VC-SERVICES: 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.
VC-SERVICES
Largest movements
- Receivables within one year -€111,506
down €111,506 (-61.4%), from €181,490 to €69,984
of which Other amounts receivable: -€75,370
- Financial fixed assets -€51,000
down €51,000 (-99.1%), from €51,450 to €450
- Stocks and contracts -€30,171
down €30,171 (-9.8%), from €307,946 to €277,776
- Trade debts -€125,153
down €125,153 (-86.4%), from €144,907 to €19,754
- Short-term financial debts +€110,000
up €110,000 (+45.8%), from €240,000 to €350,000
- Debts after one year -€84,442
down €84,442 (-5.1%), from €1.7m to €1.6m
- Other debts -€71,941
down €71,941 (-57.1%), from €125,968 to €54,027
- Gross operating margin -€63,731
down €63,731 (-22.3%), from €285,642 to €221,911
- Taxes -€39,554
down €39,554 (-76.6%), from €51,649 to €12,094
- Financial charges +€29,994
up €29,994 (+60.5%), from €49,553 to €79,547
of which Financial charges: +€26,003
- Depreciation +€29,427
up €29,427 (+48.3%), from €60,968 to €90,395
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 | €2,751,424 | €2,562,419 | -€189,005 | -6.9% |
| Fixed assets | 21/28 | €2,234,171 | €2,167,194 | -€66,977 | -3.0% |
| Intangible fixed assets | 21 | €2,823 | €1,938 | -€885 | -31.3% |
| Tangible fixed assets | 22/27 | €2,179,898 | €2,164,806 | -€15,092 | -0.7% |
| Land and buildings | 22 | €2,149,909 | €2,121,940 | -€27,969 | -1.3% |
| Furniture and vehicles | 24 | €23,130 | €36,034 | +€12,904 | +55.8% |
| Other tangible fixed assets | 26 | €6,859 | €6,832 | -€27 | -0.4% |
| Financial fixed assets | 28 | €51,450 | €450 | -€51,000 | -99.1% |
| Current assets | 29/58 | €517,254 | €395,225 | -€122,029 | -23.6% |
| Stocks and contracts in progress | 3 | €307,946 | €277,776 | -€30,171 | -9.8% |
| Stocks | 30/36 | €307,946 | €277,776 | -€30,171 | -9.8% |
| Amounts receivable within one year | 40/41 | €181,490 | €69,984 | -€111,506 | -61.4% |
| Trade receivables | 40 | €100,422 | €64,287 | -€36,136 | -36.0% |
| Other amounts receivable | 41 | €81,067 | €5,697 | -€75,370 | -93.0% |
| Cash at bank and in hand | 54/58 | €25,660 | €45,217 | +€19,558 | +76.2% |
| Deferred charges and accrued income | 490/1 | €2,158 | €2,248 | +€90 | +4.2% |
| Total equity and liabilities | 10/49 | €2,751,424 | €2,562,419 | -€189,005 | -6.9% |
| Equity | 10/15 | €465,215 | €444,418 | -€20,797 | -4.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €459,015 | €438,218 | -€20,797 | -4.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €457,155 | €436,358 | -€20,797 | -4.5% |
| Amounts payable | 17/49 | €2,286,209 | €2,118,001 | -€168,208 | -7.4% |
| Amounts payable after more than one year | 17 | €1,658,189 | €1,573,748 | -€84,442 | -5.1% |
| Financial debts | 170/4 | €1,658,189 | €1,573,748 | -€84,442 | -5.1% |
| Amounts payable within one year | 42/48 | €625,618 | €543,246 | -€82,372 | -13.2% |
| Current portion of amounts payable after more than one year | 42 | €81,841 | €84,442 | +€2,601 | +3.2% |
| Financial debts | 43 | €240,000 | €350,000 | +€110,000 | +45.8% |
| Credit institutions | 430/8 | €240,000 | €350,000 | +€110,000 | +45.8% |
| Trade debts | 44 | €144,907 | €19,754 | -€125,153 | -86.4% |
| Suppliers | 440/4 | €144,907 | €19,754 | -€125,153 | -86.4% |
| Taxes, remuneration and social security | 45 | €32,902 | €35,023 | +€2,121 | +6.4% |
| Taxes | 450/3 | €32,902 | €31,079 | -€1,823 | -5.5% |
| Remuneration and social security | 454/9 | - | €3,944 | +€3,944 | |
| Other amounts payable | 47/48 | €125,968 | €54,027 | -€71,941 | -57.1% |
| Accrued charges and deferred income | 492/3 | €2,402 | €1,008 | -€1,394 | -58.0% |
| Non-recurring operating income | 76A | €8,311 | €5,171 | -€3,140 | -37.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €60,968 | €90,395 | +€29,427 | +48.3% |
| Other operating charges | 640/8 | €6,948 | €8,889 | +€1,941 | +27.9% |
| Non-recurring operating charges | 66A | - | €712 | +€712 | |
| Gross operating margin | 9900 | €285,642 | €221,911 | -€63,731 | -22.3% |
| Operating profit (loss) | 9901 | €217,726 | €121,915 | -€95,811 | -44.0% |
| Financial income | 75/76B | - | €481 | +€481 | |
| Recurring financial income | 75 | - | €481 | +€481 | |
| Financial charges | 65/66B | €49,553 | €79,547 | +€29,994 | +60.5% |
| Recurring financial charges | 65 | €49,553 | €75,556 | +€26,003 | +52.5% |
| Non-recurring financial charges | 66B | - | €3,991 | +€3,991 | |
| Profit (loss) for the period before taxes | 9903 | €168,173 | €42,848 | -€125,325 | -74.5% |
| Income taxes | 67/77 | €51,649 | €12,094 | -€39,554 | -76.6% |
| Profit (loss) for the period | 9904 | €116,524 | €30,754 | -€85,770 | -73.6% |
| Profit (loss) for the period to be appropriated | 9905 | €116,524 | €30,754 | -€85,770 | -73.6% |
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 8 October 2026 via checked.be.