VLAECO: 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
VLAECO
NACE 68.122, Development of non-residential building projects
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€346,663
2024 · €71,792-€418,455
Equity
€19.2m
2024 · €19.5m-€346,663
Cash
€1.1m
2024 · €1.3m-€116,081
Balance sheet total
€25.0m
2024 · €28.2m-€3.2m
Largest movements
Assets
- Receivables within one year -€2.0m
down €2.0m (-36.0%), from €5.5m to €3.5m
of which Other amounts receivable: -€2.0m
- Financial fixed assets -€1.1m
down €1.1m (-6.3%), from €17.9m to €16.8m
Equity and liabilities
- Short-term financial debts -€2.9m
down €2.9m (-34.4%), from €8.6m to €5.6m
of which Credit institutions: -€3.8m
- Reserves -€2.3m
down €2.3m (-20.5%), from €11.2m to €8.9m
of which Distributable reserves: -€2.3m
- Profit (loss) carried forward +€2.0m
no longer reported in 2025 (was -€2.0m)
Income statement
- Turnover -€1.5m
no longer reported in 2025 (was €1.5m)
- Financial income -€898,148
down €898,148 (-68.8%), from €1.3m to €406,804
- Financial charges -€888,106
down €888,106 (-39.1%), from €2.3m to €1.4m
of which Non-recurring financial charges: -€571,000
- Gross operating margin +€812,379
new in 2025: €812,379
- Services and other goods -€157,868
no longer reported in 2025 (was €157,868)
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
€71,792
Turnover
-€1.5m
Other operating income
-€50,000
Goods and materials
+€120,586
Services and other goods
+€157,868
Other operating charges
+€29
Other operating items
+€812,379
Financial income
-€898,148
Financial charges
+€888,106
Taxes
+€95,255
Result 2025
-€346,663
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
+€1.7m
Investment
+€1.1m
Financing
-€2.9m
Cash 2024
€1.3m
From operations (derived)
+€1.7m
Net result for the year
-€346,663
Stocks and contracts
+€10,446
Receivables within one year
+€2.0m
Trade debts
+€61,828
Tax, wage and social debts
+€12,966
Accrued charges and deferred income
-€16,123
Investment (derived)
+€1.1m
Investment in fixed assets (net)
+€1.1m
Financing
-€2.9m
Short-term financial debts
-€2.9m
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,238,168 | €25,001,704 | -€3.2m | -11.5% |
| Fixed assets | 21/28 | €17,879,475 | €16,750,475 | -€1.1m | -6.3% |
| Financial fixed assets | 28 | €17,879,475 | €16,750,475 | -€1.1m | -6.3% |
| Affiliated companies | 280/1 | €17,879,475 | - | -€17.9m | |
| Participating interests | 280 | €17,879,475 | - | -€17.9m | |
| Current assets | 29/58 | €10,358,693 | €8,251,229 | -€2.1m | -20.3% |
| Stocks and contracts in progress | 3 | €3,596,953 | €3,586,506 | -€10,446 | -0.3% |
| Stocks | 30/36 | €3,596,953 | €3,586,506 | -€10,446 | -0.3% |
| Property held for sale | 35 | €3,596,953 | - | -€3.6m | |
| Amounts receivable within one year | 40/41 | €5,501,117 | €3,520,180 | -€2.0m | -36.0% |
| Trade receivables | 40 | - | €2,810 | +€2,810 | |
| Other amounts receivable | 41 | €5,501,117 | €3,517,370 | -€2.0m | -36.1% |
| Cash at bank and in hand | 54/58 | €1,260,624 | €1,144,543 | -€116,081 | -9.2% |
| Total equity and liabilities | 10/49 | €28,238,168 | €25,001,704 | -€3.2m | -11.5% |
| Equity | 10/15 | €19,547,569 | €19,200,906 | -€346,663 | -1.8% |
| Contributions | 10/11 | €10,296,392 | €10,296,392 | = | 0.0% |
| Capital | 10 | €10,296,392 | €10,296,392 | = | 0.0% |
| Issued capital | 100 | €10,296,392 | €10,296,392 | = | 0.0% |
| Reserves | 13 | €11,207,455 | €8,904,513 | -€2.3m | -20.5% |
| Non-distributable reserves | 130/1 | €566,226 | €566,226 | = | 0.0% |
| Legal reserve | 130 | €566,226 | €566,226 | = | 0.0% |
| Distributable reserves | 133 | €10,641,228 | €8,338,287 | -€2.3m | -21.6% |
| Profit (loss) carried forward | 14 | -€1,956,278 | - | +€2.0m | |
| Amounts payable | 17/49 | €8,690,599 | €5,800,798 | -€2.9m | -33.3% |
| Amounts payable within one year | 42/48 | €8,663,774 | €5,790,096 | -€2.9m | -33.2% |
| Financial debts | 43 | €8,567,162 | €5,618,690 | -€2.9m | -34.4% |
| Credit institutions | 430/8 | €5,700,000 | €1,900,000 | -€3.8m | -66.7% |
| Other loans | 439 | €2,867,162 | €3,718,690 | +€851,529 | +29.7% |
| Trade debts | 44 | €10,007 | €71,835 | +€61,828 | +618% |
| Suppliers | 440/4 | €10,007 | €71,835 | +€61,828 | +618% |
| Taxes, remuneration and social security | 45 | €86,605 | €99,571 | +€12,966 | +15.0% |
| Taxes | 450/3 | €86,605 | €99,571 | +€12,966 | +15.0% |
| Accrued charges and deferred income | 492/3 | €26,825 | €10,702 | -€16,123 | -60.1% |
| Operating income | 70/76A | €1,594,530 | - | -€1.6m | |
| Turnover | 70 | €1,544,530 | - | -€1.5m | |
| Other operating income | 74 | €50,000 | - | -€50,000 | |
| Operating charges | 60/66A | €285,189 | - | -€285,189 | |
| Goods for resale, raw materials and consumables | 60 | €120,586 | - | -€120,586 | |
| Change in stocks: decrease (increase) | 609 | €120,586 | - | -€120,586 | |
| Services and other goods | 61 | €157,868 | - | -€157,868 | |
| Other operating charges | 640/8 | €6,735 | €6,706 | -€29 | -0.4% |
| Gross operating margin | 9900 | - | €812,379 | +€812,379 | |
| Operating profit (loss) | 9901 | €1,309,340 | €805,673 | -€503,668 | -38.5% |
| Financial income | 75/76B | €1,304,952 | €406,804 | -€898,148 | -68.8% |
| Recurring financial income | 75 | €1,304,952 | €406,804 | -€898,148 | -68.8% |
| Income from financial fixed assets | 750 | €960,000 | - | -€960,000 | |
| Income from current assets | 751 | €344,952 | - | -€344,952 | |
| Financial charges | 65/66B | €2,269,273 | €1,381,167 | -€888,106 | -39.1% |
| Recurring financial charges | 65 | €569,273 | €252,167 | -€317,106 | -55.7% |
| Debt charges | 650 | €564,912 | - | -€564,912 | |
| Other financial charges | 652/9 | €4,361 | - | -€4,361 | |
| Non-recurring financial charges | 66B | €1,700,000 | €1,129,000 | -€571,000 | -33.6% |
| Profit (loss) for the period before taxes | 9903 | €345,019 | -€168,691 | -€513,710 | |
| Income taxes | 67/77 | €273,227 | €177,972 | -€95,255 | -34.9% |
| Taxes | 670/3 | €273,227 | - | -€273,227 | |
| Profit (loss) for the period | 9904 | €71,792 | -€346,663 | -€418,455 | |
| Profit (loss) for the period to be appropriated | 9905 | €71,792 | -€346,663 | -€418,455 |
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 13 October 2026 via checked.be.