VSD & Co Management: what changed
VSD & Co Management
Largest movements
- Cash +€289,291
up €289,291 (+415%), from €69,789 to €359,080
mainly Other debts (+€369,964) and Net result for the year (+€150,742)
- Current investments -€115,000
down €115,000 (-87.9%), from €130,800 to €15,800
- Tangible fixed assets -€62,812
down €62,812 (-58.0%), from €108,250 to €45,438
- Receivables within one year +€37,335
up €37,335 (+80.2%), from €46,563 to €83,897
of which Other amounts receivable: +€45,892
- Other debts +€369,964
new in 2025: €369,964
- Profit (loss) carried forward -€219,222
no longer reported in 2025 (was €219,222)
- Debts after one year -€12,865
down €12,865 (-29.9%), from €42,970 to €30,105
- Tax, wage and social debts +€9,845
up €9,845 (+13.9%), from €70,722 to €80,567
- Gross operating margin +€49,812
up €49,812 (+30.6%), from €162,624 to €212,436
- Taxes +€15,767
up €15,767 (+50.8%), from €31,018 to €46,785
- Depreciation -€13,134
down €13,134 (-56.4%), from €23,290 to €10,156
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €355,401 | €504,215 | +€148,814 | +41.9% |
| Fixed assets | 21/28 | €108,250 | €45,438 | -€62,812 | -58.0% |
| Tangible fixed assets | 22/27 | €108,250 | €45,438 | -€62,812 | -58.0% |
| Furniture and vehicles | 24 | €108,250 | €45,438 | -€62,812 | -58.0% |
| Current assets | 29/58 | €247,152 | €458,777 | +€211,626 | +85.6% |
| Amounts receivable within one year | 40/41 | €46,563 | €83,897 | +€37,335 | +80.2% |
| Trade receivables | 40 | €8,557 | - | -€8,557 | |
| Other amounts receivable | 41 | €38,006 | €83,897 | +€45,892 | +121% |
| Current investments | 50/53 | €130,800 | €15,800 | -€115,000 | -87.9% |
| Cash at bank and in hand | 54/58 | €69,789 | €359,080 | +€289,291 | +415% |
| Total equity and liabilities | 10/49 | €355,401 | €504,215 | +€148,814 | +41.9% |
| Equity | 10/15 | €229,222 | €10,000 | -€219,222 | -95.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €219,222 | - | -€219,222 | |
| Amounts payable | 17/49 | €126,179 | €494,215 | +€368,036 | +292% |
| Amounts payable after more than one year | 17 | €42,970 | €30,105 | -€12,865 | -29.9% |
| Financial debts | 170/4 | €42,970 | €30,105 | -€12,865 | -29.9% |
| Amounts payable within one year | 42/48 | €83,209 | €464,110 | +€380,901 | +458% |
| Current portion of amounts payable after more than one year | 42 | €12,257 | €12,865 | +€608 | +5.0% |
| Trade debts | 44 | €230 | €714 | +€484 | +211% |
| Suppliers | 440/4 | €230 | €714 | +€484 | +211% |
| Taxes, remuneration and social security | 45 | €70,722 | €80,567 | +€9,845 | +13.9% |
| Taxes | 450/3 | €70,722 | €80,567 | +€9,845 | +13.9% |
| Other amounts payable | 47/48 | - | €369,964 | +€369,964 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,290 | €10,156 | -€13,134 | -56.4% |
| Other operating charges | 640/8 | €1,833 | €2,886 | +€1,053 | +57.4% |
| Gross operating margin | 9900 | €162,624 | €212,436 | +€49,812 | +30.6% |
| Operating profit (loss) | 9901 | €137,502 | €199,395 | +€61,893 | +45.0% |
| Financial income | 75/76B | - | €785 | +€785 | |
| Recurring financial income | 75 | - | €785 | +€785 | |
| Financial charges | 65/66B | €2,905 | €2,653 | -€252 | -8.7% |
| Recurring financial charges | 65 | €2,905 | €2,653 | -€252 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €134,597 | €197,526 | +€62,929 | +46.8% |
| Income taxes | 67/77 | €31,018 | €46,785 | +€15,767 | +50.8% |
| Profit (loss) for the period | 9904 | €103,579 | €150,742 | +€47,163 | +45.5% |
| Profit (loss) for the period to be appropriated | 9905 | €103,579 | €150,742 | +€47,163 | +45.5% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.