VSM-VDP: 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-VDP
Largest movements
- Tangible fixed assets -€15,073
down €15,073 (-8.5%), from €176,878 to €161,805
of which Land and buildings: -€10,321
- Current investments -€5,485
down €5,485 (-64.4%), from €8,514 to €3,029
- Receivables within one year +€2,134
up €2,134 (+49.7%), from €4,290 to €6,424
of which Trade receivables: +€2,177
- Deferred charges and accrued income -€2,106
down €2,106 (-54.1%), from €3,895 to €1,790
- Debts after one year -€10,932
down €10,932 (-8.4%), from €130,223 to €119,291
of which Financial debts: -€11,082
- Profit (loss) carried forward -€7,016
down €7,016 (-161%), from -€4,358 to -€11,373
- Gross operating margin -€4,243
down €4,243 (-24.7%), from €17,147 to €12,904
- Depreciation -€1,233
down €1,233 (-7.7%), from €15,946 to €14,714
- Other operating charges -€254
down €254 (-15.1%), from €1,683 to €1,430
- Financial charges -€240
down €240 (-5.9%), from €4,069 to €3,829
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.
Derived cash bridge
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 | €197,004 | €177,419 | -€19,585 | -9.9% |
| Formation expenses | 20 | €760 | €592 | -€168 | -22.1% |
| Fixed assets | 21/28 | €176,878 | €161,805 | -€15,073 | -8.5% |
| Tangible fixed assets | 22/27 | €176,878 | €161,805 | -€15,073 | -8.5% |
| Land and buildings | 22 | €164,958 | €154,637 | -€10,321 | -6.3% |
| Plant, machinery and equipment | 23 | €6,501 | €3,561 | -€2,940 | -45.2% |
| Furniture and vehicles | 24 | €5,419 | €3,607 | -€1,812 | -33.4% |
| Current assets | 29/58 | €19,366 | €15,021 | -€4,344 | -22.4% |
| Amounts receivable within one year | 40/41 | €4,290 | €6,424 | +€2,134 | +49.7% |
| Trade receivables | 40 | €4,206 | €6,383 | +€2,177 | +51.7% |
| Other amounts receivable | 41 | €84 | €41 | -€43 | -50.8% |
| Current investments | 50/53 | €8,514 | €3,029 | -€5,485 | -64.4% |
| Cash at bank and in hand | 54/58 | €2,666 | €3,779 | +€1,113 | +41.7% |
| Deferred charges and accrued income | 490/1 | €3,895 | €1,790 | -€2,106 | -54.1% |
| Total equity and liabilities | 10/49 | €197,004 | €177,419 | -€19,585 | -9.9% |
| Equity | 10/15 | €47,477 | €40,462 | -€7,016 | -14.8% |
| Contributions | 10/11 | €43,500 | €43,500 | = | 0.0% |
| Reserves | 13 | €8,335 | €8,335 | = | 0.0% |
| Distributable reserves | 133 | €8,335 | €8,335 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€4,358 | -€11,373 | -€7,016 | -161% |
| Amounts payable | 17/49 | €149,527 | €136,957 | -€12,569 | -8.4% |
| Amounts payable after more than one year | 17 | €130,223 | €119,291 | -€10,932 | -8.4% |
| Financial debts | 170/4 | €129,998 | €118,916 | -€11,082 | -8.5% |
| Other amounts payable | 178/9 | €225 | €375 | +€150 | +66.7% |
| Amounts payable within one year | 42/48 | €16,886 | €16,761 | -€125 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €10,792 | €11,082 | +€290 | +2.7% |
| Financial debts | 43 | €34 | €52 | +€18 | +51.8% |
| Credit institutions | 430/8 | €34 | €52 | +€18 | +51.8% |
| Trade debts | 44 | €4,037 | €3,711 | -€325 | -8.1% |
| Suppliers | 440/4 | €4,037 | €3,711 | -€325 | -8.1% |
| Taxes, remuneration and social security | 45 | €291 | €632 | +€341 | +117% |
| Taxes | 450/3 | €291 | €632 | +€341 | +117% |
| Other amounts payable | 47/48 | €1,733 | €1,284 | -€448 | -25.9% |
| Accrued charges and deferred income | 492/3 | €2,417 | €905 | -€1,512 | -62.6% |
| Non-recurring operating income | 76A | - | €424 | +€424 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,946 | €14,714 | -€1,233 | -7.7% |
| Other operating charges | 640/8 | €1,683 | €1,430 | -€254 | -15.1% |
| Gross operating margin | 9900 | €17,147 | €12,904 | -€4,243 | -24.7% |
| Operating profit (loss) | 9901 | -€482 | -€3,239 | -€2,757 | -571% |
| Financial income | 75/76B | €200 | €53 | -€147 | -73.6% |
| Recurring financial income | 75 | €200 | €53 | -€147 | -73.6% |
| Financial charges | 65/66B | €4,069 | €3,829 | -€240 | -5.9% |
| Recurring financial charges | 65 | €4,069 | €3,829 | -€240 | -5.9% |
| Profit (loss) for the period before taxes | 9903 | -€4,352 | -€7,016 | -€2,664 | -61.2% |
| Income taxes | 67/77 | €6 | €0 | -€6 | -100% |
| Profit (loss) for the period | 9904 | -€4,358 | -€7,016 | -€2,658 | -61.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€4,358 | -€7,016 | -€2,658 | -61.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.