VES: 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.
VES
Largest movements
- Tangible fixed assets -€12,362
down €12,362 (-24.9%), from €49,666 to €37,305
of which Furniture and vehicles: -€14,026
- Receivables within one year +€7,323
up €7,323 (+70.4%), from €10,404 to €17,727
of which Trade receivables: +€7,614
- Cash -€5,806
down €5,806 (-65.6%), from €8,844 to €3,038
mainly Investment in fixed assets (net) (-€7,815) and Receivables within one year (-€7,323)
- Debts after one year -€4,781
no longer reported in 2025 (was €4,781)
- Current portion of long-term debt -€4,717
down €4,717 (-49.7%), from €9,499 to €4,781
- Trade debts -€3,776
down €3,776 (-54.0%), from €6,993 to €3,217
- Reserves +€2,644
up €2,644 (+6.4%), from €41,573 to €44,217
- Tax, wage and social debts +€1,589
up €1,589 (+69.2%), from €2,296 to €3,885
- Depreciation +€2,439
up €2,439 (+13.7%), from €17,738 to €20,177
- Gross operating margin -€1,840
down €1,840 (-6.5%), from €28,490 to €26,650
- Taxes -€1,254
down €1,254 (-51.8%), from €2,420 to €1,166
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 | €77,421 | €67,992 | -€9,429 | -12.2% |
| Fixed assets | 21/28 | €49,766 | €37,404 | -€12,362 | -24.8% |
| Tangible fixed assets | 22/27 | €49,666 | €37,305 | -€12,362 | -24.9% |
| Land and buildings | 22 | €16,773 | €19,937 | +€3,165 | +18.9% |
| Plant, machinery and equipment | 23 | €12,160 | €10,660 | -€1,500 | -12.3% |
| Furniture and vehicles | 24 | €20,734 | €6,707 | -€14,026 | -67.6% |
| Financial fixed assets | 28 | €100 | €100 | +€0 | +0.1% |
| Current assets | 29/58 | €27,655 | €30,587 | +€2,933 | +10.6% |
| Stocks and contracts in progress | 3 | €5,843 | €6,530 | +€687 | +11.8% |
| Stocks | 30/36 | €5,843 | €6,530 | +€687 | +11.8% |
| Amounts receivable within one year | 40/41 | €10,404 | €17,727 | +€7,323 | +70.4% |
| Trade receivables | 40 | €10,113 | €17,727 | +€7,614 | +75.3% |
| Other amounts receivable | 41 | €291 | - | -€291 | |
| Cash at bank and in hand | 54/58 | €8,844 | €3,038 | -€5,806 | -65.6% |
| Deferred charges and accrued income | 490/1 | €2,564 | €3,292 | +€728 | +28.4% |
| Total equity and liabilities | 10/49 | €77,421 | €67,992 | -€9,429 | -12.2% |
| Equity | 10/15 | €49,573 | €52,217 | +€2,644 | +5.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €41,573 | €44,217 | +€2,644 | +6.4% |
| Distributable reserves | 133 | €41,573 | €44,217 | +€2,644 | +6.4% |
| Profit (loss) carried forward | 14 | €3,000 | €3,000 | = | 0.0% |
| Amounts payable | 17/49 | €27,847 | €15,775 | -€12,073 | -43.4% |
| Amounts payable after more than one year | 17 | €4,781 | - | -€4,781 | |
| Financial debts | 170/4 | €4,781 | - | -€4,781 | |
| Amounts payable within one year | 42/48 | €23,066 | €15,775 | -€7,291 | -31.6% |
| Current portion of amounts payable after more than one year | 42 | €9,499 | €4,781 | -€4,717 | -49.7% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €6,993 | €3,217 | -€3,776 | -54.0% |
| Suppliers | 440/4 | €6,993 | €3,217 | -€3,776 | -54.0% |
| Taxes, remuneration and social security | 45 | €2,296 | €3,885 | +€1,589 | +69.2% |
| Taxes | 450/3 | €2,296 | €3,885 | +€1,589 | +69.2% |
| Other amounts payable | 47/48 | €4,278 | €3,891 | -€387 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,738 | €20,177 | +€2,439 | +13.7% |
| Other operating charges | 640/8 | €1,932 | €2,051 | +€120 | +6.2% |
| Non-recurring operating charges | 66A | €93 | - | -€93 | |
| Gross operating margin | 9900 | €28,490 | €26,650 | -€1,840 | -6.5% |
| Operating profit (loss) | 9901 | €8,728 | €4,422 | -€4,306 | -49.3% |
| Financial income | 75/76B | €9 | €4 | -€5 | -58.3% |
| Recurring financial income | 75 | €9 | €4 | -€5 | -58.3% |
| Financial charges | 65/66B | €368 | €616 | +€248 | +67.5% |
| Recurring financial charges | 65 | €368 | €616 | +€248 | +67.5% |
| Profit (loss) for the period before taxes | 9903 | €8,369 | €3,809 | -€4,559 | -54.5% |
| Income taxes | 67/77 | €2,420 | €1,166 | -€1,254 | -51.8% |
| Profit (loss) for the period | 9904 | €5,949 | €2,644 | -€3,305 | -55.6% |
| Profit (loss) for the period to be appropriated | 9905 | €5,949 | €2,644 | -€3,305 | -55.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.