V.S.G.: 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.G.
Largest movements
- Stocks and contracts +€1.9m
up €1.9m (+131.2%), from €1.5m to €3.4m
- Tangible fixed assets -€114,353
down €114,353 (-11.3%), from €1.0m to €896,916
- Contributions +€2.5m
up €2.5m (+4034.0%), from €61,973 to €2.6m
of which Contributions outside capital: +€2.5m
- Other debts -€1.6m
down €1.6m (-62.7%), from €2.6m to €970,000
- Short-term financial debts +€892,000
new in 2025: €892,000
- Trade debts +€119,903
new in 2025: €119,903
- Profit (loss) carried forward -€61,508
down €61,508 (-33.7%), from -€182,556 to -€244,064
- Depreciation +€17,086
up €17,086 (+76.7%), from €22,267 to €39,353
- Gross operating margin +€3,469
up €3,469 (+16.1%), from -€21,555 to -€18,087
- Financial charges +€1,132
up €1,132 (+825.5%), from €137 to €1,269
- Other operating charges +€670
up €670 (+31.4%), from €2,129 to €2,799
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,570,631 | €4,391,027 | +€1.8m | +70.8% |
| Fixed assets | 21/28 | €1,011,270 | €896,916 | -€114,353 | -11.3% |
| Tangible fixed assets | 22/27 | €1,011,270 | €896,916 | -€114,353 | -11.3% |
| Land and buildings | 22 | €1,011,270 | €896,916 | -€114,353 | -11.3% |
| Current assets | 29/58 | €1,559,362 | €3,494,110 | +€1.9m | +124.1% |
| Stocks and contracts in progress | 3 | €1,486,294 | €3,435,905 | +€1.9m | +131.2% |
| Stocks | 30/36 | €1,486,294 | €3,435,905 | +€1.9m | +131.2% |
| Amounts receivable within one year | 40/41 | - | €1,062 | +€1,062 | |
| Other amounts receivable | 41 | - | €1,062 | +€1,062 | |
| Cash at bank and in hand | 54/58 | €73,067 | €57,143 | -€15,924 | -21.8% |
| Total equity and liabilities | 10/49 | €2,570,631 | €4,391,027 | +€1.8m | +70.8% |
| Equity | 10/15 | -€29,369 | €2,409,123 | +€2.4m | |
| Contributions | 10/11 | €61,973 | €2,561,973 | +€2.5m | +4034.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Contributions outside capital | 11 | - | €2,500,000 | +€2.5m | |
| Other | 1109/19 | - | €2,500,000 | +€2.5m | |
| Reserves | 13 | €91,214 | €91,214 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €85,017 | €85,017 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€182,556 | -€244,064 | -€61,508 | -33.7% |
| Amounts payable | 17/49 | €2,600,000 | €1,981,903 | -€618,097 | -23.8% |
| Amounts payable within one year | 42/48 | €2,600,000 | €1,981,903 | -€618,097 | -23.8% |
| Financial debts | 43 | - | €892,000 | +€892,000 | |
| Credit institutions | 430/8 | - | €892,000 | +€892,000 | |
| Trade debts | 44 | - | €119,903 | +€119,903 | |
| Suppliers | 440/4 | - | €119,903 | +€119,903 | |
| Other amounts payable | 47/48 | €2,600,000 | €970,000 | -€1.6m | -62.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,267 | €39,353 | +€17,086 | +76.7% |
| Other operating charges | 640/8 | €2,129 | €2,799 | +€670 | +31.4% |
| Gross operating margin | 9900 | -€21,555 | -€18,087 | +€3,469 | +16.1% |
| Operating profit (loss) | 9901 | -€45,952 | -€60,239 | -€14,287 | -31.1% |
| Financial charges | 65/66B | €137 | €1,269 | +€1,132 | +825.5% |
| Recurring financial charges | 65 | €137 | €1,269 | +€1,132 | +825.5% |
| Profit (loss) for the period before taxes | 9903 | -€46,089 | -€61,508 | -€15,419 | -33.5% |
| Profit (loss) for the period | 9904 | -€46,089 | -€61,508 | -€15,419 | -33.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€46,089 | -€61,508 | -€15,419 | -33.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.