VLS ANTWERP: 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.
VLS ANTWERP
Largest movements
- Receivables within one year -€220,434
down €220,434 (-52.1%), from €423,333 to €202,900
of which Trade receivables: -€224,234
- Cash +€51,509
up €51,509 (+10.9%), from €470,698 to €522,207
mainly Receivables within one year (+€220,434) and Trade debts (+€214,267)
- Deferred charges and accrued income +€12,423
up €12,423 (+1,989%), from €625 to €13,047
- Advances received -€370,217
down €370,217 (-100%), from €370,217 to €0
- Trade debts +€214,267
up €214,267 (+93.7%), from €228,616 to €442,883
- Other debts -€37,030
down €37,030 (-23.1%), from €160,000 to €122,970
- Profit (loss) carried forward +€29,698
up €29,698 (+55.0%), from €54,037 to €83,734
- Accrued charges and deferred income +€18,518
up €18,518 (+729%), from €2,540 to €21,057
- Gross operating margin -€43,445
down €43,445 (-20.0%), from €217,736 to €174,291
- Taxes -€12,073
down €12,073 (-21.2%), from €56,910 to €44,837
- Financial income -€3,518
down €3,518 (-57.2%), from €6,149 to €2,630
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 | €895,897 | €739,395 | -€156,502 | -17.5% |
| Fixed assets | 21/28 | €1,240 | €1,240 | = | 0.0% |
| Financial fixed assets | 28 | €1,240 | €1,240 | = | 0.0% |
| Current assets | 29/58 | €894,657 | €738,155 | -€156,502 | -17.5% |
| Amounts receivable within one year | 40/41 | €423,333 | €202,900 | -€220,434 | -52.1% |
| Trade receivables | 40 | €419,894 | €195,659 | -€224,234 | -53.4% |
| Other amounts receivable | 41 | €3,440 | €7,241 | +€3,801 | +110% |
| Cash at bank and in hand | 54/58 | €470,698 | €522,207 | +€51,509 | +10.9% |
| Deferred charges and accrued income | 490/1 | €625 | €13,047 | +€12,423 | +1,989% |
| Total equity and liabilities | 10/49 | €895,897 | €739,395 | -€156,502 | -17.5% |
| Equity | 10/15 | €122,787 | €152,484 | +€29,698 | +24.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €7,250 | €7,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,244 | €7,244 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,094 | €1,094 | = | 0.0% |
| Distributable reserves | 133 | €6 | €6 | = | 0.0% |
| Profit (loss) carried forward | 14 | €54,037 | €83,734 | +€29,698 | +55.0% |
| Amounts payable | 17/49 | €773,110 | €586,910 | -€186,200 | -24.1% |
| Amounts payable within one year | 42/48 | €770,570 | €565,853 | -€204,717 | -26.6% |
| Trade debts | 44 | €228,616 | €442,883 | +€214,267 | +93.7% |
| Suppliers | 440/4 | €228,616 | €442,883 | +€214,267 | +93.7% |
| Advances received on contracts in progress | 46 | €370,217 | €0 | -€370,217 | -100% |
| Taxes, remuneration and social security | 45 | €11,737 | €0 | -€11,737 | -100% |
| Taxes | 450/3 | €11,737 | €0 | -€11,737 | -100% |
| Other amounts payable | 47/48 | €160,000 | €122,970 | -€37,030 | -23.1% |
| Accrued charges and deferred income | 492/3 | €2,540 | €21,057 | +€18,518 | +729% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €1,543 | €607 | -€935 | -60.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €217,736 | €174,291 | -€43,445 | -20.0% |
| Operating profit (loss) | 9901 | €216,193 | €173,684 | -€42,509 | -19.7% |
| Financial income | 75/76B | €6,149 | €2,630 | -€3,518 | -57.2% |
| Recurring financial income | 75 | €6,149 | €2,630 | -€3,518 | -57.2% |
| Financial charges | 65/66B | €726 | €1,779 | +€1,053 | +145% |
| Recurring financial charges | 65 | €726 | €1,779 | +€1,053 | +145% |
| Profit (loss) for the period before taxes | 9903 | €221,615 | €174,534 | -€47,081 | -21.2% |
| Income taxes | 67/77 | €56,910 | €44,837 | -€12,073 | -21.2% |
| Profit (loss) for the period | 9904 | €164,705 | €129,698 | -€35,008 | -21.3% |
| Profit (loss) for the period to be appropriated | 9905 | €164,705 | €129,698 | -€35,008 | -21.3% |
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 14 October 2026 via checked.be.