VSP: 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.
VSP
Largest movements
- Tangible fixed assets -€103,923
down €103,923 (-7.0%), from €1.5m to €1.4m
- Receivables within one year -€47,135
down €47,135 (-66.6%), from €70,752 to €23,616
of which Trade receivables: -€33,261
- Cash -€35,451
down €35,451 (-57.6%), from €61,591 to €26,140
mainly Debts after one year (-€122,454) and Trade debts (-€52,508)
- Debts after one year -€122,454
down €122,454 (-10.7%), from €1.1m to €1.0m
- Profit (loss) carried forward +€73,742
up €73,742 (+14.9%), from -€493,866 to -€420,124
- Trade debts -€52,508
down €52,508 (-51.7%), from €101,581 to €49,073
- Other debts -€47,176
down €47,176 (-8.5%), from €557,650 to €510,474
- Short-term financial debts -€43,333
no longer reported in 2024 (was €43,333)
- Staff costs -€10,089
down €10,089 (-2.2%), from €456,638 to €446,549
- Gross operating margin -€8,883
down €8,883 (-1.3%), from €668,886 to €660,003
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,624,487 | €1,442,960 | -€181,527 | -11.2% |
| Fixed assets | 21/28 | €1,483,346 | €1,379,423 | -€103,923 | -7.0% |
| Tangible fixed assets | 22/27 | €1,482,694 | €1,378,771 | -€103,923 | -7.0% |
| Land and buildings | 22 | €1,159,418 | €1,113,500 | -€45,918 | -4.0% |
| Plant, machinery and equipment | 23 | €260,225 | €227,420 | -€32,805 | -12.6% |
| Furniture and vehicles | 24 | €63,051 | €37,851 | -€25,200 | -40.0% |
| Financial fixed assets | 28 | €653 | €653 | = | 0.0% |
| Current assets | 29/58 | €141,141 | €63,537 | -€77,604 | -55.0% |
| Stocks and contracts in progress | 3 | €5,000 | €10,386 | +€5,386 | +107.7% |
| Stocks | 30/36 | €5,000 | €10,386 | +€5,386 | +107.7% |
| Amounts receivable within one year | 40/41 | €70,752 | €23,616 | -€47,135 | -66.6% |
| Trade receivables | 40 | €53,457 | €20,195 | -€33,261 | -62.2% |
| Other amounts receivable | 41 | €17,295 | €3,421 | -€13,874 | -80.2% |
| Cash at bank and in hand | 54/58 | €61,591 | €26,140 | -€35,451 | -57.6% |
| Deferred charges and accrued income | 490/1 | €3,798 | €3,395 | -€404 | -10.6% |
| Total equity and liabilities | 10/49 | €1,624,487 | €1,442,960 | -€181,527 | -11.2% |
| Equity | 10/15 | -€393,866 | -€320,124 | +€73,742 | +18.7% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€493,866 | -€420,124 | +€73,742 | +14.9% |
| Amounts payable | 17/49 | €2,018,353 | €1,763,084 | -€255,269 | -12.6% |
| Amounts payable after more than one year | 17 | €1,145,316 | €1,022,862 | -€122,454 | -10.7% |
| Financial debts | 170/4 | €1,145,316 | €1,022,862 | -€122,454 | -10.7% |
| Amounts payable within one year | 42/48 | €873,037 | €740,222 | -€132,814 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €120,925 | €122,454 | +€1,530 | +1.3% |
| Financial debts | 43 | €43,333 | - | -€43,333 | |
| Credit institutions | 430/8 | €43,333 | - | -€43,333 | |
| Trade debts | 44 | €101,581 | €49,073 | -€52,508 | -51.7% |
| Suppliers | 440/4 | €101,581 | €49,073 | -€52,508 | -51.7% |
| Taxes, remuneration and social security | 45 | €49,549 | €58,222 | +€8,673 | +17.5% |
| Taxes | 450/3 | - | €11,508 | +€11,508 | |
| Remuneration and social security | 454/9 | €49,549 | €46,713 | -€2,836 | -5.7% |
| Other amounts payable | 47/48 | €557,650 | €510,474 | -€47,176 | -8.5% |
| Remuneration, social security and pensions | 62 | €456,638 | €446,549 | -€10,089 | -2.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,202 | €101,777 | -€424 | -0.4% |
| Other operating charges | 640/8 | €8,817 | €7,325 | -€1,492 | -16.9% |
| Non-recurring operating charges | 66A | - | €3,519 | +€3,519 | |
| Gross operating margin | 9900 | €668,886 | €660,003 | -€8,883 | -1.3% |
| Operating profit (loss) | 9901 | €101,230 | €100,833 | -€397 | -0.4% |
| Financial income | 75/76B | €743 | €266 | -€477 | -64.2% |
| Recurring financial income | 75 | €743 | €266 | -€477 | -64.2% |
| Financial charges | 65/66B | €31,416 | €27,358 | -€4,059 | -12.9% |
| Recurring financial charges | 65 | €31,416 | €27,358 | -€4,059 | -12.9% |
| Profit (loss) for the period before taxes | 9903 | €70,556 | €73,742 | +€3,186 | +4.5% |
| Profit (loss) for the period | 9904 | €70,556 | €73,742 | +€3,186 | +4.5% |
| Profit (loss) for the period to be appropriated | 9905 | €70,556 | €73,742 | +€3,186 | +4.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.