VSA Belgium: 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 Belgium
Largest movements
- Cash +€26,617
up €26,617 (+13.3%), from €200,549 to €227,166
mainly Depreciation (+€77,267) and Receivables within one year (+€18,736)
- Intangible fixed assets -€24,745
down €24,745 (-55.5%), from €44,588 to €19,843
- Tangible fixed assets -€21,107
down €21,107 (-27.2%), from €77,550 to €56,442
- Receivables within one year -€18,736
down €18,736 (-14.0%), from €134,118 to €115,382
of which Other amounts receivable: -€17,830
- Financial fixed assets -€9,000
down €9,000 (-100%), from €9,000 to €0
- Profit (loss) carried forward -€31,902
down €31,902 (-13.7%), from €233,364 to €201,463
- Tax, wage and social debts -€11,959
down €11,959 (-9.1%), from €131,536 to €119,577
of which Taxes: -€15,635
- Gross operating margin -€54,229
down €54,229 (-5.8%), from €931,731 to €877,502
- Staff costs +€29,008
up €29,008 (+3.7%), from €773,658 to €802,666
- Taxes -€21,748
down €21,748 (-71.0%), from €30,636 to €8,889
- Financial charges +€18,289
up €18,289 (+1,108%), from €1,650 to €19,939
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 | €466,719 | €419,833 | -€46,886 | -10.0% |
| Fixed assets | 21/28 | €131,138 | €76,286 | -€54,852 | -41.8% |
| Intangible fixed assets | 21 | €44,588 | €19,843 | -€24,745 | -55.5% |
| Tangible fixed assets | 22/27 | €77,550 | €56,442 | -€21,107 | -27.2% |
| Furniture and vehicles | 24 | €77,550 | €56,442 | -€21,107 | -27.2% |
| Financial fixed assets | 28 | €9,000 | €0 | -€9,000 | -100% |
| Current assets | 29/58 | €335,581 | €343,547 | +€7,966 | +2.4% |
| Amounts receivable within one year | 40/41 | €134,118 | €115,382 | -€18,736 | -14.0% |
| Trade receivables | 40 | €906 | €0 | -€906 | -100% |
| Other amounts receivable | 41 | €133,212 | €115,382 | -€17,830 | -13.4% |
| Cash at bank and in hand | 54/58 | €200,549 | €227,166 | +€26,617 | +13.3% |
| Deferred charges and accrued income | 490/1 | €914 | €999 | +€85 | +9.3% |
| Total equity and liabilities | 10/49 | €466,719 | €419,833 | -€46,886 | -10.0% |
| Equity | 10/15 | €317,954 | €286,053 | -€31,902 | -10.0% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €23,090 | €23,090 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €16,940 | €16,940 | = | 0.0% |
| Profit (loss) carried forward | 14 | €233,364 | €201,463 | -€31,902 | -13.7% |
| Amounts payable | 17/49 | €148,764 | €133,780 | -€14,984 | -10.1% |
| Amounts payable within one year | 42/48 | €132,249 | €120,302 | -€11,947 | -9.0% |
| Trade debts | 44 | €713 | €725 | +€11 | +1.6% |
| Suppliers | 440/4 | €713 | €725 | +€11 | +1.6% |
| Taxes, remuneration and social security | 45 | €131,536 | €119,577 | -€11,959 | -9.1% |
| Taxes | 450/3 | €27,516 | €11,881 | -€15,635 | -56.8% |
| Remuneration and social security | 454/9 | €104,020 | €107,696 | +€3,677 | +3.5% |
| Accrued charges and deferred income | 492/3 | €16,515 | €13,479 | -€3,037 | -18.4% |
| Non-recurring operating income | 76A | €20,229 | €0 | -€20,229 | -100% |
| Remuneration, social security and pensions | 62 | €773,658 | €802,666 | +€29,008 | +3.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,239 | €77,267 | -€7,972 | -9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €2,740 | €3,331 | +€591 | +21.6% |
| Non-recurring operating charges | 66A | €2,075 | €0 | -€2,075 | -100% |
| Gross operating margin | 9900 | €931,731 | €877,502 | -€54,229 | -5.8% |
| Operating profit (loss) | 9901 | €68,020 | -€5,762 | -€73,781 | |
| Financial income | 75/76B | €4,498 | €2,688 | -€1,810 | -40.2% |
| Recurring financial income | 75 | €4,498 | €2,688 | -€1,810 | -40.2% |
| Financial charges | 65/66B | €1,650 | €19,939 | +€18,289 | +1,108% |
| Recurring financial charges | 65 | €1,650 | €19,939 | +€18,289 | +1,108% |
| Profit (loss) for the period before taxes | 9903 | €70,867 | -€23,013 | -€93,880 | |
| Income taxes | 67/77 | €30,636 | €8,889 | -€21,748 | -71.0% |
| Profit (loss) for the period | 9904 | €40,231 | -€31,902 | -€72,132 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,231 | -€31,902 | -€72,132 |
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 25 October 2026 via checked.be.