VCS: 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.
VCS
Largest movements
- Cash -€67,308
down €67,308 (-16.8%), from €401,704 to €334,397
mainly Other debts (-€81,184) and Investment in fixed assets (net) (-€30,447)
- Stocks and contracts -€42,323
down €42,323 (-97.6%), from €43,373 to €1,050
- Receivables within one year +€14,931
up €14,931 (+46.5%), from €32,084 to €47,015
of which Other amounts receivable: +€21,756
- Other debts -€81,184
down €81,184 (-23.9%), from €339,828 to €258,644
- Tax, wage and social debts -€21,775
down €21,775 (-98.7%), from €22,062 to €286
- Reserves +€13,280
up €13,280 (+7.1%), from €186,685 to €199,965
of which Distributable reserves: +€13,280
- Gross operating margin -€102,493
down €102,493 (-69.1%), from €148,237 to €45,744
- Depreciation -€26,834
down €26,834 (-51.0%), from €52,583 to €25,749
- Taxes -€19,494
down €19,494 (-88.6%), from €22,014 to €2,520
- Financial income +€1,759
up €1,759 (+105.1%), from €1,674 to €3,433
- Financial charges -€1,597
down €1,597 (-64.9%), from €2,463 to €865
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 | €624,908 | €535,214 | -€89,694 | -14.4% |
| Fixed assets | 21/28 | €147,530 | €152,228 | +€4,698 | +3.2% |
| Tangible fixed assets | 22/27 | €147,530 | €152,228 | +€4,698 | +3.2% |
| Land and buildings | 22 | €104,357 | €0 | -€104,357 | -100.0% |
| Plant, machinery and equipment | 23 | €12,105 | €22,725 | +€10,620 | +87.7% |
| Furniture and vehicles | 24 | €31,068 | €19,032 | -€12,037 | -38.7% |
| Other tangible fixed assets | 26 | - | €110,472 | +€110,472 | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €477,378 | €382,986 | -€94,392 | -19.8% |
| Stocks and contracts in progress | 3 | €43,373 | €1,050 | -€42,323 | -97.6% |
| Stocks | 30/36 | €43,373 | €1,050 | -€42,323 | -97.6% |
| Amounts receivable within one year | 40/41 | €32,084 | €47,015 | +€14,931 | +46.5% |
| Trade receivables | 40 | €32,084 | €25,259 | -€6,825 | -21.3% |
| Other amounts receivable | 41 | €0 | €21,756 | +€21,756 | |
| Cash at bank and in hand | 54/58 | €401,704 | €334,397 | -€67,308 | -16.8% |
| Deferred charges and accrued income | 490/1 | €217 | €525 | +€308 | +141.7% |
| Total equity and liabilities | 10/49 | €624,908 | €535,214 | -€89,694 | -14.4% |
| Equity | 10/15 | €214,880 | €228,169 | +€13,289 | +6.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €186,685 | €199,965 | +€13,280 | +7.1% |
| Tax-exempt reserves | 132 | €8,205 | €8,205 | = | 0.0% |
| Distributable reserves | 133 | €178,480 | €191,760 | +€13,280 | +7.4% |
| Profit (loss) carried forward | 14 | €9,595 | €9,604 | +€9 | +0.1% |
| Provisions and deferred taxes | 16 | €36,045 | €36,045 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €36,045 | €36,045 | = | 0.0% |
| Pensions and similar obligations | 160 | €36,045 | €36,045 | = | 0.0% |
| Amounts payable | 17/49 | €373,984 | €271,000 | -€102,983 | -27.5% |
| Amounts payable after more than one year | 17 | €1,172 | €1,172 | = | 0.0% |
| Financial debts | 170/4 | €1,172 | €1,172 | = | 0.0% |
| Amounts payable within one year | 42/48 | €372,812 | €269,828 | -€102,983 | -27.6% |
| Current portion of amounts payable after more than one year | 42 | €6,878 | €3,345 | -€3,532 | -51.4% |
| Trade debts | 44 | €4,044 | €7,553 | +€3,509 | +86.8% |
| Suppliers | 440/4 | €4,044 | €7,553 | +€3,509 | +86.8% |
| Taxes, remuneration and social security | 45 | €22,062 | €286 | -€21,775 | -98.7% |
| Taxes | 450/3 | €22,062 | €286 | -€21,775 | -98.7% |
| Other amounts payable | 47/48 | €339,828 | €258,644 | -€81,184 | -23.9% |
| Non-recurring operating income | 76A | - | €17,432 | +€17,432 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,583 | €25,749 | -€26,834 | -51.0% |
| Other operating charges | 640/8 | €7,578 | €6,753 | -€826 | -10.9% |
| Gross operating margin | 9900 | €148,237 | €45,744 | -€102,493 | -69.1% |
| Operating profit (loss) | 9901 | €88,076 | €13,242 | -€74,833 | -85.0% |
| Financial income | 75/76B | €1,674 | €3,433 | +€1,759 | +105.1% |
| Recurring financial income | 75 | €1,674 | €3,433 | +€1,759 | +105.1% |
| Financial charges | 65/66B | €2,463 | €865 | -€1,597 | -64.9% |
| Recurring financial charges | 65 | €2,463 | €865 | -€1,597 | -64.9% |
| Profit (loss) for the period before taxes | 9903 | €87,287 | €15,810 | -€71,477 | -81.9% |
| Income taxes | 67/77 | €22,014 | €2,520 | -€19,494 | -88.6% |
| Profit (loss) for the period | 9904 | €65,273 | €13,289 | -€51,983 | -79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €65,273 | €13,289 | -€51,983 | -79.6% |
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 4 October 2026 via checked.be.