VLS LOGISTIC: what changed
Two fiscal 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 LOGISTIC
Largest movements
- Receivables within one year +€29,074
up €29,074 (+22.4%), from €129,878 to €158,953
of which Trade receivables: +€18,505
- Tangible fixed assets -€28,732
down €28,732 (-77.5%), from €37,070 to €8,338
- Cash -€23,295
down €23,295 (-40.4%), from €57,701 to €34,406
mainly Receivables within one year (-€29,074) and Trade debts (-€20,576)
- Trade debts -€20,576
down €20,576 (-52.7%), from €39,011 to €18,435
- Reserves +€15,400
up €15,400 (+31.5%), from €48,900 to €64,300
- Debts after one year -€11,360
down €11,360 (-85.3%), from €13,321 to €1,961
- Tax, wage and social debts -€5,109
down €5,109 (-19.2%), from €26,606 to €21,497
of which Taxes: -€4,196
- Current portion of long-term debt -€3,397
down €3,397 (-23.0%), from €14,757 to €11,360
- Gross operating margin -€29,640
down €29,640 (-11.2%), from €264,776 to €235,136
- Depreciation -€21,513
down €21,513 (-72.6%), from €29,645 to €8,132
- Staff costs +€17,599
up €17,599 (+9.4%), from €187,537 to €205,136
- Other operating charges -€5,804
down €5,804 (-54.8%), from €10,588 to €4,784
- Taxes -€5,333
down €5,333 (-46.2%), from €11,553 to €6,220
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €229,640 | €204,710 | -€24,930 | -10.9% |
| Fixed assets | 21/28 | €37,270 | €8,538 | -€28,732 | -77.1% |
| Tangible fixed assets | 22/27 | €37,070 | €8,338 | -€28,732 | -77.5% |
| Furniture and vehicles | 24 | €37,070 | €8,338 | -€28,732 | -77.5% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €192,370 | €196,172 | +€3,802 | +2.0% |
| Amounts receivable within one year | 40/41 | €129,878 | €158,953 | +€29,074 | +22.4% |
| Trade receivables | 40 | - | €18,505 | +€18,505 | |
| Other amounts receivable | 41 | €129,878 | €140,448 | +€10,569 | +8.1% |
| Cash at bank and in hand | 54/58 | €57,701 | €34,406 | -€23,295 | -40.4% |
| Deferred charges and accrued income | 490/1 | €4,790 | €2,813 | -€1,977 | -41.3% |
| Total equity and liabilities | 10/49 | €229,640 | €204,710 | -€24,930 | -10.9% |
| Equity | 10/15 | €133,896 | €149,369 | +€15,473 | +11.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €48,900 | €64,300 | +€15,400 | +31.5% |
| Distributable reserves | 133 | €48,900 | €64,300 | +€15,400 | +31.5% |
| Profit (loss) carried forward | 14 | €76,936 | €77,009 | +€73 | +0.1% |
| Amounts payable | 17/49 | €95,744 | €55,341 | -€40,402 | -42.2% |
| Amounts payable after more than one year | 17 | €13,321 | €1,961 | -€11,360 | -85.3% |
| Financial debts | 170/4 | €13,321 | €1,961 | -€11,360 | -85.3% |
| Amounts payable within one year | 42/48 | €82,422 | €53,380 | -€29,042 | -35.2% |
| Current portion of amounts payable after more than one year | 42 | €14,757 | €11,360 | -€3,397 | -23.0% |
| Financial debts | 43 | €2,049 | €2,038 | -€11 | -0.5% |
| Credit institutions | 430/8 | €2,049 | €2,038 | -€11 | -0.5% |
| Trade debts | 44 | €39,011 | €18,435 | -€20,576 | -52.7% |
| Suppliers | 440/4 | €39,011 | €18,435 | -€20,576 | -52.7% |
| Taxes, remuneration and social security | 45 | €26,606 | €21,497 | -€5,109 | -19.2% |
| Taxes | 450/3 | €13,693 | €9,497 | -€4,196 | -30.6% |
| Remuneration and social security | 454/9 | €12,913 | €12,001 | -€913 | -7.1% |
| Other amounts payable | 47/48 | - | €50 | +€50 | |
| Non-recurring operating income | 76A | - | €9,584 | +€9,584 | |
| Remuneration, social security and pensions | 62 | €187,537 | €205,136 | +€17,599 | +9.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,645 | €8,132 | -€21,513 | -72.6% |
| Other operating charges | 640/8 | €10,588 | €4,784 | -€5,804 | -54.8% |
| Gross operating margin | 9900 | €264,776 | €235,136 | -€29,640 | -11.2% |
| Operating profit (loss) | 9901 | €37,006 | €17,085 | -€19,921 | -53.8% |
| Financial income | 75/76B | €6,719 | €7,162 | +€443 | +6.6% |
| Recurring financial income | 75 | €6,719 | €7,162 | +€443 | +6.6% |
| Financial charges | 65/66B | €3,564 | €2,555 | -€1,010 | -28.3% |
| Recurring financial charges | 65 | €3,564 | €2,555 | -€1,010 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €40,161 | €21,692 | -€18,468 | -46.0% |
| Income taxes | 67/77 | €11,553 | €6,220 | -€5,333 | -46.2% |
| Profit (loss) for the period | 9904 | €28,608 | €15,473 | -€13,135 | -45.9% |
| Profit (loss) for the period to be appropriated | 9905 | €28,608 | €15,473 | -€13,135 | -45.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.