VCS: what changed
VCS
Largest movements
- Receivables within one year +€49,725
up €49,725 (+107%), from €46,486 to €96,211
of which Trade receivables: +€60,648
- Tangible fixed assets +€17,474
up €17,474 (+95.7%), from €18,258 to €35,732
of which Furniture and vehicles: +€20,072
- Cash -€7,505
down €7,505 (-31.8%), from €23,584 to €16,079
mainly Net result for the year (-€547,898) and Receivables within one year (-€49,725)
- Debts after one year +€575,000
up €575,000, from €0 to €575,000
- Profit (loss) carried forward -€547,898
down €547,898 (-22.0%), from -€2.5m to -€3.0m
- Trade debts +€30,225
up €30,225 (+202%), from €14,933 to €45,158
- Tax, wage and social debts +€1,688
up €1,688 (+4.8%), from €35,194 to €36,882
of which Remuneration and social security: +€4,482
- Gross operating margin -€83,041
down €83,041 (-45.5%), from -€182,444 to -€265,485
- Staff costs +€76,634
up €76,634 (+40.9%), from €187,229 to €263,863
- Financial charges -€32,320
down €32,320 (-91.7%), from €35,235 to €2,915
- Depreciation +€5,580
up €5,580 (+85.6%), from €6,516 to €12,096
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €104,490 | €164,591 | +€60,101 | +57.5% |
| Fixed assets | 21/28 | €33,258 | €50,732 | +€17,474 | +52.5% |
| Tangible fixed assets | 22/27 | €18,258 | €35,732 | +€17,474 | +95.7% |
| Plant, machinery and equipment | 23 | €6,315 | €3,716 | -€2,598 | -41.1% |
| Furniture and vehicles | 24 | €11,944 | €32,016 | +€20,072 | +168% |
| Financial fixed assets | 28 | €15,000 | €15,000 | = | 0.0% |
| Current assets | 29/58 | €71,232 | €113,859 | +€42,627 | +59.8% |
| Amounts receivable within one year | 40/41 | €46,486 | €96,211 | +€49,725 | +107% |
| Trade receivables | 40 | €22,701 | €83,349 | +€60,648 | +267% |
| Other amounts receivable | 41 | €23,785 | €12,862 | -€10,924 | -45.9% |
| Cash at bank and in hand | 54/58 | €23,584 | €16,079 | -€7,505 | -31.8% |
| Deferred charges and accrued income | 490/1 | €1,161 | €1,569 | +€408 | +35.1% |
| Total equity and liabilities | 10/49 | €104,490 | €164,591 | +€60,101 | +57.5% |
| Equity | 10/15 | €52,046 | -€495,852 | -€547,898 | |
| Contributions | 10/11 | €2,540,000 | €2,540,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,487,954 | -€3,035,852 | -€547,898 | -22.0% |
| Amounts payable | 17/49 | €52,445 | €660,444 | +€607,999 | +1,159% |
| Amounts payable after more than one year | 17 | €0 | €575,000 | +€575,000 | |
| Financial debts | 170/4 | €0 | €575,000 | +€575,000 | |
| Amounts payable within one year | 42/48 | €52,445 | €85,444 | +€32,999 | +62.9% |
| Trade debts | 44 | €14,933 | €45,158 | +€30,225 | +202% |
| Suppliers | 440/4 | €14,933 | €45,158 | +€30,225 | +202% |
| Advances received on contracts in progress | 46 | €128 | €0 | -€128 | -100% |
| Taxes, remuneration and social security | 45 | €35,194 | €36,882 | +€1,688 | +4.8% |
| Taxes | 450/3 | €5,702 | €2,908 | -€2,794 | -49.0% |
| Remuneration and social security | 454/9 | €29,492 | €33,974 | +€4,482 | +15.2% |
| Other amounts payable | 47/48 | €2,189 | €3,404 | +€1,215 | +55.5% |
| Remuneration, social security and pensions | 62 | €187,229 | €263,863 | +€76,634 | +40.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,516 | €12,096 | +€5,580 | +85.6% |
| Other operating charges | 640/8 | €2,051 | €3,363 | +€1,312 | +64.0% |
| Gross operating margin | 9900 | -€182,444 | -€265,485 | -€83,041 | -45.5% |
| Operating profit (loss) | 9901 | -€378,241 | -€544,807 | -€166,566 | -44.0% |
| Financial income | 75/76B | €57 | €0 | -€57 | -100% |
| Recurring financial income | 75 | €57 | €0 | -€57 | -100% |
| Financial charges | 65/66B | €35,235 | €2,915 | -€32,320 | -91.7% |
| Recurring financial charges | 65 | €35,235 | €2,915 | -€32,320 | -91.7% |
| Profit (loss) for the period before taxes | 9903 | -€413,420 | -€547,723 | -€134,303 | -32.5% |
| Income taxes | 67/77 | - | €176 | +€176 | |
| Profit (loss) for the period | 9904 | -€413,420 | -€547,898 | -€134,479 | -32.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€413,420 | -€547,898 | -€134,479 | -32.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.