VSE CENTER: what changed
VSE CENTER
Largest movements
- Receivables within one year -€171,681
down €171,681 (-59.4%), from €288,930 to €117,249
of which Other amounts receivable: -€122,336
- Cash +€104,281
up €104,281 (+78.1%), from €133,449 to €237,730
mainly Receivables within one year (+€171,681) and Net result for the year (+€129,165)
- Tangible fixed assets +€60,545
up €60,545 (+253%), from €23,913 to €84,458
of which Furniture and vehicles: +€64,579
- Stocks and contracts -€21,947
down €21,947 (-13.4%), from €163,280 to €141,333
- Reserves +€129,165
up €129,165 (+30.0%), from €430,188 to €559,353
- Tax, wage and social debts -€70,920
down €70,920 (-81.5%), from €86,981 to €16,061
of which Taxes: -€72,108
- Trade debts -€65,564
down €65,564 (-93.7%), from €69,999 to €4,435
- Other debts -€17,992
down €17,992 (-68.3%), from €26,357 to €8,365
- Gross operating margin +€71,876
up €71,876 (+34.9%), from €205,697 to €277,573
- Other operating charges +€45,749
up €45,749 (+1,305%), from €3,505 to €49,255
- Taxes -€10,320
down €10,320 (-18.7%), from €55,093 to €44,773
- Depreciation -€7,504
down €7,504 (-52.8%), from €14,209 to €6,706
- Staff costs +€6,827
up €6,827 (+15.2%), from €45,060 to €51,887
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 | €618,525 | €593,213 | -€25,311 | -4.1% |
| Fixed assets | 21/28 | €23,913 | €84,458 | +€60,545 | +253% |
| Tangible fixed assets | 22/27 | €23,913 | €84,458 | +€60,545 | +253% |
| Land and buildings | 22 | €6,574 | €5,753 | -€820 | -12.5% |
| Plant, machinery and equipment | 23 | €13,909 | €11,014 | -€2,895 | -20.8% |
| Furniture and vehicles | 24 | €3,112 | €67,691 | +€64,579 | +2,075% |
| Leasing and similar rights | 25 | €318 | - | -€318 | |
| Current assets | 29/58 | €594,612 | €508,755 | -€85,857 | -14.4% |
| Stocks and contracts in progress | 3 | €163,280 | €141,333 | -€21,947 | -13.4% |
| Stocks | 30/36 | €163,280 | €141,333 | -€21,947 | -13.4% |
| Amounts receivable within one year | 40/41 | €288,930 | €117,249 | -€171,681 | -59.4% |
| Trade receivables | 40 | €153,461 | €104,116 | -€49,345 | -32.2% |
| Other amounts receivable | 41 | €135,469 | €13,133 | -€122,336 | -90.3% |
| Cash at bank and in hand | 54/58 | €133,449 | €237,730 | +€104,281 | +78.1% |
| Deferred charges and accrued income | 490/1 | €8,952 | €12,443 | +€3,491 | +39.0% |
| Total equity and liabilities | 10/49 | €618,525 | €593,213 | -€25,311 | -4.1% |
| Equity | 10/15 | €435,188 | €564,353 | +€129,165 | +29.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €430,188 | €559,353 | +€129,165 | +30.0% |
| Distributable reserves | 133 | €430,188 | €559,353 | +€129,165 | +30.0% |
| Amounts payable | 17/49 | €183,336 | €28,860 | -€154,476 | -84.3% |
| Amounts payable within one year | 42/48 | €183,336 | €28,860 | -€154,476 | -84.3% |
| Trade debts | 44 | €69,999 | €4,435 | -€65,564 | -93.7% |
| Suppliers | 440/4 | €69,999 | €4,435 | -€65,564 | -93.7% |
| Taxes, remuneration and social security | 45 | €86,981 | €16,061 | -€70,920 | -81.5% |
| Taxes | 450/3 | €82,101 | €9,994 | -€72,108 | -87.8% |
| Remuneration and social security | 454/9 | €4,879 | €6,067 | +€1,188 | +24.3% |
| Other amounts payable | 47/48 | €26,357 | €8,365 | -€17,992 | -68.3% |
| Remuneration, social security and pensions | 62 | €45,060 | €51,887 | +€6,827 | +15.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,209 | €6,706 | -€7,504 | -52.8% |
| Other operating charges | 640/8 | €3,505 | €49,255 | +€45,749 | +1,305% |
| Gross operating margin | 9900 | €205,697 | €277,573 | +€71,876 | +34.9% |
| Operating profit (loss) | 9901 | €142,922 | €169,725 | +€26,803 | +18.8% |
| Financial income | 75/76B | €14,720 | €12,646 | -€2,074 | -14.1% |
| Recurring financial income | 75 | €14,720 | €12,646 | -€2,074 | -14.1% |
| Financial charges | 65/66B | €3,296 | €8,433 | +€5,137 | +156% |
| Recurring financial charges | 65 | €3,296 | €8,433 | +€5,137 | +156% |
| Profit (loss) for the period before taxes | 9903 | €154,346 | €173,938 | +€19,592 | +12.7% |
| Income taxes | 67/77 | €55,093 | €44,773 | -€10,320 | -18.7% |
| Profit (loss) for the period | 9904 | €99,253 | €129,165 | +€29,912 | +30.1% |
| Profit (loss) for the period to be appropriated | 9905 | €99,253 | €129,165 | +€29,912 | +30.1% |
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 7 November 2026 via checked.be.