VSE GROUPE: what changed
VSE GROUPE
Largest movements
- Tangible fixed assets -€8,170
down €8,170 (-47.7%), from €17,125 to €8,956
- Receivables within one year +€7,639
up €7,639 (+181%), from €4,226 to €11,865
of which Trade receivables: +€11,285
- Cash +€3,736
up €3,736 (+72.0%), from €5,190 to €8,925
mainly Depreciation (+€9,930) and Net result for the year (+€4,644)
- Deferred charges and accrued income +€1,354
new in 2025: €1,354
- Accrued charges and deferred income -€3,046
no longer reported in 2025 (was €3,046)
- Reserves +€3,000
up €3,000 (+33.3%), from €9,000 to €12,000
- Tax, wage and social debts +€1,704
up €1,704 (+42.6%), from €4,000 to €5,704
- Profit (loss) carried forward +€1,644
up €1,644 (+55.5%), from €2,965 to €4,610
- Other debts +€1,508
up €1,508 (+68.3%), from €2,210 to €3,718
- Turnover +€140,164
new in 2025: €140,164
- Purchases and services +€123,606
new in 2025: €123,606
- Depreciation +€7,934
up €7,934 (+398%), from €1,996 to €9,930
- Taxes -€2,296
down €2,296 (-57.4%), from €4,000 to €1,704
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 | €26,541 | €31,100 | +€4,559 | +17.2% |
| Fixed assets | 21/28 | €17,125 | €8,956 | -€8,170 | -47.7% |
| Tangible fixed assets | 22/27 | €17,125 | €8,956 | -€8,170 | -47.7% |
| Furniture and vehicles | 24 | €17,125 | €8,956 | -€8,170 | -47.7% |
| Current assets | 29/58 | €9,416 | €22,144 | +€12,729 | +135% |
| Amounts receivable within one year | 40/41 | €4,226 | €11,865 | +€7,639 | +181% |
| Trade receivables | 40 | - | €11,285 | +€11,285 | |
| Other amounts receivable | 41 | €4,226 | €580 | -€3,646 | -86.3% |
| Cash at bank and in hand | 54/58 | €5,190 | €8,925 | +€3,736 | +72.0% |
| Deferred charges and accrued income | 490/1 | - | €1,354 | +€1,354 | |
| Total equity and liabilities | 10/49 | €26,541 | €31,100 | +€4,559 | +17.2% |
| Equity | 10/15 | €16,965 | €21,610 | +€4,644 | +27.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,000 | €12,000 | +€3,000 | +33.3% |
| Distributable reserves | 133 | €9,000 | €12,000 | +€3,000 | +33.3% |
| Profit (loss) carried forward | 14 | €2,965 | €4,610 | +€1,644 | +55.5% |
| Amounts payable | 17/49 | €9,576 | €9,491 | -€86 | -0.9% |
| Amounts payable within one year | 42/48 | €6,530 | €9,491 | +€2,961 | +45.3% |
| Trade debts | 44 | €320 | €68 | -€252 | -78.7% |
| Suppliers | 440/4 | €320 | €68 | -€252 | -78.7% |
| Taxes, remuneration and social security | 45 | €4,000 | €5,704 | +€1,704 | +42.6% |
| Taxes | 450/3 | €4,000 | €5,704 | +€1,704 | +42.6% |
| Other amounts payable | 47/48 | €2,210 | €3,718 | +€1,508 | +68.3% |
| Accrued charges and deferred income | 492/3 | €3,046 | - | -€3,046 | |
| Turnover | 70 | - | €140,164 | +€140,164 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €123,606 | +€123,606 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,996 | €9,930 | +€7,934 | +398% |
| Other operating charges | 640/8 | €46 | €286 | +€239 | +515% |
| Gross operating margin | 9900 | €18,100 | €16,774 | -€1,327 | -7.3% |
| Operating profit (loss) | 9901 | €16,058 | €6,558 | -€9,500 | -59.2% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €93 | €210 | +€118 | +127% |
| Recurring financial charges | 65 | €93 | €210 | +€118 | +127% |
| Profit (loss) for the period before taxes | 9903 | €15,965 | €6,348 | -€9,617 | -60.2% |
| Income taxes | 67/77 | €4,000 | €1,704 | -€2,296 | -57.4% |
| Profit (loss) for the period | 9904 | €11,965 | €4,644 | -€7,321 | -61.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,965 | €4,644 | -€7,321 | -61.2% |
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 1 November 2026 via checked.be.