VS Construct: 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.
VS Construct
Largest movements
- Receivables within one year +€15,693
up €15,693 (+18.0%), from €87,107 to €102,799
of which Other amounts receivable: +€17,484
- Tangible fixed assets -€7,268
down €7,268 (-19.6%), from €37,125 to €29,857
of which Furniture and vehicles: -€6,544
- Deferred charges and accrued income +€3,726
up €3,726 (+444.4%), from €838 to €4,564
- Profit (loss) carried forward +€22,712
up €22,712 (+24.1%), from €94,264 to €116,976
- Debts after one year -€8,610
down €8,610 (-100.0%), from €8,610 to €0
- Tax, wage and social debts -€4,132
down €4,132 (-70.8%), from €5,835 to €1,702
- Trade debts +€2,726
up €2,726 (+70.9%), from €3,843 to €6,569
- Current portion of long-term debt -€1,573
down €1,573 (-15.4%), from €10,184 to €8,610
- Gross operating margin +€43,936
up €43,936 (+824.9%), from €5,326 to €49,262
- Taxes +€2,026
up €2,026 (+5034.6%), from €40 to €2,066
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 | €127,735 | €138,858 | +€11,123 | +8.7% |
| Fixed assets | 21/28 | €37,125 | €29,857 | -€7,268 | -19.6% |
| Tangible fixed assets | 22/27 | €37,125 | €29,857 | -€7,268 | -19.6% |
| Plant, machinery and equipment | 23 | €2,596 | €1,872 | -€724 | -27.9% |
| Furniture and vehicles | 24 | €34,529 | €27,985 | -€6,544 | -19.0% |
| Current assets | 29/58 | €90,610 | €109,000 | +€18,390 | +20.3% |
| Amounts receivable within one year | 40/41 | €87,107 | €102,799 | +€15,693 | +18.0% |
| Trade receivables | 40 | €8,521 | €6,730 | -€1,792 | -21.0% |
| Other amounts receivable | 41 | €78,586 | €96,070 | +€17,484 | +22.2% |
| Cash at bank and in hand | 54/58 | €2,665 | €1,637 | -€1,028 | -38.6% |
| Deferred charges and accrued income | 490/1 | €838 | €4,564 | +€3,726 | +444.4% |
| Total equity and liabilities | 10/49 | €127,735 | €138,858 | +€11,123 | +8.7% |
| Equity | 10/15 | €99,264 | €121,976 | +€22,712 | +22.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €94,264 | €116,976 | +€22,712 | +24.1% |
| Amounts payable | 17/49 | €28,471 | €16,882 | -€11,590 | -40.7% |
| Amounts payable after more than one year | 17 | €8,610 | €0 | -€8,610 | -100.0% |
| Financial debts | 170/4 | €8,610 | €0 | -€8,610 | -100.0% |
| Amounts payable within one year | 42/48 | €19,861 | €16,882 | -€2,979 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €10,184 | €8,610 | -€1,573 | -15.4% |
| Trade debts | 44 | €3,843 | €6,569 | +€2,726 | +70.9% |
| Suppliers | 440/4 | €3,843 | €6,569 | +€2,726 | +70.9% |
| Taxes, remuneration and social security | 45 | €5,835 | €1,702 | -€4,132 | -70.8% |
| Taxes | 450/3 | €5,835 | €1,702 | -€4,132 | -70.8% |
| Remuneration, social security and pensions | 62 | €555 | €241 | -€314 | -56.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,711 | €21,032 | +€321 | +1.5% |
| Other operating charges | 640/8 | €2,987 | €2,786 | -€201 | -6.7% |
| Gross operating margin | 9900 | €5,326 | €49,262 | +€43,936 | +824.9% |
| Operating profit (loss) | 9901 | -€18,927 | €25,202 | +€44,129 | |
| Financial income | 75/76B | €0 | €74 | +€74 | |
| Recurring financial income | 75 | €0 | €74 | +€74 | |
| Financial charges | 65/66B | €556 | €498 | -€59 | -10.5% |
| Recurring financial charges | 65 | €556 | €498 | -€59 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | -€19,483 | €24,778 | +€44,262 | |
| Income taxes | 67/77 | €40 | €2,066 | +€2,026 | +5034.6% |
| Profit (loss) for the period | 9904 | -€19,524 | €22,712 | +€42,236 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,524 | €22,712 | +€42,236 |
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 7 October 2026 via checked.be.