VSA Accounting: 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 Accounting
Largest movements
- Receivables within one year -€223,142
down €223,142 (-69.7%), from €320,104 to €96,962
of which Trade receivables: -€267,668
- Cash +€111,465
up €111,465 (+51.2%), from €217,674 to €329,139
mainly Receivables within one year (+€223,142) and Net result for the year (+€200,181)
- Intangible fixed assets -€40,079
down €40,079 (-56.2%), from €71,357 to €31,278
- Other debts -€94,995
down €94,995 (-84.3%), from €112,696 to €17,701
- Trade debts -€62,295
down €62,295 (-79.0%), from €78,874 to €16,579
- Reserves +€40,181
up €40,181 (+7.4%), from €539,642 to €579,823
- Tax, wage and social debts -€35,248
down €35,248 (-27.2%), from €129,740 to €94,492
of which Remuneration and social security: -€28,385
- Current portion of long-term debt -€15,008
down €15,008 (-26.6%), from €56,358 to €41,350
- Financial income +€125,768
up €125,768 (+406,228%), from €31 to €125,799
- Gross operating margin -€79,289
down €79,289 (-17.5%), from €454,334 to €375,045
- Staff costs -€51,019
down €51,019 (-20.2%), from €252,878 to €201,859
- Depreciation -€20,061
down €20,061 (-29.1%), from €68,984 to €48,923
- Write-downs -€7,434
down €7,434, from €7,173 to -€261
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 | €1,143,047 | €986,838 | -€156,209 | -13.7% |
| Fixed assets | 21/28 | €602,845 | €553,148 | -€49,697 | -8.2% |
| Intangible fixed assets | 21 | €71,357 | €31,278 | -€40,079 | -56.2% |
| Tangible fixed assets | 22/27 | €11,488 | €1,870 | -€9,618 | -83.7% |
| Furniture and vehicles | 24 | €5,961 | €1,044 | -€4,917 | -82.5% |
| Other tangible fixed assets | 26 | €5,527 | €825 | -€4,701 | -85.1% |
| Financial fixed assets | 28 | €520,000 | €520,000 | = | 0.0% |
| Current assets | 29/58 | €540,202 | €433,690 | -€106,512 | -19.7% |
| Amounts receivable within one year | 40/41 | €320,104 | €96,962 | -€223,142 | -69.7% |
| Trade receivables | 40 | €319,910 | €52,242 | -€267,668 | -83.7% |
| Other amounts receivable | 41 | €194 | €44,720 | +€44,526 | +22,977% |
| Cash at bank and in hand | 54/58 | €217,674 | €329,139 | +€111,465 | +51.2% |
| Deferred charges and accrued income | 490/1 | €2,424 | €7,589 | +€5,165 | +213% |
| Total equity and liabilities | 10/49 | €1,143,047 | €986,838 | -€156,209 | -13.7% |
| Equity | 10/15 | €541,642 | €581,823 | +€40,181 | +7.4% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €539,642 | €579,823 | +€40,181 | +7.4% |
| Distributable reserves | 133 | €539,642 | €579,823 | +€40,181 | +7.4% |
| Amounts payable | 17/49 | €601,405 | €405,015 | -€196,390 | -32.7% |
| Amounts payable after more than one year | 17 | €190,870 | €194,520 | +€3,650 | +1.9% |
| Financial debts | 170/4 | €190,870 | €194,520 | +€3,650 | +1.9% |
| Amounts payable within one year | 42/48 | €398,756 | €206,104 | -€192,653 | -48.3% |
| Current portion of amounts payable after more than one year | 42 | €56,358 | €41,350 | -€15,008 | -26.6% |
| Financial debts | 43 | €21,089 | €35,982 | +€14,893 | +70.6% |
| Credit institutions | 430/8 | €21,089 | €35,982 | +€14,893 | +70.6% |
| Trade debts | 44 | €78,874 | €16,579 | -€62,295 | -79.0% |
| Suppliers | 440/4 | €78,874 | €16,579 | -€62,295 | -79.0% |
| Taxes, remuneration and social security | 45 | €129,740 | €94,492 | -€35,248 | -27.2% |
| Taxes | 450/3 | €71,968 | €65,105 | -€6,864 | -9.5% |
| Remuneration and social security | 454/9 | €57,772 | €29,387 | -€28,385 | -49.1% |
| Other amounts payable | 47/48 | €112,696 | €17,701 | -€94,995 | -84.3% |
| Accrued charges and deferred income | 492/3 | €11,779 | €4,391 | -€7,388 | -62.7% |
| Remuneration, social security and pensions | 62 | €252,878 | €201,859 | -€51,019 | -20.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68,984 | €48,923 | -€20,061 | -29.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €7,173 | -€261 | -€7,434 | |
| Other operating charges | 640/8 | €3,360 | €1,663 | -€1,697 | -50.5% |
| Gross operating margin | 9900 | €454,334 | €375,045 | -€79,289 | -17.5% |
| Operating profit (loss) | 9901 | €121,939 | €122,861 | +€922 | +0.8% |
| Financial income | 75/76B | €31 | €125,799 | +€125,768 | +406,228% |
| Recurring financial income | 75 | €31 | €125,799 | +€125,768 | +406,228% |
| Financial charges | 65/66B | €14,818 | €14,174 | -€645 | -4.4% |
| Recurring financial charges | 65 | €14,818 | €14,174 | -€645 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €107,151 | €234,487 | +€127,335 | +119% |
| Income taxes | 67/77 | €34,469 | €34,306 | -€163 | -0.5% |
| Profit (loss) for the period | 9904 | €72,683 | €200,181 | +€127,498 | +175% |
| Profit (loss) for the period to be appropriated | 9905 | €72,683 | €200,181 | +€127,498 | +175% |
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 30 October 2026 via checked.be.