VSEM Technicus: what changed
Two fiscal 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.
VSEM Technicus
Largest movements
- Cash -€46,487
down €46,487 (-79.6%), from €58,421 to €11,933
mainly Investment in fixed assets (net) (-€19,717) and Stocks and contracts (-€18,400)
- Stocks and contracts +€18,400
new in 2025: €18,400
- Deferred charges and accrued income +€14,731
up €14,731 (+3627.3%), from €406 to €15,137
- Tangible fixed assets +€10,381
up €10,381 (+48.6%), from €21,370 to €31,751
of which Plant, machinery and equipment: +€13,611
- Receivables within one year +€7,613
up €7,613 (+90.6%), from €8,398 to €16,011
of which Other amounts receivable: +€7,879
- Profit (loss) carried forward +€10,259
up €10,259 (+26.8%), from €38,340 to €48,599
- Tax, wage and social debts -€4,729
down €4,729 (-37.9%), from €12,482 to €7,753
- Trade debts -€1,061
down €1,061 (-95.1%), from €1,117 to €55
- Gross operating margin -€31,054
down €31,054 (-56.7%), from €54,808 to €23,754
- Taxes -€6,951
down €6,951 (-72.9%), from €9,529 to €2,578
- Depreciation +€2,439
up €2,439 (+35.2%), from €6,937 to €9,376
- Financial charges +€1,082
up €1,082 (+2486.2%), from €44 to €1,125
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.
Cash bridge derived
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 | €88,635 | €93,232 | +€4,597 | +5.2% |
| Fixed assets | 21/28 | €21,410 | €31,751 | +€10,341 | +48.3% |
| Tangible fixed assets | 22/27 | €21,370 | €31,751 | +€10,381 | +48.6% |
| Plant, machinery and equipment | 23 | €10,382 | €23,992 | +€13,611 | +131.1% |
| Furniture and vehicles | 24 | €10,989 | €7,759 | -€3,230 | -29.4% |
| Financial fixed assets | 28 | €40 | - | -€40 | |
| Current assets | 29/58 | €67,225 | €61,481 | -€5,744 | -8.5% |
| Stocks and contracts in progress | 3 | - | €18,400 | +€18,400 | |
| Stocks | 30/36 | - | €18,400 | +€18,400 | |
| Amounts receivable within one year | 40/41 | €8,398 | €16,011 | +€7,613 | +90.6% |
| Trade receivables | 40 | €8,397 | €8,131 | -€266 | -3.2% |
| Other amounts receivable | 41 | €1 | €7,880 | +€7,879 | +937946.4% |
| Cash at bank and in hand | 54/58 | €58,421 | €11,933 | -€46,487 | -79.6% |
| Deferred charges and accrued income | 490/1 | €406 | €15,137 | +€14,731 | +3627.3% |
| Total equity and liabilities | 10/49 | €88,635 | €93,232 | +€4,597 | +5.2% |
| Equity | 10/15 | €68,340 | €78,599 | +€10,259 | +15.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €38,340 | €48,599 | +€10,259 | +26.8% |
| Amounts payable | 17/49 | €20,295 | €14,633 | -€5,662 | -27.9% |
| Amounts payable within one year | 42/48 | €20,295 | €14,633 | -€5,662 | -27.9% |
| Trade debts | 44 | €1,117 | €55 | -€1,061 | -95.1% |
| Suppliers | 440/4 | €1,117 | €55 | -€1,061 | -95.1% |
| Taxes, remuneration and social security | 45 | €12,482 | €7,753 | -€4,729 | -37.9% |
| Taxes | 450/3 | €12,482 | €7,753 | -€4,729 | -37.9% |
| Other amounts payable | 47/48 | €6,697 | €6,825 | +€127 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,937 | €9,376 | +€2,439 | +35.2% |
| Other operating charges | 640/8 | €204 | €416 | +€211 | +103.3% |
| Gross operating margin | 9900 | €54,808 | €23,754 | -€31,054 | -56.7% |
| Operating profit (loss) | 9901 | €47,667 | €13,962 | -€33,704 | -70.7% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €44 | €1,125 | +€1,082 | +2486.2% |
| Recurring financial charges | 65 | €44 | €1,125 | +€1,082 | +2486.2% |
| Profit (loss) for the period before taxes | 9903 | €47,623 | €12,837 | -€34,786 | -73.0% |
| Income taxes | 67/77 | €9,529 | €2,578 | -€6,951 | -72.9% |
| Profit (loss) for the period | 9904 | €38,094 | €10,259 | -€27,835 | -73.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,094 | €10,259 | -€27,835 | -73.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.