VSIX: 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.
VSIX
Largest movements
- Current investments +€93,054
up €93,054 (+18.3%), from €507,934 to €600,988
- Cash -€25,127
down €25,127 (-70.3%), from €35,748 to €10,621
mainly Current investments (-€93,054) and Investment in fixed assets (net) (-€13,493)
- Tangible fixed assets +€9,751
up €9,751 (+273.3%), from €3,568 to €13,320
of which Furniture and vehicles: +€10,583
- Accrued charges and deferred income +€93,054
new in 2025: €93,054
- Other debts -€9,154
down €9,154 (-9.2%), from €100,038 to €90,884
- Profit (loss) carried forward -€8,926
down €8,926 (-7.5%), from -€119,090 to -€128,016
- Gross operating margin +€43,534
up €43,534 (+73.3%), from -€59,423 to -€15,889
- Financial income +€2,584
up €2,584 (+24.9%), from €10,373 to €12,957
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 | €567,017 | €642,959 | +€75,942 | +13.4% |
| Fixed assets | 21/28 | €3,568 | €13,320 | +€9,751 | +273.3% |
| Tangible fixed assets | 22/27 | €3,568 | €13,320 | +€9,751 | +273.3% |
| Plant, machinery and equipment | 23 | €3,072 | €2,736 | -€336 | -10.9% |
| Furniture and vehicles | 24 | - | €10,583 | +€10,583 | |
| Other tangible fixed assets | 26 | €496 | - | -€496 | |
| Current assets | 29/58 | €563,449 | €629,639 | +€66,191 | +11.7% |
| Amounts receivable within one year | 40/41 | €19,398 | €17,563 | -€1,834 | -9.5% |
| Trade receivables | 40 | €19,000 | €13,630 | -€5,370 | -28.3% |
| Other amounts receivable | 41 | €398 | €3,933 | +€3,536 | +888.8% |
| Current investments | 50/53 | €507,934 | €600,988 | +€93,054 | +18.3% |
| Cash at bank and in hand | 54/58 | €35,748 | €10,621 | -€25,127 | -70.3% |
| Deferred charges and accrued income | 490/1 | €369 | €467 | +€98 | +26.6% |
| Total equity and liabilities | 10/49 | €567,017 | €642,959 | +€75,942 | +13.4% |
| Equity | 10/15 | €465,303 | €456,377 | -€8,926 | -1.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €578,193 | €578,193 | = | 0.0% |
| Distributable reserves | 133 | €578,193 | €578,193 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€119,090 | -€128,016 | -€8,926 | -7.5% |
| Amounts payable | 17/49 | €101,714 | €186,581 | +€84,868 | +83.4% |
| Amounts payable within one year | 42/48 | €101,714 | €93,527 | -€8,187 | -8.0% |
| Trade debts | 44 | - | €2,505 | +€2,505 | |
| Suppliers | 440/4 | - | €2,505 | +€2,505 | |
| Taxes, remuneration and social security | 45 | €1,676 | €138 | -€1,538 | -91.8% |
| Taxes | 450/3 | €1,676 | €138 | -€1,538 | -91.8% |
| Other amounts payable | 47/48 | €100,038 | €90,884 | -€9,154 | -9.2% |
| Accrued charges and deferred income | 492/3 | - | €93,054 | +€93,054 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,673 | €3,741 | +€68 | +1.8% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | -€59,423 | -€15,889 | +€43,534 | +73.3% |
| Operating profit (loss) | 9901 | -€63,481 | -€20,018 | +€43,463 | +68.5% |
| Financial income | 75/76B | €10,373 | €12,957 | +€2,584 | +24.9% |
| Recurring financial income | 75 | €10,373 | €12,957 | +€2,584 | +24.9% |
| Financial charges | 65/66B | €1,773 | €1,684 | -€89 | -5.0% |
| Recurring financial charges | 65 | €1,773 | €1,684 | -€89 | -5.0% |
| Profit (loss) for the period before taxes | 9903 | -€54,880 | -€8,744 | +€46,136 | +84.1% |
| Income taxes | 67/77 | €254 | €181 | -€73 | -28.6% |
| Profit (loss) for the period | 9904 | -€55,134 | -€8,926 | +€46,208 | +83.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€55,134 | -€8,926 | +€46,208 | +83.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.