VCS Renovations: what changed
VCS Renovations
Largest movements
- Receivables within one year -€19,506
down €19,506 (-55.9%), from €34,905 to €15,399
of which Trade receivables: -€32,897
- Cash -€7,202
no longer reported in 2025 (was €7,202)
mainly Trade debts (-€16,490) and Other debts (-€7,838)
- Intangible fixed assets -€3,000
down €3,000 (-33.3%), from €9,000 to €6,000
- Tangible fixed assets -€1,230
down €1,230 (-75.1%), from €1,638 to €408
- Deferred charges and accrued income -€700
no longer reported in 2025 (was €700)
- Trade debts -€16,490
down €16,490 (-74.7%), from €22,085 to €5,595
- Other debts -€7,838
no longer reported in 2025 (was €7,838)
- Profit (loss) carried forward -€6,954
down €6,954, from €1,807 to -€5,147
- Tax, wage and social debts -€3,349
down €3,349 (-29.1%), from €11,524 to €8,175
- Short-term financial debts +€3,018
up €3,018 (+289%), from €1,046 to €4,063
- Gross operating margin -€33,324
down €33,324, from €32,102 to -€1,222
- Financial charges -€5,405
down €5,405 (-89.2%), from €6,061 to €656
- Depreciation -€3,342
down €3,342 (-44.1%), from €7,572 to €4,230
- Taxes -€1,242
no longer reported in 2025 (was €1,242)
- Staff costs -€780
no longer reported in 2025 (was €780)
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 | €53,444 | €21,807 | -€31,637 | -59.2% |
| Fixed assets | 21/28 | €10,638 | €6,408 | -€4,230 | -39.8% |
| Intangible fixed assets | 21 | €9,000 | €6,000 | -€3,000 | -33.3% |
| Tangible fixed assets | 22/27 | €1,638 | €408 | -€1,230 | -75.1% |
| Land and buildings | 22 | €450 | €300 | -€150 | -33.3% |
| Plant, machinery and equipment | 23 | €684 | €108 | -€576 | -84.2% |
| Furniture and vehicles | 24 | €503 | - | -€503 | |
| Current assets | 29/58 | €42,807 | €15,399 | -€27,407 | -64.0% |
| Amounts receivable within one year | 40/41 | €34,905 | €15,399 | -€19,506 | -55.9% |
| Trade receivables | 40 | €33,695 | €799 | -€32,897 | -97.6% |
| Other amounts receivable | 41 | €1,210 | €14,601 | +€13,391 | +1,106% |
| Cash at bank and in hand | 54/58 | €7,202 | - | -€7,202 | |
| Deferred charges and accrued income | 490/1 | €700 | - | -€700 | |
| Total equity and liabilities | 10/49 | €53,444 | €21,807 | -€31,637 | -59.2% |
| Equity | 10/15 | €10,928 | €3,974 | -€6,954 | -63.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €2,921 | €2,921 | = | 0.0% |
| Distributable reserves | 133 | €2,921 | €2,921 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,807 | -€5,147 | -€6,954 | |
| Amounts payable | 17/49 | €42,516 | €17,833 | -€24,683 | -58.1% |
| Amounts payable within one year | 42/48 | €42,492 | €17,833 | -€24,659 | -58.0% |
| Financial debts | 43 | €1,046 | €4,063 | +€3,018 | +289% |
| Credit institutions | 430/8 | €1,046 | €4,063 | +€3,018 | +289% |
| Trade debts | 44 | €22,085 | €5,595 | -€16,490 | -74.7% |
| Suppliers | 440/4 | €22,085 | €5,595 | -€16,490 | -74.7% |
| Taxes, remuneration and social security | 45 | €11,524 | €8,175 | -€3,349 | -29.1% |
| Taxes | 450/3 | €11,524 | €8,175 | -€3,349 | -29.1% |
| Other amounts payable | 47/48 | €7,838 | - | -€7,838 | |
| Accrued charges and deferred income | 492/3 | €24 | - | -€24 | |
| Non-recurring operating income | 76A | €1,653 | - | -€1,653 | |
| Remuneration, social security and pensions | 62 | €780 | - | -€780 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,572 | €4,230 | -€3,342 | -44.1% |
| Other operating charges | 640/8 | €1,241 | €846 | -€395 | -31.8% |
| Gross operating margin | 9900 | €32,102 | -€1,222 | -€33,324 | |
| Operating profit (loss) | 9901 | €22,509 | -€6,298 | -€28,807 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €6,061 | €656 | -€5,405 | -89.2% |
| Recurring financial charges | 65 | €6,061 | €656 | -€5,405 | -89.2% |
| Profit (loss) for the period before taxes | 9903 | €16,448 | -€6,954 | -€23,402 | |
| Income taxes | 67/77 | €1,242 | - | -€1,242 | |
| Profit (loss) for the period | 9904 | €15,206 | -€6,954 | -€22,160 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,206 | -€6,954 | -€22,160 |
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 3 November 2026 via checked.be.