VSD Consult: 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 Consult
Largest movements
- Financial fixed assets +€240,000
new in 2025: €240,000
- Current investments -€150,000
down €150,000 (-60.0%), from €250,000 to €100,000
- Cash -€8,900
down €8,900 (-12.0%), from €74,435 to €65,535
mainly Investment in fixed assets (net) (-€240,000) and Tax, wage and social debts (-€97,158)
- Receivables within one year +€4,880
up €4,880 (+65.8%), from €7,420 to €12,300
- Other debts +€131,500
up €131,500 (+140.6%), from €93,500 to €225,000
- Tax, wage and social debts -€97,158
down €97,158 (-93.1%), from €104,337 to €7,179
- Profit (loss) carried forward +€52,641
up €52,641 (+786.7%), from €6,691 to €59,332
- Gross operating margin -€43,424
down €43,424 (-39.6%), from €109,621 to €66,197
- Taxes -€10,920
down €10,920 (-38.2%), from €28,557 to €17,637
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 | €334,272 | €421,928 | +€87,656 | +26.2% |
| Fixed assets | 21/28 | - | €240,000 | +€240,000 | |
| Financial fixed assets | 28 | - | €240,000 | +€240,000 | |
| Current assets | 29/58 | €334,272 | €181,928 | -€152,344 | -45.6% |
| Amounts receivable within one year | 40/41 | €7,420 | €12,300 | +€4,880 | +65.8% |
| Trade receivables | 40 | €7,420 | €12,300 | +€4,880 | +65.8% |
| Current investments | 50/53 | €250,000 | €100,000 | -€150,000 | -60.0% |
| Cash at bank and in hand | 54/58 | €74,435 | €65,535 | -€8,900 | -12.0% |
| Deferred charges and accrued income | 490/1 | €2,417 | €4,093 | +€1,676 | +69.3% |
| Total equity and liabilities | 10/49 | €334,272 | €421,928 | +€87,656 | +26.2% |
| Equity | 10/15 | €136,435 | €189,076 | +€52,641 | +38.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Capital | 10 | €10,000 | - | -€10,000 | |
| Issued capital | 100 | €10,000 | - | -€10,000 | |
| Reserves | 13 | €119,744 | €119,744 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,000 | - | -€1,000 | |
| Legal reserve | 130 | €1,000 | - | -€1,000 | |
| Distributable reserves | 133 | €118,744 | €119,744 | +€1,000 | +0.8% |
| Profit (loss) carried forward | 14 | €6,691 | €59,332 | +€52,641 | +786.7% |
| Amounts payable | 17/49 | €197,837 | €232,852 | +€35,015 | +17.7% |
| Amounts payable within one year | 42/48 | €197,837 | €232,852 | +€35,015 | +17.7% |
| Trade debts | 44 | - | €673 | +€673 | |
| Suppliers | 440/4 | - | €673 | +€673 | |
| Taxes, remuneration and social security | 45 | €104,337 | €7,179 | -€97,158 | -93.1% |
| Taxes | 450/3 | €104,337 | €7,179 | -€97,158 | -93.1% |
| Other amounts payable | 47/48 | €93,500 | €225,000 | +€131,500 | +140.6% |
| Gross operating margin | 9900 | €109,621 | €66,197 | -€43,424 | -39.6% |
| Operating profit (loss) | 9901 | €109,621 | €66,197 | -€43,424 | -39.6% |
| Financial income | 75/76B | €3,106 | €4,141 | +€1,035 | +33.3% |
| Recurring financial income | 75 | €3,106 | €4,141 | +€1,035 | +33.3% |
| Financial charges | 65/66B | €30 | €60 | +€30 | +100.0% |
| Recurring financial charges | 65 | €30 | €60 | +€30 | +100.0% |
| Profit (loss) for the period before taxes | 9903 | €112,697 | €70,278 | -€42,419 | -37.6% |
| Income taxes | 67/77 | €28,557 | €17,637 | -€10,920 | -38.2% |
| Profit (loss) for the period | 9904 | €84,140 | €52,641 | -€31,499 | -37.4% |
| Profit (loss) for the period to be appropriated | 9905 | €84,140 | €52,641 | -€31,499 | -37.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.