VS Elec: 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 Elec
Largest movements
- Cash +€44,159
up €44,159 (+56.7%), from €77,902 to €122,061
mainly Other debts (+€61,165) and Net result for the year (+€33,446)
- Receivables after one year +€43,135
new in 2025: €43,135
- Receivables within one year +€28,662
up €28,662 (+29.3%), from €97,912 to €126,574
of which Trade receivables: +€58,402
- Tangible fixed assets -€20,099
down €20,099 (-45.4%), from €44,278 to €24,179
of which Furniture and vehicles: -€20,370
- Deferred charges and accrued income -€7,235
down €7,235 (-82.3%), from €8,789 to €1,553
- Other debts +€61,165
up €61,165 (+15507.9%), from €394 to €61,559
- Profit (loss) carried forward +€31,780
up €31,780 (+26.2%), from €121,308 to €153,088
- Current portion of long-term debt -€10,019
down €10,019 (-35.8%), from €27,984 to €17,965
- Tax, wage and social debts +€5,609
up €5,609 (+16.0%), from €35,159 to €40,768
of which Remuneration and social security: +€11,102
- Trade debts +€4,865
up €4,865 (+12.8%), from €38,006 to €42,871
- Staff costs +€67,573
up €67,573 (+27.6%), from €244,393 to €311,966
- Gross operating margin +€58,098
up €58,098 (+15.1%), from €385,794 to €443,892
- Financial charges +€18,088
up €18,088 (+44.2%), from €40,924 to €59,012
- Taxes -€5,503
down €5,503 (-29.3%), from €18,810 to €13,307
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 | €230,131 | €318,752 | +€88,621 | +38.5% |
| Fixed assets | 21/28 | €45,528 | €25,429 | -€20,099 | -44.1% |
| Tangible fixed assets | 22/27 | €44,278 | €24,179 | -€20,099 | -45.4% |
| Plant, machinery and equipment | 23 | €3,202 | €3,474 | +€271 | +8.5% |
| Furniture and vehicles | 24 | €41,075 | €20,705 | -€20,370 | -49.6% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €184,603 | €293,323 | +€108,720 | +58.9% |
| Amounts receivable after more than one year | 29 | - | €43,135 | +€43,135 | |
| Other amounts receivable | 291 | - | €43,135 | +€43,135 | |
| Amounts receivable within one year | 40/41 | €97,912 | €126,574 | +€28,662 | +29.3% |
| Trade receivables | 40 | €53,407 | €111,809 | +€58,402 | +109.4% |
| Other amounts receivable | 41 | €44,505 | €14,764 | -€29,740 | -66.8% |
| Cash at bank and in hand | 54/58 | €77,902 | €122,061 | +€44,159 | +56.7% |
| Deferred charges and accrued income | 490/1 | €8,789 | €1,553 | -€7,235 | -82.3% |
| Total equity and liabilities | 10/49 | €230,131 | €318,752 | +€88,621 | +38.5% |
| Equity | 10/15 | €123,808 | €155,588 | +€31,780 | +25.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €121,308 | €153,088 | +€31,780 | +26.2% |
| Amounts payable | 17/49 | €106,322 | €163,164 | +€56,841 | +53.5% |
| Amounts payable after more than one year | 17 | €4,779 | - | -€4,779 | |
| Financial debts | 170/4 | €4,779 | - | -€4,779 | |
| Amounts payable within one year | 42/48 | €101,544 | €163,164 | +€61,620 | +60.7% |
| Current portion of amounts payable after more than one year | 42 | €27,984 | €17,965 | -€10,019 | -35.8% |
| Trade debts | 44 | €38,006 | €42,871 | +€4,865 | +12.8% |
| Suppliers | 440/4 | €38,006 | €42,871 | +€4,865 | +12.8% |
| Taxes, remuneration and social security | 45 | €35,159 | €40,768 | +€5,609 | +16.0% |
| Taxes | 450/3 | €7,545 | €2,051 | -€5,494 | -72.8% |
| Remuneration and social security | 454/9 | €27,614 | €38,717 | +€11,102 | +40.2% |
| Other amounts payable | 47/48 | €394 | €61,559 | +€61,165 | +15507.9% |
| Remuneration, social security and pensions | 62 | €244,393 | €311,966 | +€67,573 | +27.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,382 | €19,694 | -€688 | -3.4% |
| Other operating charges | 640/8 | €9,968 | €7,727 | -€2,241 | -22.5% |
| Gross operating margin | 9900 | €385,794 | €443,892 | +€58,098 | +15.1% |
| Operating profit (loss) | 9901 | €111,051 | €104,505 | -€6,546 | -5.9% |
| Financial income | 75/76B | - | €1,260 | +€1,260 | |
| Recurring financial income | 75 | - | €1,260 | +€1,260 | |
| Financial charges | 65/66B | €40,924 | €59,012 | +€18,088 | +44.2% |
| Recurring financial charges | 65 | €40,924 | €59,012 | +€18,088 | +44.2% |
| Profit (loss) for the period before taxes | 9903 | €70,127 | €46,753 | -€23,373 | -33.3% |
| Income taxes | 67/77 | €18,810 | €13,307 | -€5,503 | -29.3% |
| Profit (loss) for the period | 9904 | €51,316 | €33,446 | -€17,870 | -34.8% |
| Profit (loss) for the period to be appropriated | 9905 | €51,316 | €33,446 | -€17,870 | -34.8% |
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 11 October 2026 via checked.be.