VRL: what changed
VRL
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Receivables after one year -€11,099
down €11,099 (-2.2%), from €496,822 to €485,723
- Cash -€9,136
down €9,136 (-14.6%), from €62,621 to €53,486
mainly Contributions, distributions and other (-€610,000)
- Reserves -€574,000
down €574,000 (-94.1%), from €610,000 to €36,000
- Other debts +€518,500
up €518,500 (+28,597%), from €1,813 to €520,313
- Profit (loss) carried forward -€17,763
down €17,763 (-100.0%), from €17,766 to €3
- Depreciation -€6,031
no longer reported in 2025 (was €6,031)
- Gross operating margin -€3,525
down €3,525 (-28.3%), from €12,449 to €8,924
- Financial income -€1,199
down €1,199 (-7.2%), from €16,688 to €15,490
- Taxes +€447
up €447 (+9.9%), from €4,510 to €4,957
- Other operating charges +€243
up €243 (+26.8%), from €905 to €1,148
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €651,827 | €581,925 | -€69,902 | -10.7% |
| Current assets | 29/58 | €651,827 | €581,925 | -€69,902 | -10.7% |
| Amounts receivable after more than one year | 29 | €496,822 | €485,723 | -€11,099 | -2.2% |
| Other amounts receivable | 291 | €496,822 | €485,723 | -€11,099 | -2.2% |
| Amounts receivable within one year | 40/41 | €41,527 | €41,805 | +€278 | +0.7% |
| Trade receivables | 40 | €9,410 | €6,660 | -€2,750 | -29.2% |
| Other amounts receivable | 41 | €32,118 | €35,145 | +€3,028 | +9.4% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €62,621 | €53,486 | -€9,136 | -14.6% |
| Deferred charges and accrued income | 490/1 | €857 | €911 | +€54 | +6.4% |
| Total equity and liabilities | 10/49 | €651,827 | €581,925 | -€69,902 | -10.7% |
| Equity | 10/15 | €646,366 | €54,603 | -€591,763 | -91.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €610,000 | €36,000 | -€574,000 | -94.1% |
| Distributable reserves | 133 | €610,000 | €36,000 | -€574,000 | -94.1% |
| Profit (loss) carried forward | 14 | €17,766 | €3 | -€17,763 | -100.0% |
| Amounts payable | 17/49 | €5,462 | €527,322 | +€521,860 | +9,555% |
| Amounts payable within one year | 42/48 | €5,462 | €527,322 | +€521,860 | +9,555% |
| Trade debts | 44 | €750 | €1,098 | +€348 | +46.3% |
| Suppliers | 440/4 | €750 | €1,098 | +€348 | +46.3% |
| Taxes, remuneration and social security | 45 | €2,899 | €5,911 | +€3,013 | +104% |
| Taxes | 450/3 | €2,899 | €2,357 | -€542 | -18.7% |
| Remuneration and social security | 454/9 | - | €3,554 | +€3,554 | |
| Other amounts payable | 47/48 | €1,813 | €520,313 | +€518,500 | +28,597% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,031 | - | -€6,031 | |
| Other operating charges | 640/8 | €905 | €1,148 | +€243 | +26.8% |
| Gross operating margin | 9900 | €12,449 | €8,924 | -€3,525 | -28.3% |
| Operating profit (loss) | 9901 | €5,513 | €7,776 | +€2,263 | +41.1% |
| Financial income | 75/76B | €16,688 | €15,490 | -€1,199 | -7.2% |
| Recurring financial income | 75 | €16,688 | €15,490 | -€1,199 | -7.2% |
| Financial charges | 65/66B | €67 | €71 | +€4 | +5.3% |
| Recurring financial charges | 65 | €67 | €71 | +€4 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €22,134 | €23,194 | +€1,061 | +4.8% |
| Income taxes | 67/77 | €4,510 | €4,957 | +€447 | +9.9% |
| Profit (loss) for the period | 9904 | €17,624 | €18,237 | +€613 | +3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €17,624 | €18,237 | +€613 | +3.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.