VRS+: 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.
VRS+
Largest movements
- Stocks and contracts +€36,289
up €36,289 (+5.1%), from €709,791 to €746,080
of which Contracts in progress: +€66,155
- Receivables within one year -€25,059
down €25,059 (-7.3%), from €341,655 to €316,596
of which Other amounts receivable: -€53,853
- Cash +€18,698
up €18,698 (+67.6%), from €27,650 to €46,348
mainly Short-term financial debts (+€122,967) and Net result for the year (+€30,058)
- Short-term financial debts +€122,967
up €122,967 (+52.7%), from €233,384 to €356,351
- Debts after one year -€43,758
down €43,758 (-17.9%), from €243,946 to €200,188
of which Other amounts payable: -€43,758
- Trade debts -€43,620
down €43,620 (-11.4%), from €381,404 to €337,784
- Reserves +€30,058
up €30,058 (+10.4%), from €290,383 to €320,441
- Tax, wage and social debts -€22,886
down €22,886 (-38.3%), from €59,810 to €36,924
of which Taxes: -€17,978
- Staff costs -€93,569
down €93,569 (-47.6%), from €196,467 to €102,898
- Gross operating margin -€86,442
down €86,442 (-24.3%), from €355,346 to €268,903
- Write-downs +€23,588
up €23,588, from €0 to €23,588
- Financial charges -€8,793
down €8,793 (-10.7%), from €82,490 to €73,697
- Taxes +€8,505
up €8,505 (+166.7%), from €5,103 to €13,609
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 | €1,240,129 | €1,282,040 | +€41,911 | +3.4% |
| Fixed assets | 21/28 | €150,279 | €147,867 | -€2,412 | -1.6% |
| Tangible fixed assets | 22/27 | €150,279 | €147,867 | -€2,412 | -1.6% |
| Land and buildings | 22 | €113,671 | €114,695 | +€1,025 | +0.9% |
| Plant, machinery and equipment | 23 | €16,268 | €14,413 | -€1,855 | -11.4% |
| Furniture and vehicles | 24 | €17,058 | €16,624 | -€435 | -2.5% |
| Leasing and similar rights | 25 | €313 | €157 | -€157 | -50.0% |
| Other tangible fixed assets | 26 | €2,969 | €1,979 | -€990 | -33.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Current assets | 29/58 | €1,089,851 | €1,134,173 | +€44,322 | +4.1% |
| Amounts receivable after more than one year | 29 | - | €4,360 | +€4,360 | |
| Other amounts receivable | 291 | - | €4,360 | +€4,360 | |
| Stocks and contracts in progress | 3 | €709,791 | €746,080 | +€36,289 | +5.1% |
| Stocks | 30/36 | €709,791 | €679,925 | -€29,865 | -4.2% |
| Contracts in progress | 37 | €0 | €66,155 | +€66,155 | |
| Amounts receivable within one year | 40/41 | €341,655 | €316,596 | -€25,059 | -7.3% |
| Trade receivables | 40 | €274,045 | €302,838 | +€28,793 | +10.5% |
| Other amounts receivable | 41 | €67,611 | €13,758 | -€53,853 | -79.7% |
| Cash at bank and in hand | 54/58 | €27,650 | €46,348 | +€18,698 | +67.6% |
| Deferred charges and accrued income | 490/1 | €10,755 | €20,788 | +€10,034 | +93.3% |
| Total equity and liabilities | 10/49 | €1,240,129 | €1,282,040 | +€41,911 | +3.4% |
| Equity | 10/15 | €307,349 | €337,408 | +€30,058 | +9.8% |
| Contributions | 10/11 | €16,967 | €16,967 | = | 0.0% |
| Reserves | 13 | €290,383 | €320,441 | +€30,058 | +10.4% |
| Distributable reserves | 133 | €290,383 | €320,441 | +€30,058 | +10.4% |
| Amounts payable | 17/49 | €932,780 | €944,632 | +€11,852 | +1.3% |
| Amounts payable after more than one year | 17 | €243,946 | €200,188 | -€43,758 | -17.9% |
| Financial debts | 170/4 | €0 | - | = | |
| Other amounts payable | 178/9 | €243,946 | €200,188 | -€43,758 | -17.9% |
| Amounts payable within one year | 42/48 | €675,631 | €733,923 | +€58,291 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €1,033 | €0 | -€1,033 | -100.0% |
| Financial debts | 43 | €233,384 | €356,351 | +€122,967 | +52.7% |
| Credit institutions | 430/8 | €233,384 | €356,351 | +€122,967 | +52.7% |
| Trade debts | 44 | €381,404 | €337,784 | -€43,620 | -11.4% |
| Suppliers | 440/4 | €381,404 | €337,784 | -€43,620 | -11.4% |
| Taxes, remuneration and social security | 45 | €59,810 | €36,924 | -€22,886 | -38.3% |
| Taxes | 450/3 | €45,570 | €27,592 | -€17,978 | -39.5% |
| Remuneration and social security | 454/9 | €14,240 | €9,332 | -€4,908 | -34.5% |
| Other amounts payable | 47/48 | €0 | €2,863 | +€2,863 | |
| Accrued charges and deferred income | 492/3 | €13,203 | €10,522 | -€2,681 | -20.3% |
| Remuneration, social security and pensions | 62 | €196,467 | €102,898 | -€93,569 | -47.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,076 | €14,271 | +€1,195 | +9.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €23,588 | +€23,588 | |
| Other operating charges | 640/8 | €11,482 | €12,878 | +€1,396 | +12.2% |
| Non-recurring operating charges | 66A | €198 | €0 | -€198 | -100.0% |
| Gross operating margin | 9900 | €355,346 | €268,903 | -€86,442 | -24.3% |
| Operating profit (loss) | 9901 | €134,124 | €115,269 | -€18,855 | -14.1% |
| Financial income | 75/76B | €435 | €2,095 | +€1,661 | +382.0% |
| Recurring financial income | 75 | €435 | €2,095 | +€1,661 | +382.0% |
| Financial charges | 65/66B | €82,490 | €73,697 | -€8,793 | -10.7% |
| Recurring financial charges | 65 | €82,490 | €73,697 | -€8,793 | -10.7% |
| Profit (loss) for the period before taxes | 9903 | €52,068 | €43,667 | -€8,401 | -16.1% |
| Income taxes | 67/77 | €5,103 | €13,609 | +€8,505 | +166.7% |
| Profit (loss) for the period | 9904 | €46,965 | €30,058 | -€16,907 | -36.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,965 | €30,058 | -€16,907 | -36.0% |
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.