VSF.COMPANY: 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.
VSF.COMPANY
Largest movements
- Receivables within one year +€22,974
up €22,974 (+14.9%), from €154,450 to €177,424
of which Other amounts receivable: +€22,974
- Cash +€5,831
up €5,831 (+53.8%), from €10,842 to €16,673
mainly Trade debts (+€23,292) and Net result for the year (+€4,336)
- Tangible fixed assets -€2,857
down €2,857 (-24.8%), from €11,521 to €8,665
- Trade debts +€23,292
up €23,292 (+530%), from €4,398 to €27,691
- Profit (loss) carried forward +€4,336
up €4,336 (+88.6%), from €4,893 to €9,228
- Depreciation -€4,239
down €4,239 (-59.7%), from €7,095 to €2,857
- Other operating charges +€2,210
up €2,210 (+247%), from €894 to €3,104
- Financial income +€1,403
up €1,403 (+18.5%), from €7,595 to €8,998
- Gross operating margin -€867
down €867 (-13.9%), from €6,219 to €5,352
- Taxes +€540
up €540 (+16.8%), from €3,223 to €3,764
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 | €188,723 | €214,681 | +€25,957 | +13.8% |
| Fixed assets | 21/28 | €22,291 | €19,434 | -€2,857 | -12.8% |
| Tangible fixed assets | 22/27 | €11,521 | €8,665 | -€2,857 | -24.8% |
| Furniture and vehicles | 24 | €11,521 | €8,665 | -€2,857 | -24.8% |
| Financial fixed assets | 28 | €10,769 | €10,769 | = | 0.0% |
| Current assets | 29/58 | €166,433 | €195,247 | +€28,814 | +17.3% |
| Amounts receivable within one year | 40/41 | €154,450 | €177,424 | +€22,974 | +14.9% |
| Trade receivables | 40 | €1,500 | €1,500 | = | 0.0% |
| Other amounts receivable | 41 | €152,950 | €175,924 | +€22,974 | +15.0% |
| Cash at bank and in hand | 54/58 | €10,842 | €16,673 | +€5,831 | +53.8% |
| Deferred charges and accrued income | 490/1 | €1,141 | €1,149 | +€9 | +0.8% |
| Total equity and liabilities | 10/49 | €188,723 | €214,681 | +€25,957 | +13.8% |
| Equity | 10/15 | €163,717 | €168,053 | +€4,336 | +2.6% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €150,764 | €150,764 | = | 0.0% |
| Distributable reserves | 133 | €150,764 | €150,764 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,893 | €9,228 | +€4,336 | +88.6% |
| Amounts payable | 17/49 | €25,007 | €46,628 | +€21,621 | +86.5% |
| Amounts payable within one year | 42/48 | €25,007 | €46,628 | +€21,621 | +86.5% |
| Trade debts | 44 | €4,398 | €27,691 | +€23,292 | +530% |
| Suppliers | 440/4 | €4,398 | €27,691 | +€23,292 | +530% |
| Taxes, remuneration and social security | 45 | €20,608 | €18,937 | -€1,671 | -8.1% |
| Taxes | 450/3 | €20,608 | €18,937 | -€1,671 | -8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,095 | €2,857 | -€4,239 | -59.7% |
| Other operating charges | 640/8 | €894 | €3,104 | +€2,210 | +247% |
| Gross operating margin | 9900 | €6,219 | €5,352 | -€867 | -13.9% |
| Operating profit (loss) | 9901 | -€1,770 | -€609 | +€1,161 | +65.6% |
| Financial income | 75/76B | €7,595 | €8,998 | +€1,403 | +18.5% |
| Recurring financial income | 75 | €7,595 | €8,998 | +€1,403 | +18.5% |
| Financial charges | 65/66B | €290 | €290 | +€0 | +0.1% |
| Recurring financial charges | 65 | €290 | €290 | +€0 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €5,536 | €8,100 | +€2,564 | +46.3% |
| Income taxes | 67/77 | €3,223 | €3,764 | +€540 | +16.8% |
| Profit (loss) for the period | 9904 | €2,312 | €4,336 | +€2,024 | +87.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,312 | €4,336 | +€2,024 | +87.5% |
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 27 October 2026 via checked.be.