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
- Cash -€41,427
down €41,427 (-79.7%), from €51,962 to €10,536
mainly Net result for the year (-€40,962) and Other debts (-€12,388)
- Intangible fixed assets -€7,784
down €7,784 (-30.7%), from €25,339 to €17,555
- Stocks and contracts -€4,527
down €4,527 (-2.0%), from €224,618 to €220,092
- Profit (loss) carried forward -€40,962
down €40,962 (-42.3%), from -€96,874 to -€137,836
- Other debts -€12,388
down €12,388 (-8.3%), from €148,883 to €136,496
- Gross operating margin -€3,206
down €3,206 (-16.8%), from -€19,061 to -€22,267
- Financial charges -€625
down €625 (-6.7%), from €9,279 to €8,654
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 | €306,439 | €252,992 | -€53,447 | -17.4% |
| Fixed assets | 21/28 | €29,274 | €19,746 | -€9,528 | -32.5% |
| Intangible fixed assets | 21 | €25,339 | €17,555 | -€7,784 | -30.7% |
| Tangible fixed assets | 22/27 | €3,936 | €2,191 | -€1,744 | -44.3% |
| Plant, machinery and equipment | 23 | €3,282 | €2,013 | -€1,269 | -38.7% |
| Furniture and vehicles | 24 | €654 | €178 | -€475 | -72.7% |
| Current assets | 29/58 | €277,165 | €233,246 | -€43,919 | -15.8% |
| Stocks and contracts in progress | 3 | €224,618 | €220,092 | -€4,527 | -2.0% |
| Stocks | 30/36 | €224,618 | €220,092 | -€4,527 | -2.0% |
| Amounts receivable within one year | 40/41 | €584 | €2,618 | +€2,034 | +348% |
| Trade receivables | 40 | €462 | €332 | -€130 | -28.2% |
| Other amounts receivable | 41 | €122 | €2,286 | +€2,164 | +1,775% |
| Cash at bank and in hand | 54/58 | €51,962 | €10,536 | -€41,427 | -79.7% |
| Total equity and liabilities | 10/49 | €306,439 | €252,992 | -€53,447 | -17.4% |
| Equity | 10/15 | €3,126 | -€37,836 | -€40,962 | |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,874 | -€137,836 | -€40,962 | -42.3% |
| Amounts payable | 17/49 | €303,313 | €290,828 | -€12,485 | -4.1% |
| Amounts payable within one year | 42/48 | €303,313 | €288,828 | -€14,485 | -4.8% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €3,336 | €1,179 | -€2,157 | -64.7% |
| Suppliers | 440/4 | €3,336 | €1,179 | -€2,157 | -64.7% |
| Advances received on contracts in progress | 46 | - | €60 | +€60 | |
| Taxes, remuneration and social security | 45 | €1,093 | €1,093 | = | 0.0% |
| Taxes | 450/3 | €1,093 | €1,093 | = | 0.0% |
| Other amounts payable | 47/48 | €148,883 | €136,496 | -€12,388 | -8.3% |
| Accrued charges and deferred income | 492/3 | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,528 | €9,528 | +€0 | 0.0% |
| Other operating charges | 640/8 | €499 | €513 | +€14 | +2.8% |
| Gross operating margin | 9900 | -€19,061 | -€22,267 | -€3,206 | -16.8% |
| Operating profit (loss) | 9901 | -€29,089 | -€32,308 | -€3,220 | -11.1% |
| Financial income | 75/76B | €30 | €0 | -€30 | -100% |
| Recurring financial income | 75 | €30 | €0 | -€30 | -100% |
| Financial charges | 65/66B | €9,279 | €8,654 | -€625 | -6.7% |
| Recurring financial charges | 65 | €9,279 | €8,654 | -€625 | -6.7% |
| Profit (loss) for the period before taxes | 9903 | -€38,338 | -€40,962 | -€2,624 | -6.8% |
| Profit (loss) for the period | 9904 | -€38,338 | -€40,962 | -€2,624 | -6.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,338 | -€40,962 | -€2,624 | -6.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.