@V.SI: 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.SI
Largest movements
- Receivables within one year +€205,125
up €205,125 (+1754.4%), from €11,692 to €216,817
- Current investments -€135,000
no longer reported in 2025 (was €135,000)
- Cash -€17,357
down €17,357 (-10.2%), from €169,504 to €152,147
- Other debts +€108,369
up €108,369 (+456.3%), from €23,752 to €132,121
- Reserves -€80,752
down €80,752 (-24.9%), from €324,673 to €243,920
of which Distributable reserves: -€80,752
- Tax, wage and social debts +€21,270
up €21,270 (+715.9%), from €2,971 to €24,241
- Gross operating margin +€158,041
up €158,041 (+204.6%), from €77,248 to €235,289
- Taxes +€36,554
up €36,554 (+236.6%), from €15,449 to €52,003
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €369,995 | €418,882 | +€48,887 | +13.2% |
| Fixed assets | 21/28 | €53,800 | €49,918 | -€3,881 | -7.2% |
| Tangible fixed assets | 22/27 | €53,800 | €49,918 | -€3,881 | -7.2% |
| Plant, machinery and equipment | 23 | €15,583 | €13,760 | -€1,823 | -11.7% |
| Furniture and vehicles | 24 | €38,217 | €36,158 | -€2,059 | -5.4% |
| Current assets | 29/58 | €316,196 | €368,964 | +€52,768 | +16.7% |
| Amounts receivable within one year | 40/41 | €11,692 | €216,817 | +€205,125 | +1754.4% |
| Other amounts receivable | 41 | €11,692 | €216,817 | +€205,125 | +1754.4% |
| Current investments | 50/53 | €135,000 | - | -€135,000 | |
| Cash at bank and in hand | 54/58 | €169,504 | €152,147 | -€17,357 | -10.2% |
| Total equity and liabilities | 10/49 | €369,995 | €418,882 | +€48,887 | +13.2% |
| Equity | 10/15 | €343,273 | €262,520 | -€80,752 | -23.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €324,673 | €243,920 | -€80,752 | -24.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €322,813 | €242,060 | -€80,752 | -25.0% |
| Amounts payable | 17/49 | €26,723 | €156,362 | +€129,639 | +485.1% |
| Amounts payable within one year | 42/48 | €26,723 | €156,362 | +€129,639 | +485.1% |
| Taxes, remuneration and social security | 45 | €2,971 | €24,241 | +€21,270 | +715.9% |
| Taxes | 450/3 | €2,971 | €24,241 | +€21,270 | +715.9% |
| Other amounts payable | 47/48 | €23,752 | €132,121 | +€108,369 | +456.3% |
| Remuneration, social security and pensions | 62 | €9,380 | €7,244 | -€2,136 | -22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,118 | €15,518 | +€401 | +2.6% |
| Other operating charges | 640/8 | €441 | €696 | +€255 | +57.9% |
| Gross operating margin | 9900 | €77,248 | €235,289 | +€158,041 | +204.6% |
| Operating profit (loss) | 9901 | €52,310 | €211,831 | +€159,520 | +305.0% |
| Financial income | 75/76B | €439 | €1,662 | +€1,223 | +278.7% |
| Recurring financial income | 75 | €439 | €1,662 | +€1,223 | +278.7% |
| Financial charges | 65/66B | €411 | €340 | -€70 | -17.1% |
| Recurring financial charges | 65 | €411 | €340 | -€70 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €52,338 | €213,153 | +€160,814 | +307.3% |
| Income taxes | 67/77 | €15,449 | €52,003 | +€36,554 | +236.6% |
| Profit (loss) for the period | 9904 | €36,890 | €161,150 | +€124,260 | +336.8% |
| Profit (loss) for the period to be appropriated | 9905 | €36,890 | €161,150 | +€124,260 | +336.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.