VS Invest: what changed
What changed
VS Invest
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
€38,423
2024 · -€174,136+€212,559
Equity
€137,297
2024 · €98,874+€38,423
Cash
€556
2024 · €6,581-€6,024
Balance sheet total
€168,371
2024 · €836,563-€668,192
Largest movements
Assets
- Deferred charges and accrued income -€560,033
no longer reported in 2025 (was €560,033)
- Intangible fixed assets -€228,803
down €228,803 (-100%), from €228,803 to €0
- Receivables within one year +€127,229
up €127,229 (+316%), from €40,231 to €167,460
Equity and liabilities
- Debts after one year -€695,574
down €695,574 (-100%), from €695,574 to €0
- Reserves +€38,423
up €38,423 (+161%), from €23,874 to €62,297
Income statement
- Depreciation -€220,543
down €220,543 (-99.7%), from €221,104 to €561
- Gross operating margin +€173,403
up €173,403 (+193%), from €89,793 to €263,196
- Financial income +€38,348
up €38,348 (+232,833%), from €16 to €38,364
of which Financial income: +€38,348
- Financial charges -€32,100
down €32,100 (-93.5%), from €34,336 to €2,236
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€174,136
Gross operating margin
+€173,403
Depreciation
+€220,543
Other operating charges
+€61
Other operating items
-€251,895
Financial income
+€38,348
Financial charges
+€32,100
Result 2025
€38,423
raises the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€468,155
Investment
+€228,803
Financing
-€702,982
Cash 2024
€6,581
From operations (derived)
+€468,155
Net result for the year
+€38,423
Depreciation
+€561
Receivables within one year
-€127,229
Deferred charges and accrued income
+€560,033
Trade debts
-€333
Accrued charges and deferred income
-€3,300
Investment (derived)
+€228,803
Investment in fixed assets (net)
+€228,803
Financing
-€702,982
Debts after one year
-€695,574
Current portion of long-term debt
-€7,407
Cash 2025
€556
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €836,563 | €168,371 | -€668,192 | -79.9% |
| Fixed assets | 21/28 | €229,718 | €355 | -€229,363 | -99.8% |
| Intangible fixed assets | 21 | €228,803 | €0 | -€228,803 | -100% |
| Tangible fixed assets | 22/27 | €846 | €285 | -€561 | -66.3% |
| Furniture and vehicles | 24 | €846 | €285 | -€561 | -66.3% |
| Financial fixed assets | 28 | €70 | €70 | = | 0.0% |
| Current assets | 29/58 | €606,845 | €168,016 | -€438,829 | -72.3% |
| Amounts receivable within one year | 40/41 | €40,231 | €167,460 | +€127,229 | +316% |
| Other amounts receivable | 41 | €40,231 | €167,460 | +€127,229 | +316% |
| Cash at bank and in hand | 54/58 | €6,581 | €556 | -€6,024 | -91.5% |
| Deferred charges and accrued income | 490/1 | €560,033 | - | -€560,033 | |
| Total equity and liabilities | 10/49 | €836,563 | €168,371 | -€668,192 | -79.9% |
| Equity | 10/15 | €98,874 | €137,297 | +€38,423 | +38.9% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €23,874 | €62,297 | +€38,423 | +161% |
| Distributable reserves | 133 | €23,874 | €62,297 | +€38,423 | +161% |
| Amounts payable | 17/49 | €737,690 | €31,074 | -€706,615 | -95.8% |
| Amounts payable after more than one year | 17 | €695,574 | €0 | -€695,574 | -100% |
| Financial debts | 170/4 | €695,574 | €0 | -€695,574 | -100% |
| Amounts payable within one year | 42/48 | €38,815 | €31,074 | -€7,741 | -19.9% |
| Current portion of amounts payable after more than one year | 42 | €38,482 | €31,074 | -€7,407 | -19.2% |
| Trade debts | 44 | €333 | - | -€333 | |
| Suppliers | 440/4 | €333 | - | -€333 | |
| Accrued charges and deferred income | 492/3 | €3,300 | - | -€3,300 | |
| Non-recurring operating income | 76A | €141,121 | €214,468 | +€73,347 | +52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €221,104 | €561 | -€220,543 | -99.7% |
| Other operating charges | 640/8 | €1,203 | €1,143 | -€61 | -5.0% |
| Non-recurring operating charges | 66A | €7,302 | €259,198 | +€251,895 | +3,450% |
| Gross operating margin | 9900 | €89,793 | €263,196 | +€173,403 | +193% |
| Operating profit (loss) | 9901 | -€139,817 | €2,295 | +€142,112 | |
| Financial income | 75/76B | €16 | €38,364 | +€38,348 | +232,833% |
| Recurring financial income | 75 | €16 | €38,364 | +€38,348 | +232,833% |
| Non-recurring financial income | 76B | €16 | - | -€16 | |
| Financial charges | 65/66B | €34,336 | €2,236 | -€32,100 | -93.5% |
| Recurring financial charges | 65 | €34,336 | €2,236 | -€32,100 | -93.5% |
| Profit (loss) for the period before taxes | 9903 | -€174,136 | €38,423 | +€212,559 | |
| Profit (loss) for the period | 9904 | -€174,136 | €38,423 | +€212,559 | |
| Profit (loss) for the period to be appropriated | 9905 | -€174,136 | €38,423 | +€212,559 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.