VS Italia: 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 Italia
Largest movements
- Tangible fixed assets +€293,757
up €293,757 (+1,328%), from €22,118 to €315,874
of which Other tangible fixed assets: +€315,874
- Cash +€22,765
up €22,765 (+643%), from €3,540 to €26,305
mainly Other debts (+€224,174) and Debts after one year (+€107,964)
- Receivables within one year +€16,735
up €16,735 (+310%), from €5,399 to €22,135
- Intangible fixed assets +€11,829
new in 2025: €11,829
- Other debts +€224,174
up €224,174 (+975%), from €22,990 to €247,164
- Debts after one year +€107,964
new in 2025: €107,964
- Trade debts +€34,849
up €34,849 (+1,920%), from €1,815 to €36,664
- Profit (loss) carried forward -€21,901
down €21,901 (-584%), from -€3,748 to -€25,649
- Depreciation +€16,477
up €16,477 (+10,463%), from €157 to €16,635
- Financial charges +€2,148
new in 2025: €2,148
- Gross operating margin +€697
up €697 (+20.3%), from -€3,435 to -€2,738
- Other operating charges +€225
up €225 (+144%), from €156 to €380
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 | €31,057 | €376,143 | +€345,086 | +1,111% |
| Fixed assets | 21/28 | €22,118 | €327,704 | +€305,586 | +1,382% |
| Intangible fixed assets | 21 | - | €11,829 | +€11,829 | |
| Tangible fixed assets | 22/27 | €22,118 | €315,874 | +€293,757 | +1,328% |
| Plant, machinery and equipment | 23 | €22,118 | €0 | -€22,118 | -100% |
| Other tangible fixed assets | 26 | - | €315,874 | +€315,874 | |
| Current assets | 29/58 | €8,940 | €48,440 | +€39,500 | +442% |
| Amounts receivable within one year | 40/41 | €5,399 | €22,135 | +€16,735 | +310% |
| Other amounts receivable | 41 | €5,399 | €22,135 | +€16,735 | +310% |
| Cash at bank and in hand | 54/58 | €3,540 | €26,305 | +€22,765 | +643% |
| Total equity and liabilities | 10/49 | €31,057 | €376,143 | +€345,086 | +1,111% |
| Equity | 10/15 | €6,252 | -€15,649 | -€21,901 | |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,748 | -€25,649 | -€21,901 | -584% |
| Amounts payable | 17/49 | €24,805 | €391,792 | +€366,987 | +1,479% |
| Amounts payable after more than one year | 17 | - | €107,964 | +€107,964 | |
| Financial debts | 170/4 | - | €107,964 | +€107,964 | |
| Amounts payable within one year | 42/48 | €24,805 | €283,828 | +€259,023 | +1,044% |
| Trade debts | 44 | €1,815 | €36,664 | +€34,849 | +1,920% |
| Suppliers | 440/4 | €1,815 | €36,664 | +€34,849 | +1,920% |
| Other amounts payable | 47/48 | €22,990 | €247,164 | +€224,174 | +975% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €157 | €16,635 | +€16,477 | +10,463% |
| Other operating charges | 640/8 | €156 | €380 | +€225 | +144% |
| Gross operating margin | 9900 | -€3,435 | -€2,738 | +€697 | +20.3% |
| Operating profit (loss) | 9901 | -€3,748 | -€19,753 | -€16,005 | -427% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | - | €2,148 | +€2,148 | |
| Recurring financial charges | 65 | - | €2,148 | +€2,148 | |
| Profit (loss) for the period before taxes | 9903 | -€3,748 | -€21,901 | -€18,153 | -484% |
| Profit (loss) for the period | 9904 | -€3,748 | -€21,901 | -€18,153 | -484% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,748 | -€21,901 | -€18,153 | -484% |
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 22 October 2026 via checked.be.