VCFS: 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.
VCFS
Largest movements
- Receivables within one year +€5,172
up €5,172 (+17.8%), from €29,079 to €34,251
of which Trade receivables: +€3,630
- Cash -€1,950
down €1,950 (-86.2%), from €2,261 to €311
mainly Net result for the year (-€9,213) and Receivables within one year (-€5,172)
- Tangible fixed assets -€616
down €616 (-50.0%), from €1,231 to €615
- Other debts +€14,620
up €14,620 (+17.1%), from €85,492 to €100,112
- Profit (loss) carried forward -€9,213
down €9,213 (-6.3%), from -€146,740 to -€155,953
- Trade debts -€2,602
down €2,602 (-69.9%), from €3,722 to €1,120
- Gross operating margin +€179
up €179 (+2.2%), from -€8,178 to -€7,999
- Taxes -€146
down €146 (-91.3%), from €160 to €14
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 | €32,570 | €35,177 | +€2,607 | +8.0% |
| Fixed assets | 21/28 | €1,231 | €615 | -€616 | -50.0% |
| Tangible fixed assets | 22/27 | €1,231 | €615 | -€616 | -50.0% |
| Plant, machinery and equipment | 23 | €1,231 | €615 | -€616 | -50.0% |
| Current assets | 29/58 | €31,339 | €34,562 | +€3,223 | +10.3% |
| Amounts receivable within one year | 40/41 | €29,079 | €34,251 | +€5,172 | +17.8% |
| Trade receivables | 40 | €10,939 | €14,569 | +€3,630 | +33.2% |
| Other amounts receivable | 41 | €18,140 | €19,682 | +€1,542 | +8.5% |
| Cash at bank and in hand | 54/58 | €2,261 | €311 | -€1,950 | -86.2% |
| Total equity and liabilities | 10/49 | €32,570 | €35,177 | +€2,607 | +8.0% |
| Equity | 10/15 | -€58,082 | -€67,295 | -€9,213 | -15.9% |
| Contributions | 10/11 | €65,520 | €65,520 | = | 0.0% |
| Capital | 10 | €65,520 | €65,520 | = | 0.0% |
| Issued capital | 100 | €65,520 | €65,520 | = | 0.0% |
| Reserves | 13 | €23,139 | €23,139 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,247 | €6,247 | = | 0.0% |
| Legal reserve | 130 | €6,247 | €6,247 | = | 0.0% |
| Distributable reserves | 133 | €16,892 | €16,892 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€146,740 | -€155,953 | -€9,213 | -6.3% |
| Amounts payable | 17/49 | €90,651 | €102,472 | +€11,821 | +13.0% |
| Amounts payable within one year | 42/48 | €89,651 | €101,472 | +€11,821 | +13.2% |
| Trade debts | 44 | €3,722 | €1,120 | -€2,602 | -69.9% |
| Suppliers | 440/4 | €3,722 | €1,120 | -€2,602 | -69.9% |
| Taxes, remuneration and social security | 45 | €438 | €240 | -€198 | -45.2% |
| Taxes | 450/3 | €438 | €240 | -€198 | -45.2% |
| Other amounts payable | 47/48 | €85,492 | €100,112 | +€14,620 | +17.1% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €615 | €615 | = | 0.0% |
| Other operating charges | 640/8 | €509 | €512 | +€3 | +0.6% |
| Gross operating margin | 9900 | -€8,178 | -€7,999 | +€179 | +2.2% |
| Operating profit (loss) | 9901 | -€9,302 | -€9,126 | +€176 | +1.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €111 | €73 | -€38 | -34.2% |
| Recurring financial charges | 65 | €111 | €73 | -€38 | -34.2% |
| Profit (loss) for the period before taxes | 9903 | -€9,413 | -€9,199 | +€214 | +2.3% |
| Income taxes | 67/77 | €160 | €14 | -€146 | -91.3% |
| Profit (loss) for the period | 9904 | -€9,573 | -€9,213 | +€360 | +3.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,573 | -€9,213 | +€360 | +3.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.