VOS: 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.
VOS
Largest movements
- Receivables after one year +€60,000
new in 2025: €60,000
- Cash -€37,759
down €37,759 (-29.3%), from €128,699 to €90,941
mainly Receivables after one year (-€60,000) and Stocks and contracts (-€22,947)
- Receivables within one year -€31,775
down €31,775 (-29.4%), from €108,157 to €76,382
of which Other amounts receivable: -€26,720
- Stocks and contracts +€22,947
up €22,947 (+92.7%), from €24,745 to €47,693
- Reserves +€42,726
up €42,726 (+24.4%), from €175,232 to €217,958
- Trade debts -€15,139
down €15,139 (-32.7%), from €46,313 to €31,175
- Tax, wage and social debts -€12,604
down €12,604 (-18.6%), from €67,869 to €55,265
of which Taxes: -€13,557
- Debts after one year -€11,154
down €11,154 (-68.7%), from €16,240 to €5,086
- Current portion of long-term debt +€10,127
up €10,127 (+368.4%), from €2,749 to €12,875
- Gross operating margin -€96,530
down €96,530 (-29.0%), from €332,429 to €235,899
- Taxes -€11,411
down €11,411 (-38.4%), from €29,708 to €18,296
- Staff costs -€10,746
down €10,746 (-6.4%), from €168,131 to €157,384
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 | €327,951 | €344,645 | +€16,694 | +5.1% |
| Fixed assets | 21/28 | €65,926 | €68,926 | +€3,001 | +4.6% |
| Tangible fixed assets | 22/27 | €55,626 | €57,626 | +€2,001 | +3.6% |
| Plant, machinery and equipment | 23 | €33,037 | €26,297 | -€6,740 | -20.4% |
| Furniture and vehicles | 24 | €8,644 | €5,723 | -€2,922 | -33.8% |
| Other tangible fixed assets | 26 | €13,944 | €25,607 | +€11,662 | +83.6% |
| Financial fixed assets | 28 | €10,300 | €11,300 | +€1,000 | +9.7% |
| Current assets | 29/58 | €262,026 | €275,719 | +€13,693 | +5.2% |
| Amounts receivable after more than one year | 29 | - | €60,000 | +€60,000 | |
| Other amounts receivable | 291 | - | €60,000 | +€60,000 | |
| Stocks and contracts in progress | 3 | €24,745 | €47,693 | +€22,947 | +92.7% |
| Stocks | 30/36 | €24,745 | €47,693 | +€22,947 | +92.7% |
| Amounts receivable within one year | 40/41 | €108,157 | €76,382 | -€31,775 | -29.4% |
| Trade receivables | 40 | €34,414 | €29,358 | -€5,055 | -14.7% |
| Other amounts receivable | 41 | €73,744 | €47,024 | -€26,720 | -36.2% |
| Cash at bank and in hand | 54/58 | €128,699 | €90,941 | -€37,759 | -29.3% |
| Deferred charges and accrued income | 490/1 | €423 | €703 | +€280 | +66.1% |
| Total equity and liabilities | 10/49 | €327,951 | €344,645 | +€16,694 | +5.1% |
| Equity | 10/15 | €185,232 | €227,958 | +€42,726 | +23.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €175,232 | €217,958 | +€42,726 | +24.4% |
| Distributable reserves | 133 | €175,232 | €217,958 | +€42,726 | +24.4% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €142,719 | €116,687 | -€26,032 | -18.2% |
| Amounts payable after more than one year | 17 | €16,240 | €5,086 | -€11,154 | -68.7% |
| Financial debts | 170/4 | €16,240 | €5,086 | -€11,154 | -68.7% |
| Amounts payable within one year | 42/48 | €126,479 | €111,601 | -€14,878 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €2,749 | €12,875 | +€10,127 | +368.4% |
| Financial debts | 43 | €8,138 | €8,280 | +€142 | +1.7% |
| Other loans | 439 | €8,138 | €8,280 | +€142 | +1.7% |
| Trade debts | 44 | €46,313 | €31,175 | -€15,139 | -32.7% |
| Suppliers | 440/4 | €46,313 | €31,175 | -€15,139 | -32.7% |
| Advances received on contracts in progress | 46 | €1,411 | €4,006 | +€2,596 | +184.0% |
| Taxes, remuneration and social security | 45 | €67,869 | €55,265 | -€12,604 | -18.6% |
| Taxes | 450/3 | €58,534 | €44,977 | -€13,557 | -23.2% |
| Remuneration and social security | 454/9 | €9,335 | €10,287 | +€953 | +10.2% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €168,131 | €157,384 | -€10,746 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,715 | €16,309 | +€1,594 | +10.8% |
| Other operating charges | 640/8 | €764 | €1,908 | +€1,144 | +149.7% |
| Gross operating margin | 9900 | €332,429 | €235,899 | -€96,530 | -29.0% |
| Operating profit (loss) | 9901 | €148,819 | €60,298 | -€88,521 | -59.5% |
| Financial income | 75/76B | €343 | €2,048 | +€1,705 | +496.7% |
| Recurring financial income | 75 | €343 | €2,048 | +€1,705 | +496.7% |
| Financial charges | 65/66B | €1,235 | €1,323 | +€88 | +7.2% |
| Recurring financial charges | 65 | €1,235 | €1,323 | +€88 | +7.2% |
| Profit (loss) for the period before taxes | 9903 | €147,927 | €61,023 | -€86,905 | -58.7% |
| Income taxes | 67/77 | €29,708 | €18,296 | -€11,411 | -38.4% |
| Profit (loss) for the period | 9904 | €118,220 | €42,726 | -€75,493 | -63.9% |
| Profit (loss) for the period to be appropriated | 9905 | €118,220 | €42,726 | -€75,493 | -63.9% |
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 11 October 2026 via checked.be.