VSD BV: 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.
VSD BV
Largest movements
- Tangible fixed assets +€127,735
up €127,735 (+136.3%), from €93,690 to €221,425
of which Plant, machinery and equipment: +€144,982
- Cash +€100,396
new in 2025: €100,396
mainly Debts after one year (+€109,511) and Receivables within one year (+€68,919)
- Receivables within one year -€68,919
down €68,919 (-53.0%), from €130,064 to €61,146
of which Trade receivables: -€70,066
- Deferred charges and accrued income +€5,404
up €5,404 (+46.4%), from €11,655 to €17,060
- Debts after one year +€109,511
up €109,511 (+658.2%), from €16,638 to €126,149
- Accrued charges and deferred income +€39,816
new in 2025: €39,816
- Trade debts -€24,270
down €24,270 (-36.1%), from €67,200 to €42,930
- Reserves +€20,627
up €20,627 (+17.2%), from €120,116 to €140,743
- Tax, wage and social debts +€15,717
up €15,717 (+48.4%), from €32,445 to €48,162
of which Taxes: +€17,790
- Staff costs -€23,005
down €23,005 (-11.1%), from €207,176 to €184,171
- Gross operating margin -€22,154
down €22,154 (-7.7%), from €288,016 to €265,861
- Depreciation +€12,100
up €12,100 (+33.9%), from €35,688 to €47,787
- Taxes -€6,609
down €6,609 (-54.9%), from €12,047 to €5,438
- Financial charges +€3,264
up €3,264 (+70.6%), from €4,624 to €7,889
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 | €283,076 | €446,358 | +€163,282 | +57.7% |
| Fixed assets | 21/28 | €93,690 | €221,425 | +€127,735 | +136.3% |
| Tangible fixed assets | 22/27 | €93,690 | €221,425 | +€127,735 | +136.3% |
| Plant, machinery and equipment | 23 | €28,041 | €173,023 | +€144,982 | +517.0% |
| Furniture and vehicles | 24 | €49,022 | €39,920 | -€9,102 | -18.6% |
| Leasing and similar rights | 25 | €16,627 | €8,481 | -€8,146 | -49.0% |
| Current assets | 29/58 | €189,386 | €224,933 | +€35,547 | +18.8% |
| Stocks and contracts in progress | 3 | €47,666 | €46,332 | -€1,334 | -2.8% |
| Stocks | 30/36 | €47,666 | €46,332 | -€1,334 | -2.8% |
| Amounts receivable within one year | 40/41 | €130,064 | €61,146 | -€68,919 | -53.0% |
| Trade receivables | 40 | €82,917 | €12,851 | -€70,066 | -84.5% |
| Other amounts receivable | 41 | €47,147 | €48,295 | +€1,147 | +2.4% |
| Cash at bank and in hand | 54/58 | - | €100,396 | +€100,396 | |
| Deferred charges and accrued income | 490/1 | €11,655 | €17,060 | +€5,404 | +46.4% |
| Total equity and liabilities | 10/49 | €283,076 | €446,358 | +€163,282 | +57.7% |
| Equity | 10/15 | €138,716 | €159,343 | +€20,627 | +14.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €120,116 | €140,743 | +€20,627 | +17.2% |
| Distributable reserves | 133 | €120,116 | €140,743 | +€20,627 | +17.2% |
| Amounts payable | 17/49 | €144,359 | €287,015 | +€142,655 | +98.8% |
| Amounts payable after more than one year | 17 | €16,638 | €126,149 | +€109,511 | +658.2% |
| Financial debts | 170/4 | €16,638 | €126,149 | +€109,511 | +658.2% |
| Amounts payable within one year | 42/48 | €127,721 | €121,050 | -€6,671 | -5.2% |
| Current portion of amounts payable after more than one year | 42 | €15,027 | €5,468 | -€9,559 | -63.6% |
| Financial debts | 43 | €13,049 | €24,490 | +€11,441 | +87.7% |
| Credit institutions | 430/8 | €13,049 | €24,490 | +€11,441 | +87.7% |
| Trade debts | 44 | €67,200 | €42,930 | -€24,270 | -36.1% |
| Suppliers | 440/4 | €67,200 | €42,930 | -€24,270 | -36.1% |
| Taxes, remuneration and social security | 45 | €32,445 | €48,162 | +€15,717 | +48.4% |
| Taxes | 450/3 | €17,691 | €35,481 | +€17,790 | +100.6% |
| Remuneration and social security | 454/9 | €14,755 | €12,681 | -€2,073 | -14.1% |
| Accrued charges and deferred income | 492/3 | - | €39,816 | +€39,816 | |
| Non-recurring operating income | 76A | €12,000 | - | -€12,000 | |
| Remuneration, social security and pensions | 62 | €207,176 | €184,171 | -€23,005 | -11.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,688 | €47,787 | +€12,100 | +33.9% |
| Other operating charges | 640/8 | €2,281 | €2,504 | +€223 | +9.8% |
| Gross operating margin | 9900 | €288,016 | €265,861 | -€22,154 | -7.7% |
| Operating profit (loss) | 9901 | €42,871 | €31,400 | -€11,471 | -26.8% |
| Financial income | 75/76B | €413 | €2,554 | +€2,141 | +518.9% |
| Recurring financial income | 75 | €413 | €2,554 | +€2,141 | +518.9% |
| Financial charges | 65/66B | €4,624 | €7,889 | +€3,264 | +70.6% |
| Recurring financial charges | 65 | €4,624 | €7,889 | +€3,264 | +70.6% |
| Profit (loss) for the period before taxes | 9903 | €38,659 | €26,065 | -€12,594 | -32.6% |
| Income taxes | 67/77 | €12,047 | €5,438 | -€6,609 | -54.9% |
| Profit (loss) for the period | 9904 | €26,612 | €20,627 | -€5,985 | -22.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,612 | €20,627 | -€5,985 | -22.5% |
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 12 October 2026 via checked.be.