VSI: 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.
VSI
Largest movements
- Stocks and contracts +€874,855
up €874,855 (+208.3%), from €420,035 to €1.3m
- Tangible fixed assets -€657,802
down €657,802 (-37.2%), from €1.8m to €1.1m
- Receivables within one year -€37,196
down €37,196 (-45.0%), from €82,594 to €45,398
of which Other amounts receivable: -€36,260
- Cash +€36,702
up €36,702 (+20.4%), from €179,890 to €216,593
mainly Investment in fixed assets (net) (+€621,657) and Current portion of long-term debt (+€190,220)
- Current portion of long-term debt +€190,220
up €190,220 (+103.1%), from €184,497 to €374,717
- Trade debts +€56,792
up €56,792 (+48.8%), from €116,346 to €173,139
- Debts after one year -€44,240
down €44,240 (-6.1%), from €731,082 to €686,842
of which Financial debts: -€44,240
- Reserves +€41,066
up €41,066 (+8.3%), from €494,892 to €535,958
- Other debts -€30,930
down €30,930 (-22.6%), from €137,071 to €106,141
- Gross operating margin +€81,652
up €81,652 (+228.4%), from €35,753 to €117,405
- Depreciation -€31,317
down €31,317 (-46.4%), from €67,462 to €36,145
- Financial charges +€6,548
up €6,548 (+24.5%), from €26,759 to €33,308
- Financial income -€1,996
down €1,996 (-97.8%), from €2,040 to €44
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 | €2,454,385 | €2,669,256 | +€214,871 | +8.8% |
| Fixed assets | 21/28 | €1,766,942 | €1,109,140 | -€657,802 | -37.2% |
| Tangible fixed assets | 22/27 | €1,765,982 | €1,108,180 | -€657,802 | -37.2% |
| Land and buildings | 22 | €1,765,982 | €1,108,180 | -€657,802 | -37.2% |
| Financial fixed assets | 28 | €960 | €960 | = | 0.0% |
| Current assets | 29/58 | €687,442 | €1,560,116 | +€872,673 | +126.9% |
| Stocks and contracts in progress | 3 | €420,035 | €1,294,890 | +€874,855 | +208.3% |
| Stocks | 30/36 | €420,035 | €1,294,890 | +€874,855 | +208.3% |
| Amounts receivable within one year | 40/41 | €82,594 | €45,398 | -€37,196 | -45.0% |
| Trade receivables | 40 | €39,319 | €38,382 | -€936 | -2.4% |
| Other amounts receivable | 41 | €43,276 | €7,016 | -€36,260 | -83.8% |
| Cash at bank and in hand | 54/58 | €179,890 | €216,593 | +€36,702 | +20.4% |
| Deferred charges and accrued income | 490/1 | €4,923 | €3,235 | -€1,688 | -34.3% |
| Total equity and liabilities | 10/49 | €2,454,385 | €2,669,256 | +€214,871 | +8.8% |
| Equity | 10/15 | €1,280,892 | €1,321,958 | +€41,066 | +3.2% |
| Contributions | 10/11 | €786,000 | €786,000 | = | 0.0% |
| Reserves | 13 | €494,892 | €535,958 | +€41,066 | +8.3% |
| Distributable reserves | 133 | €494,892 | €535,958 | +€41,066 | +8.3% |
| Amounts payable | 17/49 | €1,173,493 | €1,347,298 | +€173,805 | +14.8% |
| Amounts payable after more than one year | 17 | €731,082 | €686,842 | -€44,240 | -6.1% |
| Financial debts | 170/4 | €276,082 | €231,842 | -€44,240 | -16.0% |
| Other amounts payable | 178/9 | €455,000 | €455,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €442,411 | €660,456 | +€218,045 | +49.3% |
| Current portion of amounts payable after more than one year | 42 | €184,497 | €374,717 | +€190,220 | +103.1% |
| Trade debts | 44 | €116,346 | €173,139 | +€56,792 | +48.8% |
| Suppliers | 440/4 | €116,346 | €173,139 | +€56,792 | +48.8% |
| Taxes, remuneration and social security | 45 | €4,496 | €6,459 | +€1,963 | +43.7% |
| Taxes | 450/3 | €4,496 | €6,459 | +€1,963 | +43.7% |
| Other amounts payable | 47/48 | €137,071 | €106,141 | -€30,930 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,462 | €36,145 | -€31,317 | -46.4% |
| Other operating charges | 640/8 | €6,743 | €6,930 | +€188 | +2.8% |
| Gross operating margin | 9900 | €35,753 | €117,405 | +€81,652 | +228.4% |
| Operating profit (loss) | 9901 | -€38,452 | €74,329 | +€112,781 | |
| Financial income | 75/76B | €2,040 | €44 | -€1,996 | -97.8% |
| Recurring financial income | 75 | €2,040 | €44 | -€1,996 | -97.8% |
| Financial charges | 65/66B | €26,759 | €33,308 | +€6,548 | +24.5% |
| Recurring financial charges | 65 | €26,759 | €33,308 | +€6,548 | +24.5% |
| Profit (loss) for the period before taxes | 9903 | -€63,172 | €41,066 | +€104,238 | |
| Profit (loss) for the period | 9904 | -€63,172 | €41,066 | +€104,238 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,172 | €41,066 | +€104,238 |
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 6 October 2026 via checked.be.