VSH: 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.
VSH
Largest movements
- Receivables within one year -€163,035
down €163,035 (-3.4%), from €4.7m to €4.6m
of which Other amounts receivable: -€163,035
- Tangible fixed assets -€101,598
down €101,598 (-33.8%), from €300,598 to €198,999
of which Plant, machinery and equipment: -€173,490
- Tax, wage and social debts -€334,287
down €334,287 (-98.9%), from €338,130 to €3,843
- Reserves +€62,346
up €62,346 (+1.4%), from €4.4m to €4.5m
of which Distributable reserves: +€62,346
- Trade debts +€54,071
up €54,071 (+479.3%), from €11,281 to €65,352
- Financial income -€3.1m
down €3.1m (-95.3%), from €3.2m to €151,313
of which Non-recurring financial income: -€3.1m
- Taxes -€426,361
down €426,361 (-94.1%), from €452,948 to €26,587
- Gross operating margin -€389,726
down €389,726, from €376,691 to -€13,035
- Financial charges -€52,064
down €52,064 (-84.9%), from €61,307 to €9,244
- Depreciation +€31,837
up €31,837 (+1181.2%), from €2,695 to €34,533
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 | €5,064,811 | €4,806,741 | -€258,071 | -5.1% |
| Fixed assets | 21/28 | €300,598 | €198,999 | -€101,598 | -33.8% |
| Tangible fixed assets | 22/27 | €300,598 | €198,999 | -€101,598 | -33.8% |
| Plant, machinery and equipment | 23 | €173,490 | €0 | -€173,490 | -100.0% |
| Furniture and vehicles | 24 | €127,107 | €198,999 | +€71,892 | +56.6% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €4,764,214 | €4,607,741 | -€156,472 | -3.3% |
| Amounts receivable within one year | 40/41 | €4,725,962 | €4,562,927 | -€163,035 | -3.4% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €4,725,962 | €4,562,927 | -€163,035 | -3.4% |
| Cash at bank and in hand | 54/58 | €25,908 | €38,919 | +€13,012 | +50.2% |
| Deferred charges and accrued income | 490/1 | €12,344 | €5,895 | -€6,449 | -52.2% |
| Total equity and liabilities | 10/49 | €5,064,811 | €4,806,741 | -€258,071 | -5.1% |
| Equity | 10/15 | €4,495,145 | €4,557,491 | +€62,346 | +1.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Uncalled capital | 101 | €0 | - | = | |
| Reserves | 13 | €4,433,645 | €4,495,991 | +€62,346 | +1.4% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €4,427,495 | €4,489,841 | +€62,346 | +1.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €569,666 | €249,250 | -€320,416 | -56.2% |
| Amounts payable after more than one year | 17 | €154,571 | €180,055 | +€25,484 | +16.5% |
| Financial debts | 170/4 | €50,641 | €0 | -€50,641 | -100.0% |
| Other amounts payable | 178/9 | €103,930 | €180,055 | +€76,125 | +73.2% |
| Amounts payable within one year | 42/48 | €415,095 | €69,195 | -€345,900 | -83.3% |
| Current portion of amounts payable after more than one year | 42 | €19,063 | €0 | -€19,063 | -100.0% |
| Financial debts | 43 | €40,621 | €0 | -€40,621 | -100.0% |
| Credit institutions | 430/8 | €40,621 | €0 | -€40,621 | -100.0% |
| Trade debts | 44 | €11,281 | €65,352 | +€54,071 | +479.3% |
| Suppliers | 440/4 | €11,281 | €65,352 | +€54,071 | +479.3% |
| Taxes, remuneration and social security | 45 | €338,130 | €3,843 | -€334,287 | -98.9% |
| Taxes | 450/3 | €338,130 | €3,843 | -€334,287 | -98.9% |
| Other amounts payable | 47/48 | €6,000 | €0 | -€6,000 | -100.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,695 | €34,533 | +€31,837 | +1181.2% |
| Other operating charges | 640/8 | €1,748 | €5,569 | +€3,821 | +218.6% |
| Gross operating margin | 9900 | €376,691 | -€13,035 | -€389,726 | |
| Operating profit (loss) | 9901 | €372,247 | -€53,137 | -€425,384 | |
| Financial income | 75/76B | €3,202,101 | €151,313 | -€3.1m | -95.3% |
| Recurring financial income | 75 | €72,723 | €151,313 | +€78,591 | +108.1% |
| Non-recurring financial income | 76B | €3,129,379 | €0 | -€3.1m | -100.0% |
| Financial charges | 65/66B | €61,307 | €9,244 | -€52,064 | -84.9% |
| Recurring financial charges | 65 | €61,307 | €9,244 | -€52,064 | -84.9% |
| Profit (loss) for the period before taxes | 9903 | €3,513,041 | €88,933 | -€3.4m | -97.5% |
| Income taxes | 67/77 | €452,948 | €26,587 | -€426,361 | -94.1% |
| Profit (loss) for the period | 9904 | €3,060,093 | €62,346 | -€3.0m | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,060,093 | €62,346 | -€3.0m | -98.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.