vSec: 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.
vSec
Largest movements
- Cash +€28,799
up €28,799 (+95.3%), from €30,215 to €59,014
mainly Net result for the year (+€38,110) and Other debts (+€30,304)
- Current investments +€9,200
up €9,200 (+22.7%), from €40,500 to €49,700
- Receivables within one year -€8,631
down €8,631 (-31.5%), from €27,409 to €18,778
- Other debts +€30,304
up €30,304 (+1,361%), from €2,227 to €32,530
- Tax, wage and social debts -€11,381
down €11,381 (-37.0%), from €30,782 to €19,401
- Reserves +€8,000
up €8,000 (+13.8%), from €58,000 to €66,000
- Trade debts +€1,944
up €1,944 (+244%), from €798 to €2,741
- Gross operating margin +€2,439
up €2,439 (+4.8%), from €50,936 to €53,375
- Depreciation +€1,819
up €1,819 (+134%), from €1,360 to €3,178
- Financial income +€1,788
up €1,788 (+687,688%), from €0 to €1,788
- Taxes -€1,668
down €1,668 (-13.2%), from €12,626 to €10,958
- Financial charges -€541
down €541 (-19.0%), from €2,849 to €2,308
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 | €105,507 | €134,483 | +€28,976 | +27.5% |
| Fixed assets | 21/28 | €6,925 | €6,119 | -€806 | -11.6% |
| Tangible fixed assets | 22/27 | €6,925 | €6,119 | -€806 | -11.6% |
| Plant, machinery and equipment | 23 | €6,065 | €5,482 | -€583 | -9.6% |
| Furniture and vehicles | 24 | €860 | €636 | -€223 | -26.0% |
| Current assets | 29/58 | €98,582 | €128,365 | +€29,782 | +30.2% |
| Amounts receivable within one year | 40/41 | €27,409 | €18,778 | -€8,631 | -31.5% |
| Trade receivables | 40 | €27,409 | €18,778 | -€8,631 | -31.5% |
| Current investments | 50/53 | €40,500 | €49,700 | +€9,200 | +22.7% |
| Cash at bank and in hand | 54/58 | €30,215 | €59,014 | +€28,799 | +95.3% |
| Deferred charges and accrued income | 490/1 | €459 | €872 | +€414 | +90.3% |
| Total equity and liabilities | 10/49 | €105,507 | €134,483 | +€28,976 | +27.5% |
| Equity | 10/15 | €71,701 | €79,811 | +€8,110 | +11.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €58,000 | €66,000 | +€8,000 | +13.8% |
| Distributable reserves | 133 | €58,000 | €66,000 | +€8,000 | +13.8% |
| Profit (loss) carried forward | 14 | €12,701 | €12,811 | +€110 | +0.9% |
| Amounts payable | 17/49 | €33,806 | €54,673 | +€20,867 | +61.7% |
| Amounts payable within one year | 42/48 | €33,806 | €54,673 | +€20,867 | +61.7% |
| Trade debts | 44 | €798 | €2,741 | +€1,944 | +244% |
| Suppliers | 440/4 | €798 | €2,741 | +€1,944 | +244% |
| Taxes, remuneration and social security | 45 | €30,782 | €19,401 | -€11,381 | -37.0% |
| Taxes | 450/3 | €30,782 | €19,401 | -€11,381 | -37.0% |
| Other amounts payable | 47/48 | €2,227 | €32,530 | +€30,304 | +1,361% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,360 | €3,178 | +€1,819 | +134% |
| Other operating charges | 640/8 | €454 | €610 | +€155 | +34.2% |
| Gross operating margin | 9900 | €50,936 | €53,375 | +€2,439 | +4.8% |
| Operating profit (loss) | 9901 | €49,122 | €49,587 | +€465 | +0.9% |
| Financial income | 75/76B | €0 | €1,788 | +€1,788 | +687,688% |
| Recurring financial income | 75 | €0 | €1,788 | +€1,788 | +687,688% |
| Financial charges | 65/66B | €2,849 | €2,308 | -€541 | -19.0% |
| Recurring financial charges | 65 | €2,849 | €2,308 | -€541 | -19.0% |
| Profit (loss) for the period before taxes | 9903 | €46,273 | €49,067 | +€2,794 | +6.0% |
| Income taxes | 67/77 | €12,626 | €10,958 | -€1,668 | -13.2% |
| Profit (loss) for the period | 9904 | €33,648 | €38,110 | +€4,462 | +13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €33,648 | €38,110 | +€4,462 | +13.3% |
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 16 October 2026 via checked.be.