V.S.F.: 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.F.
Largest movements
- Tangible fixed assets +€497,775
up €497,775 (+31.2%), from €1.6m to €2.1m
of which Land and buildings: +€461,849
- Current investments -€254,000
no longer reported in 2025 (was €254,000)
- Cash -€236,515
down €236,515 (-83.0%), from €285,023 to €48,508
mainly Investment in fixed assets (net) (-€610,456) and Provisions (-€7,582)
No liability line moved by more than 1% of the balance sheet total.
- Depreciation +€14,451
up €14,451 (+14.7%), from €98,230 to €112,681
- Taxes -€9,674
down €9,674 (-49.2%), from €19,656 to €9,982
- Gross operating margin -€9,113
down €9,113 (-6.2%), from €147,536 to €138,423
- Financial income -€6,906
down €6,906 (-45.7%), from €15,097 to €8,191
- Other operating charges -€3,418
down €3,418 (-25.1%), from €13,640 to €10,222
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 | €2,147,838 | €2,154,050 | +€6,212 | +0.3% |
| Fixed assets | 21/28 | €1,595,560 | €2,093,335 | +€497,775 | +31.2% |
| Tangible fixed assets | 22/27 | €1,595,374 | €2,093,149 | +€497,775 | +31.2% |
| Land and buildings | 22 | €1,588,475 | €2,050,324 | +€461,849 | +29.1% |
| Plant, machinery and equipment | 23 | €4,944 | - | -€4,944 | |
| Furniture and vehicles | 24 | €1,955 | €42,825 | +€40,870 | +2,091% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €552,278 | €60,715 | -€491,563 | -89.0% |
| Amounts receivable within one year | 40/41 | €13,255 | €11,316 | -€1,939 | -14.6% |
| Trade receivables | 40 | €8,132 | €6,193 | -€1,939 | -23.8% |
| Other amounts receivable | 41 | €5,123 | €5,123 | = | 0.0% |
| Current investments | 50/53 | €254,000 | - | -€254,000 | |
| Cash at bank and in hand | 54/58 | €285,023 | €48,508 | -€236,515 | -83.0% |
| Deferred charges and accrued income | 490/1 | - | €891 | +€891 | |
| Total equity and liabilities | 10/49 | €2,147,838 | €2,154,050 | +€6,212 | +0.3% |
| Equity | 10/15 | €1,921,426 | €1,935,546 | +€14,120 | +0.7% |
| Contributions | 10/11 | €420,000 | €420,000 | = | 0.0% |
| Reserves | 13 | €1,501,426 | €1,515,546 | +€14,120 | +0.9% |
| Non-distributable reserves | 130/1 | €110,000 | €110,000 | = | 0.0% |
| Other | 1319 | €110,000 | €110,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €286,195 | €271,477 | -€14,718 | -5.1% |
| Distributable reserves | 133 | €1,105,231 | €1,134,069 | +€28,838 | +2.6% |
| Provisions and deferred taxes | 16 | €128,116 | €120,534 | -€7,582 | -5.9% |
| Deferred taxes | 168 | €128,116 | €120,534 | -€7,582 | -5.9% |
| Amounts payable | 17/49 | €98,296 | €97,970 | -€326 | -0.3% |
| Amounts payable within one year | 42/48 | €94,741 | €94,703 | -€38 | 0.0% |
| Trade debts | 44 | €7,371 | €7,768 | +€397 | +5.4% |
| Suppliers | 440/4 | €7,371 | €7,768 | +€397 | +5.4% |
| Taxes, remuneration and social security | 45 | €2,136 | €3,424 | +€1,288 | +60.3% |
| Taxes | 450/3 | €2,136 | €3,424 | +€1,288 | +60.3% |
| Other amounts payable | 47/48 | €85,234 | €83,511 | -€1,723 | -2.0% |
| Accrued charges and deferred income | 492/3 | €3,555 | €3,267 | -€288 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €98,230 | €112,681 | +€14,451 | +14.7% |
| Other operating charges | 640/8 | €13,640 | €10,222 | -€3,418 | -25.1% |
| Gross operating margin | 9900 | €147,536 | €138,423 | -€9,113 | -6.2% |
| Operating profit (loss) | 9901 | €35,666 | €15,520 | -€20,146 | -56.5% |
| Financial income | 75/76B | €15,097 | €8,191 | -€6,906 | -45.7% |
| Recurring financial income | 75 | €15,097 | €8,191 | -€6,906 | -45.7% |
| Financial charges | 65/66B | €6,884 | €6,486 | -€398 | -5.8% |
| Recurring financial charges | 65 | €6,884 | €6,486 | -€398 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €43,879 | €17,225 | -€26,654 | -60.7% |
| Transfer from deferred taxes | 780 | €7,582 | €7,582 | = | 0.0% |
| Income taxes | 67/77 | €19,656 | €9,982 | -€9,674 | -49.2% |
| Profit (loss) for the period | 9904 | €31,805 | €14,825 | -€16,980 | -53.4% |
| Transfer from tax-exempt reserves | 789 | €14,718 | €14,718 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,523 | €29,543 | -€16,980 | -36.5% |
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 26 October 2026 via checked.be.