VSP Engineering: 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.
VSP Engineering
Largest movements
- Cash +€6,763
up €6,763 (+15.4%), from €43,849 to €50,613
mainly Net result for the year (+€37,490) and Trade debts (+€1,045)
- Reserves +€37,490
up €37,490 (+49.1%), from €76,359 to €113,849
- Debts after one year -€26,889
down €26,889 (-16.4%), from €163,556 to €136,667
- Tax, wage and social debts -€3,768
down €3,768 (-14.3%), from €26,426 to €22,657
of which Taxes: -€3,768
- Gross operating margin +€7,636
up €7,636 (+16.1%), from €47,426 to €55,062
- Financial charges +€3,153
up €3,153 (+87.2%), from €3,615 to €6,768
- Taxes +€601
up €601 (+6.5%), from €9,251 to €9,852
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 | €294,243 | €302,873 | +€8,630 | +2.9% |
| Fixed assets | 21/28 | €238,000 | €238,000 | = | 0.0% |
| Financial fixed assets | 28 | €238,000 | €238,000 | = | 0.0% |
| Current assets | 29/58 | €56,243 | €64,873 | +€8,630 | +15.3% |
| Amounts receivable within one year | 40/41 | €11,492 | €13,197 | +€1,705 | +14.8% |
| Trade receivables | 40 | €9,492 | €12,221 | +€2,729 | +28.7% |
| Other amounts receivable | 41 | €2,000 | €976 | -€1,024 | -51.2% |
| Cash at bank and in hand | 54/58 | €43,849 | €50,613 | +€6,763 | +15.4% |
| Deferred charges and accrued income | 490/1 | €902 | €1,064 | +€162 | +18.0% |
| Total equity and liabilities | 10/49 | €294,243 | €302,873 | +€8,630 | +2.9% |
| Equity | 10/15 | €76,479 | €113,969 | +€37,490 | +49.0% |
| Contributions | 10/11 | €120 | €120 | = | 0.0% |
| Reserves | 13 | €76,359 | €113,849 | +€37,490 | +49.1% |
| Distributable reserves | 133 | €76,359 | €113,849 | +€37,490 | +49.1% |
| Amounts payable | 17/49 | €217,764 | €188,904 | -€28,860 | -13.3% |
| Amounts payable after more than one year | 17 | €163,556 | €136,667 | -€26,889 | -16.4% |
| Financial debts | 170/4 | €163,556 | €136,667 | -€26,889 | -16.4% |
| Amounts payable within one year | 42/48 | €54,187 | €51,919 | -€2,268 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €25,921 | €26,889 | +€968 | +3.7% |
| Trade debts | 44 | €1,328 | €2,373 | +€1,045 | +78.7% |
| Suppliers | 440/4 | €1,328 | €2,373 | +€1,045 | +78.7% |
| Taxes, remuneration and social security | 45 | €26,426 | €22,657 | -€3,768 | -14.3% |
| Taxes | 450/3 | €26,426 | €22,657 | -€3,768 | -14.3% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €512 | €0 | -€512 | -100% |
| Accrued charges and deferred income | 492/3 | €21 | €318 | +€297 | +1,387% |
| Non-recurring operating income | 76A | €211 | €0 | -€211 | -100% |
| Other operating charges | 640/8 | €513 | €952 | +€439 | +85.6% |
| Gross operating margin | 9900 | €47,426 | €55,062 | +€7,636 | +16.1% |
| Operating profit (loss) | 9901 | €46,913 | €54,110 | +€7,196 | +15.3% |
| Financial charges | 65/66B | €3,615 | €6,768 | +€3,153 | +87.2% |
| Recurring financial charges | 65 | €3,615 | €6,768 | +€3,153 | +87.2% |
| Profit (loss) for the period before taxes | 9903 | €43,299 | €47,341 | +€4,043 | +9.3% |
| Income taxes | 67/77 | €9,251 | €9,852 | +€601 | +6.5% |
| Profit (loss) for the period | 9904 | €34,048 | €37,490 | +€3,442 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €34,048 | €37,490 | +€3,442 | +10.1% |
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 18 October 2026 via checked.be.