V.S.H.: 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.H.
Largest movements
- Receivables within one year +€37,249
up €37,249 (+98.5%), from €37,808 to €75,057
- Tangible fixed assets -€26,438
down €26,438 (-3.1%), from €841,653 to €815,215
of which Furniture and vehicles: -€19,577
- Cash -€17,719
down €17,719 (-41.0%), from €43,183 to €25,464
mainly Investment in fixed assets (net) (-€74,608) and Debts after one year (-€42,112)
- Trade debts +€53,202
up €53,202 (+159%), from €33,519 to €86,721
- Debts after one year -€42,112
down €42,112 (-4.7%), from €887,877 to €845,765
of which Financial debts: -€44,813
- Current portion of long-term debt -€25,972
down €25,972 (-36.7%), from €70,786 to €44,813
- Gross operating margin -€9,661
down €9,661 (-6.6%), from €147,428 to €137,767
- Depreciation +€7,284
up €7,284 (+7.8%), from €93,762 to €101,046
- Other operating charges -€2,228
down €2,228 (-10.1%), from €22,069 to €19,841
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 | €1,058,978 | €1,052,590 | -€6,388 | -0.6% |
| Fixed assets | 21/28 | €841,923 | €815,485 | -€26,438 | -3.1% |
| Tangible fixed assets | 22/27 | €841,653 | €815,215 | -€26,438 | -3.1% |
| Land and buildings | 22 | €784,698 | €779,031 | -€5,667 | -0.7% |
| Plant, machinery and equipment | 23 | €1,855 | €662 | -€1,194 | -64.3% |
| Furniture and vehicles | 24 | €55,100 | €35,522 | -€19,577 | -35.5% |
| Financial fixed assets | 28 | €270 | €270 | = | 0.0% |
| Current assets | 29/58 | €217,055 | €237,105 | +€20,050 | +9.2% |
| Stocks and contracts in progress | 3 | €134,854 | €135,604 | +€750 | +0.6% |
| Stocks | 30/36 | €134,854 | €135,604 | +€750 | +0.6% |
| Amounts receivable within one year | 40/41 | €37,808 | €75,057 | +€37,249 | +98.5% |
| Trade receivables | 40 | €37,808 | €75,057 | +€37,249 | +98.5% |
| Cash at bank and in hand | 54/58 | €43,183 | €25,464 | -€17,719 | -41.0% |
| Deferred charges and accrued income | 490/1 | €1,210 | €979 | -€231 | -19.1% |
| Total equity and liabilities | 10/49 | €1,058,978 | €1,052,590 | -€6,388 | -0.6% |
| Equity | 10/15 | €61,631 | €71,140 | +€9,509 | +15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,031 | €52,540 | +€9,509 | +22.1% |
| Amounts payable | 17/49 | €997,347 | €981,450 | -€15,897 | -1.6% |
| Amounts payable after more than one year | 17 | €887,877 | €845,765 | -€42,112 | -4.7% |
| Financial debts | 170/4 | €271,024 | €226,210 | -€44,813 | -16.5% |
| Other amounts payable | 178/9 | €616,854 | €619,555 | +€2,701 | +0.4% |
| Amounts payable within one year | 42/48 | €109,469 | €135,685 | +€26,215 | +23.9% |
| Current portion of amounts payable after more than one year | 42 | €70,786 | €44,813 | -€25,972 | -36.7% |
| Trade debts | 44 | €33,519 | €86,721 | +€53,202 | +159% |
| Suppliers | 440/4 | €33,519 | €86,721 | +€53,202 | +159% |
| Taxes, remuneration and social security | 45 | €5,165 | €4,150 | -€1,014 | -19.6% |
| Taxes | 450/3 | €5,165 | €4,150 | -€1,014 | -19.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,762 | €101,046 | +€7,284 | +7.8% |
| Other operating charges | 640/8 | €22,069 | €19,841 | -€2,228 | -10.1% |
| Gross operating margin | 9900 | €147,428 | €137,767 | -€9,661 | -6.6% |
| Operating profit (loss) | 9901 | €31,597 | €16,880 | -€14,717 | -46.6% |
| Financial income | 75/76B | €1 | €2 | +€1 | +58.7% |
| Recurring financial income | 75 | €1 | €2 | +€1 | +58.7% |
| Financial charges | 65/66B | €2,954 | €1,837 | -€1,118 | -37.8% |
| Recurring financial charges | 65 | €2,954 | €1,837 | -€1,118 | -37.8% |
| Profit (loss) for the period before taxes | 9903 | €28,644 | €15,046 | -€13,599 | -47.5% |
| Income taxes | 67/77 | €6,881 | €5,536 | -€1,345 | -19.5% |
| Profit (loss) for the period | 9904 | €21,763 | €9,509 | -€12,254 | -56.3% |
| Profit (loss) for the period to be appropriated | 9905 | €21,763 | €9,509 | -€12,254 | -56.3% |
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 27 October 2026 via checked.be.