VSMC: 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.
VSMC
Largest movements
- Cash +€53,574
up €53,574 (+82.1%), from €65,225 to €118,799
mainly Net result for the year (+€115,393) and Depreciation (+€7,709)
- Receivables within one year +€7,998
up €7,998 (+102.8%), from €7,778 to €15,776
of which Trade receivables: +€14,336
- Tangible fixed assets +€6,839
up €6,839 (+138.4%), from €4,941 to €11,780
- Reserves +€54,859
up €54,859 (+9912.9%), from €553 to €55,413
- Tax, wage and social debts +€6,135
up €6,135 (+221.5%), from €2,770 to €8,906
of which Taxes: +€4,135
- Trade debts +€5,516
up €5,516 (+625.8%), from €881 to €6,397
- Other debts +€2,571
up €2,571 (+4.6%), from €55,424 to €57,995
- Gross operating margin +€124,912
up €124,912 (+374.8%), from €33,330 to €158,241
- Taxes +€25,989
up €25,989 (+299.6%), from €8,675 to €34,665
- Depreciation +€5,650
up €5,650 (+274.4%), from €2,059 to €7,709
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 | €78,229 | €147,711 | +€69,481 | +88.8% |
| Fixed assets | 21/28 | €4,941 | €11,780 | +€6,839 | +138.4% |
| Tangible fixed assets | 22/27 | €4,941 | €11,780 | +€6,839 | +138.4% |
| Furniture and vehicles | 24 | €4,941 | €11,780 | +€6,839 | +138.4% |
| Current assets | 29/58 | €73,288 | €135,930 | +€62,642 | +85.5% |
| Amounts receivable within one year | 40/41 | €7,778 | €15,776 | +€7,998 | +102.8% |
| Trade receivables | 40 | €1,440 | €15,776 | +€14,336 | +995.3% |
| Other amounts receivable | 41 | €6,338 | - | -€6,338 | |
| Cash at bank and in hand | 54/58 | €65,225 | €118,799 | +€53,574 | +82.1% |
| Deferred charges and accrued income | 490/1 | €285 | €1,355 | +€1,070 | +375.1% |
| Total equity and liabilities | 10/49 | €78,229 | €147,711 | +€69,481 | +88.8% |
| Equity | 10/15 | €19,153 | €74,013 | +€54,859 | +286.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €553 | €55,413 | +€54,859 | +9912.9% |
| Distributable reserves | 133 | €553 | €55,413 | +€54,859 | +9912.9% |
| Amounts payable | 17/49 | €59,076 | €73,698 | +€14,622 | +24.8% |
| Amounts payable within one year | 42/48 | €59,076 | €73,298 | +€14,222 | +24.1% |
| Trade debts | 44 | €881 | €6,397 | +€5,516 | +625.8% |
| Suppliers | 440/4 | €881 | €6,397 | +€5,516 | +625.8% |
| Taxes, remuneration and social security | 45 | €2,770 | €8,906 | +€6,135 | +221.5% |
| Taxes | 450/3 | €2,770 | €6,906 | +€4,135 | +149.3% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €55,424 | €57,995 | +€2,571 | +4.6% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,059 | €7,709 | +€5,650 | +274.4% |
| Other operating charges | 640/8 | €80 | €345 | +€265 | +331.3% |
| Gross operating margin | 9900 | €33,330 | €158,241 | +€124,912 | +374.8% |
| Operating profit (loss) | 9901 | €31,191 | €150,187 | +€118,997 | +381.5% |
| Financial income | 75/76B | €44 | €23 | -€21 | -48.1% |
| Recurring financial income | 75 | €44 | €23 | -€21 | -48.1% |
| Financial charges | 65/66B | €534 | €152 | -€382 | -71.5% |
| Recurring financial charges | 65 | €534 | €152 | -€382 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €30,701 | €150,058 | +€119,357 | +388.8% |
| Income taxes | 67/77 | €8,675 | €34,665 | +€25,989 | +299.6% |
| Profit (loss) for the period | 9904 | €22,025 | €115,393 | +€93,368 | +423.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,025 | €115,393 | +€93,368 | +423.9% |
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 4 October 2026 via checked.be.