VSP ENTERPRISES: 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 ENTERPRISES
Largest movements
- Cash -€120,818
down €120,818 (-57.9%), from €208,487 to €87,669
mainly Accrued charges and deferred income (-€142,813) and Other debts (-€14,417)
- Receivables within one year -€26,387
no longer reported in 2025 (was €26,387)
of which Trade receivables: -€26,257
- Accrued charges and deferred income -€142,813
no longer reported in 2025 (was €142,813)
- Other debts -€14,417
down €14,417 (-39.8%), from €36,254 to €21,837
- Profit (loss) carried forward +€8,801
no longer reported in 2025 (was -€8,801)
- Reserves +€3,458
up €3,458 (+7.8%), from €44,560 to €48,018
of which Distributable reserves: +€3,458
- Trade debts -€3,097
down €3,097 (-84.0%), from €3,686 to €589
- Gross operating margin +€12,089
up €12,089 (+374%), from €3,231 to €15,320
- Financial income +€3,168
up €3,168 (+316,770%), from €1 to €3,169
- Taxes +€2,123
up €2,123 (+1,522%), from €140 to €2,262
- Financial charges +€580
up €580 (+308%), from €188 to €768
- Depreciation +€261
up €261 (+12.6%), from €2,066 to €2,327
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 | €238,535 | €90,025 | -€148,509 | -62.3% |
| Fixed assets | 21/28 | €3,480 | €2,171 | -€1,309 | -37.6% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €3,480 | €2,171 | -€1,309 | -37.6% |
| Furniture and vehicles | 24 | €3,480 | €2,171 | -€1,309 | -37.6% |
| Current assets | 29/58 | €235,054 | €87,854 | -€147,200 | -62.6% |
| Amounts receivable within one year | 40/41 | €26,387 | - | -€26,387 | |
| Trade receivables | 40 | €26,257 | - | -€26,257 | |
| Other amounts receivable | 41 | €130 | - | -€130 | |
| Cash at bank and in hand | 54/58 | €208,487 | €87,669 | -€120,818 | -57.9% |
| Deferred charges and accrued income | 490/1 | €181 | €184 | +€4 | +2.0% |
| Total equity and liabilities | 10/49 | €238,535 | €90,025 | -€148,509 | -62.3% |
| Equity | 10/15 | €48,159 | €60,418 | +€12,259 | +25.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €44,560 | €48,018 | +€3,458 | +7.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €42,700 | €46,158 | +€3,458 | +8.1% |
| Profit (loss) carried forward | 14 | -€8,801 | - | +€8,801 | |
| Amounts payable | 17/49 | €190,375 | €29,607 | -€160,768 | -84.4% |
| Amounts payable within one year | 42/48 | €47,562 | €29,607 | -€17,955 | -37.8% |
| Trade debts | 44 | €3,686 | €589 | -€3,097 | -84.0% |
| Suppliers | 440/4 | €3,686 | €589 | -€3,097 | -84.0% |
| Taxes, remuneration and social security | 45 | €7,622 | €7,181 | -€442 | -5.8% |
| Taxes | 450/3 | €7,622 | €7,181 | -€442 | -5.8% |
| Other amounts payable | 47/48 | €36,254 | €21,837 | -€14,417 | -39.8% |
| Accrued charges and deferred income | 492/3 | €142,813 | - | -€142,813 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,066 | €2,327 | +€261 | +12.6% |
| Other operating charges | 640/8 | €882 | €872 | -€10 | -1.1% |
| Gross operating margin | 9900 | €3,231 | €15,320 | +€12,089 | +374% |
| Operating profit (loss) | 9901 | €283 | €12,121 | +€11,838 | +4,183% |
| Financial income | 75/76B | €1 | €3,169 | +€3,168 | +316,770% |
| Recurring financial income | 75 | €1 | €3,169 | +€3,168 | +316,770% |
| Financial charges | 65/66B | €188 | €768 | +€580 | +308% |
| Recurring financial charges | 65 | €188 | €768 | +€580 | +308% |
| Profit (loss) for the period before taxes | 9903 | €96 | €14,521 | +€14,426 | +15,086% |
| Income taxes | 67/77 | €140 | €2,262 | +€2,123 | +1,522% |
| Profit (loss) for the period | 9904 | -€44 | €12,259 | +€12,303 | |
| Profit (loss) for the period to be appropriated | 9905 | -€44 | €12,259 | +€12,303 |
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 20 October 2026 via checked.be.