VSB: 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.
VSB
Largest movements
- Cash +€1,953
new in 2025: €1,953
mainly Debts after one year (+€45,000) and Other debts (+€10,413)
- Receivables within one year +€688
up €688 (+22.2%), from €3,093 to €3,781
of which Other amounts receivable: +€1,066
- Debts after one year +€45,000
up €45,000 (+128.6%), from €35,000 to €80,000
- Short-term financial debts -€41,684
no longer reported in 2025 (was €41,684)
- Profit (loss) carried forward -€10,914
down €10,914 (-8.1%), from -€134,172 to -€145,086
- Other debts +€10,413
up €10,413 (+25.0%), from €41,605 to €52,018
- Trade debts -€150
no longer reported in 2025 (was €150)
- Gross operating margin -€9,054
down €9,054, from €1,105 to -€7,949
- Financial charges -€3,256
down €3,256 (-57.1%), from €5,701 to €2,444
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 | €3,471 | €6,137 | +€2,666 | +76.8% |
| Current assets | 29/58 | €3,471 | €6,137 | +€2,666 | +76.8% |
| Amounts receivable within one year | 40/41 | €3,093 | €3,781 | +€688 | +22.2% |
| Trade receivables | 40 | €378 | - | -€378 | |
| Other amounts receivable | 41 | €2,716 | €3,781 | +€1,066 | +39.2% |
| Cash at bank and in hand | 54/58 | - | €1,953 | +€1,953 | |
| Deferred charges and accrued income | 490/1 | €378 | €403 | +€25 | +6.6% |
| Total equity and liabilities | 10/49 | €3,471 | €6,137 | +€2,666 | +76.8% |
| Equity | 10/15 | -€114,968 | -€125,881 | -€10,914 | -9.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €604 | €604 | = | 0.0% |
| Non-distributable reserves | 130/1 | €604 | €604 | = | 0.0% |
| Reserves not available under the articles | 1311 | €604 | €604 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€134,172 | -€145,086 | -€10,914 | -8.1% |
| Amounts payable | 17/49 | €118,439 | €132,018 | +€13,580 | +11.5% |
| Amounts payable after more than one year | 17 | €35,000 | €80,000 | +€45,000 | +128.6% |
| Financial debts | 170/4 | €35,000 | €80,000 | +€45,000 | +128.6% |
| Amounts payable within one year | 42/48 | €83,439 | €52,018 | -€31,420 | -37.7% |
| Financial debts | 43 | €41,684 | - | -€41,684 | |
| Credit institutions | 430/8 | €41,684 | - | -€41,684 | |
| Trade debts | 44 | €150 | - | -€150 | |
| Suppliers | 440/4 | €150 | - | -€150 | |
| Other amounts payable | 47/48 | €41,605 | €52,018 | +€10,413 | +25.0% |
| Other operating charges | 640/8 | €558 | €520 | -€37 | -6.7% |
| Gross operating margin | 9900 | €1,105 | -€7,949 | -€9,054 | |
| Operating profit (loss) | 9901 | €547 | -€8,469 | -€9,017 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €5,701 | €2,444 | -€3,256 | -57.1% |
| Recurring financial charges | 65 | €5,701 | €2,444 | -€3,256 | -57.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,154 | -€10,914 | -€5,760 | -111.8% |
| Profit (loss) for the period | 9904 | -€5,154 | -€10,914 | -€5,760 | -111.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,154 | -€10,914 | -€5,760 | -111.8% |
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 29 September 2026 via checked.be.