VS 50: 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.
VS 50
Largest movements
- Tangible fixed assets +€63,215
up €63,215 (+237%), from €26,643 to €89,858
of which Plant, machinery and equipment: +€73,324
- Cash -€51,001
down €51,001 (-38.6%), from €132,229 to €81,228
mainly Investment in fixed assets (net) (-€98,443) and Other debts (-€72,000)
- Receivables within one year +€17,898
up €17,898 (+77.5%), from €23,081 to €40,979
of which Other amounts receivable: +€18,101
- Deferred charges and accrued income +€9,816
up €9,816 (+621%), from €1,582 to €11,398
- Financial fixed assets +€9,000
up €9,000 (+113%), from €7,975 to €16,975
- Other debts -€72,000
down €72,000 (-99.8%), from €72,138 to €138
- Debts after one year +€62,801
up €62,801 (+358%), from €17,565 to €80,366
- Trade debts +€40,828
up €40,828 (+178%), from €22,990 to €63,818
- Tax, wage and social debts +€14,021
up €14,021 (+36.0%), from €38,909 to €52,931
of which Remuneration and social security: +€15,784
- Current portion of long-term debt +€12,164
up €12,164 (+119%), from €10,262 to €22,426
- Gross operating margin -€48,089
down €48,089 (-11.7%), from €411,343 to €363,255
- Staff costs +€22,647
up €22,647 (+8.7%), from €259,762 to €282,409
- Taxes -€15,499
down €15,499 (-59.5%), from €26,044 to €10,544
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 | €259,982 | €315,404 | +€55,422 | +21.3% |
| Fixed assets | 21/28 | €34,618 | €106,833 | +€72,215 | +209% |
| Tangible fixed assets | 22/27 | €26,643 | €89,858 | +€63,215 | +237% |
| Plant, machinery and equipment | 23 | €11,507 | €84,832 | +€73,324 | +637% |
| Furniture and vehicles | 24 | €8,893 | €4,804 | -€4,090 | -46.0% |
| Other tangible fixed assets | 26 | €6,242 | €222 | -€6,020 | -96.4% |
| Financial fixed assets | 28 | €7,975 | €16,975 | +€9,000 | +113% |
| Current assets | 29/58 | €225,364 | €208,571 | -€16,793 | -7.5% |
| Stocks and contracts in progress | 3 | €68,472 | €74,966 | +€6,494 | +9.5% |
| Stocks | 30/36 | €68,472 | €74,966 | +€6,494 | +9.5% |
| Amounts receivable within one year | 40/41 | €23,081 | €40,979 | +€17,898 | +77.5% |
| Trade receivables | 40 | €15,506 | €15,303 | -€203 | -1.3% |
| Other amounts receivable | 41 | €7,575 | €25,676 | +€18,101 | +239% |
| Cash at bank and in hand | 54/58 | €132,229 | €81,228 | -€51,001 | -38.6% |
| Deferred charges and accrued income | 490/1 | €1,582 | €11,398 | +€9,816 | +621% |
| Total equity and liabilities | 10/49 | €259,982 | €315,404 | +€55,422 | +21.3% |
| Equity | 10/15 | €93,255 | €89,362 | -€3,893 | -4.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,255 | €69,362 | -€3,893 | -5.3% |
| Amounts payable | 17/49 | €166,727 | €226,042 | +€59,315 | +35.6% |
| Amounts payable after more than one year | 17 | €17,565 | €80,366 | +€62,801 | +358% |
| Financial debts | 170/4 | €17,565 | €80,366 | +€62,801 | +358% |
| Amounts payable within one year | 42/48 | €144,299 | €139,313 | -€4,987 | -3.5% |
| Current portion of amounts payable after more than one year | 42 | €10,262 | €22,426 | +€12,164 | +119% |
| Trade debts | 44 | €22,990 | €63,818 | +€40,828 | +178% |
| Suppliers | 440/4 | €22,990 | €63,818 | +€40,828 | +178% |
| Taxes, remuneration and social security | 45 | €38,909 | €52,931 | +€14,021 | +36.0% |
| Taxes | 450/3 | €6,294 | €4,531 | -€1,763 | -28.0% |
| Remuneration and social security | 454/9 | €32,616 | €48,400 | +€15,784 | +48.4% |
| Other amounts payable | 47/48 | €72,138 | €138 | -€72,000 | -99.8% |
| Accrued charges and deferred income | 492/3 | €4,863 | €6,363 | +€1,501 | +30.9% |
| Remuneration, social security and pensions | 62 | €259,762 | €282,409 | +€22,647 | +8.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,052 | €26,228 | -€3,824 | -12.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €2,909 | €722 | -€2,187 | -75.2% |
| Other operating charges | 640/8 | €5,459 | €3,737 | -€1,722 | -31.5% |
| Gross operating margin | 9900 | €411,343 | €363,255 | -€48,089 | -11.7% |
| Operating profit (loss) | 9901 | €113,162 | €50,158 | -€63,004 | -55.7% |
| Financial income | 75/76B | €1 | €2,061 | +€2,060 | +214,606% |
| Recurring financial income | 75 | €1 | €2,061 | +€2,060 | +214,606% |
| Financial charges | 65/66B | €1,779 | €5,568 | +€3,789 | +213% |
| Recurring financial charges | 65 | €1,779 | €5,568 | +€3,789 | +213% |
| Profit (loss) for the period before taxes | 9903 | €111,384 | €46,651 | -€64,732 | -58.1% |
| Income taxes | 67/77 | €26,044 | €10,544 | -€15,499 | -59.5% |
| Profit (loss) for the period | 9904 | €85,340 | €36,107 | -€49,233 | -57.7% |
| Profit (loss) for the period to be appropriated | 9905 | €85,340 | €36,107 | -€49,233 | -57.7% |
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 30 October 2026 via checked.be.