DS VL: 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.
DS VL
Largest movements
- Tangible fixed assets -€64,310
down €64,310 (-25.9%), from €248,445 to €184,135
of which Leasing and similar rights: -€53,200
- Intangible fixed assets -€20,831
down €20,831 (-50.0%), from €41,669 to €20,838
- Receivables within one year -€19,189
down €19,189 (-5.0%), from €380,862 to €361,672
of which Trade receivables: -€101,672
- Deferred charges and accrued income -€18,418
down €18,418 (-32.9%), from €56,023 to €37,605
- Trade debts -€119,694
down €119,694 (-53.5%), from €223,699 to €104,005
- Profit (loss) carried forward +€73,467
up €73,467 (+64.1%), from €114,575 to €188,042
- Debts after one year -€62,788
down €62,788 (-24.0%), from €261,098 to €198,310
of which Trade debts: -€55,860
- Other debts -€29,378
no longer reported in 2025 (was €29,378)
- Tax, wage and social debts +€10,780
up €10,780 (+21.6%), from €49,925 to €60,705
of which Remuneration and social security: +€7,568
- Gross operating margin +€101,437
up €101,437 (+46.2%), from €219,607 to €321,044
- Staff costs +€56,479
up €56,479 (+542%), from €10,422 to €66,900
- Other operating charges +€35,805
up €35,805 (+714%), from €5,012 to €40,816
- Taxes +€11,716
up €11,716 (+50.7%), from €23,090 to €34,805
- Financial charges +€5,128
up €5,128 (+34.7%), from €14,784 to €19,913
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 | €760,084 | €641,782 | -€118,302 | -15.6% |
| Fixed assets | 21/28 | €320,377 | €235,236 | -€85,142 | -26.6% |
| Intangible fixed assets | 21 | €41,669 | €20,838 | -€20,831 | -50.0% |
| Tangible fixed assets | 22/27 | €248,445 | €184,135 | -€64,310 | -25.9% |
| Plant, machinery and equipment | 23 | €1,440 | €1,080 | -€360 | -25.0% |
| Furniture and vehicles | 24 | €34,205 | €23,455 | -€10,750 | -31.4% |
| Leasing and similar rights | 25 | €212,800 | €159,600 | -€53,200 | -25.0% |
| Financial fixed assets | 28 | €30,264 | €30,264 | = | 0.0% |
| Current assets | 29/58 | €439,707 | €406,547 | -€33,160 | -7.5% |
| Amounts receivable within one year | 40/41 | €380,862 | €361,672 | -€19,189 | -5.0% |
| Trade receivables | 40 | €325,816 | €224,144 | -€101,672 | -31.2% |
| Other amounts receivable | 41 | €55,046 | €137,528 | +€82,483 | +150% |
| Cash at bank and in hand | 54/58 | €2,823 | €7,270 | +€4,447 | +158% |
| Deferred charges and accrued income | 490/1 | €56,023 | €37,605 | -€18,418 | -32.9% |
| Total equity and liabilities | 10/49 | €760,084 | €641,782 | -€118,302 | -15.6% |
| Equity | 10/15 | €133,196 | €206,664 | +€73,467 | +55.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22 | €22 | = | 0.0% |
| Non-distributable reserves | 130/1 | €22 | €22 | = | 0.0% |
| Reserves not available under the articles | 1311 | €22 | €22 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,575 | €188,042 | +€73,467 | +64.1% |
| Amounts payable | 17/49 | €626,888 | €435,118 | -€191,770 | -30.6% |
| Amounts payable after more than one year | 17 | €261,098 | €198,310 | -€62,788 | -24.0% |
| Financial debts | 170/4 | €17,321 | €10,392 | -€6,928 | -40.0% |
| Trade debts | 175 | €243,778 | €187,918 | -€55,860 | -22.9% |
| Amounts payable within one year | 42/48 | €365,790 | €236,808 | -€128,981 | -35.3% |
| Current portion of amounts payable after more than one year | 42 | €62,788 | €72,098 | +€9,310 | +14.8% |
| Trade debts | 44 | €223,699 | €104,005 | -€119,694 | -53.5% |
| Suppliers | 440/4 | €223,699 | €104,005 | -€119,694 | -53.5% |
| Taxes, remuneration and social security | 45 | €49,925 | €60,705 | +€10,780 | +21.6% |
| Taxes | 450/3 | €44,516 | €47,729 | +€3,212 | +7.2% |
| Remuneration and social security | 454/9 | €5,408 | €12,976 | +€7,568 | +140% |
| Other amounts payable | 47/48 | €29,378 | - | -€29,378 | |
| Remuneration, social security and pensions | 62 | €10,422 | €66,900 | +€56,479 | +542% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €86,082 | €85,142 | -€940 | -1.1% |
| Other operating charges | 640/8 | €5,012 | €40,816 | +€35,805 | +714% |
| Gross operating margin | 9900 | €219,607 | €321,044 | +€101,437 | +46.2% |
| Operating profit (loss) | 9901 | €118,092 | €128,185 | +€10,094 | +8.5% |
| Financial charges | 65/66B | €14,784 | €19,913 | +€5,128 | +34.7% |
| Recurring financial charges | 65 | €14,784 | €19,913 | +€5,128 | +34.7% |
| Profit (loss) for the period before taxes | 9903 | €103,307 | €108,273 | +€4,965 | +4.8% |
| Income taxes | 67/77 | €23,090 | €34,805 | +€11,716 | +50.7% |
| Profit (loss) for the period | 9904 | €80,218 | €73,467 | -€6,750 | -8.4% |
| Profit (loss) for the period to be appropriated | 9905 | €80,218 | €73,467 | -€6,750 | -8.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.