VS Renovations: what changed
VS Renovations
Largest movements
- Tangible fixed assets -€12,594
down €12,594 (-34.0%), from €37,092 to €24,497
of which Leasing and similar rights: -€6,716
- Cash +€11,259
up €11,259 (+21.5%), from €52,480 to €63,739
mainly Net result for the year (+€23,905) and Depreciation (+€13,610)
- Stocks and contracts +€9,025
up €9,025 (+256%), from €3,530 to €12,555
of which Contracts in progress: +€9,000
- Receivables within one year +€6,345
up €6,345 (+31.8%), from €19,978 to €26,323
of which Trade receivables: +€11,684
- Deferred charges and accrued income +€1,361
up €1,361 (+41.7%), from €3,262 to €4,622
- Reserves +€14,105
up €14,105 (+20.0%), from €70,603 to €84,707
- Other debts +€8,107
up €8,107 (+1,905%), from €426 to €8,533
- Debts after one year -€8,023
down €8,023 (-55.5%), from €14,451 to €6,428
- Trade debts +€1,659
up €1,659, from €0 to €1,659
- Gross operating margin -€4,995
down €4,995 (-9.4%), from €53,385 to €48,391
- Depreciation -€4,019
down €4,019 (-22.8%), from €17,628 to €13,610
- Financial charges -€591
down €591 (-43.4%), from €1,362 to €771
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €116,341 | €131,737 | +€15,396 | +13.2% |
| Fixed assets | 21/28 | €37,092 | €24,497 | -€12,594 | -34.0% |
| Tangible fixed assets | 22/27 | €37,092 | €24,497 | -€12,594 | -34.0% |
| Plant, machinery and equipment | 23 | €1,931 | €2,097 | +€166 | +8.6% |
| Furniture and vehicles | 24 | €12,130 | €6,662 | -€5,468 | -45.1% |
| Leasing and similar rights | 25 | €20,092 | €13,376 | -€6,716 | -33.4% |
| Other tangible fixed assets | 26 | €2,939 | €2,363 | -€577 | -19.6% |
| Current assets | 29/58 | €79,249 | €107,239 | +€27,990 | +35.3% |
| Stocks and contracts in progress | 3 | €3,530 | €12,555 | +€9,025 | +256% |
| Stocks | 30/36 | €3,530 | €3,555 | +€25 | +0.7% |
| Contracts in progress | 37 | - | €9,000 | +€9,000 | |
| Amounts receivable within one year | 40/41 | €19,978 | €26,323 | +€6,345 | +31.8% |
| Trade receivables | 40 | €12,944 | €24,627 | +€11,684 | +90.3% |
| Other amounts receivable | 41 | €7,034 | €1,696 | -€5,338 | -75.9% |
| Cash at bank and in hand | 54/58 | €52,480 | €63,739 | +€11,259 | +21.5% |
| Deferred charges and accrued income | 490/1 | €3,262 | €4,622 | +€1,361 | +41.7% |
| Total equity and liabilities | 10/49 | €116,341 | €131,737 | +€15,396 | +13.2% |
| Equity | 10/15 | €89,203 | €103,307 | +€14,105 | +15.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €70,603 | €84,707 | +€14,105 | +20.0% |
| Distributable reserves | 133 | €70,603 | €84,707 | +€14,105 | +20.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €27,138 | €28,429 | +€1,291 | +4.8% |
| Amounts payable after more than one year | 17 | €14,451 | €6,428 | -€8,023 | -55.5% |
| Financial debts | 170/4 | €14,451 | €6,428 | -€8,023 | -55.5% |
| Amounts payable within one year | 42/48 | €12,687 | €22,002 | +€9,315 | +73.4% |
| Current portion of amounts payable after more than one year | 42 | €8,990 | €8,023 | -€966 | -10.8% |
| Financial debts | 43 | €642 | €0 | -€642 | -100% |
| Other loans | 439 | €642 | €0 | -€642 | -100% |
| Trade debts | 44 | €0 | €1,659 | +€1,659 | |
| Suppliers | 440/4 | €0 | €1,659 | +€1,659 | |
| Taxes, remuneration and social security | 45 | €2,630 | €3,786 | +€1,157 | +44.0% |
| Taxes | 450/3 | €2,630 | €2,346 | -€283 | -10.8% |
| Remuneration and social security | 454/9 | €0 | €1,440 | +€1,440 | |
| Other amounts payable | 47/48 | €426 | €8,533 | +€8,107 | +1,905% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,628 | €13,610 | -€4,019 | -22.8% |
| Other operating charges | 640/8 | €839 | €989 | +€150 | +17.9% |
| Gross operating margin | 9900 | €53,385 | €48,391 | -€4,995 | -9.4% |
| Operating profit (loss) | 9901 | €34,918 | €33,792 | -€1,126 | -3.2% |
| Financial income | 75/76B | €260 | €240 | -€20 | -7.7% |
| Recurring financial income | 75 | €260 | €240 | -€20 | -7.7% |
| Financial charges | 65/66B | €1,362 | €771 | -€591 | -43.4% |
| Recurring financial charges | 65 | €1,362 | €771 | -€591 | -43.4% |
| Profit (loss) for the period before taxes | 9903 | €33,816 | €33,261 | -€555 | -1.6% |
| Income taxes | 67/77 | €9,580 | €9,356 | -€224 | -2.3% |
| Profit (loss) for the period | 9904 | €24,236 | €23,905 | -€332 | -1.4% |
| Profit (loss) for the period to be appropriated | 9905 | €24,236 | €23,905 | -€332 | -1.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.