VSA PROPERTIES & MANAGEMENT: 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.
What changed
VSA PROPERTIES & MANAGEMENT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€15,487
2024 · €58,494-€43,008
Equity
€434,797
2024 · €419,310+€15,487
Cash
€814
2024 · €279+€535
Balance sheet total
€475,819
2024 · €466,274+€9,545
Largest movements
Assets
- Deferred charges and accrued income +€21,514
up €21,514 (+38.7%), from €55,619 to €77,133
- Tangible fixed assets -€15,040
down €15,040 (-3.8%), from €393,715 to €378,675
of which Land and buildings: -€11,877
Equity and liabilities
- Profit (loss) carried forward +€15,487
up €15,487 (+6.0%), from €256,440 to €271,927
- Tax, wage and social debts -€12,987
down €12,987 (-87.3%), from €14,867 to €1,881
Income statement
- Gross operating margin -€193,888
down €193,888 (-83.5%), from €232,068 to €38,180
- Taxes -€17,772
down €17,772 (-84.9%), from €20,934 to €3,162
- Depreciation -€4,670
down €4,670 (-23.7%), from €19,711 to €15,040
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.
Result 2024
€58,494
Gross operating margin
-€193,888
Depreciation
+€4,670
Other operating charges
+€317
Other operating items
+€127,080
Financial income
-€17
Financial charges
+€1,057
Taxes
+€17,772
Result 2025
€15,487
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€187
Investment
€0
Financing
+€722
Cash 2024
€279
From operations (derived)
-€187
Net result for the year
+€15,487
Depreciation
+€15,040
Receivables within one year
-€2,536
Deferred charges and accrued income
-€21,514
Trade debts
+€2,288
Tax, wage and social debts
-€12,987
Advances received
+€4,035
Financing
+€722
Short-term financial debts
+€722
Cash 2025
€814
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €466,274 | €475,819 | +€9,545 | +2.0% |
| Fixed assets | 21/28 | €393,715 | €378,675 | -€15,040 | -3.8% |
| Tangible fixed assets | 22/27 | €393,715 | €378,675 | -€15,040 | -3.8% |
| Land and buildings | 22 | €385,460 | €373,583 | -€11,877 | -3.1% |
| Plant, machinery and equipment | 23 | €7,527 | €5,092 | -€2,436 | -32.4% |
| Furniture and vehicles | 24 | €181 | - | -€181 | |
| Other tangible fixed assets | 26 | €547 | - | -€547 | |
| Current assets | 29/58 | €72,559 | €97,144 | +€24,586 | +33.9% |
| Amounts receivable within one year | 40/41 | €16,661 | €19,197 | +€2,536 | +15.2% |
| Trade receivables | 40 | €16,465 | €16,360 | -€105 | -0.6% |
| Other amounts receivable | 41 | €196 | €2,838 | +€2,642 | +1,347% |
| Cash at bank and in hand | 54/58 | €279 | €814 | +€535 | +192% |
| Deferred charges and accrued income | 490/1 | €55,619 | €77,133 | +€21,514 | +38.7% |
| Total equity and liabilities | 10/49 | €466,274 | €475,819 | +€9,545 | +2.0% |
| Equity | 10/15 | €419,310 | €434,797 | +€15,487 | +3.7% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €12,870 | €12,870 | = | 0.0% |
| Non-distributable reserves | 130/1 | €12,870 | €12,870 | = | 0.0% |
| Reserves not available under the articles | 1311 | €12,870 | €12,870 | = | 0.0% |
| Profit (loss) carried forward | 14 | €256,440 | €271,927 | +€15,487 | +6.0% |
| Amounts payable | 17/49 | €46,963 | €41,022 | -€5,941 | -12.7% |
| Amounts payable within one year | 42/48 | €46,963 | €41,022 | -€5,941 | -12.7% |
| Current portion of amounts payable after more than one year | 42 | €3,500 | €3,500 | = | 0.0% |
| Financial debts | 43 | €8,963 | €9,685 | +€722 | +8.1% |
| Credit institutions | 430/8 | €8,963 | €9,685 | +€722 | +8.1% |
| Trade debts | 44 | €2,663 | €4,951 | +€2,288 | +85.9% |
| Suppliers | 440/4 | €2,663 | €4,951 | +€2,288 | +85.9% |
| Advances received on contracts in progress | 46 | €15,760 | €19,795 | +€4,035 | +25.6% |
| Taxes, remuneration and social security | 45 | €14,867 | €1,881 | -€12,987 | -87.3% |
| Taxes | 450/3 | €14,867 | €1,881 | -€12,987 | -87.3% |
| Other amounts payable | 47/48 | €1,210 | €1,210 | = | 0.0% |
| Non-recurring operating income | 76A | €194,000 | - | -€194,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,711 | €15,040 | -€4,670 | -23.7% |
| Other operating charges | 640/8 | €2,870 | €2,553 | -€317 | -11.1% |
| Non-recurring operating charges | 66A | €127,080 | - | -€127,080 | |
| Gross operating margin | 9900 | €232,068 | €38,180 | -€193,888 | -83.5% |
| Operating profit (loss) | 9901 | €82,407 | €20,587 | -€61,820 | -75.0% |
| Financial income | 75/76B | €17 | - | -€17 | |
| Recurring financial income | 75 | €17 | - | -€17 | |
| Financial charges | 65/66B | €2,995 | €1,938 | -€1,057 | -35.3% |
| Recurring financial charges | 65 | €2,995 | €1,938 | -€1,057 | -35.3% |
| Profit (loss) for the period before taxes | 9903 | €79,428 | €18,649 | -€60,780 | -76.5% |
| Income taxes | 67/77 | €20,934 | €3,162 | -€17,772 | -84.9% |
| Profit (loss) for the period | 9904 | €58,494 | €15,487 | -€43,008 | -73.5% |
| Profit (loss) for the period to be appropriated | 9905 | €58,494 | €15,487 | -€43,008 | -73.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.