VSL TRANSFORMATIONS: 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.
VSL TRANSFORMATIONS
Largest movements
- Cash +€28,367
up €28,367 (+76.8%), from €36,940 to €65,307
mainly Net result for the year (+€28,568) and Depreciation (+€16,761)
- Tangible fixed assets +€11,892
up €11,892 (+24.5%), from €48,610 to €60,502
of which Plant, machinery and equipment: +€25,233
- Stocks and contracts -€11,613
down €11,613 (-44.9%), from €25,891 to €14,279
- Receivables within one year +€4,013
up €4,013 (+5.4%), from €74,517 to €78,530
of which Other amounts receivable: +€9,726
- Deferred charges and accrued income +€2,422
up €2,422 (+73.4%), from €3,298 to €5,720
- Reserves +€28,568
up €28,568 (+1388.9%), from €2,057 to €30,625
of which Distributable reserves: +€28,568
- Tax, wage and social debts +€15,199
up €15,199 (+199.4%), from €7,624 to €22,822
of which Taxes: +€16,949
- Provisions -€15,000
down €15,000 (-58.8%), from €25,500 to €10,500
- Advances received +€5,959
up €5,959 (+25.7%), from €23,198 to €29,157
- Current portion of long-term debt -€5,631
down €5,631 (-100.0%), from €5,631 to €0
- Gross operating margin +€14,640
up €14,640 (+24.9%), from €58,849 to €73,489
- Taxes +€12,874
up €12,874 (+293.0%), from €4,394 to €17,267
- Staff costs -€6,446
down €6,446 (-100.0%), from €6,446 to €0
- Financial charges -€3,329
down €3,329 (-31.6%), from €10,517 to €7,188
- Depreciation +€2,147
up €2,147 (+14.7%), from €14,614 to €16,761
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 | €193,613 | €227,851 | +€34,238 | +17.7% |
| Fixed assets | 21/28 | €52,297 | €63,384 | +€11,088 | +21.2% |
| Tangible fixed assets | 22/27 | €48,610 | €60,502 | +€11,892 | +24.5% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €810 | €26,043 | +€25,233 | +3114.8% |
| Furniture and vehicles | 24 | €47,800 | €34,459 | -€13,341 | -27.9% |
| Financial fixed assets | 28 | €3,687 | €2,882 | -€805 | -21.8% |
| Current assets | 29/58 | €141,316 | €164,467 | +€23,151 | +16.4% |
| Stocks and contracts in progress | 3 | €25,891 | €14,279 | -€11,613 | -44.9% |
| Stocks | 30/36 | €25,891 | €14,279 | -€11,613 | -44.9% |
| Amounts receivable within one year | 40/41 | €74,517 | €78,530 | +€4,013 | +5.4% |
| Trade receivables | 40 | €18,209 | €12,496 | -€5,713 | -31.4% |
| Other amounts receivable | 41 | €56,308 | €66,034 | +€9,726 | +17.3% |
| Current investments | 50/53 | €671 | €631 | -€39 | -5.9% |
| Cash at bank and in hand | 54/58 | €36,940 | €65,307 | +€28,367 | +76.8% |
| Deferred charges and accrued income | 490/1 | €3,298 | €5,720 | +€2,422 | +73.4% |
| Total equity and liabilities | 10/49 | €193,613 | €227,851 | +€34,238 | +17.7% |
| Equity | 10/15 | €123,681 | €152,249 | +€28,568 | +23.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €2,057 | €30,625 | +€28,568 | +1388.9% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €198 | €28,766 | +€28,568 | +14448.8% |
| Profit (loss) carried forward | 14 | €103,032 | €103,032 | = | 0.0% |
| Provisions and deferred taxes | 16 | €25,500 | €10,500 | -€15,000 | -58.8% |
| Provisions for liabilities and charges | 160/5 | €25,500 | €10,500 | -€15,000 | -58.8% |
| Pensions and similar obligations | 160 | €15,000 | €0 | -€15,000 | -100.0% |
| Major repairs and maintenance | 162 | €10,500 | €10,500 | = | 0.0% |
| Amounts payable | 17/49 | €44,432 | €65,102 | +€20,670 | +46.5% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €44,432 | €65,102 | +€20,670 | +46.5% |
| Current portion of amounts payable after more than one year | 42 | €5,631 | €0 | -€5,631 | -100.0% |
| Financial debts | 43 | €198 | €1,322 | +€1,124 | +567.8% |
| Credit institutions | 430/8 | €198 | €1,322 | +€1,124 | +567.8% |
| Trade debts | 44 | €7,782 | €11,801 | +€4,019 | +51.6% |
| Suppliers | 440/4 | €7,782 | €11,801 | +€4,019 | +51.6% |
| Advances received on contracts in progress | 46 | €23,198 | €29,157 | +€5,959 | +25.7% |
| Taxes, remuneration and social security | 45 | €7,624 | €22,822 | +€15,199 | +199.4% |
| Taxes | 450/3 | €5,874 | €22,822 | +€16,949 | +288.6% |
| Remuneration and social security | 454/9 | €1,750 | €0 | -€1,750 | -100.0% |
| Non-recurring operating income | 76A | €46,520 | €22,665 | -€23,855 | -51.3% |
| Remuneration, social security and pensions | 62 | €6,446 | €0 | -€6,446 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,614 | €16,761 | +€2,147 | +14.7% |
| Other operating charges | 640/8 | €3,720 | €2,917 | -€803 | -21.6% |
| Non-recurring operating charges | 66A | - | €805 | +€805 | |
| Gross operating margin | 9900 | €58,849 | €73,489 | +€14,640 | +24.9% |
| Operating profit (loss) | 9901 | €34,069 | €53,007 | +€18,938 | +55.6% |
| Financial income | 75/76B | €339 | €17 | -€323 | -95.1% |
| Recurring financial income | 75 | €339 | €17 | -€323 | -95.1% |
| Financial charges | 65/66B | €10,517 | €7,188 | -€3,329 | -31.6% |
| Recurring financial charges | 65 | €10,517 | €7,188 | -€3,329 | -31.6% |
| Profit (loss) for the period before taxes | 9903 | €23,892 | €45,835 | +€21,943 | +91.8% |
| Income taxes | 67/77 | €4,394 | €17,267 | +€12,874 | +293.0% |
| Profit (loss) for the period | 9904 | €19,498 | €28,568 | +€9,070 | +46.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,498 | €28,568 | +€9,070 | +46.5% |
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 12 October 2026 via checked.be.