V.S.I.: 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.I.
Largest movements
- Current assets -€1.1m
down €1.1m (-62.1%), from €1.8m to €669,720
of which Receivables within one year: -€1.2m
- Equity -€1.3m
down €1.3m (-77.7%), from €1.7m to €381,448
of which Reserves: -€1.3m
- Debts +€224,708
up €224,708 (+229%), from €97,996 to €322,704
- Staff costs +€156,760
new in 2021: €156,760
- Financial income +€68,217
new in 2021: €68,217
- Gross operating margin +€56,167
up €56,167 (+18.3%), from €306,530 to €362,698
- Taxes +€17,573
up €17,573 (+24.0%), from €73,198 to €90,771
From the 2020 result to the 2021 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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2020 | 2021 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,806,921 | €704,152 | -€1.1m | -61.0% |
| Fixed assets | 21/28 | €38,906 | €34,432 | -€4,474 | -11.5% |
| Tangible fixed assets | 22/27 | €38,906 | €34,432 | -€4,474 | -11.5% |
| Plant, machinery and equipment | 23 | - | €25,357 | +€25,357 | |
| Furniture and vehicles | 24 | - | €9,075 | +€9,075 | |
| Current assets | 29/58 | €1,768,015 | €669,720 | -€1.1m | -62.1% |
| Stocks and contracts in progress | 3 | €39,697 | €21,979 | -€17,718 | -44.6% |
| Stocks | 30/36 | - | €21,979 | +€21,979 | |
| Amounts receivable within one year | 40/41 | €1,485,991 | €260,251 | -€1.2m | -82.5% |
| Trade receivables | 40 | - | €67,030 | +€67,030 | |
| Other amounts receivable | 41 | - | €193,220 | +€193,220 | |
| Cash at bank and in hand | 54/58 | €239,851 | €384,311 | +€144,459 | +60.2% |
| Deferred charges and accrued income | 490/1 | - | €3,179 | +€3,179 | |
| Total equity and liabilities | 10/49 | €1,806,921 | €704,152 | -€1.1m | -61.0% |
| Equity | 10/15 | €1,708,924 | €381,448 | -€1.3m | -77.7% |
| Contributions | 10/11 | - | €8,875 | +€8,875 | |
| Reserves | 13 | €1,700,050 | €372,573 | -€1.3m | -78.1% |
| Non-distributable reserves | 130/1 | - | €1,859 | +€1,859 | |
| Reserves not available under the articles | 1311 | - | €1,859 | +€1,859 | |
| Distributable reserves | 133 | - | €370,714 | +€370,714 | |
| Amounts payable | 17/49 | €97,996 | €322,704 | +€224,708 | +229% |
| Amounts payable within one year | 42/48 | €97,842 | €322,704 | +€224,863 | +230% |
| Financial debts | 43 | - | €11,382 | +€11,382 | |
| Credit institutions | 430/8 | - | €11,382 | +€11,382 | |
| Trade debts | 44 | €14,173 | €8,793 | -€5,380 | -38.0% |
| Suppliers | 440/4 | - | €8,793 | +€8,793 | |
| Taxes, remuneration and social security | 45 | - | €66,774 | +€66,774 | |
| Taxes | 450/3 | - | €64,293 | +€64,293 | |
| Remuneration and social security | 454/9 | - | €2,481 | +€2,481 | |
| Other amounts payable | 47/48 | - | €235,756 | +€235,756 | |
| Remuneration, social security and pensions | 62 | - | €156,760 | +€156,760 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,547 | €7,531 | +€984 | +15.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €449 | +€449 | |
| Other operating charges | 640/8 | - | €2,830 | +€2,830 | |
| Gross operating margin | 9900 | €306,530 | €362,698 | +€56,167 | +18.3% |
| Operating profit (loss) | 9901 | €163,276 | €195,129 | +€31,853 | +19.5% |
| Financial income | 75/76B | - | €68,217 | +€68,217 | |
| Recurring financial income | 75 | €137,070 | €68,217 | -€68,853 | -50.2% |
| Financial charges | 65/66B | - | €52 | +€52 | |
| Recurring financial charges | 65 | €1,371 | €52 | -€1,319 | -96.2% |
| Profit (loss) for the period before taxes | 9903 | €298,975 | €263,294 | -€35,682 | -11.9% |
| Income taxes | 67/77 | €73,198 | €90,771 | +€17,573 | +24.0% |
| Profit (loss) for the period | 9904 | €225,777 | €172,523 | -€53,254 | -23.6% |
| Profit (loss) for the period to be appropriated | 9905 | €225,777 | €172,523 | -€53,254 | -23.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2020 and 31 December 2021. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.