VSM: 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.
VSM
Largest movements
- Receivables within one year -€76,541
down €76,541 (-77.5%), from €98,784 to €22,243
of which Other amounts receivable: -€75,110
- Tangible fixed assets -€37,958
down €37,958 (-28.9%), from €131,279 to €93,321
of which Furniture and vehicles: -€29,151
- Stocks and contracts +€6,500
new in 2025: €6,500
- Cash -€5,389
down €5,389 (-6.8%), from €79,116 to €73,727
mainly Contributions, distributions and other (-€90,317) and Debts after one year (-€20,906)
- Profit (loss) carried forward -€88,886
down €88,886 (-45.8%), from €194,002 to €105,116
- Debts after one year -€20,906
down €20,906 (-47.4%), from €44,099 to €23,193
- Other debts +€15,911
up €15,911 (+591.6%), from €2,690 to €18,601
- Tax, wage and social debts -€13,744
no longer reported in 2025 (was €13,744)
- Trade debts -€6,298
down €6,298 (-21.6%), from €29,211 to €22,913
- Gross operating margin -€30,730
down €30,730 (-40.4%), from €76,072 to €45,343
- Taxes -€6,296
down €6,296 (-84.6%), from €7,439 to €1,143
- Depreciation +€4,206
up €4,206 (+11.9%), from €35,402 to €39,608
- Financial income -€1,259
down €1,259 (-53.6%), from €2,351 to €1,092
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 | €313,304 | €200,559 | -€112,745 | -36.0% |
| Fixed assets | 21/28 | €131,279 | €93,321 | -€37,958 | -28.9% |
| Tangible fixed assets | 22/27 | €131,279 | €93,321 | -€37,958 | -28.9% |
| Plant, machinery and equipment | 23 | €32,577 | €23,770 | -€8,807 | -27.0% |
| Furniture and vehicles | 24 | €98,702 | €69,551 | -€29,151 | -29.5% |
| Current assets | 29/58 | €182,025 | €107,238 | -€74,787 | -41.1% |
| Stocks and contracts in progress | 3 | - | €6,500 | +€6,500 | |
| Stocks | 30/36 | - | €6,500 | +€6,500 | |
| Amounts receivable within one year | 40/41 | €98,784 | €22,243 | -€76,541 | -77.5% |
| Trade receivables | 40 | €13,652 | €12,222 | -€1,430 | -10.5% |
| Other amounts receivable | 41 | €85,132 | €10,022 | -€75,110 | -88.2% |
| Cash at bank and in hand | 54/58 | €79,116 | €73,727 | -€5,389 | -6.8% |
| Deferred charges and accrued income | 490/1 | €4,125 | €4,768 | +€642 | +15.6% |
| Total equity and liabilities | 10/49 | €313,304 | €200,559 | -€112,745 | -36.0% |
| Equity | 10/15 | €199,002 | €110,116 | -€88,886 | -44.7% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €194,002 | €105,116 | -€88,886 | -45.8% |
| Amounts payable | 17/49 | €114,302 | €90,443 | -€23,859 | -20.9% |
| Amounts payable after more than one year | 17 | €44,099 | €23,193 | -€20,906 | -47.4% |
| Financial debts | 170/4 | €44,099 | €23,193 | -€20,906 | -47.4% |
| Amounts payable within one year | 42/48 | €70,203 | €67,250 | -€2,953 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €20,228 | €20,906 | +€678 | +3.4% |
| Trade debts | 44 | €29,211 | €22,913 | -€6,298 | -21.6% |
| Suppliers | 440/4 | €29,211 | €22,913 | -€6,298 | -21.6% |
| Advances received on contracts in progress | 46 | €4,331 | €4,830 | +€499 | +11.5% |
| Taxes, remuneration and social security | 45 | €13,744 | - | -€13,744 | |
| Taxes | 450/3 | €13,744 | - | -€13,744 | |
| Other amounts payable | 47/48 | €2,690 | €18,601 | +€15,911 | +591.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,402 | €39,608 | +€4,206 | +11.9% |
| Other operating charges | 640/8 | €1,038 | €1,672 | +€634 | +61.1% |
| Gross operating margin | 9900 | €76,072 | €45,343 | -€30,730 | -40.4% |
| Operating profit (loss) | 9901 | €39,632 | €4,063 | -€35,569 | -89.7% |
| Financial income | 75/76B | €2,351 | €1,092 | -€1,259 | -53.6% |
| Recurring financial income | 75 | €2,351 | €1,092 | -€1,259 | -53.6% |
| Financial charges | 65/66B | €2,346 | €2,580 | +€234 | +10.0% |
| Recurring financial charges | 65 | €2,346 | €2,580 | +€234 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €39,637 | €2,575 | -€37,063 | -93.5% |
| Income taxes | 67/77 | €7,439 | €1,143 | -€6,296 | -84.6% |
| Profit (loss) for the period | 9904 | €32,198 | €1,431 | -€30,767 | -95.6% |
| Profit (loss) for the period to be appropriated | 9905 | €32,198 | €1,431 | -€30,767 | -95.6% |
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 9 October 2026 via checked.be.