VS LAW: 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 LAW
Largest movements
- Receivables within one year +€22,776
up €22,776 (+103%), from €22,024 to €44,801
of which Trade receivables: +€22,834
- Tangible fixed assets -€11,194
down €11,194 (-28.7%), from €38,947 to €27,753
of which Leasing and similar rights: -€7,934
- Cash +€4,219
up €4,219 (+8.3%), from €51,080 to €55,298
mainly Other debts (+€24,458) and Net result for the year (+€15,255)
- Other debts +€24,458
up €24,458 (+20,081%), from €122 to €24,580
- Tax, wage and social debts -€16,372
down €16,372 (-58.0%), from €28,238 to €11,866
- Profit (loss) carried forward +€14,422
up €14,422 (+35.5%), from €40,646 to €55,068
- Current portion of long-term debt -€4,232
down €4,232 (-66.5%), from €6,367 to €2,135
- Debts after one year -€2,135
down €2,135 (-25.2%), from €8,482 to €6,347
- Financial charges +€50,427
up €50,427 (+4,591%), from €1,098 to €51,526
- Financial income +€16,750
new in 2025: €16,750
- Gross operating margin +€14,148
up €14,148 (+25.7%), from €54,982 to €69,129
- Taxes -€4,515
down €4,515 (-47.9%), from €9,427 to €4,911
- Depreciation +€1,811
up €1,811 (+15.5%), from €11,696 to €13,507
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 | €112,966 | €129,156 | +€16,190 | +14.3% |
| Fixed assets | 21/28 | €38,947 | €27,753 | -€11,194 | -28.7% |
| Tangible fixed assets | 22/27 | €38,947 | €27,753 | -€11,194 | -28.7% |
| Furniture and vehicles | 24 | €7,101 | €6,342 | -€760 | -10.7% |
| Leasing and similar rights | 25 | €10,694 | €2,761 | -€7,934 | -74.2% |
| Other tangible fixed assets | 26 | €21,151 | €18,651 | -€2,500 | -11.8% |
| Current assets | 29/58 | €74,020 | €101,403 | +€27,384 | +37.0% |
| Amounts receivable within one year | 40/41 | €22,024 | €44,801 | +€22,776 | +103% |
| Trade receivables | 40 | €21,967 | €44,801 | +€22,834 | +104% |
| Other amounts receivable | 41 | €58 | €0 | -€58 | -100% |
| Cash at bank and in hand | 54/58 | €51,080 | €55,298 | +€4,219 | +8.3% |
| Deferred charges and accrued income | 490/1 | €916 | €1,304 | +€389 | +42.5% |
| Total equity and liabilities | 10/49 | €112,966 | €129,156 | +€16,190 | +14.3% |
| Equity | 10/15 | €65,477 | €79,900 | +€14,422 | +22.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €14,831 | €14,831 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | €1,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,000 | €1,000 | = | 0.0% |
| Distributable reserves | 133 | €13,831 | €13,831 | = | 0.0% |
| Profit (loss) carried forward | 14 | €40,646 | €55,068 | +€14,422 | +35.5% |
| Amounts payable | 17/49 | €47,489 | €49,256 | +€1,768 | +3.7% |
| Amounts payable after more than one year | 17 | €8,482 | €6,347 | -€2,135 | -25.2% |
| Financial debts | 170/4 | €8,482 | €6,347 | -€2,135 | -25.2% |
| Amounts payable within one year | 42/48 | €39,007 | €42,909 | +€3,902 | +10.0% |
| Current portion of amounts payable after more than one year | 42 | €6,367 | €2,135 | -€4,232 | -66.5% |
| Trade debts | 44 | €4,281 | €4,329 | +€48 | +1.1% |
| Suppliers | 440/4 | €4,281 | €4,329 | +€48 | +1.1% |
| Taxes, remuneration and social security | 45 | €28,238 | €11,866 | -€16,372 | -58.0% |
| Taxes | 450/3 | €28,238 | €11,866 | -€16,372 | -58.0% |
| Other amounts payable | 47/48 | €122 | €24,580 | +€24,458 | +20,081% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,696 | €13,507 | +€1,811 | +15.5% |
| Other operating charges | 640/8 | €846 | €680 | -€166 | -19.6% |
| Gross operating margin | 9900 | €54,982 | €69,129 | +€14,148 | +25.7% |
| Operating profit (loss) | 9901 | €42,439 | €54,942 | +€12,503 | +29.5% |
| Financial income | 75/76B | - | €16,750 | +€16,750 | |
| Recurring financial income | 75 | - | €16,750 | +€16,750 | |
| Financial charges | 65/66B | €1,098 | €51,526 | +€50,427 | +4,591% |
| Recurring financial charges | 65 | €1,098 | €51,526 | +€50,427 | +4,591% |
| Profit (loss) for the period before taxes | 9903 | €41,341 | €20,167 | -€21,174 | -51.2% |
| Income taxes | 67/77 | €9,427 | €4,911 | -€4,515 | -47.9% |
| Profit (loss) for the period | 9904 | €31,914 | €15,255 | -€16,659 | -52.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,914 | €15,255 | -€16,659 | -52.2% |
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 29 October 2026 via checked.be.