VRS TRANSPORT: what changed
VRS TRANSPORT
Largest movements
- Tangible fixed assets +€343,658
up €343,658 (+897%), from €38,313 to €381,972
of which Land and buildings: +€352,242
- Receivables within one year -€43,546
down €43,546 (-28.6%), from €152,297 to €108,751
of which Trade receivables: -€38,209
- Cash -€14,578
down €14,578 (-15.5%), from €94,250 to €79,672
mainly Investment in fixed assets (net) (-€360,063) and Contributions, distributions and other (-€111,447)
- Debts after one year +€295,173
new in 2025: €295,173
- Reserves -€132,238
down €132,238 (-41.3%), from €319,921 to €187,683
of which Distributable reserves: -€132,238
- Other debts +€91,146
up €91,146 (+911%), from €10,000 to €101,146
- Current portion of long-term debt +€18,321
new in 2025: €18,321
- Depreciation +€11,395
up €11,395 (+227%), from €5,010 to €16,404
- Taxes -€4,151
down €4,151 (-93.5%), from €4,439 to €288
- Financial charges +€3,605
up €3,605 (+84.1%), from €4,284 to €7,889
- Gross operating margin +€2,867
up €2,867 (+12.0%), from €23,934 to €26,801
- Staff costs +€952
up €952, from -€952 to €0
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €366,653 | €648,975 | +€282,322 | +77.0% |
| Fixed assets | 21/28 | €108,313 | €451,972 | +€343,658 | +317% |
| Tangible fixed assets | 22/27 | €38,313 | €381,972 | +€343,658 | +897% |
| Land and buildings | 22 | - | €352,242 | +€352,242 | |
| Plant, machinery and equipment | 23 | - | €1,003 | +€1,003 | |
| Furniture and vehicles | 24 | €38,313 | €28,726 | -€9,587 | -25.0% |
| Financial fixed assets | 28 | €70,000 | €70,000 | = | 0.0% |
| Current assets | 29/58 | €258,339 | €197,003 | -€61,336 | -23.7% |
| Amounts receivable within one year | 40/41 | €152,297 | €108,751 | -€43,546 | -28.6% |
| Trade receivables | 40 | €63,861 | €25,652 | -€38,209 | -59.8% |
| Other amounts receivable | 41 | €88,436 | €83,099 | -€5,338 | -6.0% |
| Cash at bank and in hand | 54/58 | €94,250 | €79,672 | -€14,578 | -15.5% |
| Deferred charges and accrued income | 490/1 | €11,793 | €8,581 | -€3,212 | -27.2% |
| Total equity and liabilities | 10/49 | €366,653 | €648,975 | +€282,322 | +77.0% |
| Equity | 10/15 | €332,321 | €206,283 | -€126,038 | -37.9% |
| Contributions | 10/11 | €12,400 | €18,600 | +€6,200 | +50.0% |
| Reserves | 13 | €319,921 | €187,683 | -€132,238 | -41.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €318,061 | €185,823 | -€132,238 | -41.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €34,331 | €442,692 | +€408,360 | +1,189% |
| Amounts payable after more than one year | 17 | - | €295,173 | +€295,173 | |
| Financial debts | 170/4 | - | €295,173 | +€295,173 | |
| Amounts payable within one year | 42/48 | €34,331 | €147,519 | +€113,188 | +330% |
| Current portion of amounts payable after more than one year | 42 | - | €18,321 | +€18,321 | |
| Trade debts | 44 | €469 | €3,200 | +€2,731 | +582% |
| Suppliers | 440/4 | €469 | €3,200 | +€2,731 | +582% |
| Taxes, remuneration and social security | 45 | €23,862 | €24,852 | +€990 | +4.1% |
| Taxes | 450/3 | €23,854 | €24,852 | +€998 | +4.2% |
| Remuneration and social security | 454/9 | €8 | €0 | -€8 | -100% |
| Other amounts payable | 47/48 | €10,000 | €101,146 | +€91,146 | +911% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €942 | €0 | -€942 | -100% |
| Remuneration, social security and pensions | 62 | -€952 | €0 | +€952 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,010 | €16,404 | +€11,395 | +227% |
| Other operating charges | 640/8 | €953 | €1,364 | +€411 | +43.1% |
| Non-recurring operating charges | 66A | €0 | €15,461 | +€15,461 | |
| Gross operating margin | 9900 | €23,934 | €26,801 | +€2,867 | +12.0% |
| Operating profit (loss) | 9901 | €18,923 | -€6,428 | -€25,351 | |
| Financial income | 75/76B | €0 | €13 | +€13 | |
| Recurring financial income | 75 | €0 | €13 | +€13 | |
| Financial charges | 65/66B | €4,284 | €7,889 | +€3,605 | +84.1% |
| Recurring financial charges | 65 | €4,284 | €7,889 | +€3,605 | +84.1% |
| Profit (loss) for the period before taxes | 9903 | €14,639 | -€14,303 | -€28,942 | |
| Income taxes | 67/77 | €4,439 | €288 | -€4,151 | -93.5% |
| Profit (loss) for the period | 9904 | €10,200 | -€14,591 | -€24,791 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,200 | -€14,591 | -€24,791 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 3 November 2026 via checked.be.