VS&VL: 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&VL
Largest movements
- Cash +€25,720
up €25,720 (+15.3%), from €168,256 to €193,976
mainly Trade debts (+€38,406) and Depreciation (+€6,560)
- Tangible fixed assets +€11,706
up €11,706 (+142%), from €8,258 to €19,964
of which Plant, machinery and equipment: +€13,413
- Deferred charges and accrued income -€5,458
down €5,458 (-77.1%), from €7,080 to €1,622
- Trade debts +€38,406
up €38,406 (+29.4%), from €130,457 to €168,864
- Tax, wage and social debts -€11,856
down €11,856 (-14.0%), from €84,704 to €72,848
of which Remuneration and social security: -€7,180
- Profit (loss) carried forward +€4,852
up €4,852 (+20.4%), from €23,819 to €28,670
- Staff costs -€18,525
down €18,525 (-3.0%), from €608,936 to €590,411
- Financial charges -€7,601
down €7,601 (-45.4%), from €16,754 to €9,152
of which Financial charges: -€7,084
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 | €247,132 | €278,442 | +€31,310 | +12.7% |
| Fixed assets | 21/28 | €12,709 | €24,415 | +€11,706 | +92.1% |
| Tangible fixed assets | 22/27 | €8,258 | €19,964 | +€11,706 | +142% |
| Plant, machinery and equipment | 23 | €4,592 | €18,005 | +€13,413 | +292% |
| Furniture and vehicles | 24 | €2,127 | €978 | -€1,149 | -54.0% |
| Other tangible fixed assets | 26 | €1,539 | €982 | -€557 | -36.2% |
| Financial fixed assets | 28 | €4,451 | €4,451 | = | 0.0% |
| Current assets | 29/58 | €234,423 | €254,027 | +€19,604 | +8.4% |
| Stocks and contracts in progress | 3 | €25,314 | €24,328 | -€986 | -3.9% |
| Stocks | 30/36 | €25,314 | €24,328 | -€986 | -3.9% |
| Amounts receivable within one year | 40/41 | €33,773 | €34,100 | +€327 | +1.0% |
| Trade receivables | 40 | €6,338 | €14,382 | +€8,044 | +127% |
| Other amounts receivable | 41 | €27,435 | €19,718 | -€7,718 | -28.1% |
| Cash at bank and in hand | 54/58 | €168,256 | €193,976 | +€25,720 | +15.3% |
| Deferred charges and accrued income | 490/1 | €7,080 | €1,622 | -€5,458 | -77.1% |
| Total equity and liabilities | 10/49 | €247,132 | €278,442 | +€31,310 | +12.7% |
| Equity | 10/15 | €31,879 | €36,730 | +€4,852 | +15.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,819 | €28,670 | +€4,852 | +20.4% |
| Amounts payable | 17/49 | €215,253 | €241,712 | +€26,458 | +12.3% |
| Amounts payable within one year | 42/48 | €215,161 | €241,712 | +€26,550 | +12.3% |
| Trade debts | 44 | €130,457 | €168,864 | +€38,406 | +29.4% |
| Suppliers | 440/4 | €130,457 | €168,864 | +€38,406 | +29.4% |
| Taxes, remuneration and social security | 45 | €84,704 | €72,848 | -€11,856 | -14.0% |
| Taxes | 450/3 | €7,609 | €2,932 | -€4,676 | -61.5% |
| Remuneration and social security | 454/9 | €77,095 | €69,916 | -€7,180 | -9.3% |
| Accrued charges and deferred income | 492/3 | €92 | - | -€92 | |
| Remuneration, social security and pensions | 62 | €608,936 | €590,411 | -€18,525 | -3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,478 | €6,560 | -€918 | -12.3% |
| Other operating charges | 640/8 | €3,478 | €8,526 | +€5,048 | +145% |
| Gross operating margin | 9900 | €618,522 | €619,308 | +€786 | +0.1% |
| Operating profit (loss) | 9901 | -€1,370 | €13,811 | +€15,181 | |
| Financial income | 75/76B | €2,163 | €842 | -€1,320 | -61.1% |
| Recurring financial income | 75 | €2,163 | €842 | -€1,320 | -61.1% |
| Financial charges | 65/66B | €16,754 | €9,152 | -€7,601 | -45.4% |
| Recurring financial charges | 65 | €16,236 | €9,152 | -€7,084 | -43.6% |
| Non-recurring financial charges | 66B | €518 | - | -€518 | |
| Profit (loss) for the period before taxes | 9903 | -€15,961 | €5,501 | +€21,462 | |
| Income taxes | 67/77 | €632 | €649 | +€17 | +2.6% |
| Profit (loss) for the period | 9904 | -€16,594 | €4,852 | +€21,445 | |
| Profit (loss) for the period to be appropriated | 9905 | -€16,594 | €4,852 | +€21,445 |
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 19 October 2026 via checked.be.