VSD CONCEPT: 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.
VSD CONCEPT
Largest movements
- Cash -€7,201
down €7,201 (-80.3%), from €8,966 to €1,764
mainly Current portion of long-term debt (-€9,030) and Debts after one year (-€3,100)
- Tangible fixed assets -€3,673
down €3,673 (-7.3%), from €50,426 to €46,753
- Receivables within one year -€1,938
down €1,938 (-7.2%), from €26,736 to €24,799
of which Other amounts receivable: -€1,000
- Current portion of long-term debt -€9,030
down €9,030 (-83.2%), from €10,860 to €1,830
- Debts after one year -€3,100
no longer reported in 2025 (was €3,100)
- Profit (loss) carried forward -€1,037
down €1,037 (-3.0%), from €34,238 to €33,201
- Gross operating margin -€5,225
down €5,225 (-50.2%), from €10,400 to €5,175
- Financial income +€1,405
new in 2025: €1,405
- Financial charges -€497
down €497 (-37.1%), from €1,337 to €840
- Other operating charges +€185
up €185 (+6.3%), from €2,918 to €3,103
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 | €86,215 | €73,316 | -€12,899 | -15.0% |
| Fixed assets | 21/28 | €50,426 | €46,753 | -€3,673 | -7.3% |
| Tangible fixed assets | 22/27 | €50,426 | €46,753 | -€3,673 | -7.3% |
| Land and buildings | 22 | €50,426 | €46,753 | -€3,673 | -7.3% |
| Current assets | 29/58 | €35,789 | €26,563 | -€9,226 | -25.8% |
| Amounts receivable within one year | 40/41 | €26,736 | €24,799 | -€1,938 | -7.2% |
| Trade receivables | 40 | €938 | - | -€938 | |
| Other amounts receivable | 41 | €25,799 | €24,799 | -€1,000 | -3.9% |
| Cash at bank and in hand | 54/58 | €8,966 | €1,764 | -€7,201 | -80.3% |
| Deferred charges and accrued income | 490/1 | €87 | - | -€87 | |
| Total equity and liabilities | 10/49 | €86,215 | €73,316 | -€12,899 | -15.0% |
| Equity | 10/15 | €69,127 | €68,090 | -€1,037 | -1.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €28,688 | €28,688 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €26,828 | €26,828 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,238 | €33,201 | -€1,037 | -3.0% |
| Amounts payable | 17/49 | €17,088 | €5,226 | -€11,862 | -69.4% |
| Amounts payable after more than one year | 17 | €3,100 | - | -€3,100 | |
| Financial debts | 170/4 | €3,100 | - | -€3,100 | |
| Amounts payable within one year | 42/48 | €11,658 | €2,888 | -€8,770 | -75.2% |
| Current portion of amounts payable after more than one year | 42 | €10,860 | €1,830 | -€9,030 | -83.2% |
| Trade debts | 44 | €798 | €1,058 | +€260 | +32.6% |
| Suppliers | 440/4 | €798 | €1,058 | +€260 | +32.6% |
| Accrued charges and deferred income | 492/3 | €2,331 | €2,338 | +€8 | +0.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,673 | €3,673 | = | 0.0% |
| Other operating charges | 640/8 | €2,918 | €3,103 | +€185 | +6.3% |
| Gross operating margin | 9900 | €10,400 | €5,175 | -€5,225 | -50.2% |
| Operating profit (loss) | 9901 | €3,808 | -€1,602 | -€5,411 | |
| Financial income | 75/76B | - | €1,405 | +€1,405 | |
| Recurring financial income | 75 | - | €1,405 | +€1,405 | |
| Financial charges | 65/66B | €1,337 | €840 | -€497 | -37.1% |
| Recurring financial charges | 65 | €1,337 | €840 | -€497 | -37.1% |
| Profit (loss) for the period before taxes | 9903 | €2,472 | -€1,037 | -€3,509 | |
| Profit (loss) for the period | 9904 | €2,472 | -€1,037 | -€3,509 | |
| Profit (loss) for the period to be appropriated | 9905 | €2,472 | -€1,037 | -€3,509 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.