V'SPA: 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'SPA
Largest movements
- Cash +€13,332
up €13,332 (+28.1%), from €47,442 to €60,774
mainly Depreciation (+€26,121) and Net result for the year (+€8,971)
- Tangible fixed assets -€11,009
down €11,009 (-23.4%), from €47,122 to €36,113
of which Land and buildings: -€10,978
- Deferred charges and accrued income -€1,882
no longer reported in 2025 (was €1,882)
- Debts after one year -€10,093
down €10,093 (-47.0%), from €21,469 to €11,376
- Profit (loss) carried forward +€8,971
up €8,971 (+23.4%), from €38,323 to €47,294
- Tax, wage and social debts +€1,926
up €1,926 (+57.0%), from €3,380 to €5,306
- Gross operating margin +€5,894
up €5,894 (+14.6%), from €40,359 to €46,253
- Taxes +€2,190
up €2,190 (+70.9%), from €3,091 to €5,281
- Financial charges -€1,855
down €1,855 (-32.0%), from €5,802 to €3,947
of which Financial charges: -€1,908
- Other operating charges +€1,723
up €1,723 (+530.2%), from €325 to €2,048
- Depreciation +€718
up €718 (+2.8%), from €25,403 to €26,121
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 | €125,062 | €125,628 | +€566 | +0.5% |
| Fixed assets | 21/28 | €47,122 | €36,113 | -€11,009 | -23.4% |
| Tangible fixed assets | 22/27 | €47,122 | €36,113 | -€11,009 | -23.4% |
| Land and buildings | 22 | €28,816 | €17,838 | -€10,978 | -38.1% |
| Furniture and vehicles | 24 | €18,306 | €18,275 | -€31 | -0.2% |
| Current assets | 29/58 | €77,940 | €89,515 | +€11,575 | +14.9% |
| Stocks and contracts in progress | 3 | €28,596 | €28,508 | -€88 | -0.3% |
| Stocks | 30/36 | €28,596 | €28,508 | -€88 | -0.3% |
| Amounts receivable within one year | 40/41 | €20 | €233 | +€213 | +1065.0% |
| Trade receivables | 40 | €20 | €233 | +€213 | +1065.0% |
| Cash at bank and in hand | 54/58 | €47,442 | €60,774 | +€13,332 | +28.1% |
| Deferred charges and accrued income | 490/1 | €1,882 | - | -€1,882 | |
| Total equity and liabilities | 10/49 | €125,062 | €125,628 | +€566 | +0.5% |
| Equity | 10/15 | €58,078 | €67,049 | +€8,971 | +15.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,155 | €1,155 | = | 0.0% |
| Distributable reserves | 133 | €1,155 | €1,155 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,323 | €47,294 | +€8,971 | +23.4% |
| Amounts payable | 17/49 | €66,984 | €58,579 | -€8,405 | -12.5% |
| Amounts payable after more than one year | 17 | €21,469 | €11,376 | -€10,093 | -47.0% |
| Financial debts | 170/4 | €21,469 | €11,376 | -€10,093 | -47.0% |
| Amounts payable within one year | 42/48 | €45,515 | €47,203 | +€1,688 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €9,715 | €10,122 | +€407 | +4.2% |
| Trade debts | 44 | €4,724 | €4,388 | -€336 | -7.1% |
| Suppliers | 440/4 | €4,724 | €4,388 | -€336 | -7.1% |
| Taxes, remuneration and social security | 45 | €3,380 | €5,306 | +€1,926 | +57.0% |
| Taxes | 450/3 | €3,380 | €5,306 | +€1,926 | +57.0% |
| Other amounts payable | 47/48 | €27,696 | €27,387 | -€309 | -1.1% |
| Non-recurring operating income | 76A | €2,710 | €1,074 | -€1,636 | -60.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,403 | €26,121 | +€718 | +2.8% |
| Other operating charges | 640/8 | €325 | €2,048 | +€1,723 | +530.2% |
| Non-recurring operating charges | 66A | €3,147 | €481 | -€2,666 | -84.7% |
| Gross operating margin | 9900 | €40,359 | €46,253 | +€5,894 | +14.6% |
| Operating profit (loss) | 9901 | €11,484 | €17,603 | +€6,119 | +53.3% |
| Financial income | 75/76B | €178 | €596 | +€418 | +234.8% |
| Recurring financial income | 75 | €52 | €201 | +€149 | +286.5% |
| Non-recurring financial income | 76B | €126 | €395 | +€269 | +213.5% |
| Financial charges | 65/66B | €5,802 | €3,947 | -€1,855 | -32.0% |
| Recurring financial charges | 65 | €5,771 | €3,863 | -€1,908 | -33.1% |
| Non-recurring financial charges | 66B | €31 | €84 | +€53 | +171.0% |
| Profit (loss) for the period before taxes | 9903 | €5,860 | €14,252 | +€8,392 | +143.2% |
| Income taxes | 67/77 | €3,091 | €5,281 | +€2,190 | +70.9% |
| Profit (loss) for the period | 9904 | €2,769 | €8,971 | +€6,202 | +224.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,769 | €8,971 | +€6,202 | +224.0% |
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 7 October 2026 via checked.be.