VS ELECTRONICS: 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 ELECTRONICS
Largest movements
- Current investments +€630,000
up €630,000 (+156.7%), from €402,000 to €1.0m
- Tangible fixed assets -€565,234
down €565,234 (-26.6%), from €2.1m to €1.6m
of which Other tangible fixed assets: -€455,483
- Receivables after one year +€286,277
up €286,277 (+106.6%), from €268,455 to €554,732
- Cash -€238,786
down €238,786 (-40.6%), from €587,746 to €348,960
mainly Debts after one year (-€1.4m) and Current investments (-€630,000)
- Receivables within one year -€96,562
down €96,562 (-15.3%), from €632,256 to €535,694
of which Trade receivables: -€113,272
- Debts after one year -€1.4m
down €1.4m (-70.8%), from €1.9m to €560,859
of which Financial debts: -€1.3m
- Reserves +€1.3m
up €1.3m (+184.6%), from €683,474 to €1.9m
of which Tax-exempt reserves: +€631,500
- Current portion of long-term debt +€149,348
up €149,348 (+26.6%), from €561,859 to €711,206
- Trade debts +€75,421
up €75,421 (+21.7%), from €347,786 to €423,207
- Gross operating margin +€1.5m
up €1.5m (+77.5%), from €1.9m to €3.4m
- Taxes +€384,793
up €384,793 (+532.3%), from €72,295 to €457,088
- Staff costs -€94,765
down €94,765 (-9.0%), from €1.1m to €961,665
- Depreciation +€75,824
up €75,824 (+18.9%), from €400,474 to €476,298
- Write-downs +€75,382
up €75,382, from -€5,836 to €69,547
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 | €5,192,754 | €5,230,806 | +€38,052 | +0.7% |
| Fixed assets | 21/28 | €2,174,995 | €1,557,142 | -€617,853 | -28.4% |
| Intangible fixed assets | 21 | €52,619 | €0 | -€52,619 | -100.0% |
| Tangible fixed assets | 22/27 | €2,122,376 | €1,557,142 | -€565,234 | -26.6% |
| Land and buildings | 22 | €761,793 | €747,916 | -€13,877 | -1.8% |
| Plant, machinery and equipment | 23 | €60,235 | €41,525 | -€18,711 | -31.1% |
| Furniture and vehicles | 24 | €27,616 | €32,482 | +€4,865 | +17.6% |
| Leasing and similar rights | 25 | €811,711 | €729,682 | -€82,028 | -10.1% |
| Other tangible fixed assets | 26 | €461,021 | €5,538 | -€455,483 | -98.8% |
| Current assets | 29/58 | €3,017,759 | €3,673,664 | +€655,904 | +21.7% |
| Amounts receivable after more than one year | 29 | €268,455 | €554,732 | +€286,277 | +106.6% |
| Other amounts receivable | 291 | €268,455 | €554,732 | +€286,277 | +106.6% |
| Stocks and contracts in progress | 3 | €1,060,308 | €1,071,230 | +€10,922 | +1.0% |
| Stocks | 30/36 | €1,060,308 | €1,071,230 | +€10,922 | +1.0% |
| Amounts receivable within one year | 40/41 | €632,256 | €535,694 | -€96,562 | -15.3% |
| Trade receivables | 40 | €555,228 | €441,956 | -€113,272 | -20.4% |
| Other amounts receivable | 41 | €77,028 | €93,738 | +€16,709 | +21.7% |
| Current investments | 50/53 | €402,000 | €1,032,000 | +€630,000 | +156.7% |
| Cash at bank and in hand | 54/58 | €587,746 | €348,960 | -€238,786 | -40.6% |
| Deferred charges and accrued income | 490/1 | €66,995 | €131,048 | +€64,054 | +95.6% |
| Total equity and liabilities | 10/49 | €5,192,754 | €5,230,806 | +€38,052 | +0.7% |
| Equity | 10/15 | €2,046,805 | €3,303,167 | +€1.3m | +61.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €588,000 | €588,000 | = | 0.0% |
| Reserves | 13 | €683,474 | €1,944,974 | +€1.3m | +184.6% |
| Non-distributable reserves | 130/1 | €402,000 | €1,032,000 | +€630,000 | +156.7% |
| Own shares acquired | 1312 | €402,000 | €1,032,000 | +€630,000 | +156.7% |
| Tax-exempt reserves | 132 | - | €631,500 | +€631,500 | |
| Distributable reserves | 133 | €281,474 | €281,474 | = | 0.0% |
| Profit (loss) carried forward | 14 | €756,731 | €751,593 | -€5,138 | -0.7% |
| Amounts payable | 17/49 | €3,145,949 | €1,927,638 | -€1.2m | -38.7% |
| Amounts payable after more than one year | 17 | €1,921,013 | €560,859 | -€1.4m | -70.8% |
| Financial debts | 170/4 | €1,869,713 | €534,459 | -€1.3m | -71.4% |
| Other amounts payable | 178/9 | €51,300 | €26,400 | -€24,900 | -48.5% |
| Amounts payable within one year | 42/48 | €1,175,696 | €1,350,825 | +€175,129 | +14.9% |
| Current portion of amounts payable after more than one year | 42 | €561,859 | €711,206 | +€149,348 | +26.6% |
| Financial debts | 43 | €89,548 | €101,731 | +€12,183 | +13.6% |
| Credit institutions | 430/8 | €89,548 | €101,731 | +€12,183 | +13.6% |
| Trade debts | 44 | €347,786 | €423,207 | +€75,421 | +21.7% |
| Suppliers | 440/4 | €347,786 | €423,207 | +€75,421 | +21.7% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €157,906 | €114,681 | -€43,225 | -27.4% |
| Taxes | 450/3 | €21,649 | €2,869 | -€18,780 | -86.7% |
| Remuneration and social security | 454/9 | €136,257 | €111,812 | -€24,445 | -17.9% |
| Other amounts payable | 47/48 | €18,597 | €0 | -€18,597 | -100.0% |
| Accrued charges and deferred income | 492/3 | €49,240 | €15,955 | -€33,285 | -67.6% |
| Non-recurring operating income | 76A | - | €1,725,498 | +€1.7m | |
| Remuneration, social security and pensions | 62 | €1,056,430 | €961,665 | -€94,765 | -9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €400,474 | €476,298 | +€75,824 | +18.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€5,836 | €69,547 | +€75,382 | |
| Other operating charges | 640/8 | €66,942 | €35,752 | -€31,190 | -46.6% |
| Gross operating margin | 9900 | €1,922,545 | €3,412,309 | +€1.5m | +77.5% |
| Operating profit (loss) | 9901 | €404,534 | €1,869,046 | +€1.5m | +362.0% |
| Financial income | 75/76B | €8,711 | €35,590 | +€26,879 | +308.6% |
| Recurring financial income | 75 | €8,711 | €35,590 | +€26,879 | +308.6% |
| Financial charges | 65/66B | €193,232 | €191,186 | -€2,047 | -1.1% |
| Recurring financial charges | 65 | €193,232 | €191,186 | -€2,047 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €220,012 | €1,713,450 | +€1.5m | +678.8% |
| Income taxes | 67/77 | €72,295 | €457,088 | +€384,793 | +532.3% |
| Profit (loss) for the period | 9904 | €147,717 | €1,256,362 | +€1.1m | +750.5% |
| Transfer to tax-exempt reserves | 689 | - | €631,500 | +€631,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €147,717 | €624,862 | +€477,145 | +323.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.