VSG Trans: 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.
VSG Trans
Largest movements
- Receivables within one year +€105,559
up €105,559 (+89.9%), from €117,482 to €223,041
of which Trade receivables: +€83,952
- Tangible fixed assets +€39,634
up €39,634 (+9.6%), from €414,731 to €454,365
- Cash +€27,012
up €27,012 (+16.5%), from €163,232 to €190,244
mainly Depreciation (+€116,434) and Net result for the year (+€115,933)
- Reserves +€115,933
up €115,933 (+44.7%), from €259,469 to €375,402
- Current portion of long-term debt +€36,818
up €36,818 (+37.8%), from €97,500 to €134,318
- Debts after one year +€18,697
up €18,697 (+11.5%), from €163,219 to €181,917
- Gross operating margin +€124,155
up €124,155 (+17.5%), from €707,733 to €831,888
- Staff costs +€105,990
up €105,990 (+24.4%), from €434,635 to €540,625
- Depreciation +€51,899
up €51,899 (+80.4%), from €64,535 to €116,434
- Financial income -€17,664
down €17,664 (-31.1%), from €56,888 to €39,224
of which Non-recurring financial income: -€17,555
- Taxes -€9,377
down €9,377 (-15.4%), from €60,907 to €51,530
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 | €704,420 | €876,094 | +€171,674 | +24.4% |
| Fixed assets | 21/28 | €417,681 | €457,315 | +€39,634 | +9.5% |
| Tangible fixed assets | 22/27 | €414,731 | €454,365 | +€39,634 | +9.6% |
| Furniture and vehicles | 24 | €414,731 | €454,365 | +€39,634 | +9.6% |
| Financial fixed assets | 28 | €2,950 | €2,950 | = | 0.0% |
| Current assets | 29/58 | €286,739 | €418,779 | +€132,040 | +46.0% |
| Amounts receivable within one year | 40/41 | €117,482 | €223,041 | +€105,559 | +89.9% |
| Trade receivables | 40 | €88,124 | €172,076 | +€83,952 | +95.3% |
| Other amounts receivable | 41 | €29,358 | €50,965 | +€21,607 | +73.6% |
| Cash at bank and in hand | 54/58 | €163,232 | €190,244 | +€27,012 | +16.5% |
| Deferred charges and accrued income | 490/1 | €6,025 | €5,494 | -€531 | -8.8% |
| Total equity and liabilities | 10/49 | €704,420 | €876,094 | +€171,674 | +24.4% |
| Equity | 10/15 | €300,589 | €416,522 | +€115,933 | +38.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €259,469 | €375,402 | +€115,933 | +44.7% |
| Distributable reserves | 133 | €259,469 | €375,402 | +€115,933 | +44.7% |
| Profit (loss) carried forward | 14 | €26,120 | €26,120 | = | 0.0% |
| Amounts payable | 17/49 | €403,831 | €459,572 | +€55,741 | +13.8% |
| Amounts payable after more than one year | 17 | €163,219 | €181,917 | +€18,697 | +11.5% |
| Financial debts | 170/4 | €163,219 | €181,917 | +€18,697 | +11.5% |
| Amounts payable within one year | 42/48 | €240,612 | €275,682 | +€35,071 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €97,500 | €134,318 | +€36,818 | +37.8% |
| Trade debts | 44 | €19,651 | €18,567 | -€1,084 | -5.5% |
| Suppliers | 440/4 | €19,651 | €18,567 | -€1,084 | -5.5% |
| Taxes, remuneration and social security | 45 | €123,461 | €122,797 | -€664 | -0.5% |
| Taxes | 450/3 | €27,720 | €49,407 | +€21,687 | +78.2% |
| Remuneration and social security | 454/9 | €95,741 | €73,390 | -€22,351 | -23.3% |
| Accrued charges and deferred income | 492/3 | - | €1,973 | +€1,973 | |
| Non-recurring operating income | 76A | €2,286 | €0 | -€2,286 | -100% |
| Remuneration, social security and pensions | 62 | €434,635 | €540,625 | +€105,990 | +24.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,535 | €116,434 | +€51,899 | +80.4% |
| Other operating charges | 640/8 | €567 | €579 | +€12 | +2.1% |
| Non-recurring operating charges | 66A | €12,529 | €5,829 | -€6,700 | -53.5% |
| Gross operating margin | 9900 | €707,733 | €831,888 | +€124,155 | +17.5% |
| Operating profit (loss) | 9901 | €195,467 | €168,421 | -€27,046 | -13.8% |
| Financial income | 75/76B | €56,888 | €39,224 | -€17,664 | -31.1% |
| Recurring financial income | 75 | €390 | €281 | -€109 | -28.0% |
| Non-recurring financial income | 76B | €56,498 | €38,943 | -€17,555 | -31.1% |
| Financial charges | 65/66B | €38,046 | €40,181 | +€2,135 | +5.6% |
| Recurring financial charges | 65 | €38,046 | €40,181 | +€2,135 | +5.6% |
| Profit (loss) for the period before taxes | 9903 | €214,309 | €167,463 | -€46,845 | -21.9% |
| Income taxes | 67/77 | €60,907 | €51,530 | -€9,377 | -15.4% |
| Profit (loss) for the period | 9904 | €153,402 | €115,933 | -€37,469 | -24.4% |
| Profit (loss) for the period to be appropriated | 9905 | €153,402 | €115,933 | -€37,469 | -24.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.