VLS BELGIUM: 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 BELGIUM
Largest movements
- Receivables within one year +€43,913
up €43,913 (+29.5%), from €149,035 to €192,947
- Cash +€9,331
up €9,331 (+19.9%), from €46,785 to €56,115
mainly Trade debts (+€40,750) and Other debts (+€5,000)
- Tangible fixed assets -€4,358
down €4,358 (-55.3%), from €7,880 to €3,523
of which Other tangible fixed assets: -€3,974
- Trade debts +€40,750
up €40,750 (+39.3%), from €103,803 to €144,553
- Other debts +€5,000
up €5,000 (+14.3%), from €35,000 to €40,000
- Tax, wage and social debts +€3,604
up €3,604 (+5.7%), from €62,780 to €66,384
of which Remuneration and social security: +€3,917
- Gross operating margin +€32,450
up €32,450 (+8.0%), from €405,655 to €438,105
- Other operating charges -€5,436
down €5,436 (-10.5%), from €51,869 to €46,433
- Staff costs -€5,316
down €5,316 (-1.4%), from €383,200 to €377,884
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 | €206,434 | €257,595 | +€51,161 | +24.8% |
| Fixed assets | 21/28 | €9,980 | €5,623 | -€4,358 | -43.7% |
| Tangible fixed assets | 22/27 | €7,880 | €3,523 | -€4,358 | -55.3% |
| Furniture and vehicles | 24 | €384 | - | -€384 | |
| Other tangible fixed assets | 26 | €7,497 | €3,523 | -€3,974 | -53.0% |
| Financial fixed assets | 28 | €2,100 | €2,100 | = | 0.0% |
| Current assets | 29/58 | €196,453 | €251,972 | +€55,519 | +28.3% |
| Amounts receivable within one year | 40/41 | €149,035 | €192,947 | +€43,913 | +29.5% |
| Trade receivables | 40 | €149,035 | €192,947 | +€43,913 | +29.5% |
| Cash at bank and in hand | 54/58 | €46,785 | €56,115 | +€9,331 | +19.9% |
| Deferred charges and accrued income | 490/1 | €634 | €2,909 | +€2,275 | +359% |
| Total equity and liabilities | 10/49 | €206,434 | €257,595 | +€51,161 | +24.8% |
| Equity | 10/15 | -€35,149 | -€33,342 | +€1,807 | +5.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €53,795 | €53,795 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,736 | €35,736 | = | 0.0% |
| Distributable reserves | 133 | €18,059 | €18,059 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€101,344 | -€99,537 | +€1,807 | +1.8% |
| Provisions and deferred taxes | 16 | €40,000 | €40,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €40,000 | €40,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €40,000 | €40,000 | = | 0.0% |
| Amounts payable | 17/49 | €201,583 | €250,937 | +€49,354 | +24.5% |
| Amounts payable within one year | 42/48 | €201,583 | €250,937 | +€49,354 | +24.5% |
| Trade debts | 44 | €103,803 | €144,553 | +€40,750 | +39.3% |
| Suppliers | 440/4 | €103,803 | €144,553 | +€40,750 | +39.3% |
| Taxes, remuneration and social security | 45 | €62,780 | €66,384 | +€3,604 | +5.7% |
| Taxes | 450/3 | €24,650 | €24,336 | -€314 | -1.3% |
| Remuneration and social security | 454/9 | €38,130 | €42,048 | +€3,917 | +10.3% |
| Other amounts payable | 47/48 | €35,000 | €40,000 | +€5,000 | +14.3% |
| Non-recurring operating income | 76A | €5,700 | €7,686 | +€1,986 | +34.8% |
| Remuneration, social security and pensions | 62 | €383,200 | €377,884 | -€5,316 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,905 | €4,358 | -€2,547 | -36.9% |
| Other operating charges | 640/8 | €51,869 | €46,433 | -€5,436 | -10.5% |
| Non-recurring operating charges | 66A | €1,336 | - | -€1,336 | |
| Gross operating margin | 9900 | €405,655 | €438,105 | +€32,450 | +8.0% |
| Operating profit (loss) | 9901 | -€37,656 | €9,429 | +€47,086 | |
| Financial income | 75/76B | €0 | €49 | +€49 | +25,816% |
| Recurring financial income | 75 | €0 | €49 | +€49 | +25,816% |
| Financial charges | 65/66B | €4,249 | €6,641 | +€2,393 | +56.3% |
| Recurring financial charges | 65 | €4,249 | €6,641 | +€2,393 | +56.3% |
| Profit (loss) for the period before taxes | 9903 | -€41,905 | €2,838 | +€44,742 | |
| Income taxes | 67/77 | €1,148 | €1,031 | -€117 | -10.2% |
| Profit (loss) for the period | 9904 | -€43,053 | €1,807 | +€44,859 | |
| Profit (loss) for the period to be appropriated | 9905 | -€43,053 | €1,807 | +€44,859 |
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 27 October 2026 via checked.be.