VSB MACHINES: 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.
VSB MACHINES
Largest movements
- Tangible fixed assets +€361,869
up €361,869 (+151%), from €239,510 to €601,379
of which Land and buildings: +€396,243
- Cash +€26,488
up €26,488 (+123%), from €21,451 to €47,939
mainly Debts after one year (+€222,556) and Net result for the year (+€122,691)
- Stocks and contracts +€8,980
up €8,980 (+23.8%), from €37,744 to €46,724
- Debts after one year +€222,556
up €222,556 (+176%), from €126,425 to €348,982
of which Financial debts: +€222,556
- Reserves +€122,691
up €122,691 (+86.5%), from €141,800 to €264,491
of which Tax-exempt reserves: +€108,414
- Provisions +€36,138
new in 2025: €36,138
- Current portion of long-term debt +€11,554
up €11,554 (+95.4%), from €12,118 to €23,672
- Tax, wage and social debts -€9,026
down €9,026 (-65.1%), from €13,864 to €4,837
- Gross operating margin +€151,907
up €151,907 (+164%), from €92,438 to €244,346
- Other operating charges +€14,569
up €14,569 (+558%), from €2,609 to €17,177
- Taxes -€12,291
down €12,291 (-88.2%), from €13,929 to €1,638
- Depreciation +€10,516
up €10,516 (+24.2%), from €43,484 to €54,000
- Financial charges +€8,238
up €8,238 (+166%), from €4,967 to €13,205
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 | €329,764 | €721,184 | +€391,420 | +119% |
| Fixed assets | 21/28 | €239,940 | €602,309 | +€362,369 | +151% |
| Tangible fixed assets | 22/27 | €239,510 | €601,379 | +€361,869 | +151% |
| Land and buildings | 22 | €134,015 | €530,258 | +€396,243 | +296% |
| Plant, machinery and equipment | 23 | €28,278 | €15,581 | -€12,698 | -44.9% |
| Furniture and vehicles | 24 | €77,217 | €55,540 | -€21,676 | -28.1% |
| Financial fixed assets | 28 | €430 | €930 | +€500 | +116% |
| Current assets | 29/58 | €89,824 | €118,875 | +€29,051 | +32.3% |
| Stocks and contracts in progress | 3 | €37,744 | €46,724 | +€8,980 | +23.8% |
| Stocks | 30/36 | €37,744 | €46,724 | +€8,980 | +23.8% |
| Amounts receivable within one year | 40/41 | €28,330 | €23,838 | -€4,491 | -15.9% |
| Trade receivables | 40 | €28,280 | €17,141 | -€11,139 | -39.4% |
| Other amounts receivable | 41 | €50 | €6,698 | +€6,648 | +13,351% |
| Cash at bank and in hand | 54/58 | €21,451 | €47,939 | +€26,488 | +123% |
| Deferred charges and accrued income | 490/1 | €2,299 | €373 | -€1,925 | -83.8% |
| Total equity and liabilities | 10/49 | €329,764 | €721,184 | +€391,420 | +119% |
| Equity | 10/15 | €158,752 | €279,778 | +€121,025 | +76.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €141,800 | €264,491 | +€122,691 | +86.5% |
| Tax-exempt reserves | 132 | - | €108,414 | +€108,414 | |
| Distributable reserves | 133 | €141,800 | €156,077 | +€14,277 | +10.1% |
| Profit (loss) carried forward | 14 | €10,753 | €9,087 | -€1,666 | -15.5% |
| Provisions and deferred taxes | 16 | - | €36,138 | +€36,138 | |
| Deferred taxes | 168 | - | €36,138 | +€36,138 | |
| Amounts payable | 17/49 | €171,012 | €405,269 | +€234,257 | +137% |
| Amounts payable after more than one year | 17 | €126,425 | €348,982 | +€222,556 | +176% |
| Financial debts | 170/4 | €103,425 | €325,982 | +€222,556 | +215% |
| Other amounts payable | 178/9 | €23,000 | €23,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €44,073 | €53,709 | +€9,636 | +21.9% |
| Current portion of amounts payable after more than one year | 42 | €12,118 | €23,672 | +€11,554 | +95.4% |
| Trade debts | 44 | €15,394 | €20,903 | +€5,509 | +35.8% |
| Suppliers | 440/4 | €15,394 | €20,903 | +€5,509 | +35.8% |
| Advances received on contracts in progress | 46 | - | €949 | +€949 | |
| Taxes, remuneration and social security | 45 | €13,864 | €4,837 | -€9,026 | -65.1% |
| Taxes | 450/3 | €13,864 | €4,837 | -€9,026 | -65.1% |
| Other amounts payable | 47/48 | €2,698 | €3,349 | +€651 | +24.1% |
| Accrued charges and deferred income | 492/3 | €513 | €2,578 | +€2,064 | +402% |
| Non-recurring operating income | 76A | €10,000 | €149,763 | +€139,763 | +1,398% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,484 | €54,000 | +€10,516 | +24.2% |
| Other operating charges | 640/8 | €2,609 | €17,177 | +€14,569 | +558% |
| Non-recurring operating charges | 66A | €298 | - | -€298 | |
| Gross operating margin | 9900 | €92,438 | €244,346 | +€151,907 | +164% |
| Operating profit (loss) | 9901 | €46,048 | €173,169 | +€127,121 | +276% |
| Financial income | 75/76B | €354 | €504 | +€150 | +42.5% |
| Recurring financial income | 75 | €354 | €504 | +€150 | +42.5% |
| Financial charges | 65/66B | €4,967 | €13,205 | +€8,238 | +166% |
| Recurring financial charges | 65 | €4,967 | €13,205 | +€8,238 | +166% |
| Profit (loss) for the period before taxes | 9903 | €41,435 | €160,468 | +€119,033 | +287% |
| Transfer from deferred taxes | 780 | - | €1,303 | +€1,303 | |
| Transfer to deferred taxes | 680 | - | €37,441 | +€37,441 | |
| Income taxes | 67/77 | €13,929 | €1,638 | -€12,291 | -88.2% |
| Profit (loss) for the period | 9904 | €27,506 | €122,691 | +€95,186 | +346% |
| Transfer from tax-exempt reserves | 789 | - | €3,908 | +€3,908 | |
| Transfer to tax-exempt reserves | 689 | - | €112,322 | +€112,322 | |
| Profit (loss) for the period to be appropriated | 9905 | €27,506 | €14,277 | -€13,229 | -48.1% |
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.