VSE SERVICE: 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.
VSE SERVICE
Largest movements
- Tangible fixed assets -€90,096
down €90,096 (-93.7%), from €96,175 to €6,079
of which Furniture and vehicles: -€65,343
- Receivables within one year +€50,047
up €50,047 (+137%), from €36,425 to €86,472
of which Trade receivables: +€50,347
- Cash +€12,024
up €12,024 (+407%), from €2,954 to €14,978
mainly Investment in fixed assets (net) (+€86,311) and Tax, wage and social debts (+€6,604)
- Profit (loss) carried forward -€15,817
down €15,817 (-93.7%), from €16,882 to €1,065
- Debts after one year -€14,484
down €14,484 (-100%), from €14,484 to €0
- Tax, wage and social debts +€6,604
up €6,604 (+70.5%), from €9,369 to €15,973
- Current portion of long-term debt -€3,086
down €3,086 (-100%), from €3,086 to €0
- Depreciation -€21,182
down €21,182 (-84.8%), from €24,967 to €3,785
- Gross operating margin +€7,778
up €7,778 (+328%), from €2,374 to €10,153
- Other operating charges +€122
up €122 (+17.0%), from €718 to €840
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 | €137,076 | €109,943 | -€27,133 | -19.8% |
| Fixed assets | 21/28 | €97,425 | €7,329 | -€90,096 | -92.5% |
| Tangible fixed assets | 22/27 | €96,175 | €6,079 | -€90,096 | -93.7% |
| Plant, machinery and equipment | 23 | €30,588 | €5,835 | -€24,753 | -80.9% |
| Furniture and vehicles | 24 | €65,588 | €244 | -€65,343 | -99.6% |
| Financial fixed assets | 28 | €1,250 | €1,250 | = | 0.0% |
| Current assets | 29/58 | €39,650 | €102,614 | +€62,963 | +159% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €36,425 | €86,472 | +€50,047 | +137% |
| Trade receivables | 40 | €36,125 | €86,472 | +€50,347 | +139% |
| Other amounts receivable | 41 | €300 | €0 | -€300 | -100% |
| Cash at bank and in hand | 54/58 | €2,954 | €14,978 | +€12,024 | +407% |
| Deferred charges and accrued income | 490/1 | €271 | €1,164 | +€893 | +329% |
| Total equity and liabilities | 10/49 | €137,076 | €109,943 | -€27,133 | -19.8% |
| Equity | 10/15 | €58,546 | €42,730 | -€15,817 | -27.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €23,065 | €23,065 | = | 0.0% |
| Distributable reserves | 133 | €23,065 | €23,065 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,882 | €1,065 | -€15,817 | -93.7% |
| Amounts payable | 17/49 | €78,529 | €67,213 | -€11,316 | -14.4% |
| Amounts payable after more than one year | 17 | €14,484 | €0 | -€14,484 | -100% |
| Financial debts | 170/4 | €14,484 | €0 | -€14,484 | -100% |
| Amounts payable within one year | 42/48 | €64,045 | €67,213 | +€3,168 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €3,086 | €0 | -€3,086 | -100% |
| Trade debts | 44 | €578 | €1,038 | +€460 | +79.6% |
| Suppliers | 440/4 | €578 | €1,038 | +€460 | +79.6% |
| Taxes, remuneration and social security | 45 | €9,369 | €15,973 | +€6,604 | +70.5% |
| Taxes | 450/3 | €9,369 | €15,973 | +€6,604 | +70.5% |
| Other amounts payable | 47/48 | €51,012 | €50,203 | -€809 | -1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,967 | €3,785 | -€21,182 | -84.8% |
| Other operating charges | 640/8 | €718 | €840 | +€122 | +17.0% |
| Non-recurring operating charges | 66A | €0 | €20,379 | +€20,379 | |
| Gross operating margin | 9900 | €2,374 | €10,153 | +€7,778 | +328% |
| Operating profit (loss) | 9901 | -€23,311 | -€14,851 | +€8,460 | +36.3% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €906 | €966 | +€60 | +6.6% |
| Recurring financial charges | 65 | €906 | €966 | +€60 | +6.6% |
| Profit (loss) for the period before taxes | 9903 | -€24,216 | -€15,817 | +€8,400 | +34.7% |
| Profit (loss) for the period | 9904 | -€24,216 | -€15,817 | +€8,400 | +34.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,216 | -€15,817 | +€8,400 | +34.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 22 October 2026 via checked.be.