VdSA: 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.
VdSA
Largest movements
- Cash -€43,133
down €43,133 (-26.2%), from €164,750 to €121,618
mainly Contributions, distributions and other (-€100,000) and Receivables within one year (-€18,471)
- Receivables within one year +€18,471
up €18,471 (+1632.1%), from €1,132 to €19,603
of which Trade receivables: +€12,068
- Deferred charges and accrued income +€4,143
up €4,143 (+429.7%), from €964 to €5,107
- Profit (loss) carried forward -€93,402
down €93,402 (-81.2%), from €115,028 to €21,626
- Other debts +€65,000
up €65,000 (+185.7%), from €35,000 to €100,000
- Trade debts +€4,829
up €4,829 (+313.1%), from €1,542 to €6,371
- Tax, wage and social debts +€2,382
up €2,382 (+13.6%), from €17,568 to €19,950
of which Remuneration and social security: +€6,604
- Staff costs +€45,455
up €45,455 (+574.8%), from €7,907 to €53,362
- Gross operating margin -€17,496
down €17,496 (-20.1%), from €86,939 to €69,442
- Taxes -€13,737
down €13,737 (-83.5%), from €16,451 to €2,714
- Financial charges +€2,647
up €2,647 (+2036.4%), from €130 to €2,777
- Other operating charges +€1,230
up €1,230 (+104.5%), from €1,177 to €2,407
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 | €174,139 | €152,948 | -€21,192 | -12.2% |
| Fixed assets | 21/28 | €7,293 | €6,620 | -€673 | -9.2% |
| Tangible fixed assets | 22/27 | €7,293 | €6,620 | -€673 | -9.2% |
| Plant, machinery and equipment | 23 | - | €1,443 | +€1,443 | |
| Furniture and vehicles | 24 | €7,293 | €5,177 | -€2,116 | -29.0% |
| Current assets | 29/58 | €166,846 | €146,328 | -€20,519 | -12.3% |
| Amounts receivable within one year | 40/41 | €1,132 | €19,603 | +€18,471 | +1632.1% |
| Trade receivables | 40 | €0 | €12,068 | +€12,068 | |
| Other amounts receivable | 41 | €1,132 | €7,535 | +€6,403 | +565.7% |
| Cash at bank and in hand | 54/58 | €164,750 | €121,618 | -€43,133 | -26.2% |
| Deferred charges and accrued income | 490/1 | €964 | €5,107 | +€4,143 | +429.7% |
| Total equity and liabilities | 10/49 | €174,139 | €152,948 | -€21,192 | -12.2% |
| Equity | 10/15 | €120,028 | €26,626 | -€93,402 | -77.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €115,028 | €21,626 | -€93,402 | -81.2% |
| Amounts payable | 17/49 | €54,111 | €126,322 | +€72,211 | +133.5% |
| Amounts payable within one year | 42/48 | €54,111 | €126,322 | +€72,211 | +133.5% |
| Trade debts | 44 | €1,542 | €6,371 | +€4,829 | +313.1% |
| Suppliers | 440/4 | €1,542 | €6,371 | +€4,829 | +313.1% |
| Taxes, remuneration and social security | 45 | €17,568 | €19,950 | +€2,382 | +13.6% |
| Taxes | 450/3 | €15,785 | €11,563 | -€4,222 | -26.7% |
| Remuneration and social security | 454/9 | €1,783 | €8,388 | +€6,604 | +370.3% |
| Other amounts payable | 47/48 | €35,000 | €100,000 | +€65,000 | +185.7% |
| Remuneration, social security and pensions | 62 | €7,907 | €53,362 | +€45,455 | +574.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,157 | €2,413 | +€256 | +11.9% |
| Other operating charges | 640/8 | €1,177 | €2,407 | +€1,230 | +104.5% |
| Gross operating margin | 9900 | €86,939 | €69,442 | -€17,496 | -20.1% |
| Operating profit (loss) | 9901 | €75,698 | €11,261 | -€64,437 | -85.1% |
| Financial income | 75/76B | €275 | €828 | +€553 | +201.3% |
| Recurring financial income | 75 | €275 | €828 | +€553 | +201.3% |
| Financial charges | 65/66B | €130 | €2,777 | +€2,647 | +2036.4% |
| Recurring financial charges | 65 | €130 | €2,777 | +€2,647 | +2036.4% |
| Profit (loss) for the period before taxes | 9903 | €75,843 | €9,311 | -€66,531 | -87.7% |
| Income taxes | 67/77 | €16,451 | €2,714 | -€13,737 | -83.5% |
| Profit (loss) for the period | 9904 | €59,392 | €6,598 | -€52,794 | -88.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,392 | €6,598 | -€52,794 | -88.9% |
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 5 October 2026 via checked.be.