V.S.C.: what changed
What changed
V.S.C.
NACE 43.320, Joinery installation
filed annual accounts (NBB)
Net result for the year
€571,972
2024 · €364,400+€207,572
Equity
€133,522
2024 · €147,050-€13,528
Cash
€438,740
2024 · €367,766+€70,974
Balance sheet total
€1.6m
2024 · €1.3m+€220,438
Largest movements
Assets
- Stocks and contracts +€95,999
up €95,999 (+61.9%), from €154,970 to €250,970
- Receivables within one year +€94,275
up €94,275 (+13.3%), from €709,801 to €804,075
of which Other amounts receivable: +€161,183
- Cash +€70,974
up €70,974 (+19.3%), from €367,766 to €438,740
mainly Net result for the year (+€571,972) and Other debts (+€276,325)
- Tangible fixed assets -€36,771
down €36,771 (-35.9%), from €102,382 to €65,612
of which Furniture and vehicles: -€28,643
Equity and liabilities
- Other debts +€276,325
up €276,325 (+85.8%), from €322,202 to €598,527
- Advances received -€67,582
down €67,582 (-9.9%), from €682,391 to €614,810
- Tax, wage and social debts +€56,329
up €56,329 (+523%), from €10,765 to €67,094
of which Remuneration and social security: +€28,282
Income statement
- Gross operating margin +€279,481
up €279,481 (+41.9%), from €666,755 to €946,235
- Financial income -€85,303
down €85,303 (-92.8%), from €91,908 to €6,604
- Staff costs -€23,578
down €23,578 (-7.2%), from €325,375 to €301,797
- Write-downs +€20,405
new in 2025: €20,405
- Taxes -€19,757
down €19,757 (-92.4%), from €21,383 to €1,626
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.
Result 2024
€364,400
Gross operating margin
+€279,481
Staff costs
+€23,578
Depreciation
+€2,751
Write-downs
-€20,405
Other operating charges
+€2,839
Other operating items
-€7,748
Financial income
-€85,303
Financial charges
-€7,377
Taxes
+€19,757
Result 2025
€571,972
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€668,279
Investment
+€12,766
Financing
-€610,071
Cash 2024
€367,766
From operations (derived)
+€668,279
Net result for the year
+€571,972
Depreciation
+€24,005
Stocks and contracts
-€95,999
Receivables within one year
-€94,275
Deferred charges and accrued income
+€4,039
Trade debts
-€6,534
Tax, wage and social debts
+€56,329
Advances received
-€67,582
Other debts
+€276,325
Investment (derived)
+€12,766
Investment in fixed assets (net)
+€12,766
Financing
-€610,071
Debts after one year
-€14,752
Current portion of long-term debt
-€9,820
Contributions, distributions and other
-€585,500
Cash 2025
€438,740
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,342,300 | €1,562,739 | +€220,438 | +16.4% |
| Fixed assets | 21/28 | €102,592 | €65,822 | -€36,771 | -35.8% |
| Tangible fixed assets | 22/27 | €102,382 | €65,612 | -€36,771 | -35.9% |
| Plant, machinery and equipment | 23 | €28,707 | €20,579 | -€8,128 | -28.3% |
| Furniture and vehicles | 24 | €73,675 | €45,033 | -€28,643 | -38.9% |
| Financial fixed assets | 28 | €210 | €210 | = | 0.0% |
| Current assets | 29/58 | €1,239,708 | €1,496,917 | +€257,209 | +20.7% |
| Stocks and contracts in progress | 3 | €154,970 | €250,970 | +€95,999 | +61.9% |
| Stocks | 30/36 | €154,970 | €250,970 | +€95,999 | +61.9% |
| Amounts receivable within one year | 40/41 | €709,801 | €804,075 | +€94,275 | +13.3% |
| Trade receivables | 40 | €678,412 | €611,504 | -€66,909 | -9.9% |
| Other amounts receivable | 41 | €31,389 | €192,572 | +€161,183 | +514% |
| Cash at bank and in hand | 54/58 | €367,766 | €438,740 | +€70,974 | +19.3% |
| Deferred charges and accrued income | 490/1 | €7,170 | €3,132 | -€4,039 | -56.3% |
| Total equity and liabilities | 10/49 | €1,342,300 | €1,562,739 | +€220,438 | +16.4% |
| Equity | 10/15 | €147,050 | €133,522 | -€13,528 | -9.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €97,050 | €83,522 | -€13,528 | -13.9% |
| Distributable reserves | 133 | €97,050 | €83,522 | -€13,528 | -13.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,195,250 | €1,429,217 | +€233,967 | +19.6% |
| Amounts payable after more than one year | 17 | €81,658 | €66,906 | -€14,752 | -18.1% |
| Financial debts | 170/4 | €81,658 | €66,906 | -€14,752 | -18.1% |
| Amounts payable within one year | 42/48 | €1,113,593 | €1,362,311 | +€248,718 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €31,517 | €21,697 | -€9,820 | -31.2% |
| Trade debts | 44 | €66,718 | €60,183 | -€6,534 | -9.8% |
| Suppliers | 440/4 | €66,718 | €60,183 | -€6,534 | -9.8% |
| Advances received on contracts in progress | 46 | €682,391 | €614,810 | -€67,582 | -9.9% |
| Taxes, remuneration and social security | 45 | €10,765 | €67,094 | +€56,329 | +523% |
| Taxes | 450/3 | €1,383 | €29,430 | +€28,047 | +2,028% |
| Remuneration and social security | 454/9 | €9,382 | €37,664 | +€28,282 | +301% |
| Other amounts payable | 47/48 | €322,202 | €598,527 | +€276,325 | +85.8% |
| Remuneration, social security and pensions | 62 | €325,375 | €301,797 | -€23,578 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,756 | €24,005 | -€2,751 | -10.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €20,405 | +€20,405 | |
| Other operating charges | 640/8 | €15,841 | €13,002 | -€2,839 | -17.9% |
| Non-recurring operating charges | 66A | - | €7,748 | +€7,748 | |
| Gross operating margin | 9900 | €666,755 | €946,235 | +€279,481 | +41.9% |
| Operating profit (loss) | 9901 | €298,783 | €579,279 | +€280,495 | +93.9% |
| Financial income | 75/76B | €91,908 | €6,604 | -€85,303 | -92.8% |
| Recurring financial income | 75 | €91,908 | €6,604 | -€85,303 | -92.8% |
| Financial charges | 65/66B | €4,909 | €12,285 | +€7,377 | +150% |
| Recurring financial charges | 65 | €4,909 | €12,285 | +€7,377 | +150% |
| Profit (loss) for the period before taxes | 9903 | €385,783 | €573,598 | +€187,815 | +48.7% |
| Income taxes | 67/77 | €21,383 | €1,626 | -€19,757 | -92.4% |
| Profit (loss) for the period | 9904 | €364,400 | €571,972 | +€207,572 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €364,400 | €571,972 | +€207,572 | +57.0% |
Next steps
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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.