VCSB: 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.
VCSB
Largest movements
- Receivables within one year +€13,112
up €13,112 (+140.7%), from €9,318 to €22,430
of which Trade receivables: +€13,568
- Tangible fixed assets -€7,500
down €7,500 (-44.4%), from €16,885 to €9,385
- Financial fixed assets +€2,860
up €2,860 (+707.4%), from €404 to €3,264
- Stocks and contracts +€900
up €900 (+41.0%), from €2,196 to €3,095
- Cash +€809
up €809 (+68.1%), from €1,188 to €1,997
mainly Other debts (+€66,077) and Depreciation (+€7,500)
- Other debts +€66,077
new in 2025: €66,077
- Profit (loss) carried forward -€63,383
down €63,383 (-116.6%), from -€54,368 to -€117,752
- Trade debts +€6,005
up €6,005 (+29.2%), from €20,550 to €26,555
- Tax, wage and social debts +€1,463
up €1,463 (+5.0%), from €29,168 to €30,630
of which Remuneration and social security: +€16,671
- Staff costs +€16,077
up €16,077 (+19.3%), from €83,241 to €99,318
- Gross operating margin +€6,989
up €6,989 (+18.2%), from €38,307 to €45,296
- Financial charges -€3,361
down €3,361 (-86.8%), from €3,874 to €513
- Depreciation +€1,885
up €1,885 (+33.6%), from €5,615 to €7,500
- Other operating charges +€1,586
new in 2025: €1,586
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 | €30,350 | €40,570 | +€10,221 | +33.7% |
| Fixed assets | 21/28 | €17,290 | €12,650 | -€4,640 | -26.8% |
| Tangible fixed assets | 22/27 | €16,885 | €9,385 | -€7,500 | -44.4% |
| Furniture and vehicles | 24 | €16,885 | €9,385 | -€7,500 | -44.4% |
| Financial fixed assets | 28 | €404 | €3,264 | +€2,860 | +707.4% |
| Current assets | 29/58 | €13,060 | €27,921 | +€14,861 | +113.8% |
| Stocks and contracts in progress | 3 | €2,196 | €3,095 | +€900 | +41.0% |
| Stocks | 30/36 | €2,196 | €3,095 | +€900 | +41.0% |
| Amounts receivable within one year | 40/41 | €9,318 | €22,430 | +€13,112 | +140.7% |
| Trade receivables | 40 | €8,842 | €22,410 | +€13,568 | +153.4% |
| Other amounts receivable | 41 | €476 | €20 | -€456 | -95.8% |
| Cash at bank and in hand | 54/58 | €1,188 | €1,997 | +€809 | +68.1% |
| Deferred charges and accrued income | 490/1 | €359 | €399 | +€40 | +11.2% |
| Total equity and liabilities | 10/49 | €30,350 | €40,570 | +€10,221 | +33.7% |
| Equity | 10/15 | -€19,368 | -€82,752 | -€63,383 | -327.3% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€54,368 | -€117,752 | -€63,383 | -116.6% |
| Amounts payable | 17/49 | €49,718 | €123,322 | +€73,604 | +148.0% |
| Amounts payable within one year | 42/48 | €49,718 | €123,262 | +€73,544 | +147.9% |
| Trade debts | 44 | €20,550 | €26,555 | +€6,005 | +29.2% |
| Suppliers | 440/4 | €20,550 | €26,555 | +€6,005 | +29.2% |
| Taxes, remuneration and social security | 45 | €29,168 | €30,630 | +€1,463 | +5.0% |
| Taxes | 450/3 | €19,221 | €4,012 | -€15,209 | -79.1% |
| Remuneration and social security | 454/9 | €9,947 | €26,618 | +€16,671 | +167.6% |
| Other amounts payable | 47/48 | - | €66,077 | +€66,077 | |
| Accrued charges and deferred income | 492/3 | - | €60 | +€60 | |
| Remuneration, social security and pensions | 62 | €83,241 | €99,318 | +€16,077 | +19.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,615 | €7,500 | +€1,885 | +33.6% |
| Other operating charges | 640/8 | - | €1,586 | +€1,586 | |
| Gross operating margin | 9900 | €38,307 | €45,296 | +€6,989 | +18.2% |
| Operating profit (loss) | 9901 | -€50,549 | -€63,108 | -€12,560 | -24.8% |
| Financial income | 75/76B | €54 | €237 | +€183 | +339.8% |
| Recurring financial income | 75 | €54 | €237 | +€183 | +339.8% |
| Financial charges | 65/66B | €3,874 | €513 | -€3,361 | -86.8% |
| Recurring financial charges | 65 | €3,874 | €513 | -€3,361 | -86.8% |
| Profit (loss) for the period before taxes | 9903 | -€54,368 | -€63,383 | -€9,015 | -16.6% |
| Profit (loss) for the period | 9904 | -€54,368 | -€63,383 | -€9,015 | -16.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€54,368 | -€63,383 | -€9,015 | -16.6% |
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 8 October 2026 via checked.be.