VS MANAGEMENT: what changed
Two fiscal 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
- Cash -€22,082
down €22,082 (-30.3%), from €72,797 to €50,715
mainly Investment in fixed assets (net) (-€51,497) and Trade debts (-€14,482)
- Tangible fixed assets +€14,044
up €14,044 (+1.8%), from €784,701 to €798,745
of which Land and buildings: +€15,065
- Receivables within one year +€13,904
up €13,904 (+75.3%), from €18,473 to €32,377
of which Trade receivables: +€14,150
- Reserves +€26,844
up €26,844 (+9.6%), from €280,245 to €307,088
- Trade debts -€14,482
down €14,482 (-59.4%), from €24,376 to €9,894
- Gross operating margin +€8,680
up €8,680 (+9.7%), from €89,682 to €98,363
- Financial charges +€4,910
up €4,910 (+26.7%), from €18,416 to €23,326
- Taxes +€1,050
up €1,050 (+16.3%), from €6,433 to €7,483
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.
Cash bridge derived
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 | €876,633 | €882,332 | +€5,699 | +0.7% |
| Fixed assets | 21/28 | €784,726 | €798,770 | +€14,044 | +1.8% |
| Tangible fixed assets | 22/27 | €784,701 | €798,745 | +€14,044 | +1.8% |
| Land and buildings | 22 | €783,443 | €798,508 | +€15,065 | +1.9% |
| Plant, machinery and equipment | 23 | €822 | €205 | -€616 | -75.0% |
| Furniture and vehicles | 24 | €159 | - | -€159 | |
| Other tangible fixed assets | 26 | €277 | €31 | -€246 | -88.7% |
| Financial fixed assets | 28 | €26 | €26 | = | 0.0% |
| Current assets | 29/58 | €91,906 | €83,562 | -€8,345 | -9.1% |
| Amounts receivable within one year | 40/41 | €18,473 | €32,377 | +€13,904 | +75.3% |
| Trade receivables | 40 | €13,726 | €27,876 | +€14,150 | +103.1% |
| Other amounts receivable | 41 | €4,747 | €4,501 | -€246 | -5.2% |
| Cash at bank and in hand | 54/58 | €72,797 | €50,715 | -€22,082 | -30.3% |
| Deferred charges and accrued income | 490/1 | €636 | €470 | -€167 | -26.2% |
| Total equity and liabilities | 10/49 | €876,633 | €882,332 | +€5,699 | +0.7% |
| Equity | 10/15 | €285,245 | €312,088 | +€26,844 | +9.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €280,245 | €307,088 | +€26,844 | +9.6% |
| Distributable reserves | 133 | €280,245 | €307,088 | +€26,844 | +9.6% |
| Amounts payable | 17/49 | €591,388 | €570,243 | -€21,145 | -3.6% |
| Amounts payable after more than one year | 17 | €513,099 | €511,073 | -€2,026 | -0.4% |
| Financial debts | 170/4 | €513,099 | €511,073 | -€2,026 | -0.4% |
| Amounts payable within one year | 42/48 | €78,273 | €59,170 | -€19,103 | -24.4% |
| Current portion of amounts payable after more than one year | 42 | €28,683 | €24,128 | -€4,555 | -15.9% |
| Trade debts | 44 | €24,376 | €9,894 | -€14,482 | -59.4% |
| Suppliers | 440/4 | €24,376 | €9,894 | -€14,482 | -59.4% |
| Taxes, remuneration and social security | 45 | €23,871 | €20,468 | -€3,403 | -14.3% |
| Taxes | 450/3 | €21,621 | €18,218 | -€3,403 | -15.7% |
| Remuneration and social security | 454/9 | €2,250 | €2,250 | = | 0.0% |
| Other amounts payable | 47/48 | €1,343 | €4,679 | +€3,336 | +248.4% |
| Accrued charges and deferred income | 492/3 | €16 | - | -€16 | |
| Remuneration, social security and pensions | 62 | €198 | - | -€198 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,235 | €37,453 | -€782 | -2.0% |
| Other operating charges | 640/8 | €3,020 | €3,421 | +€401 | +13.3% |
| Gross operating margin | 9900 | €89,682 | €98,363 | +€8,680 | +9.7% |
| Operating profit (loss) | 9901 | €48,229 | €57,489 | +€9,260 | +19.2% |
| Financial income | 75/76B | €246 | €164 | -€82 | -33.4% |
| Recurring financial income | 75 | €246 | €164 | -€82 | -33.4% |
| Financial charges | 65/66B | €18,416 | €23,326 | +€4,910 | +26.7% |
| Recurring financial charges | 65 | €18,416 | €23,326 | +€4,910 | +26.7% |
| Profit (loss) for the period before taxes | 9903 | €30,060 | €34,327 | +€4,267 | +14.2% |
| Income taxes | 67/77 | €6,433 | €7,483 | +€1,050 | +16.3% |
| Profit (loss) for the period | 9904 | €23,627 | €26,844 | +€3,217 | +13.6% |
| Profit (loss) for the period to be appropriated | 9905 | €23,627 | €26,844 | +€3,217 | +13.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.