V.S.M.: 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.
What changed
V.S.M.
NACE 56.111, Full-service restaurants
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€554,601
2024 · €895,027-€340,426
Equity
€3.2m
2024 · €2.9m+€287,217
Cash
€655,117
2024 · €822,582-€167,465
Balance sheet total
€7.5m
2024 · €7.1m+€426,060
Largest movements
Assets
- Receivables after one year +€2.9m
up €2.9m (+170.5%), from €1.7m to €4.6m
- Receivables within one year -€2.3m
down €2.3m (-97.1%), from €2.4m to €69,304
of which Other amounts receivable: -€2.3m
- Cash -€167,465
down €167,465 (-20.4%), from €822,582 to €655,117
mainly Receivables after one year (-€2.9m) and Contributions, distributions and other (-€267,383)
Equity and liabilities
- Profit (loss) carried forward +€403,720
up €403,720 (+17.0%), from €2.4m to €2.8m
- Other debts +€161,731
up €161,731 (+10.6%), from €1.5m to €1.7m
- Reserves -€99,119
down €99,119 (-22.8%), from €433,886 to €334,767
of which Distributable reserves: -€99,119
Income statement
- Gross operating margin -€356,014
down €356,014 (-10.2%), from €3.5m to €3.1m
- Staff costs +€121,747
up €121,747 (+6.3%), from €1.9m to €2.0m
- Taxes -€118,462
down €118,462 (-35.1%), from €337,229 to €218,767
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.
Result 2024
€895,027
Gross operating margin
-€356,014
Staff costs
-€121,747
Depreciation
+€1,409
Other operating charges
+€26,509
Other operating items
-€19,457
Financial income
+€17,417
Financial charges
-€7,005
Taxes
+€118,462
Result 2025
€554,601
Cash bridge derived
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.
From operations
+€324,278
Investment
-€190,499
Financing
-€301,244
Cash 2024
€822,582
From operations (derived)
+€324,278
Net result for the year
+€554,601
Depreciation
+€148,331
Receivables after one year
-€2.9m
Stocks and contracts
+€30,957
Receivables within one year
+€2.3m
Smaller working-capital items
+€756
Tax, wage and social debts
+€18,195
Advances received
-€8,436
Other debts
+€161,731
Investment (derived)
-€190,499
Investment in fixed assets (net)
-€190,499
Financing
-€301,244
Debts after one year
-€67,509
Current portion of long-term debt
+€33,649
Contributions, distributions and other
-€267,383
Cash 2025
€655,117
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,055,986 | €7,482,047 | +€426,060 | +6.0% |
| Fixed assets | 21/28 | €2,004,735 | €2,046,902 | +€42,168 | +2.1% |
| Intangible fixed assets | 21 | €4,733 | €3,007 | -€1,726 | -36.5% |
| Tangible fixed assets | 22/27 | €2,000,002 | €2,043,895 | +€43,893 | +2.2% |
| Land and buildings | 22 | €1,520,456 | €1,468,616 | -€51,841 | -3.4% |
| Plant, machinery and equipment | 23 | €6,082 | €4,540 | -€1,542 | -25.4% |
| Furniture and vehicles | 24 | €197,340 | €250,684 | +€53,344 | +27.0% |
| Other tangible fixed assets | 26 | €276,123 | €320,056 | +€43,933 | +15.9% |
| Current assets | 29/58 | €5,051,251 | €5,435,144 | +€383,893 | +7.6% |
| Amounts receivable after more than one year | 29 | €1,688,034 | €4,566,391 | +€2.9m | +170.5% |
| Other amounts receivable | 291 | €1,688,034 | €4,566,391 | +€2.9m | +170.5% |
| Stocks and contracts in progress | 3 | €158,995 | €128,039 | -€30,957 | -19.5% |
| Stocks | 30/36 | €158,995 | €128,039 | -€30,957 | -19.5% |
| Amounts receivable within one year | 40/41 | €2,365,802 | €69,304 | -€2.3m | -97.1% |
| Trade receivables | 40 | €72,348 | €66,539 | -€5,810 | -8.0% |
| Other amounts receivable | 41 | €2,293,454 | €2,765 | -€2.3m | -99.9% |
| Cash at bank and in hand | 54/58 | €822,582 | €655,117 | -€167,465 | -20.4% |
| Deferred charges and accrued income | 490/1 | €15,838 | €16,295 | +€456 | +2.9% |
| Total equity and liabilities | 10/49 | €7,055,986 | €7,482,047 | +€426,060 | +6.0% |
| Equity | 10/15 | €2,868,116 | €3,155,334 | +€287,217 | +10.0% |
| Contributions | 10/11 | €12,291 | €12,291 | = | 0.0% |
| Reserves | 13 | €433,886 | €334,767 | -€99,119 | -22.8% |
| Tax-exempt reserves | 132 | €297,363 | €297,363 | = | 0.0% |
| Distributable reserves | 133 | €136,522 | €37,404 | -€99,119 | -72.6% |
| Profit (loss) carried forward | 14 | €2,372,998 | €2,776,717 | +€403,720 | +17.0% |
| Investment grants | 15 | €48,942 | €31,559 | -€17,383 | -35.5% |
| Amounts payable | 17/49 | €4,187,870 | €4,326,713 | +€138,843 | +3.3% |
| Amounts payable after more than one year | 17 | €1,306,705 | €1,239,195 | -€67,509 | -5.2% |
| Financial debts | 170/4 | €1,124,940 | €1,058,794 | -€66,146 | -5.9% |
| Other amounts payable | 178/9 | €181,764 | €180,401 | -€1,363 | -0.7% |
| Amounts payable within one year | 42/48 | €2,878,085 | €3,087,518 | +€209,433 | +7.3% |
| Current portion of amounts payable after more than one year | 42 | €160,552 | €194,201 | +€33,649 | +21.0% |
| Trade debts | 44 | €491,374 | €495,667 | +€4,293 | +0.9% |
| Suppliers | 440/4 | €491,374 | €495,667 | +€4,293 | +0.9% |
| Advances received on contracts in progress | 46 | €20,426 | €11,990 | -€8,436 | -41.3% |
| Taxes, remuneration and social security | 45 | €677,208 | €695,404 | +€18,195 | +2.7% |
| Taxes | 450/3 | €335,035 | €357,228 | +€22,192 | +6.6% |
| Remuneration and social security | 454/9 | €342,173 | €338,176 | -€3,997 | -1.2% |
| Other amounts payable | 47/48 | €1,528,525 | €1,690,256 | +€161,731 | +10.6% |
| Accrued charges and deferred income | 492/3 | €3,080 | - | -€3,080 | |
| Remuneration, social security and pensions | 62 | €1,923,360 | €2,045,107 | +€121,747 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €149,741 | €148,331 | -€1,409 | -0.9% |
| Other operating charges | 640/8 | €201,277 | €174,769 | -€26,509 | -13.2% |
| Non-recurring operating charges | 66A | - | €19,457 | +€19,457 | |
| Gross operating margin | 9900 | €3,489,776 | €3,133,762 | -€356,014 | -10.2% |
| Operating profit (loss) | 9901 | €1,215,398 | €746,098 | -€469,300 | -38.6% |
| Financial income | 75/76B | €43,349 | €60,766 | +€17,417 | +40.2% |
| Recurring financial income | 75 | €43,349 | €60,766 | +€17,417 | +40.2% |
| Financial charges | 65/66B | €26,492 | €33,497 | +€7,005 | +26.4% |
| Recurring financial charges | 65 | €26,492 | €33,497 | +€7,005 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | €1,232,256 | €773,368 | -€458,888 | -37.2% |
| Income taxes | 67/77 | €337,229 | €218,767 | -€118,462 | -35.1% |
| Profit (loss) for the period | 9904 | €895,027 | €554,601 | -€340,426 | -38.0% |
| Transfer to tax-exempt reserves | 689 | €282,958 | - | -€282,958 | |
| Profit (loss) for the period to be appropriated | 9905 | €612,068 | €554,601 | -€57,468 | -9.4% |
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 12 October 2026 via checked.be.