VS GROUP: 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 GROUP
Largest movements
- Tangible fixed assets +€16,219
up €16,219 (+85.6%), from €18,950 to €35,170
of which Furniture and vehicles: +€23,846
- Reserves +€24,550
up €24,550 (+212.6%), from €11,550 to €36,100
- Other debts -€15,055
down €15,055 (-34.7%), from €43,439 to €28,384
- Tax, wage and social debts +€6,060
up €6,060 (+101.5%), from €5,972 to €12,032
of which Taxes: +€3,884
- Trade debts +€1,975
up €1,975 (+70.0%), from €2,819 to €4,794
- Gross operating margin +€16,286
up €16,286 (+43.9%), from €37,056 to €53,341
- Depreciation -€5,896
down €5,896 (-34.6%), from €17,053 to €11,157
- Taxes +€4,210
up €4,210 (+79.1%), from €5,322 to €9,532
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 | €82,430 | €100,258 | +€17,828 | +21.6% |
| Fixed assets | 21/28 | €19,104 | €35,323 | +€16,219 | +84.9% |
| Tangible fixed assets | 22/27 | €18,950 | €35,170 | +€16,219 | +85.6% |
| Plant, machinery and equipment | 23 | €18,816 | €11,189 | -€7,627 | -40.5% |
| Furniture and vehicles | 24 | €134 | €23,980 | +€23,846 | +17823.8% |
| Financial fixed assets | 28 | €154 | €154 | = | 0.0% |
| Current assets | 29/58 | €63,326 | €64,935 | +€1,609 | +2.5% |
| Amounts receivable within one year | 40/41 | €491 | €724 | +€233 | +47.5% |
| Other amounts receivable | 41 | €491 | €724 | +€233 | +47.5% |
| Cash at bank and in hand | 54/58 | €60,192 | €60,595 | +€403 | +0.7% |
| Deferred charges and accrued income | 490/1 | €2,643 | €3,616 | +€973 | +36.8% |
| Total equity and liabilities | 10/49 | €82,430 | €100,258 | +€17,828 | +21.6% |
| Equity | 10/15 | €30,200 | €55,048 | +€24,848 | +82.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €11,550 | €36,100 | +€24,550 | +212.6% |
| Distributable reserves | 133 | €11,550 | €36,100 | +€24,550 | +212.6% |
| Profit (loss) carried forward | 14 | €58 | €356 | +€298 | +516.9% |
| Amounts payable | 17/49 | €52,230 | €45,210 | -€7,020 | -13.4% |
| Amounts payable within one year | 42/48 | €52,230 | €45,210 | -€7,020 | -13.4% |
| Trade debts | 44 | €2,819 | €4,794 | +€1,975 | +70.0% |
| Suppliers | 440/4 | €2,819 | €4,794 | +€1,975 | +70.0% |
| Taxes, remuneration and social security | 45 | €5,972 | €12,032 | +€6,060 | +101.5% |
| Taxes | 450/3 | €5,972 | €9,855 | +€3,884 | +65.0% |
| Remuneration and social security | 454/9 | - | €2,177 | +€2,177 | |
| Other amounts payable | 47/48 | €43,439 | €28,384 | -€15,055 | -34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,053 | €11,157 | -€5,896 | -34.6% |
| Other operating charges | 640/8 | €903 | €824 | -€79 | -8.8% |
| Non-recurring operating charges | 66A | - | €2,413 | +€2,413 | |
| Gross operating margin | 9900 | €37,056 | €53,341 | +€16,286 | +43.9% |
| Operating profit (loss) | 9901 | €19,100 | €38,948 | +€19,848 | +103.9% |
| Financial charges | 65/66B | €58 | €67 | +€9 | +14.6% |
| Recurring financial charges | 65 | €58 | €67 | +€9 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €19,042 | €38,881 | +€19,839 | +104.2% |
| Income taxes | 67/77 | €5,322 | €9,532 | +€4,210 | +79.1% |
| Profit (loss) for the period | 9904 | €13,719 | €29,348 | +€15,629 | +113.9% |
| Profit (loss) for the period to be appropriated | 9905 | €13,719 | €29,348 | +€15,629 | +113.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.