V.S.R.: what changed
Two fiscal 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.R.
Largest movements
- Tangible fixed assets -€73,295
down €73,295 (-6.7%), from €1.1m to €1.0m
of which Land and buildings: -€57,198
- Cash -€68,940
down €68,940 (-58.1%), from €118,599 to €49,659
mainly Debts after one year (-€131,261) and Other debts (-€44,511)
- Receivables within one year -€52,610
down €52,610 (-50.8%), from €103,645 to €51,035
of which Trade receivables: -€42,383
- Debts after one year -€131,261
down €131,261 (-16.6%), from €789,206 to €657,945
of which Other amounts payable: -€75,000
- Other debts -€44,511
down €44,511 (-91.0%), from €48,930 to €4,419
- Tax, wage and social debts -€42,056
down €42,056 (-92.6%), from €45,409 to €3,353
of which Taxes: -€44,056
- Reserves +€24,942
up €24,942 (+7.1%), from €352,775 to €377,717
- Gross operating margin +€13,524
up €13,524 (+10.9%), from €123,957 to €137,481
- Depreciation +€13,326
up €13,326 (+22.2%), from €59,969 to €73,295
- Taxes -€1,684
down €1,684 (-14.0%), from €12,065 to €10,381
- Other operating charges +€1,490
up €1,490 (+15.7%), from €9,514 to €11,004
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,315,564 | €1,120,719 | -€194,845 | -14.8% |
| Fixed assets | 21/28 | €1,093,320 | €1,020,025 | -€73,295 | -6.7% |
| Tangible fixed assets | 22/27 | €1,093,320 | €1,020,025 | -€73,295 | -6.7% |
| Land and buildings | 22 | €1,015,608 | €958,409 | -€57,198 | -5.6% |
| Furniture and vehicles | 24 | €77,712 | €61,616 | -€16,097 | -20.7% |
| Current assets | 29/58 | €222,244 | €100,694 | -€121,550 | -54.7% |
| Amounts receivable within one year | 40/41 | €103,645 | €51,035 | -€52,610 | -50.8% |
| Trade receivables | 40 | €72,602 | €30,219 | -€42,383 | -58.4% |
| Other amounts receivable | 41 | €31,044 | €20,817 | -€10,227 | -32.9% |
| Cash at bank and in hand | 54/58 | €118,599 | €49,659 | -€68,940 | -58.1% |
| Total equity and liabilities | 10/49 | €1,315,564 | €1,120,719 | -€194,845 | -14.8% |
| Equity | 10/15 | €372,775 | €397,717 | +€24,942 | +6.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €352,775 | €377,717 | +€24,942 | +7.1% |
| Distributable reserves | 133 | €352,775 | €377,717 | +€24,942 | +7.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €942,789 | €723,002 | -€219,788 | -23.3% |
| Amounts payable after more than one year | 17 | €789,206 | €657,945 | -€131,261 | -16.6% |
| Financial debts | 170/4 | €714,206 | €657,945 | -€56,261 | -7.9% |
| Other amounts payable | 178/9 | €75,000 | €0 | -€75,000 | -100.0% |
| Amounts payable within one year | 42/48 | €153,584 | €65,057 | -€88,526 | -57.6% |
| Current portion of amounts payable after more than one year | 42 | €54,838 | €56,261 | +€1,424 | +2.6% |
| Trade debts | 44 | €4,408 | €1,024 | -€3,384 | -76.8% |
| Suppliers | 440/4 | €4,408 | €1,024 | -€3,384 | -76.8% |
| Taxes, remuneration and social security | 45 | €45,409 | €3,353 | -€42,056 | -92.6% |
| Taxes | 450/3 | €45,409 | €1,353 | -€44,056 | -97.0% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €48,930 | €4,419 | -€44,511 | -91.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,969 | €73,295 | +€13,326 | +22.2% |
| Other operating charges | 640/8 | €9,514 | €11,004 | +€1,490 | +15.7% |
| Gross operating margin | 9900 | €123,957 | €137,481 | +€13,524 | +10.9% |
| Operating profit (loss) | 9901 | €54,474 | €53,182 | -€1,292 | -2.4% |
| Financial income | 75/76B | €768 | €1,200 | +€433 | +56.3% |
| Recurring financial income | 75 | €768 | €1,200 | +€433 | +56.3% |
| Financial charges | 65/66B | €18,197 | €19,059 | +€862 | +4.7% |
| Recurring financial charges | 65 | €18,197 | €19,059 | +€862 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €37,044 | €35,323 | -€1,721 | -4.6% |
| Income taxes | 67/77 | €12,065 | €10,381 | -€1,684 | -14.0% |
| Profit (loss) for the period | 9904 | €24,979 | €24,942 | -€37 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €24,979 | €24,942 | -€37 | -0.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.