974% |
| Trade receivables | 40 | €25,681 | €287,511 | +€261,830 | +1,020% |
| Other amounts receivable | 41 | €2,819 | €18,668 | +€15,849 | +562% |
| Cash at bank and in hand | 54/58 | €35,768 | €13,314 | -€22,454 | -62.8% |
| Deferred charges and accrued income | 490/1 | €5,144 | €5,166 | +€21 | +0.4% |
| Total equity and liabilities | 10/49 | €1,881,944 | €1,965,258 | +€83,314 | +4.4% |
| Equity | 10/15 | €7,171 | -€8,657 | -€15,829 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,765 | - | -€19,765 | |
| Tax-exempt reserves | 132 | €19,765 | - | -€19,765 | |
| Profit (loss) carried forward | 14 | -€49,864 | -€43,406 | +€6,458 | +13.0% |
| Investment grants | 15 | €18,670 | €16,149 | -€2,522 | -13.5% |
| Provisions and deferred taxes | 16 | €10,643 | - | -€10,643 | |
| Deferred taxes | 168 | €10,643 | - | -€10,643 | |
| Amounts payable | 17/49 | €1,864,130 | €1,973,915 | +€109,785 | +5.9% |
| Amounts payable after more than one year | 17 | €654,844 | €624,431 | -€30,413 | -4.6% |
| Financial debts | 170/4 | €654,844 | €624,431 | -€30,413 | -4.6% |
| Amounts payable within one year | 42/48 | €1,209,286 | €1,349,484 | +€140,198 | +11.6% |
| Current portion of amounts payable after more than one year | 42 | €84,608 | €118,849 | +€34,241 | +40.5% |
| Trade debts | 44 | €164,455 | €321,351 | +€156,896 | +95.4% |
| Suppliers | 440/4 | €164,455 | €321,351 | +€156,896 | +95.4% |
| Other amounts payable | 47/48 | €960,223 | €909,284 | -€50,939 | -5.3% |
| Non-recurring operating income | 76A | - | €70,374 | +€70,374 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €188,836 | €161,485 | -€27,351 | -14.5% |
| Other operating charges | 640/8 | €867 | €902 | +€35 | +4.1% |
| Gross operating margin | 9900 | €207,243 | €153,080 | -€54,163 | -26.1% |
| Operating profit (loss) | 9901 | €17,539 | -€9,308 | -€26,847 | |
| Financial income | 75/76B | €3,245 | €2,889 | -€356 | -11.0% |
| Recurring financial income | 75 | €3,245 | €2,889 | -€356 | -11.0% |
| Financial charges | 65/66B | €16,367 | €17,532 | +€1,165 | +7.1% |
| Recurring financial charges | 65 | €16,367 | €17,532 | +€1,165 | +7.1% |
| Profit (loss) for the period before taxes | 9903 | €4,417 | -€23,950 | -€28,367 | |
| Transfer from deferred taxes | 780 | €1,818 | €10,643 | +€8,825 | +485% |
| Profit (loss) for the period | 9904 | €6,235 | -€13,307 | -€19,543 | |
| Transfer from tax-exempt reserves | 789 | €3,376 | €19,765 | +€16,389 | +485% |
| Profit (loss) for the period to be appropriated | 9905 | €9,612 | €6,458 | -€3,154 | -32.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.