VSL INVEST: what changed
VSL INVEST
Largest movements
- Financial fixed assets +€226,667
up €226,667 (+83,951%), from €270 to €226,937
- Cash -€169,191
down €169,191 (-99.6%), from €169,895 to €703
mainly Trade debts (-€389,721) and Investment in fixed assets (net) (-€240,978)
- Stocks and contracts -€69,678
down €69,678 (-11.9%), from €586,287 to €516,610
- Tangible fixed assets -€35,343
down €35,343 (-16.0%), from €220,685 to €185,342
of which Furniture and vehicles: -€28,453
- Receivables within one year +€24,440
up €24,440 (+92.8%), from €26,337 to €50,777
of which Trade receivables: +€28,630
- Trade debts -€389,721
down €389,721 (-99.0%), from €393,491 to €3,770
- Short-term financial debts +€305,571
new in 2025: €305,571
- Other debts +€159,443
new in 2025: €159,443
- Debts after one year -€145,061
down €145,061 (-39.9%), from €363,669 to €218,607
- Current portion of long-term debt +€34,060
up €34,060 (+70.0%), from €48,664 to €82,723
- Gross operating margin -€67,877
down €67,877 (-41.2%), from €164,741 to €96,863
- Taxes -€15,304
down €15,304 (-72.9%), from €21,000 to €5,696
- Financial charges +€11,553
up €11,553 (+306%), from €3,773 to €15,326
- Depreciation +€2,880
up €2,880 (+6.2%), from €46,774 to €49,654
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 | €1,007,940 | €993,676 | -€14,264 | -1.4% |
| Fixed assets | 21/28 | €220,955 | €412,279 | +€191,324 | +86.6% |
| Tangible fixed assets | 22/27 | €220,685 | €185,342 | -€35,343 | -16.0% |
| Plant, machinery and equipment | 23 | €150,723 | €143,833 | -€6,890 | -4.6% |
| Furniture and vehicles | 24 | €69,962 | €41,509 | -€28,453 | -40.7% |
| Financial fixed assets | 28 | €270 | €226,937 | +€226,667 | +83,951% |
| Current assets | 29/58 | €786,984 | €581,397 | -€205,588 | -26.1% |
| Stocks and contracts in progress | 3 | €586,287 | €516,610 | -€69,678 | -11.9% |
| Stocks | 30/36 | €586,287 | €516,610 | -€69,678 | -11.9% |
| Amounts receivable within one year | 40/41 | €26,337 | €50,777 | +€24,440 | +92.8% |
| Trade receivables | 40 | €20,746 | €49,377 | +€28,630 | +138% |
| Other amounts receivable | 41 | €5,591 | €1,400 | -€4,191 | -75.0% |
| Cash at bank and in hand | 54/58 | €169,895 | €703 | -€169,191 | -99.6% |
| Deferred charges and accrued income | 490/1 | €4,466 | €13,308 | +€8,841 | +198% |
| Total equity and liabilities | 10/49 | €1,007,940 | €993,676 | -€14,264 | -1.4% |
| Equity | 10/15 | €181,116 | €199,888 | +€18,772 | +10.4% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €169,116 | €187,888 | +€18,772 | +11.1% |
| Distributable reserves | 133 | €169,116 | €187,888 | +€18,772 | +11.1% |
| Amounts payable | 17/49 | €826,824 | €793,787 | -€33,036 | -4.0% |
| Amounts payable after more than one year | 17 | €363,669 | €218,607 | -€145,061 | -39.9% |
| Financial debts | 170/4 | €363,669 | €218,607 | -€145,061 | -39.9% |
| Amounts payable within one year | 42/48 | €463,155 | €575,043 | +€111,888 | +24.2% |
| Current portion of amounts payable after more than one year | 42 | €48,664 | €82,723 | +€34,060 | +70.0% |
| Financial debts | 43 | - | €305,571 | +€305,571 | |
| Credit institutions | 430/8 | - | €305,571 | +€305,571 | |
| Trade debts | 44 | €393,491 | €3,770 | -€389,721 | -99.0% |
| Suppliers | 440/4 | €393,491 | €3,770 | -€389,721 | -99.0% |
| Taxes, remuneration and social security | 45 | €21,000 | €23,535 | +€2,535 | +12.1% |
| Taxes | 450/3 | €21,000 | €23,535 | +€2,535 | +12.1% |
| Other amounts payable | 47/48 | - | €159,443 | +€159,443 | |
| Accrued charges and deferred income | 492/3 | - | €137 | +€137 | |
| Non-recurring operating income | 76A | - | €31,804 | +€31,804 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €46,774 | €49,654 | +€2,880 | +6.2% |
| Other operating charges | 640/8 | €6,078 | €7,415 | +€1,337 | +22.0% |
| Gross operating margin | 9900 | €164,741 | €96,863 | -€67,877 | -41.2% |
| Operating profit (loss) | 9901 | €111,889 | €39,794 | -€72,095 | -64.4% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €3,773 | €15,326 | +€11,553 | +306% |
| Recurring financial charges | 65 | €3,773 | €15,326 | +€11,553 | +306% |
| Profit (loss) for the period before taxes | 9903 | €108,116 | €24,468 | -€83,648 | -77.4% |
| Income taxes | 67/77 | €21,000 | €5,696 | -€15,304 | -72.9% |
| Profit (loss) for the period | 9904 | €87,116 | €18,772 | -€68,344 | -78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €87,116 | €18,772 | -€68,344 | -78.5% |
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 5 November 2026 via checked.be.