VSB Group: 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 Group
Largest movements
- Receivables within one year +€11,900
up €11,900 (+247.9%), from €4,800 to €16,700
of which Other amounts receivable: +€12,521
- Deferred charges and accrued income +€4,589
up €4,589 (+1061.5%), from €432 to €5,022
- Tangible fixed assets -€3,639
down €3,639 (-55.5%), from €6,554 to €2,915
of which Furniture and vehicles: -€3,372
- Cash -€1,722
down €1,722 (-82.1%), from €2,097 to €375
mainly Contributions, distributions and other (-€15,000) and Receivables within one year (-€11,900)
- Profit (loss) carried forward +€16,371
up €16,371 (+25.0%), from -€65,474 to -€49,103
- Current portion of long-term debt -€6,738
down €6,738 (-71.4%), from €9,434 to €2,696
- Other debts +€5,225
up €5,225 (+41.8%), from €12,506 to €17,731
- Debts after one year -€2,696
down €2,696 (-5.2%), from €52,340 to €49,644
- Tax, wage and social debts -€2,541
down €2,541 (-40.2%), from €6,315 to €3,774
- Gross operating margin +€14,182
up €14,182 (+45.6%), from €31,078 to €45,259
- Other operating charges -€1,855
down €1,855 (-61.8%), from €3,001 to €1,146
- Financial charges -€810
down €810 (-8.2%), from €9,919 to €9,109
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 | €32,383 | €43,512 | +€11,129 | +34.4% |
| Fixed assets | 21/28 | €6,554 | €2,915 | -€3,639 | -55.5% |
| Tangible fixed assets | 22/27 | €6,554 | €2,915 | -€3,639 | -55.5% |
| Plant, machinery and equipment | 23 | €660 | €393 | -€267 | -40.4% |
| Furniture and vehicles | 24 | €5,894 | €2,522 | -€3,372 | -57.2% |
| Current assets | 29/58 | €25,829 | €40,597 | +€14,768 | +57.2% |
| Amounts receivable after more than one year | 29 | €18,500 | €18,500 | = | 0.0% |
| Other amounts receivable | 291 | €18,500 | €18,500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,800 | €16,700 | +€11,900 | +247.9% |
| Trade receivables | 40 | €3,450 | €2,828 | -€621 | -18.0% |
| Other amounts receivable | 41 | €1,350 | €13,871 | +€12,521 | +927.6% |
| Cash at bank and in hand | 54/58 | €2,097 | €375 | -€1,722 | -82.1% |
| Deferred charges and accrued income | 490/1 | €432 | €5,022 | +€4,589 | +1061.5% |
| Total equity and liabilities | 10/49 | €32,383 | €43,512 | +€11,129 | +34.4% |
| Equity | 10/15 | -€59,274 | -€42,903 | +€16,371 | +27.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€65,474 | -€49,103 | +€16,371 | +25.0% |
| Amounts payable | 17/49 | €91,657 | €86,415 | -€5,242 | -5.7% |
| Amounts payable after more than one year | 17 | €52,340 | €49,644 | -€2,696 | -5.2% |
| Financial debts | 170/4 | €52,340 | €49,644 | -€2,696 | -5.2% |
| Amounts payable within one year | 42/48 | €39,317 | €36,770 | -€2,547 | -6.5% |
| Current portion of amounts payable after more than one year | 42 | €9,434 | €2,696 | -€6,738 | -71.4% |
| Trade debts | 44 | €11,062 | €12,570 | +€1,507 | +13.6% |
| Suppliers | 440/4 | €11,062 | €12,570 | +€1,507 | +13.6% |
| Taxes, remuneration and social security | 45 | €6,315 | €3,774 | -€2,541 | -40.2% |
| Taxes | 450/3 | €6,315 | €3,774 | -€2,541 | -40.2% |
| Other amounts payable | 47/48 | €12,506 | €17,731 | +€5,225 | +41.8% |
| Non-recurring operating income | 76A | €210 | - | -€210 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,639 | €3,639 | = | 0.0% |
| Other operating charges | 640/8 | €3,001 | €1,146 | -€1,855 | -61.8% |
| Gross operating margin | 9900 | €31,078 | €45,259 | +€14,182 | +45.6% |
| Operating profit (loss) | 9901 | €24,438 | €40,474 | +€16,036 | +65.6% |
| Financial income | 75/76B | €62 | €6 | -€55 | -89.7% |
| Recurring financial income | 75 | €62 | €6 | -€55 | -89.7% |
| Financial charges | 65/66B | €9,919 | €9,109 | -€810 | -8.2% |
| Recurring financial charges | 65 | €9,919 | €9,109 | -€810 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | €14,580 | €31,371 | +€16,791 | +115.2% |
| Profit (loss) for the period | 9904 | €14,580 | €31,371 | +€16,791 | +115.2% |
| Profit (loss) for the period to be appropriated | 9905 | €14,580 | €31,371 | +€16,791 | +115.2% |
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 3 October 2026 via checked.be.