VBS: 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.
VBS
Largest movements
- Receivables within one year +€68,871
up €68,871 (+95.5%), from €72,094 to €140,965
of which Trade receivables: +€59,690
- Cash +€11,757
up €11,757 (+7.1%), from €164,631 to €176,389
mainly Trade debts (+€47,110) and Net result for the year (+€30,025)
- Tangible fixed assets -€9,223
down €9,223 (-21.6%), from €42,667 to €33,444
of which Furniture and vehicles: -€10,519
- Deferred charges and accrued income +€4,287
new in 2025: €4,287
- Trade debts +€47,110
up €47,110 (+1048.8%), from €4,492 to €51,602
- Reserves +€30,025
up €30,025 (+12.8%), from €235,448 to €265,473
- Debts after one year -€7,703
down €7,703 (-46.9%), from €16,420 to €8,717
- Tax, wage and social debts +€4,284
up €4,284 (+129.9%), from €3,297 to €7,582
- Financial income -€19,416
down €19,416 (-96.1%), from €20,201 to €785
of which Non-recurring financial income: -€20,000
- Gross operating margin -€17,270
down €17,270 (-26.6%), from €64,889 to €47,619
- Taxes -€3,171
down €3,171 (-49.9%), from €6,358 to €3,187
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 | €279,393 | €355,085 | +€75,692 | +27.1% |
| Fixed assets | 21/28 | €42,667 | €33,444 | -€9,223 | -21.6% |
| Tangible fixed assets | 22/27 | €42,667 | €33,444 | -€9,223 | -21.6% |
| Plant, machinery and equipment | 23 | €10,951 | €12,246 | +€1,295 | +11.8% |
| Furniture and vehicles | 24 | €31,716 | €21,198 | -€10,519 | -33.2% |
| Current assets | 29/58 | €236,725 | €321,641 | +€84,916 | +35.9% |
| Amounts receivable within one year | 40/41 | €72,094 | €140,965 | +€68,871 | +95.5% |
| Trade receivables | 40 | €63,571 | €123,261 | +€59,690 | +93.9% |
| Other amounts receivable | 41 | €8,523 | €17,705 | +€9,181 | +107.7% |
| Cash at bank and in hand | 54/58 | €164,631 | €176,389 | +€11,757 | +7.1% |
| Deferred charges and accrued income | 490/1 | - | €4,287 | +€4,287 | |
| Total equity and liabilities | 10/49 | €279,393 | €355,085 | +€75,692 | +27.1% |
| Equity | 10/15 | €247,848 | €277,873 | +€30,025 | +12.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €235,448 | €265,473 | +€30,025 | +12.8% |
| Distributable reserves | 133 | €235,448 | €265,473 | +€30,025 | +12.8% |
| Amounts payable | 17/49 | €31,545 | €77,212 | +€45,668 | +144.8% |
| Amounts payable after more than one year | 17 | €16,420 | €8,717 | -€7,703 | -46.9% |
| Financial debts | 170/4 | €16,420 | €8,717 | -€7,703 | -46.9% |
| Amounts payable within one year | 42/48 | €14,955 | €68,495 | +€53,540 | +358.0% |
| Current portion of amounts payable after more than one year | 42 | €7,165 | €7,464 | +€299 | +4.2% |
| Trade debts | 44 | €4,492 | €51,602 | +€47,110 | +1048.8% |
| Suppliers | 440/4 | €4,492 | €51,602 | +€47,110 | +1048.8% |
| Taxes, remuneration and social security | 45 | €3,297 | €7,582 | +€4,284 | +129.9% |
| Taxes | 450/3 | €3,297 | €7,582 | +€4,284 | +129.9% |
| Other amounts payable | 47/48 | - | €1,847 | +€1,847 | |
| Accrued charges and deferred income | 492/3 | €170 | - | -€170 | |
| Non-recurring operating income | 76A | - | €2,000 | +€2,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,388 | €13,293 | -€95 | -0.7% |
| Other operating charges | 640/8 | €1,082 | €1,113 | +€31 | +2.9% |
| Gross operating margin | 9900 | €64,889 | €47,619 | -€17,270 | -26.6% |
| Operating profit (loss) | 9901 | €50,418 | €33,213 | -€17,206 | -34.1% |
| Financial income | 75/76B | €20,201 | €785 | -€19,416 | -96.1% |
| Recurring financial income | 75 | €201 | €785 | +€584 | +291.0% |
| Non-recurring financial income | 76B | €20,000 | - | -€20,000 | |
| Financial charges | 65/66B | €1,285 | €786 | -€499 | -38.8% |
| Recurring financial charges | 65 | €1,285 | €786 | -€499 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €69,334 | €33,212 | -€36,123 | -52.1% |
| Income taxes | 67/77 | €6,358 | €3,187 | -€3,171 | -49.9% |
| Profit (loss) for the period | 9904 | €62,977 | €30,025 | -€32,952 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | €62,977 | €30,025 | -€32,952 | -52.3% |
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 9 October 2026 via checked.be.