VS MEDICAL: 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 MEDICAL
Largest movements
- Cash +€44,968
up €44,968 (+207%), from €21,705 to €66,672
mainly Net result for the year (+€38,693) and Receivables within one year (+€30,292)
- Receivables within one year -€30,292
down €30,292 (-72.2%), from €41,946 to €11,654
of which Trade receivables: -€41,603
- Stocks and contracts -€22,319
down €22,319 (-30.6%), from €73,023 to €50,703
- Deferred charges and accrued income -€19,059
down €19,059 (-37.7%), from €50,521 to €31,462
- Tangible fixed assets +€8,302
up €8,302 (+45.1%), from €18,424 to €26,726
- Advances received -€46,364
no longer reported in 2025 (was €46,364)
- Reserves +€38,693
up €38,693 (+51.6%), from €75,025 to €113,718
of which Distributable reserves: +€38,693
- Tax, wage and social debts -€20,031
down €20,031 (-56.6%), from €35,401 to €15,370
- Current portion of long-term debt +€17,783
up €17,783 (+331%), from €5,365 to €23,149
- Trade debts -€6,070
down €6,070 (-35.3%), from €17,181 to €11,111
- Gross operating margin -€11,471
down €11,471 (-11.7%), from €98,302 to €86,831
- Depreciation +€9,424
up €9,424 (+246%), from €3,836 to €13,260
- Other operating charges -€8,343
down €8,343 (-38.3%), from €21,766 to €13,423
- Taxes +€6,698
up €6,698 (+59.3%), from €11,293 to €17,990
- Financial charges +€1,865
up €1,865 (+114%), from €1,641 to €3,506
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 | €212,058 | €193,658 | -€18,401 | -8.7% |
| Fixed assets | 21/28 | €24,864 | €33,166 | +€8,302 | +33.4% |
| Tangible fixed assets | 22/27 | €18,424 | €26,726 | +€8,302 | +45.1% |
| Furniture and vehicles | 24 | €18,424 | €26,726 | +€8,302 | +45.1% |
| Financial fixed assets | 28 | €6,440 | €6,440 | = | 0.0% |
| Current assets | 29/58 | €187,194 | €160,492 | -€26,703 | -14.3% |
| Stocks and contracts in progress | 3 | €73,023 | €50,703 | -€22,319 | -30.6% |
| Stocks | 30/36 | €73,023 | €50,703 | -€22,319 | -30.6% |
| Amounts receivable within one year | 40/41 | €41,946 | €11,654 | -€30,292 | -72.2% |
| Trade receivables | 40 | €41,603 | - | -€41,603 | |
| Other amounts receivable | 41 | €343 | €11,654 | +€11,311 | +3,295% |
| Cash at bank and in hand | 54/58 | €21,705 | €66,672 | +€44,968 | +207% |
| Deferred charges and accrued income | 490/1 | €50,521 | €31,462 | -€19,059 | -37.7% |
| Total equity and liabilities | 10/49 | €212,058 | €193,658 | -€18,401 | -8.7% |
| Equity | 10/15 | €91,418 | €130,111 | +€38,693 | +42.3% |
| Contributions | 10/11 | €16,200 | €16,200 | = | 0.0% |
| Reserves | 13 | €75,025 | €113,718 | +€38,693 | +51.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €73,165 | €111,858 | +€38,693 | +52.9% |
| Profit (loss) carried forward | 14 | €193 | €193 | = | 0.0% |
| Amounts payable | 17/49 | €120,641 | €63,547 | -€57,094 | -47.3% |
| Amounts payable after more than one year | 17 | €9,704 | €11,423 | +€1,719 | +17.7% |
| Financial debts | 170/4 | €9,704 | €11,423 | +€1,719 | +17.7% |
| Amounts payable within one year | 42/48 | €110,937 | €52,124 | -€58,813 | -53.0% |
| Current portion of amounts payable after more than one year | 42 | €5,365 | €23,149 | +€17,783 | +331% |
| Trade debts | 44 | €17,181 | €11,111 | -€6,070 | -35.3% |
| Suppliers | 440/4 | €17,181 | €11,111 | -€6,070 | -35.3% |
| Advances received on contracts in progress | 46 | €46,364 | - | -€46,364 | |
| Taxes, remuneration and social security | 45 | €35,401 | €15,370 | -€20,031 | -56.6% |
| Taxes | 450/3 | €35,401 | €15,370 | -€20,031 | -56.6% |
| Other amounts payable | 47/48 | €6,625 | €2,493 | -€4,132 | -62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,836 | €13,260 | +€9,424 | +246% |
| Other operating charges | 640/8 | €21,766 | €13,423 | -€8,343 | -38.3% |
| Non-recurring operating charges | 66A | €640 | - | -€640 | |
| Gross operating margin | 9900 | €98,302 | €86,831 | -€11,471 | -11.7% |
| Operating profit (loss) | 9901 | €72,060 | €60,148 | -€11,912 | -16.5% |
| Financial income | 75/76B | €38 | €41 | +€3 | +8.0% |
| Recurring financial income | 75 | €38 | €41 | +€3 | +8.0% |
| Financial charges | 65/66B | €1,641 | €3,506 | +€1,865 | +114% |
| Recurring financial charges | 65 | €1,641 | €3,506 | +€1,865 | +114% |
| Profit (loss) for the period before taxes | 9903 | €70,458 | €56,683 | -€13,774 | -19.5% |
| Income taxes | 67/77 | €11,293 | €17,990 | +€6,698 | +59.3% |
| Profit (loss) for the period | 9904 | €59,165 | €38,693 | -€20,472 | -34.6% |
| Profit (loss) for the period to be appropriated | 9905 | €59,165 | €38,693 | -€20,472 | -34.6% |
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 31 October 2026 via checked.be.