VSAE: what changed
Two fiscal 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.
VSAE
Largest movements
- Financial fixed assets +€350,000
new in 2025: €350,000
- Tangible fixed assets -€42,646
down €42,646 (-30.2%), from €141,010 to €98,365
of which Leasing and similar rights: -€34,195
- Cash +€37,795
up €37,795 (+755.6%), from €5,002 to €42,797
mainly Debts after one year (+€203,640) and Depreciation (+€61,150)
- Deferred charges and accrued income -€7,473
down €7,473 (-70.9%), from €10,536 to €3,062
- Debts after one year +€203,640
up €203,640 (+480.6%), from €42,374 to €246,014
- Other debts +€59,120
up €59,120 (+68.8%), from €85,919 to €145,040
- Current portion of long-term debt +€36,920
up €36,920 (+235.4%), from €15,681 to €52,601
- Profit (loss) carried forward +€21,158
up €21,158 (+131.2%), from €16,132 to €37,290
- Trade debts +€11,379
up €11,379 (+80.7%), from €14,109 to €25,488
- Gross operating margin +€29,473
up €29,473 (+12.7%), from €231,949 to €261,421
- Staff costs +€11,920
up €11,920 (+7.9%), from €150,676 to €162,596
- Taxes +€5,639
up €5,639 (+213.2%), from €2,645 to €8,284
- Depreciation -€5,377
down €5,377 (-8.1%), from €66,526 to €61,150
- Financial charges +€3,511
up €3,511 (+118.6%), from €2,961 to €6,472
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.
Cash bridge derived
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 | €190,969 | €528,851 | +€337,882 | +176.9% |
| Fixed assets | 21/28 | €141,010 | €448,365 | +€307,354 | +218.0% |
| Tangible fixed assets | 22/27 | €141,010 | €98,365 | -€42,646 | -30.2% |
| Plant, machinery and equipment | 23 | €69,596 | €42,850 | -€26,746 | -38.4% |
| Furniture and vehicles | 24 | €33,607 | €51,902 | +€18,295 | +54.4% |
| Leasing and similar rights | 25 | €37,808 | €3,613 | -€34,195 | -90.4% |
| Financial fixed assets | 28 | - | €350,000 | +€350,000 | |
| Current assets | 29/58 | €49,958 | €80,486 | +€30,528 | +61.1% |
| Stocks and contracts in progress | 3 | €19,346 | €18,100 | -€1,246 | -6.4% |
| Stocks | 30/36 | €19,346 | €18,100 | -€1,246 | -6.4% |
| Amounts receivable within one year | 40/41 | €15,075 | €16,527 | +€1,452 | +9.6% |
| Trade receivables | 40 | €14,829 | €12,250 | -€2,579 | -17.4% |
| Other amounts receivable | 41 | €246 | €4,276 | +€4,031 | +1639.3% |
| Cash at bank and in hand | 54/58 | €5,002 | €42,797 | +€37,795 | +755.6% |
| Deferred charges and accrued income | 490/1 | €10,536 | €3,062 | -€7,473 | -70.9% |
| Total equity and liabilities | 10/49 | €190,969 | €528,851 | +€337,882 | +176.9% |
| Equity | 10/15 | €19,132 | €40,290 | +€21,158 | +110.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,132 | €37,290 | +€21,158 | +131.2% |
| Amounts payable | 17/49 | €171,837 | €488,561 | +€316,724 | +184.3% |
| Amounts payable after more than one year | 17 | €42,374 | €246,014 | +€203,640 | +480.6% |
| Financial debts | 170/4 | €42,374 | €246,014 | +€203,640 | +480.6% |
| Amounts payable within one year | 42/48 | €129,463 | €242,547 | +€113,084 | +87.3% |
| Current portion of amounts payable after more than one year | 42 | €15,681 | €52,601 | +€36,920 | +235.4% |
| Trade debts | 44 | €14,109 | €25,488 | +€11,379 | +80.7% |
| Suppliers | 440/4 | €14,109 | €25,488 | +€11,379 | +80.7% |
| Taxes, remuneration and social security | 45 | €13,754 | €19,418 | +€5,664 | +41.2% |
| Taxes | 450/3 | €7,162 | €11,031 | +€3,869 | +54.0% |
| Remuneration and social security | 454/9 | €6,592 | €8,388 | +€1,795 | +27.2% |
| Other amounts payable | 47/48 | €85,919 | €145,040 | +€59,120 | +68.8% |
| Remuneration, social security and pensions | 62 | €150,676 | €162,596 | +€11,920 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €66,526 | €61,150 | -€5,377 | -8.1% |
| Other operating charges | 640/8 | €1,432 | €1,788 | +€356 | +24.8% |
| Gross operating margin | 9900 | €231,949 | €261,421 | +€29,473 | +12.7% |
| Operating profit (loss) | 9901 | €13,314 | €35,888 | +€22,574 | +169.6% |
| Financial income | 75/76B | €4 | €26 | +€23 | +632.8% |
| Recurring financial income | 75 | €4 | €26 | +€23 | +632.8% |
| Financial charges | 65/66B | €2,961 | €6,472 | +€3,511 | +118.6% |
| Recurring financial charges | 65 | €2,961 | €6,472 | +€3,511 | +118.6% |
| Profit (loss) for the period before taxes | 9903 | €10,357 | €29,442 | +€19,085 | +184.3% |
| Income taxes | 67/77 | €2,645 | €8,284 | +€5,639 | +213.2% |
| Profit (loss) for the period | 9904 | €7,712 | €21,158 | +€13,447 | +174.4% |
| Profit (loss) for the period to be appropriated | 9905 | €7,712 | €21,158 | +€13,447 | +174.4% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.