VS01: 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.
VS01
Largest movements
- Stocks and contracts -€85,215
down €85,215 (-42.6%), from €200,003 to €114,788
- Cash +€24,402
up €24,402 (+145%), from €16,865 to €41,267
mainly Stocks and contracts (+€85,215) and Net result for the year (+€28,746)
- Receivables within one year +€2,689
new in 2025: €2,689
- Debts after one year -€115,000
down €115,000 (-62.2%), from €185,000 to €70,000
- Reserves +€16,914
new in 2025: €16,914
- Other debts +€13,839
up €13,839 (+38.4%), from €36,000 to €49,839
- Profit (loss) carried forward +€11,832
up €11,832, from -€11,832 to €0
- Trade debts +€7,684
up €7,684 (+1,033%), from €744 to €8,428
- Gross operating margin +€53,020
up €53,020, from -€5,315 to €47,705
- Financial charges +€6,795
up €6,795 (+135%), from €5,028 to €11,823
- Taxes +€6,351
new in 2025: €6,351
- Other operating charges -€723
down €723 (-57.8%), from €1,251 to €528
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 | €217,912 | €159,532 | -€58,380 | -26.8% |
| Formation expenses | 20 | €1,044 | €788 | -€256 | -24.6% |
| Current assets | 29/58 | €216,868 | €158,744 | -€58,123 | -26.8% |
| Stocks and contracts in progress | 3 | €200,003 | €114,788 | -€85,215 | -42.6% |
| Stocks | 30/36 | €200,003 | €114,788 | -€85,215 | -42.6% |
| Amounts receivable within one year | 40/41 | - | €2,689 | +€2,689 | |
| Trade receivables | 40 | - | €2,689 | +€2,689 | |
| Cash at bank and in hand | 54/58 | €16,865 | €41,267 | +€24,402 | +145% |
| Total equity and liabilities | 10/49 | €217,912 | €159,532 | -€58,380 | -26.8% |
| Equity | 10/15 | -€3,832 | €24,914 | +€28,746 | |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | - | €16,914 | +€16,914 | |
| Distributable reserves | 133 | - | €16,914 | +€16,914 | |
| Profit (loss) carried forward | 14 | -€11,832 | €0 | +€11,832 | |
| Amounts payable | 17/49 | €221,744 | €134,618 | -€87,126 | -39.3% |
| Amounts payable after more than one year | 17 | €185,000 | €70,000 | -€115,000 | -62.2% |
| Financial debts | 170/4 | €185,000 | €70,000 | -€115,000 | -62.2% |
| Amounts payable within one year | 42/48 | €36,744 | €64,618 | +€27,874 | +75.9% |
| Trade debts | 44 | €744 | €8,428 | +€7,684 | +1,033% |
| Suppliers | 440/4 | €744 | €8,428 | +€7,684 | +1,033% |
| Taxes, remuneration and social security | 45 | - | €6,351 | +€6,351 | |
| Taxes | 450/3 | - | €6,351 | +€6,351 | |
| Other amounts payable | 47/48 | €36,000 | €49,839 | +€13,839 | +38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238 | €256 | +€19 | +7.8% |
| Other operating charges | 640/8 | €1,251 | €528 | -€723 | -57.8% |
| Gross operating margin | 9900 | -€5,315 | €47,705 | +€53,020 | |
| Operating profit (loss) | 9901 | -€6,804 | €46,921 | +€53,725 | |
| Financial charges | 65/66B | €5,028 | €11,823 | +€6,795 | +135% |
| Recurring financial charges | 65 | €5,028 | €11,823 | +€6,795 | +135% |
| Profit (loss) for the period before taxes | 9903 | -€11,832 | €35,098 | +€46,930 | |
| Income taxes | 67/77 | - | €6,351 | +€6,351 | |
| Profit (loss) for the period | 9904 | -€11,832 | €28,746 | +€40,579 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,832 | €28,746 | +€40,579 |
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 15 October 2026 via checked.be.