VSDI: 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.
VSDI
Largest movements
- Tangible fixed assets -€30,009
down €30,009 (-4.9%), from €611,231 to €581,221
of which Land and buildings: -€28,132
- Debts after one year -€22,348
down €22,348 (-5.6%), from €396,226 to €373,878
of which Financial debts: -€22,348
- Other debts -€10,500
down €10,500 (-7.3%), from €144,467 to €133,967
- Gross operating margin -€2,884
down €2,884 (-5.2%), from €55,603 to €52,719
- Other operating charges -€642
down €642 (-6.9%), from €9,337 to €8,695
- Depreciation -€593
down €593 (-1.7%), from €35,643 to €35,050
- Financial charges -€586
down €586 (-5.8%), from €10,091 to €9,505
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 | €629,841 | €594,945 | -€34,897 | -5.5% |
| Formation expenses | 20 | €198 | €0 | -€198 | -100.0% |
| Fixed assets | 21/28 | €611,231 | €581,221 | -€30,009 | -4.9% |
| Tangible fixed assets | 22/27 | €611,231 | €581,221 | -€30,009 | -4.9% |
| Land and buildings | 22 | €554,451 | €526,319 | -€28,132 | -5.1% |
| Plant, machinery and equipment | 23 | €42,424 | €37,608 | -€4,816 | -11.4% |
| Furniture and vehicles | 24 | €14,356 | €17,295 | +€2,939 | +20.5% |
| Current assets | 29/58 | €18,412 | €13,723 | -€4,689 | -25.5% |
| Amounts receivable within one year | 40/41 | €13,345 | €10,719 | -€2,626 | -19.7% |
| Trade receivables | 40 | €13,345 | €10,719 | -€2,626 | -19.7% |
| Cash at bank and in hand | 54/58 | €4,290 | €2,374 | -€1,916 | -44.7% |
| Deferred charges and accrued income | 490/1 | €778 | €630 | -€148 | -19.0% |
| Total equity and liabilities | 10/49 | €629,841 | €594,945 | -€34,897 | -5.5% |
| Equity | 10/15 | €35,124 | €34,594 | -€531 | -1.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,524 | €15,994 | -€531 | -3.2% |
| Amounts payable | 17/49 | €594,717 | €560,351 | -€34,366 | -5.8% |
| Amounts payable after more than one year | 17 | €396,226 | €373,878 | -€22,348 | -5.6% |
| Financial debts | 170/4 | €395,651 | €373,303 | -€22,348 | -5.6% |
| Other amounts payable | 178/9 | €575 | €575 | = | 0.0% |
| Amounts payable within one year | 42/48 | €197,231 | €185,188 | -€12,044 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €21,840 | €22,348 | +€508 | +2.3% |
| Trade debts | 44 | €26,481 | €28,728 | +€2,248 | +8.5% |
| Suppliers | 440/4 | €26,481 | €28,728 | +€2,248 | +8.5% |
| Taxes, remuneration and social security | 45 | €4,444 | €145 | -€4,299 | -96.7% |
| Taxes | 450/3 | €4,444 | €145 | -€4,299 | -96.7% |
| Other amounts payable | 47/48 | €144,467 | €133,967 | -€10,500 | -7.3% |
| Accrued charges and deferred income | 492/3 | €1,260 | €1,285 | +€25 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,643 | €35,050 | -€593 | -1.7% |
| Other operating charges | 640/8 | €9,337 | €8,695 | -€642 | -6.9% |
| Gross operating margin | 9900 | €55,603 | €52,719 | -€2,884 | -5.2% |
| Operating profit (loss) | 9901 | €10,623 | €8,974 | -€1,648 | -15.5% |
| Financial charges | 65/66B | €10,091 | €9,505 | -€586 | -5.8% |
| Recurring financial charges | 65 | €10,091 | €9,505 | -€586 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €531 | -€531 | -€1,062 | |
| Income taxes | 67/77 | €145 | - | -€145 | |
| Profit (loss) for the period | 9904 | €387 | -€531 | -€917 | |
| Profit (loss) for the period to be appropriated | 9905 | €387 | -€531 | -€917 |
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 5 October 2026 via checked.be.