V.S.D.: 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.D.
Largest movements
- Receivables within one year +€1.8m
new in 2025: €1.8m
of which Other amounts receivable: +€1.4m
- Cash +€468,088
up €468,088 (+2988.0%), from €15,666 to €483,753
mainly Net result for the year (+€1.6m) and Tax, wage and social debts (+€370,762)
- Tangible fixed assets -€296,718
down €296,718 (-62.1%), from €477,530 to €180,812
- Reserves +€1.4m
up €1.4m (+38098.7%), from €3,718 to €1.4m
of which Distributable reserves: +€827,263
- Tax, wage and social debts +€370,762
new in 2025: €370,762
- Profit (loss) carried forward +€148,054
up €148,054, from -€148,054 to €0
- Other debts +€66,974
up €66,974 (+38.0%), from €176,213 to €243,187
- Gross operating margin +€2.1m
up €2.1m (+6448.3%), from €32,460 to €2.1m
- Taxes +€539,769
new in 2025: €539,769
- Financial income +€21,585
new in 2025: €21,585
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 | €497,746 | €2,489,914 | +€2.0m | +400.2% |
| Fixed assets | 21/28 | €477,530 | €180,812 | -€296,718 | -62.1% |
| Tangible fixed assets | 22/27 | €477,530 | €180,812 | -€296,718 | -62.1% |
| Land and buildings | 22 | €477,530 | €180,812 | -€296,718 | -62.1% |
| Current assets | 29/58 | €20,216 | €2,309,102 | +€2.3m | +11322.1% |
| Amounts receivable after more than one year | 29 | €3,237 | €3,237 | = | 0.0% |
| Other amounts receivable | 291 | €3,237 | €3,237 | = | 0.0% |
| Amounts receivable within one year | 40/41 | - | €1,822,111 | +€1.8m | |
| Trade receivables | 40 | - | €451,462 | +€451,462 | |
| Other amounts receivable | 41 | - | €1,370,649 | +€1.4m | |
| Cash at bank and in hand | 54/58 | €15,666 | €483,753 | +€468,088 | +2988.0% |
| Deferred charges and accrued income | 490/1 | €1,313 | €0 | -€1,313 | -100.0% |
| Total equity and liabilities | 10/49 | €497,746 | €2,489,914 | +€2.0m | +400.2% |
| Equity | 10/15 | €231,967 | €1,796,684 | +€1.6m | +674.5% |
| Contributions | 10/11 | €376,302 | €376,302 | = | 0.0% |
| Reserves | 13 | €3,718 | €1,420,382 | +€1.4m | +38098.7% |
| Tax-exempt reserves | 132 | - | €589,400 | +€589,400 | |
| Distributable reserves | 133 | €3,718 | €830,982 | +€827,263 | +22247.8% |
| Profit (loss) carried forward | 14 | -€148,054 | €0 | +€148,054 | |
| Amounts payable | 17/49 | €265,780 | €693,230 | +€427,450 | +160.8% |
| Amounts payable after more than one year | 17 | €77,053 | €64,997 | -€12,056 | -15.6% |
| Financial debts | 170/4 | €77,053 | €64,997 | -€12,056 | -15.6% |
| Amounts payable within one year | 42/48 | €188,727 | €628,233 | +€439,506 | +232.9% |
| Current portion of amounts payable after more than one year | 42 | €11,351 | €11,821 | +€470 | +4.1% |
| Trade debts | 44 | €1,163 | €2,463 | +€1,300 | +111.9% |
| Suppliers | 440/4 | €1,163 | €2,463 | +€1,300 | +111.9% |
| Taxes, remuneration and social security | 45 | - | €370,762 | +€370,762 | |
| Taxes | 450/3 | - | €370,762 | +€370,762 | |
| Other amounts payable | 47/48 | €176,213 | €243,187 | +€66,974 | +38.0% |
| Non-recurring operating income | 76A | - | €2,167,143 | +€2.2m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,259 | €28,862 | -€397 | -1.4% |
| Other operating charges | 640/8 | €14,905 | €10,439 | -€4,466 | -30.0% |
| Gross operating margin | 9900 | €32,460 | €2,125,595 | +€2.1m | +6448.3% |
| Operating profit (loss) | 9901 | -€11,704 | €2,086,295 | +€2.1m | |
| Financial income | 75/76B | - | €21,585 | +€21,585 | |
| Recurring financial income | 75 | - | €21,585 | +€21,585 | |
| Financial charges | 65/66B | €10,050 | €3,393 | -€6,657 | -66.2% |
| Recurring financial charges | 65 | €10,050 | €3,393 | -€6,657 | -66.2% |
| Profit (loss) for the period before taxes | 9903 | -€21,754 | €2,104,487 | +€2.1m | |
| Income taxes | 67/77 | - | €539,769 | +€539,769 | |
| Profit (loss) for the period | 9904 | -€21,754 | €1,564,718 | +€1.6m | |
| Transfer to tax-exempt reserves | 689 | - | €589,400 | +€589,400 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,754 | €975,318 | +€997,072 |
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 9 October 2026 via checked.be.