VSF ET CIE: 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 ET CIE
Largest movements
- Cash -€25,578
down €25,578 (-87.2%), from €29,330 to €3,753
mainly Investment in fixed assets (net) (-€18,393) and Net result for the year (-€17,157)
- Financial fixed assets +€19,710
new in 2025: €19,710
- Receivables within one year -€7,290
down €7,290 (-72.1%), from €10,117 to €2,827
of which Trade receivables: -€7,395
- Tangible fixed assets -€4,858
down €4,858 (-65.2%), from €7,455 to €2,597
of which Furniture and vehicles: -€4,532
- Profit (loss) carried forward -€17,157
down €17,157, from €11,115 to -€6,041
- Other debts -€925
down €925 (-7.0%), from €13,200 to €12,275
- Turnover -€14,148
down €14,148 (-54.7%), from €25,875 to €11,727
- Gross operating margin -€13,111
down €13,111, from €1,023 to -€12,088
- Purchases and services -€1,037
down €1,037 (-4.2%), from €24,851 to €23,814
- Depreciation -€399
down €399 (-10.1%), from €3,941 to €3,541
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 | €47,714 | €29,634 | -€18,080 | -37.9% |
| Fixed assets | 21/28 | €7,455 | €22,307 | +€14,852 | +199.2% |
| Tangible fixed assets | 22/27 | €7,455 | €2,597 | -€4,858 | -65.2% |
| Plant, machinery and equipment | 23 | €538 | €383 | -€155 | -28.8% |
| Furniture and vehicles | 24 | €6,090 | €1,558 | -€4,532 | -74.4% |
| Other tangible fixed assets | 26 | €826 | €656 | -€171 | -20.7% |
| Financial fixed assets | 28 | - | €19,710 | +€19,710 | |
| Current assets | 29/58 | €40,259 | €7,327 | -€32,932 | -81.8% |
| Amounts receivable within one year | 40/41 | €10,117 | €2,827 | -€7,290 | -72.1% |
| Trade receivables | 40 | €9,757 | €2,362 | -€7,395 | -75.8% |
| Other amounts receivable | 41 | €360 | €464 | +€105 | +29.2% |
| Cash at bank and in hand | 54/58 | €29,330 | €3,753 | -€25,578 | -87.2% |
| Deferred charges and accrued income | 490/1 | €812 | €748 | -€64 | -7.9% |
| Total equity and liabilities | 10/49 | €47,714 | €29,634 | -€18,080 | -37.9% |
| Equity | 10/15 | €34,215 | €17,059 | -€17,157 | -50.1% |
| Contributions | 10/11 | €21,000 | €21,000 | = | 0.0% |
| Reserves | 13 | €2,100 | €2,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,100 | €2,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,100 | €2,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,115 | -€6,041 | -€17,157 | |
| Amounts payable | 17/49 | €13,498 | €12,575 | -€923 | -6.8% |
| Amounts payable within one year | 42/48 | €13,498 | €12,575 | -€923 | -6.8% |
| Trade debts | 44 | €298 | €300 | +€2 | +0.7% |
| Suppliers | 440/4 | €298 | €300 | +€2 | +0.7% |
| Other amounts payable | 47/48 | €13,200 | €12,275 | -€925 | -7.0% |
| Turnover | 70 | €25,875 | €11,727 | -€14,148 | -54.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €24,851 | €23,814 | -€1,037 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,941 | €3,541 | -€399 | -10.1% |
| Other operating charges | 640/8 | €771 | €584 | -€186 | -24.2% |
| Non-recurring operating charges | 66A | - | €1,069 | +€1,069 | |
| Gross operating margin | 9900 | €1,023 | -€12,088 | -€13,111 | |
| Operating profit (loss) | 9901 | -€3,688 | -€17,282 | -€13,594 | -368.6% |
| Financial income | 75/76B | €84 | €280 | +€197 | +235.4% |
| Recurring financial income | 75 | €84 | €280 | +€197 | +235.4% |
| Financial charges | 65/66B | €62 | €71 | +€9 | +14.7% |
| Recurring financial charges | 65 | €62 | €71 | +€9 | +14.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,666 | -€17,073 | -€13,407 | -365.7% |
| Income taxes | 67/77 | €25 | €84 | +€59 | +235.4% |
| Profit (loss) for the period | 9904 | -€3,691 | -€17,157 | -€13,466 | -364.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,691 | -€17,157 | -€13,466 | -364.8% |
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 12 October 2026 via checked.be.