VCS Holding: what changed
Two financial 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 Holding
Largest movements
- Receivables within one year +€78,500
up €78,500 (+45.3%), from €173,459 to €251,959
of which Other amounts receivable: +€78,500
- Current investments +€24,081
up €24,081 (+301%), from €8,000 to €32,081
- Other debts +€677,841
up €677,841 (+8,159%), from €8,308 to €686,148
- Reserves -€451,364
down €451,364 (-80.0%), from €564,217 to €112,853
- Debts after one year -€100,000
down €100,000 (-20.0%), from €500,000 to €400,000
- Tax, wage and social debts -€13,461
down €13,461 (-55.4%), from €24,316 to €10,855
of which Taxes: -€13,461
- Gross operating margin -€1,942
down €1,942 (-2.8%), from €70,117 to €68,176
- Taxes -€1,293
down €1,293 (-7.5%), from €17,317 to €16,023
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.
Derived cash bridge
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 | €1,114,477 | €1,220,059 | +€105,582 | +9.5% |
| Fixed assets | 21/28 | €800,000 | €800,000 | = | 0.0% |
| Financial fixed assets | 28 | €800,000 | €800,000 | = | 0.0% |
| Current assets | 29/58 | €314,477 | €420,059 | +€105,582 | +33.6% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Trade receivables | 290 | €50,000 | €0 | -€50,000 | -100% |
| Other amounts receivable | 291 | - | €50,000 | +€50,000 | |
| Amounts receivable within one year | 40/41 | €173,459 | €251,959 | +€78,500 | +45.3% |
| Trade receivables | 40 | €6,050 | €6,050 | = | 0.0% |
| Other amounts receivable | 41 | €167,409 | €245,909 | +€78,500 | +46.9% |
| Current investments | 50/53 | €8,000 | €32,081 | +€24,081 | +301% |
| Cash at bank and in hand | 54/58 | €83,018 | €86,019 | +€3,002 | +3.6% |
| Total equity and liabilities | 10/49 | €1,114,477 | €1,220,059 | +€105,582 | +9.5% |
| Equity | 10/15 | €569,217 | €117,853 | -€451,364 | -79.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €564,217 | €112,853 | -€451,364 | -80.0% |
| Distributable reserves | 133 | €564,217 | €112,853 | -€451,364 | -80.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €545,260 | €1,102,207 | +€556,947 | +102% |
| Amounts payable after more than one year | 17 | €500,000 | €400,000 | -€100,000 | -20.0% |
| Financial debts | 170/4 | €500,000 | €400,000 | -€100,000 | -20.0% |
| Amounts payable within one year | 42/48 | €35,260 | €699,874 | +€664,614 | +1,885% |
| Trade debts | 44 | €2,637 | €2,870 | +€234 | +8.9% |
| Suppliers | 440/4 | €2,637 | €2,870 | +€234 | +8.9% |
| Taxes, remuneration and social security | 45 | €24,316 | €10,855 | -€13,461 | -55.4% |
| Taxes | 450/3 | €22,566 | €9,105 | -€13,461 | -59.7% |
| Remuneration and social security | 454/9 | €1,750 | €1,750 | = | 0.0% |
| Other amounts payable | 47/48 | €8,308 | €686,148 | +€677,841 | +8,159% |
| Accrued charges and deferred income | 492/3 | €10,000 | €2,333 | -€7,667 | -76.7% |
| Other operating charges | 640/8 | €1,371 | €1,152 | -€218 | -15.9% |
| Gross operating margin | 9900 | €70,117 | €68,176 | -€1,942 | -2.8% |
| Operating profit (loss) | 9901 | €68,747 | €67,023 | -€1,724 | -2.5% |
| Financial income | 75/76B | - | €120 | +€120 | |
| Recurring financial income | 75 | - | €120 | +€120 | |
| Financial charges | 65/66B | €2,735 | €2,484 | -€251 | -9.2% |
| Recurring financial charges | 65 | €2,735 | €2,484 | -€251 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €66,012 | €64,659 | -€1,353 | -2.0% |
| Income taxes | 67/77 | €17,317 | €16,023 | -€1,293 | -7.5% |
| Profit (loss) for the period | 9904 | €48,695 | €48,636 | -€60 | -0.1% |
| Profit (loss) for the period to be appropriated | 9905 | €48,695 | €48,636 | -€60 | -0.1% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.