VS TECHNICS: 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 TECHNICS
Largest movements
- Cash +€68,308
up €68,308 (+13.1%), from €523,151 to €591,459
mainly Net result for the year (+€67,960) and Advances received (+€65,708)
- Receivables within one year +€10,568
up €10,568 (+11.1%), from €95,430 to €105,998
of which Trade receivables: +€11,466
- Tangible fixed assets -€7,899
down €7,899 (-11.0%), from €71,960 to €64,061
of which Land and buildings: -€4,707
- Profit (loss) carried forward +€67,960
up €67,960 (+14.7%), from €463,452 to €531,412
- Advances received +€65,708
new in 2025: €65,708
- Other debts -€31,200
down €31,200 (-62.4%), from €50,035 to €18,835
- Tax, wage and social debts -€13,637
down €13,637 (-21.4%), from €63,628 to €49,991
- Trade debts -€9,954
down €9,954 (-20.3%), from €49,142 to €39,188
- Gross operating margin +€3,366
up €3,366 (+3.4%), from €99,884 to €103,250
- Depreciation +€1,740
up €1,740 (+28.2%), from €6,159 to €7,899
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 | €691,461 | €762,463 | +€71,002 | +10.3% |
| Fixed assets | 21/28 | €71,960 | €64,061 | -€7,899 | -11.0% |
| Tangible fixed assets | 22/27 | €71,960 | €64,061 | -€7,899 | -11.0% |
| Land and buildings | 22 | €68,221 | €63,514 | -€4,707 | -6.9% |
| Plant, machinery and equipment | 23 | €658 | €547 | -€111 | -16.9% |
| Furniture and vehicles | 24 | €3,080 | - | -€3,080 | |
| Current assets | 29/58 | €619,502 | €698,402 | +€78,901 | +12.7% |
| Amounts receivable within one year | 40/41 | €95,430 | €105,998 | +€10,568 | +11.1% |
| Trade receivables | 40 | €85,486 | €96,952 | +€11,466 | +13.4% |
| Other amounts receivable | 41 | €9,944 | €9,046 | -€898 | -9.0% |
| Cash at bank and in hand | 54/58 | €523,151 | €591,459 | +€68,308 | +13.1% |
| Deferred charges and accrued income | 490/1 | €921 | €946 | +€25 | +2.7% |
| Total equity and liabilities | 10/49 | €691,461 | €762,463 | +€71,002 | +10.3% |
| Equity | 10/15 | €475,852 | €543,812 | +€67,960 | +14.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €463,452 | €531,412 | +€67,960 | +14.7% |
| Amounts payable | 17/49 | €215,609 | €218,652 | +€3,042 | +1.4% |
| Amounts payable after more than one year | 17 | €44,930 | €36,928 | -€8,002 | -17.8% |
| Financial debts | 170/4 | €44,930 | €36,928 | -€8,002 | -17.8% |
| Amounts payable within one year | 42/48 | €170,680 | €181,724 | +€11,044 | +6.5% |
| Current portion of amounts payable after more than one year | 42 | €7,874 | €8,002 | +€128 | +1.6% |
| Trade debts | 44 | €49,142 | €39,188 | -€9,954 | -20.3% |
| Suppliers | 440/4 | €49,142 | €39,188 | -€9,954 | -20.3% |
| Advances received on contracts in progress | 46 | - | €65,708 | +€65,708 | |
| Taxes, remuneration and social security | 45 | €63,628 | €49,991 | -€13,637 | -21.4% |
| Taxes | 450/3 | €63,628 | €49,991 | -€13,637 | -21.4% |
| Other amounts payable | 47/48 | €50,035 | €18,835 | -€31,200 | -62.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,159 | €7,899 | +€1,740 | +28.2% |
| Other operating charges | 640/8 | €1,305 | €1,264 | -€41 | -3.1% |
| Gross operating margin | 9900 | €99,884 | €103,250 | +€3,366 | +3.4% |
| Operating profit (loss) | 9901 | €92,420 | €94,087 | +€1,668 | +1.8% |
| Financial income | 75/76B | €8 | €140 | +€132 | +1690.4% |
| Recurring financial income | 75 | €8 | €140 | +€132 | +1690.4% |
| Financial charges | 65/66B | €1,883 | €1,464 | -€419 | -22.3% |
| Recurring financial charges | 65 | €1,883 | €1,464 | -€419 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €90,544 | €92,763 | +€2,219 | +2.5% |
| Income taxes | 67/77 | €24,677 | €24,804 | +€127 | +0.5% |
| Profit (loss) for the period | 9904 | €65,867 | €67,960 | +€2,092 | +3.2% |
| Profit (loss) for the period to be appropriated | 9905 | €65,867 | €67,960 | +€2,092 | +3.2% |
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.