VS SOLUTIONS: 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 SOLUTIONS
Largest movements
- Receivables within one year +€155,440
up €155,440 (+155.3%), from €100,074 to €255,514
of which Other amounts receivable: +€157,376
- Cash +€88,390
up €88,390 (+97.7%), from €90,467 to €178,856
mainly Advances received (+€125,000) and Trade debts (+€66,820)
- Deferred charges and accrued income +€19,117
new in 2025: €19,117
- Tangible fixed assets +€14,776
up €14,776 (+20.8%), from €71,193 to €85,968
of which Furniture and vehicles: +€9,162
- Stocks and contracts +€10,918
up €10,918 (+177.5%), from €6,150 to €17,068
- Advances received +€125,000
new in 2025: €125,000
- Trade debts +€66,820
up €66,820 (+162.4%), from €41,138 to €107,958
- Reserves +€55,556
up €55,556 (+46.3%), from €119,933 to €175,489
- Short-term financial debts +€24,199
up €24,199 (+2705.4%), from €894 to €25,093
- Debts after one year +€11,375
up €11,375 (+32.7%), from €34,799 to €46,174
- Gross operating margin -€78,183
down €78,183 (-29.6%), from €264,559 to €186,376
- Taxes -€36,730
down €36,730 (-58.9%), from €62,392 to €25,662
- Staff costs +€23,814
up €23,814 (+54.9%), from €43,397 to €67,211
- Other operating charges +€7,153
up €7,153 (+311.8%), from €2,294 to €9,447
- Depreciation -€5,597
down €5,597 (-17.0%), from €32,887 to €27,289
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 | €270,488 | €560,151 | +€289,663 | +107.1% |
| Fixed assets | 21/28 | €73,798 | €89,595 | +€15,798 | +21.4% |
| Tangible fixed assets | 22/27 | €71,193 | €85,968 | +€14,776 | +20.8% |
| Plant, machinery and equipment | 23 | €10,614 | €16,227 | +€5,613 | +52.9% |
| Furniture and vehicles | 24 | €60,579 | €69,741 | +€9,162 | +15.1% |
| Financial fixed assets | 28 | €2,605 | €3,627 | +€1,022 | +39.2% |
| Current assets | 29/58 | €196,691 | €470,556 | +€273,865 | +139.2% |
| Stocks and contracts in progress | 3 | €6,150 | €17,068 | +€10,918 | +177.5% |
| Stocks | 30/36 | €6,150 | €17,068 | +€10,918 | +177.5% |
| Amounts receivable within one year | 40/41 | €100,074 | €255,514 | +€155,440 | +155.3% |
| Trade receivables | 40 | €41,368 | €39,432 | -€1,937 | -4.7% |
| Other amounts receivable | 41 | €58,706 | €216,082 | +€157,376 | +268.1% |
| Cash at bank and in hand | 54/58 | €90,467 | €178,856 | +€88,390 | +97.7% |
| Deferred charges and accrued income | 490/1 | - | €19,117 | +€19,117 | |
| Total equity and liabilities | 10/49 | €270,488 | €560,151 | +€289,663 | +107.1% |
| Equity | 10/15 | €151,361 | €206,917 | +€55,556 | +36.7% |
| Contributions | 10/11 | €11,300 | €11,300 | = | 0.0% |
| Reserves | 13 | €119,933 | €175,489 | +€55,556 | +46.3% |
| Distributable reserves | 133 | €119,933 | €175,489 | +€55,556 | +46.3% |
| Profit (loss) carried forward | 14 | €20,129 | €20,129 | +€0 | 0.0% |
| Amounts payable | 17/49 | €119,127 | €353,234 | +€234,107 | +196.5% |
| Amounts payable after more than one year | 17 | €34,799 | €46,174 | +€11,375 | +32.7% |
| Financial debts | 170/4 | €34,799 | €46,174 | +€11,375 | +32.7% |
| Amounts payable within one year | 42/48 | €84,328 | €306,660 | +€222,332 | +263.7% |
| Current portion of amounts payable after more than one year | 42 | €11,380 | €17,726 | +€6,346 | +55.8% |
| Financial debts | 43 | €894 | €25,093 | +€24,199 | +2705.4% |
| Credit institutions | 430/8 | €894 | €25,093 | +€24,199 | +2705.4% |
| Trade debts | 44 | €41,138 | €107,958 | +€66,820 | +162.4% |
| Suppliers | 440/4 | €41,138 | €107,958 | +€66,820 | +162.4% |
| Advances received on contracts in progress | 46 | - | €125,000 | +€125,000 | |
| Taxes, remuneration and social security | 45 | €30,915 | €30,883 | -€32 | -0.1% |
| Taxes | 450/3 | €30,088 | €28,892 | -€1,196 | -4.0% |
| Remuneration and social security | 454/9 | €828 | €1,991 | +€1,164 | +140.6% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Non-recurring operating income | 76A | - | €3,314 | +€3,314 | |
| Remuneration, social security and pensions | 62 | €43,397 | €67,211 | +€23,814 | +54.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,887 | €27,289 | -€5,597 | -17.0% |
| Other operating charges | 640/8 | €2,294 | €9,447 | +€7,153 | +311.8% |
| Non-recurring operating charges | 66A | - | €773 | +€773 | |
| Gross operating margin | 9900 | €264,559 | €186,376 | -€78,183 | -29.6% |
| Operating profit (loss) | 9901 | €185,981 | €81,655 | -€104,325 | -56.1% |
| Financial income | 75/76B | €461 | €5,886 | +€5,425 | +1176.0% |
| Recurring financial income | 75 | €461 | €5,886 | +€5,425 | +1176.0% |
| Financial charges | 65/66B | €4,118 | €6,323 | +€2,206 | +53.6% |
| Recurring financial charges | 65 | €4,118 | €6,323 | +€2,206 | +53.6% |
| Profit (loss) for the period before taxes | 9903 | €182,324 | €81,218 | -€101,106 | -55.5% |
| Income taxes | 67/77 | €62,392 | €25,662 | -€36,730 | -58.9% |
| Profit (loss) for the period | 9904 | €119,933 | €55,556 | -€64,377 | -53.7% |
| Profit (loss) for the period to be appropriated | 9905 | €119,933 | €55,556 | -€64,377 | -53.7% |
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.