VS Holding: 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 Holding
Largest movements
- Receivables within one year -€5,253
down €5,253 (-25.5%), from €20,640 to €15,387
- Other debts +€33,567
up €33,567 (+4,894%), from €686 to €34,253
- Profit (loss) carried forward -€29,126
down €29,126 (-1,220%), from -€2,388 to -€31,513
- Debts after one year -€8,614
down €8,614 (-25.8%), from €33,434 to €24,820
- Tax, wage and social debts -€2,197
down €2,197 (-79.1%), from €2,776 to €580
- Gross operating margin -€23,459
down €23,459 (-598%), from -€3,923 to -€27,382
- Financial income -€2,296
down €2,296 (-97.0%), from €2,366 to €70
- Taxes +€1,636
up €1,636, from -€1,347 to €289
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 | €143,300 | €137,331 | -€5,969 | -4.2% |
| Fixed assets | 21/28 | €116,336 | €115,516 | -€821 | -0.7% |
| Tangible fixed assets | 22/27 | €1,716 | €896 | -€821 | -47.8% |
| Land and buildings | 22 | €1,716 | €896 | -€821 | -47.8% |
| Financial fixed assets | 28 | €114,620 | €114,620 | = | 0.0% |
| Current assets | 29/58 | €26,963 | €21,815 | -€5,148 | -19.1% |
| Amounts receivable within one year | 40/41 | €20,640 | €15,387 | -€5,253 | -25.5% |
| Other amounts receivable | 41 | €20,640 | €15,387 | -€5,253 | -25.5% |
| Cash at bank and in hand | 54/58 | €3,053 | €2,673 | -€380 | -12.5% |
| Deferred charges and accrued income | 490/1 | €3,271 | €3,756 | +€485 | +14.8% |
| Total equity and liabilities | 10/49 | €143,300 | €137,331 | -€5,969 | -4.2% |
| Equity | 10/15 | €97,612 | €68,487 | -€29,126 | -29.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,388 | -€31,513 | -€29,126 | -1,220% |
| Amounts payable | 17/49 | €45,687 | €68,844 | +€23,157 | +50.7% |
| Amounts payable after more than one year | 17 | €33,434 | €24,820 | -€8,614 | -25.8% |
| Financial debts | 170/4 | €33,434 | €24,820 | -€8,614 | -25.8% |
| Amounts payable within one year | 42/48 | €12,254 | €44,025 | +€31,771 | +259% |
| Current portion of amounts payable after more than one year | 42 | €8,403 | €8,614 | +€211 | +2.5% |
| Trade debts | 44 | €388 | €578 | +€190 | +48.8% |
| Suppliers | 440/4 | €388 | €578 | +€190 | +48.8% |
| Taxes, remuneration and social security | 45 | €2,776 | €580 | -€2,197 | -79.1% |
| Taxes | 450/3 | €2,776 | €580 | -€2,197 | -79.1% |
| Other amounts payable | 47/48 | €686 | €34,253 | +€33,567 | +4,894% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45 | €24 | -€21 | -46.6% |
| Other operating charges | 640/8 | €645 | €531 | -€114 | -17.6% |
| Non-recurring operating charges | 66A | €1,000 | - | -€1,000 | |
| Gross operating margin | 9900 | -€3,923 | -€27,382 | -€23,459 | -598% |
| Operating profit (loss) | 9901 | -€5,613 | -€27,937 | -€22,324 | -398% |
| Financial income | 75/76B | €2,366 | €70 | -€2,296 | -97.0% |
| Recurring financial income | 75 | €2,366 | €70 | -€2,296 | -97.0% |
| Financial charges | 65/66B | €1,197 | €970 | -€227 | -19.0% |
| Recurring financial charges | 65 | €1,197 | €970 | -€227 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | -€4,444 | -€28,837 | -€24,393 | -549% |
| Income taxes | 67/77 | -€1,347 | €289 | +€1,636 | |
| Profit (loss) for the period | 9904 | -€3,097 | -€29,126 | -€26,029 | -840% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,097 | -€29,126 | -€26,029 | -840% |
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 28 October 2026 via checked.be.