VRL: 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.
VRL
Largest movements
- Receivables within one year +€335,236
up €335,236 (+58.0%), from €578,254 to €913,490
of which Trade receivables: +€348,923
- Deferred charges and accrued income +€306,290
up €306,290 (+293%), from €104,424 to €410,715
- Cash -€69,335
down €69,335 (-59.5%), from €116,479 to €47,144
mainly Receivables within one year (-€335,236) and Deferred charges and accrued income (-€306,290)
- Stocks and contracts +€53,232
new in 2025: €53,232
of which Stocks: +€43,784
- Trade debts +€599,081
up €599,081 (+87.4%), from €685,223 to €1.3m
- Staff costs +€63,544
new in 2025: €63,544
- Gross operating margin +€45,095
up €45,095 (+194%), from €23,248 to €68,343
- Financial income +€19,761
up €19,761 (+410%), from €4,816 to €24,577
- Taxes +€3,922
up €3,922 (+69.3%), from €5,658 to €9,580
- Other operating charges +€3,125
up €3,125 (+1,929%), from €162 to €3,287
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 | €819,600 | €1,438,329 | +€618,729 | +75.5% |
| Fixed assets | 21/28 | €20,443 | €13,748 | -€6,694 | -32.7% |
| Tangible fixed assets | 22/27 | €20,443 | €13,748 | -€6,694 | -32.7% |
| Plant, machinery and equipment | 23 | €20,443 | €13,748 | -€6,694 | -32.7% |
| Current assets | 29/58 | €799,158 | €1,424,581 | +€625,423 | +78.3% |
| Stocks and contracts in progress | 3 | - | €53,232 | +€53,232 | |
| Stocks | 30/36 | - | €43,784 | +€43,784 | |
| Contracts in progress | 37 | - | €9,448 | +€9,448 | |
| Amounts receivable within one year | 40/41 | €578,254 | €913,490 | +€335,236 | +58.0% |
| Trade receivables | 40 | €515,933 | €864,857 | +€348,923 | +67.6% |
| Other amounts receivable | 41 | €62,321 | €48,634 | -€13,687 | -22.0% |
| Cash at bank and in hand | 54/58 | €116,479 | €47,144 | -€69,335 | -59.5% |
| Deferred charges and accrued income | 490/1 | €104,424 | €410,715 | +€306,290 | +293% |
| Total equity and liabilities | 10/49 | €819,600 | €1,438,329 | +€618,729 | +75.5% |
| Equity | 10/15 | €57,069 | €66,500 | +€9,431 | +16.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,469 | €47,900 | +€9,431 | +24.5% |
| Amounts payable | 17/49 | €762,531 | €1,371,829 | +€609,298 | +79.9% |
| Amounts payable within one year | 42/48 | €762,531 | €1,371,829 | +€609,298 | +79.9% |
| Trade debts | 44 | €685,223 | €1,284,305 | +€599,081 | +87.4% |
| Suppliers | 440/4 | €685,223 | €1,284,305 | +€599,081 | +87.4% |
| Taxes, remuneration and social security | 45 | €3,237 | €12,168 | +€8,931 | +276% |
| Taxes | 450/3 | €3,237 | €5,613 | +€2,376 | +73.4% |
| Remuneration and social security | 454/9 | - | €6,555 | +€6,555 | |
| Other amounts payable | 47/48 | €74,070 | €75,356 | +€1,286 | +1.7% |
| Remuneration, social security and pensions | 62 | - | €63,544 | +€63,544 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,415 | €6,694 | +€2,279 | +51.6% |
| Other operating charges | 640/8 | €162 | €3,287 | +€3,125 | +1,929% |
| Gross operating margin | 9900 | €23,248 | €68,343 | +€45,095 | +194% |
| Operating profit (loss) | 9901 | €18,670 | -€5,182 | -€23,853 | |
| Financial income | 75/76B | €4,816 | €24,577 | +€19,761 | +410% |
| Recurring financial income | 75 | €4,816 | €24,577 | +€19,761 | +410% |
| Financial charges | 65/66B | €297 | €384 | +€87 | +29.1% |
| Recurring financial charges | 65 | €297 | €384 | +€87 | +29.1% |
| Profit (loss) for the period before taxes | 9903 | €23,188 | €19,011 | -€4,178 | -18.0% |
| Income taxes | 67/77 | €5,658 | €9,580 | +€3,922 | +69.3% |
| Profit (loss) for the period | 9904 | €17,530 | €9,431 | -€8,099 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,530 | €9,431 | -€8,099 | -46.2% |
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 17 October 2026 via checked.be.