VSM-DR: 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.
VSM-DR
Largest movements
- Cash -€3,053
down €3,053 (-85.9%), from €3,553 to €500
mainly Net result for the year (-€2,134) and Trade debts (-€1,922)
- Receivables within one year -€1,003
down €1,003 (-82.8%), from €1,212 to €209
- Profit (loss) carried forward -€2,134
down €2,134 (-29.2%), from -€7,300 to -€9,434
- Trade debts -€1,922
down €1,922 (-66.7%), from €2,880 to €958
- Gross operating margin +€815
up €815 (+39.9%), from -€2,042 to -€1,227
- Financial charges +€104
up €104 (+25.8%), from €403 to €507
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 | €4,765 | €709 | -€4,056 | -85.1% |
| Current assets | 29/58 | €4,765 | €709 | -€4,056 | -85.1% |
| Amounts receivable within one year | 40/41 | €1,212 | €209 | -€1,003 | -82.8% |
| Other amounts receivable | 41 | €1,212 | €209 | -€1,003 | -82.8% |
| Cash at bank and in hand | 54/58 | €3,553 | €500 | -€3,053 | -85.9% |
| Total equity and liabilities | 10/49 | €4,765 | €709 | -€4,056 | -85.1% |
| Equity | 10/15 | -€2,300 | -€4,434 | -€2,134 | -92.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€7,300 | -€9,434 | -€2,134 | -29.2% |
| Amounts payable | 17/49 | €7,065 | €5,143 | -€1,922 | -27.2% |
| Amounts payable within one year | 42/48 | €7,065 | €5,143 | -€1,922 | -27.2% |
| Trade debts | 44 | €2,880 | €958 | -€1,922 | -66.7% |
| Suppliers | 440/4 | €2,880 | €958 | -€1,922 | -66.7% |
| Other amounts payable | 47/48 | €4,185 | €4,185 | = | 0.0% |
| Other operating charges | 640/8 | €384 | €400 | +€15 | +4.0% |
| Gross operating margin | 9900 | -€2,042 | -€1,227 | +€815 | +39.9% |
| Operating profit (loss) | 9901 | -€2,426 | -€1,627 | +€799 | +32.9% |
| Financial charges | 65/66B | €403 | €507 | +€104 | +25.8% |
| Recurring financial charges | 65 | €403 | €507 | +€104 | +25.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,829 | -€2,134 | +€695 | +24.6% |
| Profit (loss) for the period | 9904 | -€2,829 | -€2,134 | +€695 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,829 | -€2,134 | +€695 | +24.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.