VRS PRODUCT: 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 PRODUCT
Largest movements
- Tangible fixed assets +€97,933
up €97,933 (+17.0%), from €577,068 to €675,001
of which Leasing and similar rights: +€124,283
- Cash +€67,563
up €67,563 (+191%), from €35,457 to €103,019
mainly Depreciation (+€164,483) and Net result for the year (+€72,106)
- Receivables within one year +€23,486
up €23,486 (+6.5%), from €362,509 to €385,995
of which Other amounts receivable: +€67,582
- Reserves +€68,550
up €68,550 (+979%), from €7,000 to €75,550
of which Distributable reserves: +€63,350
- Debts after one year +€62,547
up €62,547 (+16.6%), from €376,395 to €438,942
- Trade debts +€56,591
up €56,591 (+41.1%), from €137,840 to €194,431
- Current portion of long-term debt +€31,376
up €31,376 (+20.9%), from €149,870 to €181,246
- Short-term financial debts -€26,306
down €26,306 (-40.8%), from €64,523 to €38,217
- Gross operating margin -€187,726
down €187,726 (-30.0%), from €626,417 to €438,691
- Other operating charges +€30,703
up €30,703 (+378%), from €8,115 to €38,818
- Staff costs -€13,564
down €13,564 (-9.1%), from €149,560 to €135,996
- Depreciation +€12,033
up €12,033 (+7.9%), from €152,450 to €164,483
- Taxes +€6,335
up €6,335 (+3,519,344%), from €0 to €6,335
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 | €1,020,563 | €1,216,345 | +€195,782 | +19.2% |
| Fixed assets | 21/28 | €577,458 | €675,391 | +€97,933 | +17.0% |
| Tangible fixed assets | 22/27 | €577,068 | €675,001 | +€97,933 | +17.0% |
| Land and buildings | 22 | €77,790 | €67,196 | -€10,594 | -13.6% |
| Plant, machinery and equipment | 23 | €43,666 | €29,384 | -€14,282 | -32.7% |
| Furniture and vehicles | 24 | €5,904 | €4,430 | -€1,474 | -25.0% |
| Leasing and similar rights | 25 | €449,707 | €573,991 | +€124,283 | +27.6% |
| Financial fixed assets | 28 | €390 | €390 | = | 0.0% |
| Current assets | 29/58 | €443,105 | €540,954 | +€97,849 | +22.1% |
| Stocks and contracts in progress | 3 | €22,841 | €25,007 | +€2,166 | +9.5% |
| Stocks | 30/36 | €22,841 | €25,007 | +€2,166 | +9.5% |
| Amounts receivable within one year | 40/41 | €362,509 | €385,995 | +€23,486 | +6.5% |
| Trade receivables | 40 | €308,697 | €264,601 | -€44,096 | -14.3% |
| Other amounts receivable | 41 | €53,812 | €121,394 | +€67,582 | +126% |
| Current investments | 50/53 | - | €5,200 | +€5,200 | |
| Cash at bank and in hand | 54/58 | €35,457 | €103,019 | +€67,563 | +191% |
| Deferred charges and accrued income | 490/1 | €22,298 | €21,732 | -€566 | -2.5% |
| Total equity and liabilities | 10/49 | €1,020,563 | €1,216,345 | +€195,782 | +19.2% |
| Equity | 10/15 | €258,924 | €326,615 | +€67,691 | +26.1% |
| Contributions | 10/11 | €70,000 | €70,000 | = | 0.0% |
| Capital | 10 | €70,000 | €70,000 | = | 0.0% |
| Issued capital | 100 | €70,000 | €70,000 | = | 0.0% |
| Reserves | 13 | €7,000 | €75,550 | +€68,550 | +979% |
| Non-distributable reserves | 130/1 | €7,000 | €12,200 | +€5,200 | +74.3% |
| Legal reserve | 130 | €7,000 | €7,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | - | €5,200 | +€5,200 | |
| Distributable reserves | 133 | - | €63,350 | +€63,350 | |
| Profit (loss) carried forward | 14 | €179,698 | €180,756 | +€1,057 | +0.6% |
| Investment grants | 15 | €2,226 | €309 | -€1,917 | -86.1% |
| Provisions and deferred taxes | 16 | €2,326 | €1,847 | -€479 | -20.6% |
| Deferred taxes | 168 | €2,326 | €1,847 | -€479 | -20.6% |
| Amounts payable | 17/49 | €759,313 | €887,884 | +€128,571 | +16.9% |
| Amounts payable after more than one year | 17 | €376,395 | €438,942 | +€62,547 | +16.6% |
| Financial debts | 170/4 | €376,395 | €438,942 | +€62,547 | +16.6% |
| Amounts payable within one year | 42/48 | €382,918 | €448,942 | +€66,024 | +17.2% |
| Current portion of amounts payable after more than one year | 42 | €149,870 | €181,246 | +€31,376 | +20.9% |
| Financial debts | 43 | €64,523 | €38,217 | -€26,306 | -40.8% |
| Credit institutions | 430/8 | €64,523 | €38,217 | -€26,306 | -40.8% |
| Trade debts | 44 | €137,840 | €194,431 | +€56,591 | +41.1% |
| Suppliers | 440/4 | €137,840 | €194,431 | +€56,591 | +41.1% |
| Taxes, remuneration and social security | 45 | €29,104 | €29,634 | +€530 | +1.8% |
| Taxes | 450/3 | €2,426 | €8,858 | +€6,432 | +265% |
| Remuneration and social security | 454/9 | €26,678 | €20,776 | -€5,902 | -22.1% |
| Other amounts payable | 47/48 | €1,581 | €5,414 | +€3,833 | +242% |
| Remuneration, social security and pensions | 62 | €149,560 | €135,996 | -€13,564 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €152,450 | €164,483 | +€12,033 | +7.9% |
| Other operating charges | 640/8 | €8,115 | €38,818 | +€30,703 | +378% |
| Gross operating margin | 9900 | €626,417 | €438,691 | -€187,726 | -30.0% |
| Operating profit (loss) | 9901 | €316,292 | €99,394 | -€216,898 | -68.6% |
| Financial income | 75/76B | €7,270 | €4,931 | -€2,338 | -32.2% |
| Recurring financial income | 75 | €7,270 | €4,931 | -€2,338 | -32.2% |
| Financial charges | 65/66B | €28,479 | €26,363 | -€2,115 | -7.4% |
| Recurring financial charges | 65 | €28,479 | €26,363 | -€2,115 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €295,083 | €77,962 | -€217,121 | -73.6% |
| Transfer from deferred taxes | 780 | €479 | €479 | = | 0.0% |
| Income taxes | 67/77 | €0 | €6,335 | +€6,335 | +3,519,344% |
| Profit (loss) for the period | 9904 | €295,562 | €72,106 | -€223,456 | -75.6% |
| Profit (loss) for the period to be appropriated | 9905 | €295,562 | €72,106 | -€223,456 | -75.6% |
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 21 October 2026 via checked.be.