VS-Line: 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-Line
Largest movements
- Receivables within one year +€80,177
up €80,177 (+939%), from €8,541 to €88,718
of which Trade receivables: +€81,633
- Tangible fixed assets +€78,939
up €78,939 (+801%), from €9,849 to €88,788
of which Furniture and vehicles: +€87,671
- Cash -€9,707
down €9,707 (-24.2%), from €40,141 to €30,435
mainly Investment in fixed assets (net) (-€98,791) and Receivables within one year (-€80,177)
- Debts after one year +€63,589
up €63,589 (+754%), from €8,432 to €72,020
- Reserves +€51,699
up €51,699 (+244%), from €21,220 to €72,919
- Current portion of long-term debt +€15,575
up €15,575 (+397%), from €3,921 to €19,496
- Other debts +€7,983
new in 2025: €7,983
- Tax, wage and social debts +€6,520
up €6,520 (+70.4%), from €9,265 to €15,786
- Gross operating margin +€68,765
up €68,765 (+217%), from €31,721 to €100,486
- Depreciation +€18,701
up €18,701 (+1,625%), from €1,151 to €19,852
- Taxes +€9,065
up €9,065 (+163%), from €5,565 to €14,630
- Other operating charges +€6,962
up €6,962 (+1,030%), from €676 to €7,638
- Financial charges +€3,480
up €3,480 (+571%), from €609 to €4,089
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 | €58,531 | €207,940 | +€149,409 | +255% |
| Fixed assets | 21/28 | €9,849 | €88,788 | +€78,939 | +801% |
| Tangible fixed assets | 22/27 | €9,849 | €88,788 | +€78,939 | +801% |
| Plant, machinery and equipment | 23 | €9,849 | €1,117 | -€8,732 | -88.7% |
| Furniture and vehicles | 24 | - | €87,671 | +€87,671 | |
| Current assets | 29/58 | €48,682 | €119,153 | +€70,470 | +145% |
| Amounts receivable within one year | 40/41 | €8,541 | €88,718 | +€80,177 | +939% |
| Trade receivables | 40 | €7,085 | €88,718 | +€81,633 | +1,152% |
| Other amounts receivable | 41 | €1,456 | - | -€1,456 | |
| Cash at bank and in hand | 54/58 | €40,141 | €30,435 | -€9,707 | -24.2% |
| Total equity and liabilities | 10/49 | €58,531 | €207,940 | +€149,409 | +255% |
| Equity | 10/15 | €31,562 | €83,261 | +€51,699 | +164% |
| Contributions | 10/11 | €14,250 | €14,250 | = | 0.0% |
| Reserves | 13 | €21,220 | €72,919 | +€51,699 | +244% |
| Distributable reserves | 133 | €21,220 | €72,919 | +€51,699 | +244% |
| Profit (loss) carried forward | 14 | -€3,909 | -€3,909 | = | 0.0% |
| Amounts payable | 17/49 | €26,970 | €124,679 | +€97,710 | +362% |
| Amounts payable after more than one year | 17 | €8,432 | €72,020 | +€63,589 | +754% |
| Financial debts | 170/4 | €8,432 | €72,020 | +€63,589 | +754% |
| Amounts payable within one year | 42/48 | €18,538 | €52,659 | +€34,121 | +184% |
| Current portion of amounts payable after more than one year | 42 | €3,921 | €19,496 | +€15,575 | +397% |
| Trade debts | 44 | €5,352 | €9,395 | +€4,043 | +75.5% |
| Suppliers | 440/4 | €5,352 | €9,395 | +€4,043 | +75.5% |
| Taxes, remuneration and social security | 45 | €9,265 | €15,786 | +€6,520 | +70.4% |
| Taxes | 450/3 | €9,265 | €15,786 | +€6,520 | +70.4% |
| Other amounts payable | 47/48 | - | €7,983 | +€7,983 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,151 | €19,852 | +€18,701 | +1,625% |
| Other operating charges | 640/8 | €676 | €7,638 | +€6,962 | +1,030% |
| Gross operating margin | 9900 | €31,721 | €100,486 | +€68,765 | +217% |
| Operating profit (loss) | 9901 | €29,894 | €72,995 | +€43,102 | +144% |
| Financial charges | 65/66B | €609 | €4,089 | +€3,480 | +571% |
| Recurring financial charges | 65 | €609 | €4,089 | +€3,480 | +571% |
| Profit (loss) for the period before taxes | 9903 | €29,285 | €68,907 | +€39,622 | +135% |
| Income taxes | 67/77 | €5,565 | €14,630 | +€9,065 | +163% |
| Profit (loss) for the period | 9904 | €23,719 | €54,276 | +€30,557 | +129% |
| Profit (loss) for the period to be appropriated | 9905 | €23,719 | €54,276 | +€30,557 | +129% |
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 15 October 2026 via checked.be.