VSA: 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.
VSA
Largest movements
- Tangible fixed assets +€40,013
new in 2025: €40,013
- Cash -€1,184
down €1,184 (-100%), from €1,184 to €0
mainly Investment in fixed assets (net) (-€41,763) and Other debts (-€4,562)
- Debts after one year +€17,947
new in 2025: €17,947
- Profit (loss) carried forward +€16,937
up €16,937 (+23.8%), from -€71,264 to -€54,328
- Other debts -€4,562
down €4,562 (-7.2%), from €63,365 to €58,803
- Current portion of long-term debt +€4,190
new in 2025: €4,190
- Short-term financial debts +€3,603
new in 2025: €3,603
- Gross operating margin -€5,674
down €5,674 (-19.0%), from €29,863 to €24,190
- Taxes +€2,178
up €2,178 (+90.0%), from €2,420 to €4,598
- Depreciation +€1,685
new in 2025: €1,685
- Other operating charges -€967
down €967 (-89.0%), from €1,087 to €120
- Financial charges +€535
up €535 (+170%), from €315 to €850
of which Financial charges: +€535
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 | €8,536 | €47,576 | +€39,040 | +457% |
| Fixed assets | 21/28 | - | €40,078 | +€40,078 | |
| Tangible fixed assets | 22/27 | - | €40,013 | +€40,013 | |
| Furniture and vehicles | 24 | - | €40,013 | +€40,013 | |
| Financial fixed assets | 28 | - | €65 | +€65 | |
| Current assets | 29/58 | €8,536 | €7,499 | -€1,038 | -12.2% |
| Amounts receivable within one year | 40/41 | €7,353 | €7,499 | +€146 | +2.0% |
| Trade receivables | 40 | €7,353 | €6,049 | -€1,304 | -17.7% |
| Other amounts receivable | 41 | - | €1,450 | +€1,450 | |
| Cash at bank and in hand | 54/58 | €1,184 | €0 | -€1,184 | -100% |
| Total equity and liabilities | 10/49 | €8,536 | €47,576 | +€39,040 | +457% |
| Equity | 10/15 | -€65,064 | -€48,128 | +€16,937 | +26.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,264 | -€54,328 | +€16,937 | +23.8% |
| Amounts payable | 17/49 | €73,600 | €95,704 | +€22,103 | +30.0% |
| Amounts payable after more than one year | 17 | - | €17,947 | +€17,947 | |
| Financial debts | 170/4 | - | €17,947 | +€17,947 | |
| Amounts payable within one year | 42/48 | €73,600 | €77,757 | +€4,157 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | - | €4,190 | +€4,190 | |
| Financial debts | 43 | - | €3,603 | +€3,603 | |
| Credit institutions | 430/8 | - | €3,603 | +€3,603 | |
| Trade debts | 44 | €3,499 | €4,144 | +€645 | +18.4% |
| Suppliers | 440/4 | €3,499 | €4,144 | +€645 | +18.4% |
| Taxes, remuneration and social security | 45 | €6,736 | €7,017 | +€281 | +4.2% |
| Taxes | 450/3 | €6,736 | €7,017 | +€281 | +4.2% |
| Other amounts payable | 47/48 | €63,365 | €58,803 | -€4,562 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,685 | +€1,685 | |
| Other operating charges | 640/8 | €1,087 | €120 | -€967 | -89.0% |
| Gross operating margin | 9900 | €29,863 | €24,190 | -€5,674 | -19.0% |
| Operating profit (loss) | 9901 | €28,776 | €22,384 | -€6,392 | -22.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €315 | €850 | +€535 | +170% |
| Recurring financial charges | 65 | €315 | €850 | +€535 | +170% |
| Non-recurring financial charges | 66B | €315 | - | -€315 | |
| Profit (loss) for the period before taxes | 9903 | €28,461 | €21,534 | -€6,927 | -24.3% |
| Income taxes | 67/77 | €2,420 | €4,598 | +€2,178 | +90.0% |
| Profit (loss) for the period | 9904 | €26,041 | €16,937 | -€9,105 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,041 | €16,937 | -€9,105 | -35.0% |
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 17 October 2026 via checked.be.