VS MANAGEMENT: 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 MANAGEMENT
Largest movements
- Receivables within one year +€22,389
up €22,389 (+59.2%), from €37,844 to €60,234
of which Trade receivables: +€28,326
- Tangible fixed assets -€11,089
down €11,089 (-3.6%), from €305,394 to €294,305
of which Land and buildings: -€7,373
- Cash -€11,056
down €11,056 (-91.5%), from €12,084 to €1,028
mainly Receivables within one year (-€22,389) and Debts after one year (-€17,445)
- Deferred charges and accrued income -€4,479
down €4,479 (-91.2%), from €4,913 to €434
- Debts after one year -€17,445
down €17,445 (-9.4%), from €186,411 to €168,966
- Profit (loss) carried forward +€9,634
up €9,634 (+78.4%), from €12,284 to €21,918
- Gross operating margin -€13,509
down €13,509 (-27.7%), from €48,846 to €35,337
- Taxes -€3,660
down €3,660 (-41.7%), from €8,775 to €5,115
- Other operating charges +€2,064
up €2,064 (+177%), from €1,167 to €3,230
- Depreciation -€709
down €709 (-6.0%), from €11,798 to €11,089
- Financial income +€629
up €629 (+135%), from €465 to €1,094
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 | €360,642 | €356,408 | -€4,234 | -1.2% |
| Fixed assets | 21/28 | €305,801 | €294,712 | -€11,089 | -3.6% |
| Tangible fixed assets | 22/27 | €305,394 | €294,305 | -€11,089 | -3.6% |
| Land and buildings | 22 | €293,180 | €285,808 | -€7,373 | -2.5% |
| Plant, machinery and equipment | 23 | €5,635 | €5,009 | -€626 | -11.1% |
| Furniture and vehicles | 24 | €3,199 | €1,354 | -€1,845 | -57.7% |
| Other tangible fixed assets | 26 | €3,380 | €2,135 | -€1,245 | -36.8% |
| Financial fixed assets | 28 | €407 | €407 | = | 0.0% |
| Current assets | 29/58 | €54,841 | €61,696 | +€6,855 | +12.5% |
| Amounts receivable within one year | 40/41 | €37,844 | €60,234 | +€22,389 | +59.2% |
| Trade receivables | 40 | €13,776 | €42,102 | +€28,326 | +206% |
| Other amounts receivable | 41 | €24,068 | €18,132 | -€5,937 | -24.7% |
| Cash at bank and in hand | 54/58 | €12,084 | €1,028 | -€11,056 | -91.5% |
| Deferred charges and accrued income | 490/1 | €4,913 | €434 | -€4,479 | -91.2% |
| Total equity and liabilities | 10/49 | €360,642 | €356,408 | -€4,234 | -1.2% |
| Equity | 10/15 | €143,635 | €153,270 | +€9,634 | +6.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €112,752 | €112,752 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €192 | €192 | = | 0.0% |
| Distributable reserves | 133 | €110,700 | €110,700 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,284 | €21,918 | +€9,634 | +78.4% |
| Amounts payable | 17/49 | €217,006 | €203,138 | -€13,868 | -6.4% |
| Amounts payable after more than one year | 17 | €186,411 | €168,966 | -€17,445 | -9.4% |
| Financial debts | 170/4 | €186,411 | €168,966 | -€17,445 | -9.4% |
| Amounts payable within one year | 42/48 | €30,596 | €33,361 | +€2,765 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €17,125 | €17,445 | +€320 | +1.9% |
| Financial debts | 43 | €6,793 | €8,596 | +€1,802 | +26.5% |
| Credit institutions | 430/8 | €6,793 | €8,596 | +€1,802 | +26.5% |
| Trade debts | 44 | €1,930 | €3,911 | +€1,981 | +103% |
| Suppliers | 440/4 | €1,930 | €3,911 | +€1,981 | +103% |
| Taxes, remuneration and social security | 45 | €4,748 | €3,409 | -€1,338 | -28.2% |
| Taxes | 450/3 | €4,748 | €3,409 | -€1,338 | -28.2% |
| Accrued charges and deferred income | 492/3 | - | €812 | +€812 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,798 | €11,089 | -€709 | -6.0% |
| Other operating charges | 640/8 | €1,167 | €3,230 | +€2,064 | +177% |
| Non-recurring operating charges | 66A | €283 | - | -€283 | |
| Gross operating margin | 9900 | €48,846 | €35,337 | -€13,509 | -27.7% |
| Operating profit (loss) | 9901 | €35,598 | €21,018 | -€14,581 | -41.0% |
| Financial income | 75/76B | €465 | €1,094 | +€629 | +135% |
| Recurring financial income | 75 | €465 | €1,094 | +€629 | +135% |
| Financial charges | 65/66B | €7,077 | €7,362 | +€285 | +4.0% |
| Recurring financial charges | 65 | €7,077 | €7,362 | +€285 | +4.0% |
| Profit (loss) for the period before taxes | 9903 | €28,987 | €14,749 | -€14,237 | -49.1% |
| Income taxes | 67/77 | €8,775 | €5,115 | -€3,660 | -41.7% |
| Profit (loss) for the period | 9904 | €20,212 | €9,634 | -€10,577 | -52.3% |
| Profit (loss) for the period to be appropriated | 9905 | €20,212 | €9,634 | -€10,577 | -52.3% |
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 16 October 2026 via checked.be.