V.S.S.: 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.S.
Largest movements
- Cash +€46,748
up €46,748 (+47.5%), from €98,384 to €145,133
mainly Other debts (+€59,471) and Net result for the year (+€46,992)
- Tangible fixed assets -€11,967
down €11,967 (-5.0%), from €240,613 to €228,646
of which Land and buildings: -€12,199
- Other debts +€59,471
up €59,471, from €0 to €59,471
- Debts after one year -€20,061
down €20,061 (-12.4%), from €162,382 to €142,320
- Reserves -€12,478
down €12,478 (-7.7%), from €161,525 to €149,047
- Tax, wage and social debts +€7,572
up €7,572 (+93.2%), from €8,124 to €15,697
- Gross operating margin +€12,590
up €12,590 (+29.9%), from €42,045 to €54,635
- Financial income -€5,875
down €5,875 (-12.0%), from €49,014 to €43,140
- Taxes +€2,836
up €2,836 (+16.8%), from €16,837 to €19,673
- Other operating charges -€2,717
down €2,717 (-55.4%), from €4,906 to €2,189
- Financial charges +€1,958
up €1,958 (+25.1%), from €7,794 to €9,753
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 | €377,449 | €415,317 | +€37,867 | +10.0% |
| Fixed assets | 21/28 | €254,663 | €242,696 | -€11,967 | -4.7% |
| Tangible fixed assets | 22/27 | €240,613 | €228,646 | -€11,967 | -5.0% |
| Land and buildings | 22 | €233,666 | €221,466 | -€12,199 | -5.2% |
| Plant, machinery and equipment | 23 | €961 | €278 | -€683 | -71.1% |
| Furniture and vehicles | 24 | €5,986 | €5,028 | -€958 | -16.0% |
| Other tangible fixed assets | 26 | - | €1,873 | +€1,873 | |
| Financial fixed assets | 28 | €14,050 | €14,050 | = | 0.0% |
| Current assets | 29/58 | €122,786 | €172,621 | +€49,835 | +40.6% |
| Amounts receivable within one year | 40/41 | €23,671 | €26,387 | +€2,716 | +11.5% |
| Trade receivables | 40 | €22,911 | €24,838 | +€1,927 | +8.4% |
| Other amounts receivable | 41 | €760 | €1,549 | +€789 | +104% |
| Cash at bank and in hand | 54/58 | €98,384 | €145,133 | +€46,748 | +47.5% |
| Deferred charges and accrued income | 490/1 | €731 | €1,101 | +€370 | +50.6% |
| Total equity and liabilities | 10/49 | €377,449 | €415,317 | +€37,867 | +10.0% |
| Equity | 10/15 | €180,125 | €167,647 | -€12,478 | -6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €161,525 | €149,047 | -€12,478 | -7.7% |
| Distributable reserves | 133 | €161,525 | €149,047 | -€12,478 | -7.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €197,324 | €247,670 | +€50,346 | +25.5% |
| Amounts payable after more than one year | 17 | €162,382 | €142,320 | -€20,061 | -12.4% |
| Financial debts | 170/4 | €162,382 | €142,320 | -€20,061 | -12.4% |
| Amounts payable within one year | 42/48 | €34,943 | €105,350 | +€70,407 | +201% |
| Current portion of amounts payable after more than one year | 42 | €19,741 | €20,061 | +€321 | +1.6% |
| Trade debts | 44 | €7,078 | €10,121 | +€3,043 | +43.0% |
| Suppliers | 440/4 | €7,078 | €10,121 | +€3,043 | +43.0% |
| Taxes, remuneration and social security | 45 | €8,124 | €15,697 | +€7,572 | +93.2% |
| Taxes | 450/3 | €8,124 | €15,697 | +€7,572 | +93.2% |
| Other amounts payable | 47/48 | €0 | €59,471 | +€59,471 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,680 | €19,167 | +€487 | +2.6% |
| Other operating charges | 640/8 | €4,906 | €2,189 | -€2,717 | -55.4% |
| Gross operating margin | 9900 | €42,045 | €54,635 | +€12,590 | +29.9% |
| Operating profit (loss) | 9901 | €18,459 | €33,278 | +€14,820 | +80.3% |
| Financial income | 75/76B | €49,014 | €43,140 | -€5,875 | -12.0% |
| Recurring financial income | 75 | €49,014 | €43,140 | -€5,875 | -12.0% |
| Financial charges | 65/66B | €7,794 | €9,753 | +€1,958 | +25.1% |
| Recurring financial charges | 65 | €7,794 | €9,753 | +€1,958 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €59,679 | €66,665 | +€6,987 | +11.7% |
| Income taxes | 67/77 | €16,837 | €19,673 | +€2,836 | +16.8% |
| Profit (loss) for the period | 9904 | €42,841 | €46,992 | +€4,151 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €42,841 | €46,992 | +€4,151 | +9.7% |
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 26 October 2026 via checked.be.