V&S AGENTUREN: 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.
V&S AGENTUREN
Largest movements
- Tangible fixed assets +€324,408
up €324,408 (+391%), from €83,042 to €407,450
of which Land and buildings: +€339,224
- Receivables within one year +€120,362
up €120,362 (+79.5%), from €151,395 to €271,757
of which Trade receivables: +€74,358
- Stocks and contracts +€27,429
up €27,429 (+5.4%), from €510,308 to €537,736
- Cash +€21,419
up €21,419 (+70.6%), from €30,337 to €51,757
mainly Contributions, distributions and other (+€340,000) and Other debts (+€105,545)
- Contributions +€340,000
up €340,000 (+680%), from €50,000 to €390,000
- Other debts +€105,545
up €105,545 (+1,508%), from €7,000 to €112,545
- Trade debts +€76,796
up €76,796 (+29.9%), from €257,125 to €333,921
- Current portion of long-term debt -€49,846
down €49,846 (-77.5%), from €64,302 to €14,456
- Short-term financial debts -€22,206
down €22,206 (-100%), from €22,206 to €0
- Gross operating margin +€18,010
up €18,010 (+10.6%), from €169,244 to €187,254
- Staff costs +€16,639
up €16,639 (+19.7%), from €84,503 to €101,142
- Other operating charges -€10,413
down €10,413 (-51.7%), from €20,137 to €9,724
- Financial income +€8,905
up €8,905 (+585%), from €1,522 to €10,427
- Taxes +€7,929
up €7,929 (+649%), from €1,222 to €9,151
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.
Derived cash bridge
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 | €817,594 | €1,295,250 | +€477,656 | +58.4% |
| Fixed assets | 21/28 | €102,541 | €423,582 | +€321,041 | +313% |
| Intangible fixed assets | 21 | €15,732 | €12,365 | -€3,367 | -21.4% |
| Tangible fixed assets | 22/27 | €83,042 | €407,450 | +€324,408 | +391% |
| Land and buildings | 22 | - | €339,224 | +€339,224 | |
| Plant, machinery and equipment | 23 | €4,618 | €3,391 | -€1,227 | -26.6% |
| Furniture and vehicles | 24 | €11,894 | €8,911 | -€2,983 | -25.1% |
| Other tangible fixed assets | 26 | €66,530 | €55,924 | -€10,606 | -15.9% |
| Financial fixed assets | 28 | €3,767 | €3,767 | = | 0.0% |
| Current assets | 29/58 | €715,054 | €871,668 | +€156,614 | +21.9% |
| Stocks and contracts in progress | 3 | €510,308 | €537,736 | +€27,429 | +5.4% |
| Stocks | 30/36 | €510,308 | €537,736 | +€27,429 | +5.4% |
| Amounts receivable within one year | 40/41 | €151,395 | €271,757 | +€120,362 | +79.5% |
| Trade receivables | 40 | €135,538 | €209,896 | +€74,358 | +54.9% |
| Other amounts receivable | 41 | €15,857 | €61,862 | +€46,005 | +290% |
| Cash at bank and in hand | 54/58 | €30,337 | €51,757 | +€21,419 | +70.6% |
| Deferred charges and accrued income | 490/1 | €23,014 | €10,417 | -€12,596 | -54.7% |
| Total equity and liabilities | 10/49 | €817,594 | €1,295,250 | +€477,656 | +58.4% |
| Equity | 10/15 | €111,760 | €469,276 | +€357,516 | +320% |
| Contributions | 10/11 | €50,000 | €390,000 | +€340,000 | +680% |
| Reserves | 13 | €61,760 | €79,276 | +€17,516 | +28.4% |
| Tax-exempt reserves | 132 | €2,277 | €2,277 | = | 0.0% |
| Distributable reserves | 133 | €59,484 | €76,999 | +€17,516 | +29.4% |
| Amounts payable | 17/49 | €705,834 | €825,974 | +€120,140 | +17.0% |
| Amounts payable after more than one year | 17 | €332,514 | €328,058 | -€4,456 | -1.3% |
| Financial debts | 170/4 | €332,514 | €328,058 | -€4,456 | -1.3% |
| Amounts payable within one year | 42/48 | €370,203 | €496,083 | +€125,880 | +34.0% |
| Current portion of amounts payable after more than one year | 42 | €64,302 | €14,456 | -€49,846 | -77.5% |
| Financial debts | 43 | €22,206 | €0 | -€22,206 | -100% |
| Credit institutions | 430/8 | €22,206 | €0 | -€22,206 | -100% |
| Trade debts | 44 | €257,125 | €333,921 | +€76,796 | +29.9% |
| Suppliers | 440/4 | €257,125 | €333,921 | +€76,796 | +29.9% |
| Advances received on contracts in progress | 46 | - | €1,184 | +€1,184 | |
| Taxes, remuneration and social security | 45 | €19,571 | €33,978 | +€14,407 | +73.6% |
| Taxes | 450/3 | €4,338 | €14,903 | +€10,566 | +244% |
| Remuneration and social security | 454/9 | €15,234 | €19,075 | +€3,842 | +25.2% |
| Other amounts payable | 47/48 | €7,000 | €112,545 | +€105,545 | +1,508% |
| Accrued charges and deferred income | 492/3 | €3,118 | €1,833 | -€1,285 | -41.2% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €84,503 | €101,142 | +€16,639 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,311 | €18,959 | -€353 | -1.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€536 | €0 | +€536 | |
| Other operating charges | 640/8 | €20,137 | €9,724 | -€10,413 | -51.7% |
| Gross operating margin | 9900 | €169,244 | €187,254 | +€18,010 | +10.6% |
| Operating profit (loss) | 9901 | €45,829 | €57,429 | +€11,601 | +25.3% |
| Financial income | 75/76B | €1,522 | €10,427 | +€8,905 | +585% |
| Recurring financial income | 75 | €1,522 | €10,427 | +€8,905 | +585% |
| Financial charges | 65/66B | €41,660 | €41,189 | -€471 | -1.1% |
| Recurring financial charges | 65 | €41,660 | €41,189 | -€471 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €5,690 | €26,667 | +€20,977 | +369% |
| Income taxes | 67/77 | €1,222 | €9,151 | +€7,929 | +649% |
| Profit (loss) for the period | 9904 | €4,467 | €17,516 | +€13,048 | +292% |
| Profit (loss) for the period to be appropriated | 9905 | €4,467 | €17,516 | +€13,048 | +292% |
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 30 October 2026 via checked.be.