VSB PLUS: 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 PLUS
Largest movements
- Cash +€57,793
up €57,793 (+125%), from €46,325 to €104,117
mainly Net result for the year (+€35,972) and Tax, wage and social debts (+€14,137)
- Receivables within one year -€8,966
down €8,966 (-30.9%), from €29,019 to €20,053
of which Trade receivables: -€7,663
- Tangible fixed assets +€6,233
up €6,233 (+131%), from €4,744 to €10,977
of which Land and buildings: +€7,071
- Deferred charges and accrued income +€3,881
up €3,881 (+689%), from €563 to €4,444
- Reserves +€35,972
up €35,972 (+64.3%), from €55,910 to €91,882
- Tax, wage and social debts +€14,137
up €14,137 (+57.9%), from €24,411 to €38,548
of which Taxes: +€14,137
- Trade debts +€7,829
up €7,829 (+411%), from €1,907 to €9,736
- Gross operating margin -€25,736
down €25,736 (-33.8%), from €76,040 to €50,304
- Taxes -€5,244
down €5,244 (-29.5%), from €17,753 to €12,509
- Depreciation +€825
up €825 (+151%), from €547 to €1,371
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 | €87,318 | €146,258 | +€58,941 | +67.5% |
| Fixed assets | 21/28 | €4,744 | €10,977 | +€6,233 | +131% |
| Tangible fixed assets | 22/27 | €4,744 | €10,977 | +€6,233 | +131% |
| Land and buildings | 22 | €1,936 | €9,007 | +€7,071 | +365% |
| Furniture and vehicles | 24 | €2,808 | €1,970 | -€838 | -29.9% |
| Current assets | 29/58 | €82,574 | €135,282 | +€52,708 | +63.8% |
| Amounts receivable after more than one year | 29 | €6,667 | €6,667 | = | 0.0% |
| Other amounts receivable | 291 | €6,667 | €6,667 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €29,019 | €20,053 | -€8,966 | -30.9% |
| Trade receivables | 40 | €23,996 | €16,333 | -€7,663 | -31.9% |
| Other amounts receivable | 41 | €5,023 | €3,720 | -€1,303 | -25.9% |
| Cash at bank and in hand | 54/58 | €46,325 | €104,117 | +€57,793 | +125% |
| Deferred charges and accrued income | 490/1 | €563 | €4,444 | +€3,881 | +689% |
| Total equity and liabilities | 10/49 | €87,318 | €146,258 | +€58,941 | +67.5% |
| Equity | 10/15 | €60,910 | €96,882 | +€35,972 | +59.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €55,910 | €91,882 | +€35,972 | +64.3% |
| Distributable reserves | 133 | €55,910 | €91,882 | +€35,972 | +64.3% |
| Amounts payable | 17/49 | €26,408 | €49,377 | +€22,969 | +87.0% |
| Amounts payable within one year | 42/48 | €26,318 | €48,283 | +€21,966 | +83.5% |
| Trade debts | 44 | €1,907 | €9,736 | +€7,829 | +411% |
| Suppliers | 440/4 | €1,907 | €9,736 | +€7,829 | +411% |
| Taxes, remuneration and social security | 45 | €24,411 | €38,548 | +€14,137 | +57.9% |
| Taxes | 450/3 | €22,211 | €36,348 | +€14,137 | +63.6% |
| Remuneration and social security | 454/9 | €2,200 | €2,200 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €90 | €1,094 | +€1,004 | +1,115% |
| Non-recurring operating income | 76A | - | €4,866 | +€4,866 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €547 | €1,371 | +€825 | +151% |
| Other operating charges | 640/8 | €1,442 | €905 | -€538 | -37.3% |
| Gross operating margin | 9900 | €76,040 | €50,304 | -€25,736 | -33.8% |
| Operating profit (loss) | 9901 | €74,051 | €48,028 | -€26,023 | -35.1% |
| Financial income | 75/76B | €25 | €680 | +€655 | +2,613% |
| Recurring financial income | 75 | €25 | €38 | +€13 | +51.1% |
| Non-recurring financial income | 76B | - | €642 | +€642 | |
| Financial charges | 65/66B | €413 | €227 | -€186 | -45.1% |
| Recurring financial charges | 65 | €413 | €227 | -€186 | -45.1% |
| Profit (loss) for the period before taxes | 9903 | €73,663 | €48,481 | -€25,182 | -34.2% |
| Income taxes | 67/77 | €17,753 | €12,509 | -€5,244 | -29.5% |
| Profit (loss) for the period | 9904 | €55,910 | €35,972 | -€19,938 | -35.7% |
| Profit (loss) for the period to be appropriated | 9905 | €55,910 | €35,972 | -€19,938 | -35.7% |
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 21 October 2026 via checked.be.