VS PARTNERS: 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 PARTNERS
Largest movements
- Cash +€272,959
up €272,959 (+3987.7%), from €6,845 to €279,804
mainly Net result for the year (+€290,578) and Depreciation (+€194,262)
- Tangible fixed assets -€148,705
down €148,705 (-3.5%), from €4.3m to €4.2m
of which Land and buildings: -€125,453
- Receivables within one year -€128,450
no longer reported in 2025 (was €128,450)
- Profit (loss) carried forward +€290,578
up €290,578 (+113.7%), from €255,542 to €546,120
- Short-term financial debts -€245,920
down €245,920 (-45.1%), from €545,730 to €299,810
- Trade debts -€107,020
down €107,020 (-64.9%), from €165,009 to €57,989
- Other debts +€48,047
new in 2025: €48,047
- Gross operating margin +€224,688
up €224,688 (+40.9%), from €549,740 to €774,428
- Depreciation +€64,768
up €64,768 (+50.0%), from €129,494 to €194,262
- Financial charges +€36,196
up €36,196 (+53.9%), from €67,204 to €103,400
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 | €4,436,579 | €4,432,382 | -€4,197 | -0.1% |
| Fixed assets | 21/28 | €4,301,284 | €4,152,579 | -€148,705 | -3.5% |
| Tangible fixed assets | 22/27 | €4,301,284 | €4,152,579 | -€148,705 | -3.5% |
| Land and buildings | 22 | €4,097,930 | €3,972,477 | -€125,453 | -3.1% |
| Furniture and vehicles | 24 | €203,354 | €180,101 | -€23,253 | -11.4% |
| Current assets | 29/58 | €135,295 | €279,804 | +€144,509 | +106.8% |
| Amounts receivable within one year | 40/41 | €128,450 | - | -€128,450 | |
| Trade receivables | 40 | €128,450 | - | -€128,450 | |
| Cash at bank and in hand | 54/58 | €6,845 | €279,804 | +€272,959 | +3987.7% |
| Total equity and liabilities | 10/49 | €4,436,579 | €4,432,382 | -€4,197 | -0.1% |
| Equity | 10/15 | €261,042 | €551,620 | +€290,578 | +111.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €500 | €500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €255,542 | €546,120 | +€290,578 | +113.7% |
| Amounts payable | 17/49 | €4,175,537 | €3,880,762 | -€294,775 | -7.1% |
| Amounts payable after more than one year | 17 | €3,166,443 | €3,145,716 | -€20,727 | -0.7% |
| Financial debts | 170/4 | €3,166,443 | €3,145,716 | -€20,727 | -0.7% |
| Amounts payable within one year | 42/48 | €1,009,094 | €735,045 | -€274,049 | -27.2% |
| Current portion of amounts payable after more than one year | 42 | €242,328 | €243,319 | +€991 | +0.4% |
| Financial debts | 43 | €545,730 | €299,810 | -€245,920 | -45.1% |
| Credit institutions | 430/8 | €545,730 | €299,810 | -€245,920 | -45.1% |
| Trade debts | 44 | €165,009 | €57,989 | -€107,020 | -64.9% |
| Suppliers | 440/4 | €165,009 | €57,989 | -€107,020 | -64.9% |
| Taxes, remuneration and social security | 45 | €56,027 | €85,881 | +€29,854 | +53.3% |
| Taxes | 450/3 | €56,027 | €85,881 | +€29,854 | +53.3% |
| Other amounts payable | 47/48 | - | €48,047 | +€48,047 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €129,494 | €194,262 | +€64,768 | +50.0% |
| Other operating charges | 640/8 | €206 | €5,044 | +€4,838 | +2348.3% |
| Non-recurring operating charges | 66A | - | €80,895 | +€80,895 | |
| Gross operating margin | 9900 | €549,740 | €774,428 | +€224,688 | +40.9% |
| Operating profit (loss) | 9901 | €420,040 | €494,228 | +€74,188 | +17.7% |
| Financial charges | 65/66B | €67,204 | €103,400 | +€36,196 | +53.9% |
| Recurring financial charges | 65 | €67,204 | €103,400 | +€36,196 | +53.9% |
| Profit (loss) for the period before taxes | 9903 | €352,836 | €390,828 | +€37,992 | +10.8% |
| Income taxes | 67/77 | €96,794 | €100,250 | +€3,456 | +3.6% |
| Profit (loss) for the period | 9904 | €256,042 | €290,578 | +€34,536 | +13.5% |
| Profit (loss) for the period to be appropriated | 9905 | €256,042 | €290,578 | +€34,536 | +13.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.