VRS: 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.
VRS
Largest movements
- Stocks and contracts -€172,471
down €172,471 (-26.0%), from €662,525 to €490,054
- Cash +€10,115
up €10,115 (+318%), from €3,180 to €13,295
mainly Stocks and contracts (+€172,471) and Trade debts (+€29,131)
- Current portion of long-term debt -€135,000
down €135,000 (-23.7%), from €569,000 to €434,000
- Other debts -€55,000
down €55,000 (-57.9%), from €95,000 to €40,000
- Trade debts +€29,131
up €29,131 (+3,491%), from €834 to €29,965
- Gross operating margin +€18,993
up €18,993, from -€1,326 to €17,668
- Financial charges +€14,550
up €14,550 (+1,409%), from €1,032 to €15,582
- Other operating charges +€1,464
up €1,464 (+285%), from €513 to €1,977
- Financial income -€195
down €195 (-41.2%), from €474 to €279
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.
Derived cash bridge
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 | €672,054 | €511,521 | -€160,533 | -23.9% |
| Current assets | 29/58 | €672,054 | €511,521 | -€160,533 | -23.9% |
| Stocks and contracts in progress | 3 | €662,525 | €490,054 | -€172,471 | -26.0% |
| Stocks | 30/36 | €662,525 | €490,054 | -€172,471 | -26.0% |
| Amounts receivable within one year | 40/41 | €5,769 | €8,172 | +€2,404 | +41.7% |
| Trade receivables | 40 | - | €401 | +€401 | |
| Other amounts receivable | 41 | €5,769 | €7,772 | +€2,003 | +34.7% |
| Cash at bank and in hand | 54/58 | €3,180 | €13,295 | +€10,115 | +318% |
| Deferred charges and accrued income | 490/1 | €581 | €0 | -€581 | -100% |
| Total equity and liabilities | 10/49 | €672,054 | €511,521 | -€160,533 | -23.9% |
| Equity | 10/15 | €7,220 | €7,465 | +€245 | +3.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,220 | €2,465 | +€245 | +11.0% |
| Amounts payable | 17/49 | €664,834 | €504,056 | -€160,778 | -24.2% |
| Amounts payable within one year | 42/48 | €664,834 | €504,056 | -€160,778 | -24.2% |
| Current portion of amounts payable after more than one year | 42 | €569,000 | €434,000 | -€135,000 | -23.7% |
| Trade debts | 44 | €834 | €29,965 | +€29,131 | +3,491% |
| Suppliers | 440/4 | €834 | €29,965 | +€29,131 | +3,491% |
| Taxes, remuneration and social security | 45 | €0 | €91 | +€91 | |
| Taxes | 450/3 | €0 | €91 | +€91 | |
| Other amounts payable | 47/48 | €95,000 | €40,000 | -€55,000 | -57.9% |
| Other operating charges | 640/8 | €513 | €1,977 | +€1,464 | +285% |
| Non-recurring operating charges | 66A | - | €50 | +€50 | |
| Gross operating margin | 9900 | -€1,326 | €17,668 | +€18,993 | |
| Operating profit (loss) | 9901 | -€1,839 | €15,640 | +€17,479 | |
| Financial income | 75/76B | €474 | €279 | -€195 | -41.2% |
| Recurring financial income | 75 | €474 | €279 | -€195 | -41.2% |
| Financial charges | 65/66B | €1,032 | €15,582 | +€14,550 | +1,409% |
| Recurring financial charges | 65 | €1,032 | €15,582 | +€14,550 | +1,409% |
| Profit (loss) for the period before taxes | 9903 | -€2,397 | €336 | +€2,734 | |
| Income taxes | 67/77 | €0 | €91 | +€91 | |
| Profit (loss) for the period | 9904 | -€2,397 | €245 | +€2,642 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,397 | €245 | +€2,642 |
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 25 October 2026 via checked.be.