VSA INTERNATIONAL: 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 INTERNATIONAL
Largest movements
- Cash +€1.0m
up €1.0m (+44,507%), from €2,343 to €1.0m
mainly Net result for the year (+€935,036) and Tax, wage and social debts (+€120,778)
- Reserves +€917,818
new in 2025: €917,818
- Tax, wage and social debts +€120,778
new in 2025: €120,778
of which Taxes: +€90,778
- Profit (loss) carried forward +€17,217
no longer reported in 2025 (was -€17,217)
- Gross operating margin +€1.4m
up €1.4m, from -€975 to €1.4m
- Taxes +€421,778
new in 2025: €421,778
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 | €2,343 | €1,058,212 | +€1.1m | +45,066% |
| Fixed assets | 21/28 | - | €1,948 | +€1,948 | |
| Tangible fixed assets | 22/27 | - | €1,948 | +€1,948 | |
| Furniture and vehicles | 24 | - | €1,948 | +€1,948 | |
| Current assets | 29/58 | €2,343 | €1,056,264 | +€1.1m | +44,983% |
| Amounts receivable within one year | 40/41 | - | €10,412 | +€10,412 | |
| Trade receivables | 40 | - | €9,967 | +€9,967 | |
| Other amounts receivable | 41 | - | €444 | +€444 | |
| Cash at bank and in hand | 54/58 | €2,343 | €1,045,103 | +€1.0m | +44,507% |
| Deferred charges and accrued income | 490/1 | - | €749 | +€749 | |
| Total equity and liabilities | 10/49 | €2,343 | €1,058,212 | +€1.1m | +45,066% |
| Equity | 10/15 | -€4,817 | €930,218 | +€935,036 | |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | - | €917,818 | +€917,818 | |
| Distributable reserves | 133 | - | €917,818 | +€917,818 | |
| Profit (loss) carried forward | 14 | -€17,217 | - | +€17,217 | |
| Amounts payable | 17/49 | €7,160 | €127,993 | +€120,833 | +1,688% |
| Amounts payable within one year | 42/48 | €7,160 | €127,993 | +€120,833 | +1,688% |
| Trade debts | 44 | €1,103 | €2,004 | +€901 | +81.7% |
| Suppliers | 440/4 | €1,103 | €2,004 | +€901 | +81.7% |
| Taxes, remuneration and social security | 45 | - | €120,778 | +€120,778 | |
| Taxes | 450/3 | - | €90,778 | +€90,778 | |
| Remuneration and social security | 454/9 | - | €30,000 | +€30,000 | |
| Other amounts payable | 47/48 | €6,058 | €5,211 | -€846 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €139 | +€139 | |
| Other operating charges | 640/8 | €579 | €400 | -€179 | -30.9% |
| Gross operating margin | 9900 | -€975 | €1,357,513 | +€1.4m | |
| Operating profit (loss) | 9901 | -€1,554 | €1,356,974 | +€1.4m | |
| Financial charges | 65/66B | €180 | €160 | -€21 | -11.5% |
| Recurring financial charges | 65 | €180 | €160 | -€21 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,734 | €1,356,814 | +€1.4m | |
| Income taxes | 67/77 | - | €421,778 | +€421,778 | |
| Profit (loss) for the period | 9904 | -€1,734 | €935,036 | +€936,770 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,734 | €935,036 | +€936,770 |
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 31 October 2026 via checked.be.