VSF MANAGEMENT: 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 MANAGEMENT
Largest movements
- Financial fixed assets +€460,494
up €460,494 (+4.5%), from €10.1m to €10.6m
- Receivables within one year +€314,885
up €314,885 (+208%), from €151,481 to €466,366
of which Other amounts receivable: +€172,226
- Intangible fixed assets +€149,641
new in 2025: €149,641
- Trade debts -€1.1m
down €1.1m (-98.4%), from €1.1m to €17,228
- Debts after one year +€866,443
up €866,443 (+11.3%), from €7.6m to €8.5m
- Reserves +€647,414
up €647,414 (+200%), from €322,997 to €970,411
- Other debts +€360,959
up €360,959 (+43.3%), from €833,035 to €1.2m
- Current portion of long-term debt +€140,415
up €140,415 (+37.0%), from €379,394 to €519,809
- Gross operating margin +€593,584
up €593,584 (+99.0%), from €599,582 to €1.2m
- Financial charges +€202,427
up €202,427 (+89.1%), from €227,304 to €429,732
- Taxes +€97,586
up €97,586 (+105%), from €92,973 to €190,558
- Financial income +€80,000
new in 2025: €80,000
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 | €10,413,561 | €11,340,329 | +€926,768 | +8.9% |
| Fixed assets | 21/28 | €10,126,214 | €10,737,264 | +€611,050 | +6.0% |
| Intangible fixed assets | 21 | - | €149,641 | +€149,641 | |
| Tangible fixed assets | 22/27 | - | €916 | +€916 | |
| Plant, machinery and equipment | 23 | - | €916 | +€916 | |
| Financial fixed assets | 28 | €10,126,214 | €10,586,707 | +€460,494 | +4.5% |
| Current assets | 29/58 | €287,348 | €603,065 | +€315,717 | +110% |
| Amounts receivable within one year | 40/41 | €151,481 | €466,366 | +€314,885 | +208% |
| Trade receivables | 40 | €16,940 | €159,599 | +€142,659 | +842% |
| Other amounts receivable | 41 | €134,541 | €306,767 | +€172,226 | +128% |
| Cash at bank and in hand | 54/58 | €135,489 | €129,780 | -€5,709 | -4.2% |
| Deferred charges and accrued income | 490/1 | €377 | €6,919 | +€6,542 | +1,734% |
| Total equity and liabilities | 10/49 | €10,413,561 | €11,340,329 | +€926,768 | +8.9% |
| Equity | 10/15 | €332,997 | €980,411 | +€647,414 | +194% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €322,997 | €970,411 | +€647,414 | +200% |
| Distributable reserves | 133 | €322,997 | €970,411 | +€647,414 | +200% |
| Amounts payable | 17/49 | €10,080,564 | €10,359,918 | +€279,354 | +2.8% |
| Amounts payable after more than one year | 17 | €7,644,283 | €8,510,726 | +€866,443 | +11.3% |
| Financial debts | 170/4 | €7,644,283 | €8,510,726 | +€866,443 | +11.3% |
| Amounts payable within one year | 42/48 | €2,394,256 | €1,817,553 | -€576,703 | -24.1% |
| Current portion of amounts payable after more than one year | 42 | €379,394 | €519,809 | +€140,415 | +37.0% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,100,483 | €17,228 | -€1.1m | -98.4% |
| Suppliers | 440/4 | €1,100,483 | €17,228 | -€1.1m | -98.4% |
| Advances received on contracts in progress | 46 | - | €27,285 | +€27,285 | |
| Taxes, remuneration and social security | 45 | €81,343 | €59,238 | -€22,105 | -27.2% |
| Taxes | 450/3 | €81,343 | €59,238 | -€22,105 | -27.2% |
| Other amounts payable | 47/48 | €833,035 | €1,193,994 | +€360,959 | +43.3% |
| Accrued charges and deferred income | 492/3 | €42,025 | €31,639 | -€10,386 | -24.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €4,443 | +€4,443 | |
| Other operating charges | 640/8 | €387 | €1,018 | +€631 | +163% |
| Gross operating margin | 9900 | €599,582 | €1,193,165 | +€593,584 | +99.0% |
| Operating profit (loss) | 9901 | €599,194 | €1,187,704 | +€588,509 | +98.2% |
| Financial income | 75/76B | - | €80,000 | +€80,000 | |
| Recurring financial income | 75 | - | €80,000 | +€80,000 | |
| Financial charges | 65/66B | €227,304 | €429,732 | +€202,427 | +89.1% |
| Recurring financial charges | 65 | €227,304 | €429,732 | +€202,427 | +89.1% |
| Profit (loss) for the period before taxes | 9903 | €371,890 | €837,972 | +€466,082 | +125% |
| Income taxes | 67/77 | €92,973 | €190,558 | +€97,586 | +105% |
| Profit (loss) for the period | 9904 | €278,918 | €647,414 | +€368,496 | +132% |
| Profit (loss) for the period to be appropriated | 9905 | €278,918 | €647,414 | +€368,496 | +132% |
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 15 October 2026 via checked.be.