V & S Group: 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 Group
Largest movements
- Receivables within one year -€14,060
down €14,060 (-59.6%), from €23,584 to €9,525
of which Trade receivables: -€15,251
- Stocks and contracts +€8,652
up €8,652 (+1,084%), from €798 to €9,450
- Cash +€2,170
up €2,170 (+8.4%), from €25,845 to €28,015
mainly Receivables within one year (+€14,060) and Net result for the year (+€6,265)
- Deferred charges and accrued income -€1,309
down €1,309 (-75.3%), from €1,738 to €430
- Tax, wage and social debts -€7,087
down €7,087 (-87.5%), from €8,099 to €1,012
- Reserves +€6,178
new in 2025: €6,178
- Other debts -€3,411
down €3,411 (-14.1%), from €24,186 to €20,775
- Gross operating margin -€9,388
down €9,388 (-40.7%), from €23,069 to €13,681
- Taxes -€1,654
down €1,654 (-33.5%), from €4,934 to €3,280
- Depreciation -€682
down €682 (-26.2%), from €2,606 to €1,924
- Other operating charges -€585
down €585 (-22.1%), from €2,650 to €2,064
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 | €58,328 | €54,156 | -€4,172 | -7.2% |
| Fixed assets | 21/28 | €6,363 | €6,737 | +€374 | +5.9% |
| Tangible fixed assets | 22/27 | €6,363 | €6,737 | +€374 | +5.9% |
| Plant, machinery and equipment | 23 | €5,600 | €4,200 | -€1,400 | -25.0% |
| Furniture and vehicles | 24 | €763 | €2,537 | +€1,774 | +233% |
| Current assets | 29/58 | €51,966 | €47,419 | -€4,547 | -8.7% |
| Stocks and contracts in progress | 3 | €798 | €9,450 | +€8,652 | +1,084% |
| Stocks | 30/36 | €798 | €9,450 | +€8,652 | +1,084% |
| Amounts receivable within one year | 40/41 | €23,584 | €9,525 | -€14,060 | -59.6% |
| Trade receivables | 40 | €23,055 | €7,805 | -€15,251 | -66.1% |
| Other amounts receivable | 41 | €529 | €1,720 | +€1,191 | +225% |
| Cash at bank and in hand | 54/58 | €25,845 | €28,015 | +€2,170 | +8.4% |
| Deferred charges and accrued income | 490/1 | €1,738 | €430 | -€1,309 | -75.3% |
| Total equity and liabilities | 10/49 | €58,328 | €54,156 | -€4,172 | -7.2% |
| Equity | 10/15 | €24,913 | €31,178 | +€6,265 | +25.1% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | - | €6,178 | +€6,178 | |
| Distributable reserves | 133 | - | €6,178 | +€6,178 | |
| Profit (loss) carried forward | 14 | -€87 | - | +€87 | |
| Amounts payable | 17/49 | €33,415 | €22,978 | -€10,437 | -31.2% |
| Amounts payable within one year | 42/48 | €33,415 | €22,978 | -€10,437 | -31.2% |
| Trade debts | 44 | €1,130 | €1,191 | +€61 | +5.4% |
| Suppliers | 440/4 | €1,130 | €1,191 | +€61 | +5.4% |
| Taxes, remuneration and social security | 45 | €8,099 | €1,012 | -€7,087 | -87.5% |
| Taxes | 450/3 | €8,099 | €1,012 | -€7,087 | -87.5% |
| Other amounts payable | 47/48 | €24,186 | €20,775 | -€3,411 | -14.1% |
| Accrued charges and deferred income | 492/3 | €0 | €0 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,606 | €1,924 | -€682 | -26.2% |
| Other operating charges | 640/8 | €2,650 | €2,064 | -€585 | -22.1% |
| Gross operating margin | 9900 | €23,069 | €13,681 | -€9,388 | -40.7% |
| Operating profit (loss) | 9901 | €17,813 | €9,693 | -€8,121 | -45.6% |
| Financial charges | 65/66B | €169 | €148 | -€21 | -12.2% |
| Recurring financial charges | 65 | €169 | €148 | -€21 | -12.2% |
| Profit (loss) for the period before taxes | 9903 | €17,644 | €9,544 | -€8,100 | -45.9% |
| Income taxes | 67/77 | €4,934 | €3,280 | -€1,654 | -33.5% |
| Profit (loss) for the period | 9904 | €12,711 | €6,265 | -€6,446 | -50.7% |
| Profit (loss) for the period to be appropriated | 9905 | €12,711 | €6,265 | -€6,446 | -50.7% |
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 15 October 2026 via checked.be.