VSdR: 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.
VSdR
Largest movements
- Tangible fixed assets -€30,025
down €30,025 (-12.9%), from €233,310 to €203,285
of which Land and buildings: -€22,391
- Cash -€4,175
down €4,175 (-23.5%), from €17,757 to €13,583
mainly Net result for the year (-€24,289) and Debts after one year (-€24,239)
- Profit (loss) carried forward -€24,289
down €24,289 (-56.6%), from -€42,939 to -€67,227
- Debts after one year -€24,239
down €24,239 (-13.4%), from €181,465 to €157,226
- Other debts +€12,624
up €12,624 (+18.3%), from €68,813 to €81,437
- Gross operating margin -€13,350
down €13,350 (-38.0%), from €35,107 to €21,757
- Financial charges -€695
down €695 (-8.1%), from €8,622 to €7,927
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.
Derived cash bridge
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 | €258,594 | €223,948 | -€34,646 | -13.4% |
| Fixed assets | 21/28 | €233,310 | €203,285 | -€30,025 | -12.9% |
| Tangible fixed assets | 22/27 | €233,310 | €203,285 | -€30,025 | -12.9% |
| Land and buildings | 22 | €219,896 | €197,504 | -€22,391 | -10.2% |
| Plant, machinery and equipment | 23 | €11,583 | €5,153 | -€6,430 | -55.5% |
| Furniture and vehicles | 24 | €1,832 | €628 | -€1,204 | -65.7% |
| Current assets | 29/58 | €25,284 | €20,662 | -€4,622 | -18.3% |
| Stocks and contracts in progress | 3 | €1,896 | €2,376 | +€480 | +25.3% |
| Stocks | 30/36 | €1,896 | €2,376 | +€480 | +25.3% |
| Amounts receivable within one year | 40/41 | €5,631 | €4,704 | -€927 | -16.5% |
| Trade receivables | 40 | €5,631 | €4,704 | -€927 | -16.5% |
| Cash at bank and in hand | 54/58 | €17,757 | €13,583 | -€4,175 | -23.5% |
| Total equity and liabilities | 10/49 | €258,594 | €223,948 | -€34,646 | -13.4% |
| Equity | 10/15 | -€17,989 | -€42,278 | -€24,289 | -135% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €6,350 | €6,350 | = | 0.0% |
| Distributable reserves | 133 | €6,350 | €6,350 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,939 | -€67,227 | -€24,289 | -56.6% |
| Amounts payable | 17/49 | €276,583 | €266,226 | -€10,358 | -3.7% |
| Amounts payable after more than one year | 17 | €181,465 | €157,226 | -€24,239 | -13.4% |
| Financial debts | 170/4 | €181,465 | €157,226 | -€24,239 | -13.4% |
| Amounts payable within one year | 42/48 | €95,118 | €109,000 | +€13,881 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €25,288 | €24,038 | -€1,250 | -4.9% |
| Trade debts | 44 | €257 | €519 | +€262 | +102% |
| Suppliers | 440/4 | €257 | €519 | +€262 | +102% |
| Taxes, remuneration and social security | 45 | €760 | €3,005 | +€2,245 | +295% |
| Taxes | 450/3 | €760 | €3,005 | +€2,245 | +295% |
| Other amounts payable | 47/48 | €68,813 | €81,437 | +€12,624 | +18.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,721 | €34,456 | -€265 | -0.8% |
| Other operating charges | 640/8 | €3,808 | €3,663 | -€145 | -3.8% |
| Gross operating margin | 9900 | €35,107 | €21,757 | -€13,350 | -38.0% |
| Operating profit (loss) | 9901 | -€3,422 | -€16,362 | -€12,940 | -378% |
| Financial income | 75/76B | €120 | - | -€120 | |
| Recurring financial income | 75 | €120 | - | -€120 | |
| Financial charges | 65/66B | €8,622 | €7,927 | -€695 | -8.1% |
| Recurring financial charges | 65 | €8,622 | €7,927 | -€695 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | -€11,924 | -€24,289 | -€12,365 | -104% |
| Profit (loss) for the period | 9904 | -€11,924 | -€24,289 | -€12,365 | -104% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,924 | -€24,289 | -€12,365 | -104% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.