VLS-EXPRESS: 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-EXPRESS
Largest movements
- Cash -€48,263
down €48,263 (-10.0%), from €480,889 to €432,626
mainly Contributions, distributions and other (-€500,000) and Tax, wage and social debts (-€14,584)
- Profit (loss) carried forward -€490,232
no longer reported in 2025 (was €490,232)
- Other debts +€380,000
up €380,000 (+316.7%), from €120,000 to €500,000
- Reserves +€52,525
up €52,525 (+2823.9%), from €1,860 to €54,385
- Trade debts +€16,273
up €16,273 (+10.1%), from €160,598 to €176,871
- Tax, wage and social debts -€14,584
down €14,584 (-23.8%), from €61,236 to €46,652
of which Taxes: -€17,210
- Gross operating margin -€290,537
down €290,537 (-67.4%), from €431,326 to €140,789
- Taxes -€38,245
down €38,245 (-60.6%), from €63,135 to €24,889
- Staff costs -€15,960
down €15,960 (-24.2%), from €65,959 to €49,999
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.
Cash bridge derived
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 | €852,517 | €796,499 | -€56,017 | -6.6% |
| Fixed assets | 21/28 | €6,591 | €5,062 | -€1,529 | -23.2% |
| Tangible fixed assets | 22/27 | €6,380 | €5,062 | -€1,318 | -20.7% |
| Plant, machinery and equipment | 23 | €4,718 | €3,733 | -€986 | -20.9% |
| Furniture and vehicles | 24 | €1,662 | €1,330 | -€332 | -20.0% |
| Financial fixed assets | 28 | €211 | - | -€211 | |
| Current assets | 29/58 | €845,926 | €791,437 | -€54,489 | -6.4% |
| Amounts receivable within one year | 40/41 | €364,594 | €358,279 | -€6,314 | -1.7% |
| Trade receivables | 40 | €358,885 | €350,741 | -€8,143 | -2.3% |
| Other amounts receivable | 41 | €5,709 | €7,538 | +€1,829 | +32.0% |
| Cash at bank and in hand | 54/58 | €480,889 | €432,626 | -€48,263 | -10.0% |
| Deferred charges and accrued income | 490/1 | €443 | €532 | +€89 | +20.2% |
| Total equity and liabilities | 10/49 | €852,517 | €796,499 | -€56,017 | -6.6% |
| Equity | 10/15 | €510,684 | €72,977 | -€437,707 | -85.7% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,860 | €54,385 | +€52,525 | +2823.9% |
| Distributable reserves | 133 | €1,860 | €54,385 | +€52,525 | +2823.9% |
| Profit (loss) carried forward | 14 | €490,232 | - | -€490,232 | |
| Amounts payable | 17/49 | €341,833 | €723,523 | +€381,689 | +111.7% |
| Amounts payable within one year | 42/48 | €341,833 | €723,523 | +€381,689 | +111.7% |
| Trade debts | 44 | €160,598 | €176,871 | +€16,273 | +10.1% |
| Suppliers | 440/4 | €160,598 | €176,871 | +€16,273 | +10.1% |
| Taxes, remuneration and social security | 45 | €61,236 | €46,652 | -€14,584 | -23.8% |
| Taxes | 450/3 | €55,850 | €38,640 | -€17,210 | -30.8% |
| Remuneration and social security | 454/9 | €5,385 | €8,012 | +€2,627 | +48.8% |
| Other amounts payable | 47/48 | €120,000 | €500,000 | +€380,000 | +316.7% |
| Remuneration, social security and pensions | 62 | €65,959 | €49,999 | -€15,960 | -24.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €543 | €1,318 | +€776 | +143.0% |
| Other operating charges | 640/8 | €1,706 | - | -€1,706 | |
| Gross operating margin | 9900 | €431,326 | €140,789 | -€290,537 | -67.4% |
| Operating profit (loss) | 9901 | €363,118 | €89,472 | -€273,646 | -75.4% |
| Financial income | 75/76B | €46 | €429 | +€383 | +828.5% |
| Recurring financial income | 75 | €46 | €396 | +€350 | +758.2% |
| Non-recurring financial income | 76B | - | €32 | +€32 | |
| Financial charges | 65/66B | €2,319 | €2,718 | +€399 | +17.2% |
| Recurring financial charges | 65 | €2,319 | €651 | -€1,668 | -71.9% |
| Non-recurring financial charges | 66B | - | €2,067 | +€2,067 | |
| Profit (loss) for the period before taxes | 9903 | €360,844 | €87,182 | -€273,662 | -75.8% |
| Income taxes | 67/77 | €63,135 | €24,889 | -€38,245 | -60.6% |
| Profit (loss) for the period | 9904 | €297,710 | €62,293 | -€235,417 | -79.1% |
| Profit (loss) for the period to be appropriated | 9905 | €297,710 | €62,293 | -€235,417 | -79.1% |
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 11 October 2026 via checked.be.