vSafe: 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.
vSafe
Largest movements
- Receivables within one year +€199,877
up €199,877 (+161,961%), from €123 to €200,000
- Cash -€181,373
down €181,373 (-51.0%), from €355,292 to €173,919
mainly Receivables within one year (-€199,877) and Contributions, distributions and other (-€110,707)
- Tangible fixed assets -€28,125
down €28,125 (-7.4%), from €378,270 to €350,144
of which Land and buildings: -€23,295
- Reserves +€26,677
up €26,677 (+5.8%), from €460,103 to €486,780
of which Distributable reserves: +€26,677
- Debts after one year -€20,000
down €20,000 (-13.0%), from €153,334 to €133,334
- Other debts -€19,753
down €19,753 (-98.7%), from €20,019 to €266
- Gross operating margin +€16,425
up €16,425 (+7.4%), from €222,951 to €239,376
- Taxes +€5,363
up €5,363 (+9.1%), from €58,630 to €63,993
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 | €733,685 | €724,063 | -€9,622 | -1.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €378,270 | €350,144 | -€28,125 | -7.4% |
| Tangible fixed assets | 22/27 | €378,270 | €350,144 | -€28,125 | -7.4% |
| Land and buildings | 22 | €345,872 | €322,577 | -€23,295 | -6.7% |
| Plant, machinery and equipment | 23 | €18,421 | €15,882 | -€2,539 | -13.8% |
| Furniture and vehicles | 24 | €13,977 | €11,685 | -€2,292 | -16.4% |
| Current assets | 29/58 | €355,415 | €373,919 | +€18,504 | +5.2% |
| Amounts receivable within one year | 40/41 | €123 | €200,000 | +€199,877 | +161,961% |
| Other amounts receivable | 41 | €123 | €200,000 | +€199,877 | +161,961% |
| Cash at bank and in hand | 54/58 | €355,292 | €173,919 | -€181,373 | -51.0% |
| Total equity and liabilities | 10/49 | €733,685 | €724,063 | -€9,622 | -1.3% |
| Equity | 10/15 | €525,103 | €551,780 | +€26,677 | +5.1% |
| Contributions | 10/11 | €65,000 | €65,000 | = | 0.0% |
| Capital | 10 | €65,000 | €65,000 | = | 0.0% |
| Issued capital | 100 | €65,000 | €65,000 | = | 0.0% |
| Reserves | 13 | €460,103 | €486,780 | +€26,677 | +5.8% |
| Non-distributable reserves | 130/1 | €6,500 | €6,500 | = | 0.0% |
| Legal reserve | 130 | €6,500 | €6,500 | = | 0.0% |
| Distributable reserves | 133 | €453,603 | €480,280 | +€26,677 | +5.9% |
| Amounts payable | 17/49 | €208,582 | €172,284 | -€36,299 | -17.4% |
| Amounts payable after more than one year | 17 | €153,334 | €133,334 | -€20,000 | -13.0% |
| Financial debts | 170/4 | €153,334 | €133,334 | -€20,000 | -13.0% |
| Amounts payable within one year | 42/48 | €55,248 | €38,950 | -€16,299 | -29.5% |
| Current portion of amounts payable after more than one year | 42 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €597 | €47 | -€550 | -92.1% |
| Suppliers | 440/4 | €597 | €47 | -€550 | -92.1% |
| Taxes, remuneration and social security | 45 | €14,633 | €18,636 | +€4,004 | +27.4% |
| Taxes | 450/3 | €14,633 | €18,636 | +€4,004 | +27.4% |
| Other amounts payable | 47/48 | €20,019 | €266 | -€19,753 | -98.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,017 | €32,611 | -€406 | -1.2% |
| Other operating charges | 640/8 | €2,373 | €2,435 | +€62 | +2.6% |
| Gross operating margin | 9900 | €222,951 | €239,376 | +€16,425 | +7.4% |
| Operating profit (loss) | 9901 | €187,561 | €204,329 | +€16,768 | +8.9% |
| Financial income | 75/76B | €134 | - | -€134 | |
| Recurring financial income | 75 | €134 | - | -€134 | |
| Financial charges | 65/66B | €3,300 | €2,952 | -€348 | -10.5% |
| Recurring financial charges | 65 | €3,300 | €2,952 | -€348 | -10.5% |
| Profit (loss) for the period before taxes | 9903 | €184,394 | €201,377 | +€16,983 | +9.2% |
| Income taxes | 67/77 | €58,630 | €63,993 | +€5,363 | +9.1% |
| Profit (loss) for the period | 9904 | €125,764 | €137,384 | +€11,620 | +9.2% |
| Profit (loss) for the period to be appropriated | 9905 | €125,764 | €137,384 | +€11,620 | +9.2% |
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 15 October 2026 via checked.be.