VBS: 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.
VBS
Largest movements
- Stocks and contracts +€29,168
up €29,168 (+58.4%), from €49,980 to €79,148
- Receivables within one year +€23,033
up €23,033 (+13.1%), from €176,264 to €199,297
of which Trade receivables: +€23,033
- Cash +€8,815
up €8,815 (+98.2%), from €8,974 to €17,789
mainly Advances received (+€98,245) and Depreciation (+€49,278)
- Tangible fixed assets +€8,158
up €8,158 (+2.3%), from €355,138 to €363,296
of which Land and buildings: +€11,019
- Advances received +€98,245
up €98,245 (+83.6%), from €117,464 to €215,709
- Debts after one year -€70,884
down €70,884 (-49.7%), from €142,674 to €71,790
- Trade debts +€33,785
up €33,785 (+70.9%), from €47,622 to €81,407
- Accrued charges and deferred income -€31,600
down €31,600 (-49.5%), from €63,900 to €32,300
- Other debts +€23,940
up €23,940 (+43.2%), from €55,362 to €79,302
- Staff costs +€10,453
up €10,453 (+61.5%), from €16,988 to €27,441
- Gross operating margin +€4,500
up €4,500 (+5.8%), from €77,094 to €81,594
- Depreciation +€3,582
up €3,582 (+7.8%), from €45,696 to €49,278
- Other operating charges +€2,015
up €2,015 (+44.8%), from €4,494 to €6,509
- Financial income +€1,654
up €1,654 (+9.0%), from €18,453 to €20,106
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €602,948 | €670,549 | +€67,601 | +11.2% |
| Formation expenses | 20 | €2,407 | €1,410 | -€997 | -41.4% |
| Fixed assets | 21/28 | €365,323 | €372,904 | +€7,581 | +2.1% |
| Intangible fixed assets | 21 | €10,185 | €9,608 | -€577 | -5.7% |
| Tangible fixed assets | 22/27 | €355,138 | €363,296 | +€8,158 | +2.3% |
| Land and buildings | 22 | €318,600 | €329,619 | +€11,019 | +3.5% |
| Plant, machinery and equipment | 23 | €17,726 | €20,537 | +€2,810 | +15.9% |
| Furniture and vehicles | 24 | €18,812 | €13,140 | -€5,671 | -30.1% |
| Current assets | 29/58 | €235,218 | €296,234 | +€61,016 | +25.9% |
| Stocks and contracts in progress | 3 | €49,980 | €79,148 | +€29,168 | +58.4% |
| Stocks | 30/36 | €49,980 | €79,148 | +€29,168 | +58.4% |
| Amounts receivable within one year | 40/41 | €176,264 | €199,297 | +€23,033 | +13.1% |
| Trade receivables | 40 | €166,024 | €189,057 | +€23,033 | +13.9% |
| Other amounts receivable | 41 | €10,240 | €10,240 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €8,974 | €17,789 | +€8,815 | +98.2% |
| Total equity and liabilities | 10/49 | €602,948 | €670,549 | +€67,601 | +11.2% |
| Equity | 10/15 | €96,083 | €109,552 | +€13,469 | +14.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,917 | €9,552 | +€13,469 | |
| Amounts payable | 17/49 | €506,865 | €560,997 | +€54,132 | +10.7% |
| Amounts payable after more than one year | 17 | €142,674 | €71,790 | -€70,884 | -49.7% |
| Financial debts | 170/4 | €142,674 | €71,790 | -€70,884 | -49.7% |
| Amounts payable within one year | 42/48 | €300,291 | €456,906 | +€156,615 | +52.2% |
| Current portion of amounts payable after more than one year | 42 | €69,989 | €70,884 | +€895 | +1.3% |
| Trade debts | 44 | €47,622 | €81,407 | +€33,785 | +70.9% |
| Suppliers | 440/4 | €47,622 | €81,407 | +€33,785 | +70.9% |
| Advances received on contracts in progress | 46 | €117,464 | €215,709 | +€98,245 | +83.6% |
| Taxes, remuneration and social security | 45 | €9,855 | €9,605 | -€250 | -2.5% |
| Taxes | 450/3 | €7,957 | €6,939 | -€1,018 | -12.8% |
| Remuneration and social security | 454/9 | €1,898 | €2,666 | +€768 | +40.4% |
| Other amounts payable | 47/48 | €55,362 | €79,302 | +€23,940 | +43.2% |
| Accrued charges and deferred income | 492/3 | €63,900 | €32,300 | -€31,600 | -49.5% |
| Remuneration, social security and pensions | 62 | €16,988 | €27,441 | +€10,453 | +61.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,696 | €49,278 | +€3,582 | +7.8% |
| Other operating charges | 640/8 | €4,494 | €6,509 | +€2,015 | +44.8% |
| Gross operating margin | 9900 | €77,094 | €81,594 | +€4,500 | +5.8% |
| Operating profit (loss) | 9901 | €9,916 | -€1,634 | -€11,549 | |
| Financial income | 75/76B | €18,453 | €20,106 | +€1,654 | +9.0% |
| Recurring financial income | 75 | €18,453 | €20,106 | +€1,654 | +9.0% |
| Financial charges | 65/66B | €4,405 | €5,004 | +€598 | +13.6% |
| Recurring financial charges | 65 | €4,405 | €5,004 | +€598 | +13.6% |
| Profit (loss) for the period before taxes | 9903 | €23,963 | €13,469 | -€10,494 | -43.8% |
| Profit (loss) for the period | 9904 | €23,963 | €13,469 | -€10,494 | -43.8% |
| Profit (loss) for the period to be appropriated | 9905 | €23,963 | €13,469 | -€10,494 | -43.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.