V.S.B.: 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.B.
Largest movements
- Stocks and contracts -€59,525
down €59,525 (-20.1%), from €295,861 to €236,336
- Cash +€16,314
up €16,314 (+792%), from €2,061 to €18,375
mainly Stocks and contracts (+€59,525) and Net result for the year (+€35,196)
- Receivables within one year -€10,799
down €10,799 (-29.8%), from €36,232 to €25,433
of which Trade receivables: -€10,799
- Other debts -€60,126
down €60,126 (-53.1%), from €113,210 to €53,084
- Profit (loss) carried forward +€35,196
up €35,196 (+7.1%), from -€496,870 to -€461,674
- Trade debts -€28,466
down €28,466 (-74.0%), from €38,445 to €9,979
- Gross operating margin +€18,713
up €18,713 (+22.9%), from €81,742 to €100,455
- Staff costs +€11,875
up €11,875 (+94.4%), from €12,574 to €24,449
- Write-downs +€8,065
up €8,065 (+24.5%), from €32,893 to €40,958
- Other operating charges -€1,513
down €1,513 (-92.2%), from €1,641 to €128
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 | €335,744 | €281,734 | -€54,010 | -16.1% |
| Fixed assets | 21/28 | €1,590 | €1,590 | = | 0.0% |
| Financial fixed assets | 28 | €1,590 | €1,590 | = | 0.0% |
| Current assets | 29/58 | €334,154 | €280,144 | -€54,010 | -16.2% |
| Stocks and contracts in progress | 3 | €295,861 | €236,336 | -€59,525 | -20.1% |
| Stocks | 30/36 | €295,861 | €236,336 | -€59,525 | -20.1% |
| Amounts receivable within one year | 40/41 | €36,232 | €25,433 | -€10,799 | -29.8% |
| Trade receivables | 40 | €33,232 | €22,433 | -€10,799 | -32.5% |
| Other amounts receivable | 41 | €3,000 | €3,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,061 | €18,375 | +€16,314 | +792% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €335,744 | €281,734 | -€54,010 | -16.1% |
| Equity | 10/15 | €164,585 | €199,781 | +€35,196 | +21.4% |
| Contributions | 10/11 | €640,000 | €640,000 | = | 0.0% |
| Reserves | 13 | €21,455 | €21,455 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,351 | €1,351 | = | 0.0% |
| Other | 1319 | €1,351 | €1,351 | = | 0.0% |
| Distributable reserves | 133 | €20,104 | €20,104 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€496,870 | -€461,674 | +€35,196 | +7.1% |
| Amounts payable | 17/49 | €171,159 | €81,953 | -€89,206 | -52.1% |
| Amounts payable within one year | 42/48 | €171,159 | €81,953 | -€89,206 | -52.1% |
| Trade debts | 44 | €38,445 | €9,979 | -€28,466 | -74.0% |
| Suppliers | 440/4 | €38,445 | €9,979 | -€28,466 | -74.0% |
| Taxes, remuneration and social security | 45 | €19,504 | €18,890 | -€614 | -3.1% |
| Taxes | 450/3 | €16,465 | €13,570 | -€2,895 | -17.6% |
| Remuneration and social security | 454/9 | €3,039 | €5,320 | +€2,282 | +75.1% |
| Other amounts payable | 47/48 | €113,210 | €53,084 | -€60,126 | -53.1% |
| Remuneration, social security and pensions | 62 | €12,574 | €24,449 | +€11,875 | +94.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €32,893 | €40,958 | +€8,065 | +24.5% |
| Other operating charges | 640/8 | €1,641 | €128 | -€1,513 | -92.2% |
| Gross operating margin | 9900 | €81,742 | €100,455 | +€18,713 | +22.9% |
| Operating profit (loss) | 9901 | €34,634 | €34,921 | +€287 | +0.8% |
| Financial income | 75/76B | €556 | €522 | -€34 | -6.1% |
| Recurring financial income | 75 | €556 | €522 | -€34 | -6.1% |
| Financial charges | 65/66B | €570 | €246 | -€324 | -56.9% |
| Recurring financial charges | 65 | €570 | €246 | -€324 | -56.9% |
| Profit (loss) for the period before taxes | 9903 | €34,620 | €35,197 | +€577 | +1.7% |
| Income taxes | 67/77 | - | €1 | +€1 | |
| Profit (loss) for the period | 9904 | €34,620 | €35,196 | +€576 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,620 | €35,196 | +€576 | +1.7% |
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 20 October 2026 via checked.be.