VLSE: 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.
VLSE
Largest movements
- Cash -€53,278
down €53,278 (-52.3%), from €101,817 to €48,539
mainly Net result for the year (-€39,988) and Tax, wage and social debts (-€21,272)
- Tangible fixed assets -€9,125
down €9,125 (-16.1%), from €56,655 to €47,530
- Receivables within one year -€4,940
down €4,940 (-11.9%), from €41,674 to €36,734
of which Trade receivables: -€2,835
- Reserves -€35,956
down €35,956 (-21.7%), from €165,567 to €129,611
- Tax, wage and social debts -€21,272
down €21,272 (-97.2%), from €21,882 to €610
- Trade debts -€6,082
down €6,082 (-52.0%), from €11,697 to €5,614
- Profit (loss) carried forward -€4,031
new in 2025: -€4,031
- Gross operating margin -€83,105
down €83,105, from €55,525 to -€27,580
- Taxes -€8,812
down €8,812 (-95.9%), from €9,190 to €378
- Depreciation +€2,506
up €2,506 (+30.5%), from €8,219 to €10,725
- Financial income +€681
up €681 (+63.3%), from €1,076 to €1,757
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 | €200,146 | €132,803 | -€67,342 | -33.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €56,655 | €47,530 | -€9,125 | -16.1% |
| Tangible fixed assets | 22/27 | €56,655 | €47,530 | -€9,125 | -16.1% |
| Land and buildings | 22 | €12,215 | €9,178 | -€3,037 | -24.9% |
| Plant, machinery and equipment | 23 | €35,123 | €30,751 | -€4,371 | -12.4% |
| Furniture and vehicles | 24 | €9,317 | €7,601 | -€1,716 | -18.4% |
| Current assets | 29/58 | €143,491 | €85,273 | -€58,217 | -40.6% |
| Amounts receivable within one year | 40/41 | €41,674 | €36,734 | -€4,940 | -11.9% |
| Trade receivables | 40 | €2,835 | - | -€2,835 | |
| Other amounts receivable | 41 | €38,839 | €36,734 | -€2,104 | -5.4% |
| Cash at bank and in hand | 54/58 | €101,817 | €48,539 | -€53,278 | -52.3% |
| Total equity and liabilities | 10/49 | €200,146 | €132,803 | -€67,342 | -33.6% |
| Equity | 10/15 | €166,567 | €126,579 | -€39,988 | -24.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | - | -€1,000 | |
| Other | 1109/19 | €1,000 | - | -€1,000 | |
| Reserves | 13 | €165,567 | €129,611 | -€35,956 | -21.7% |
| Distributable reserves | 133 | €165,567 | €129,611 | -€35,956 | -21.7% |
| Profit (loss) carried forward | 14 | - | -€4,031 | -€4,031 | |
| Amounts payable | 17/49 | €33,579 | €6,224 | -€27,355 | -81.5% |
| Amounts payable within one year | 42/48 | €33,579 | €6,224 | -€27,355 | -81.5% |
| Trade debts | 44 | €11,697 | €5,614 | -€6,082 | -52.0% |
| Suppliers | 440/4 | €11,697 | €5,614 | -€6,082 | -52.0% |
| Taxes, remuneration and social security | 45 | €21,882 | €610 | -€21,272 | -97.2% |
| Taxes | 450/3 | €21,882 | €610 | -€21,272 | -97.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,219 | €10,725 | +€2,506 | +30.5% |
| Other operating charges | 640/8 | €2,218 | €2,312 | +€94 | +4.2% |
| Gross operating margin | 9900 | €55,525 | -€27,580 | -€83,105 | |
| Operating profit (loss) | 9901 | €45,088 | -€40,616 | -€85,704 | |
| Financial income | 75/76B | €1,076 | €1,757 | +€681 | +63.3% |
| Recurring financial income | 75 | €1,076 | €1,757 | +€681 | +63.3% |
| Financial charges | 65/66B | €1,017 | €750 | -€267 | -26.3% |
| Recurring financial charges | 65 | €1,017 | €750 | -€267 | -26.3% |
| Profit (loss) for the period before taxes | 9903 | €45,146 | -€39,610 | -€84,756 | |
| Income taxes | 67/77 | €9,190 | €378 | -€8,812 | -95.9% |
| Profit (loss) for the period | 9904 | €35,956 | -€39,988 | -€75,944 | |
| Profit (loss) for the period to be appropriated | 9905 | €35,956 | -€39,988 | -€75,944 |
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 10 October 2026 via checked.be.