VSPG: 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.
VSPG
Largest movements
- Receivables within one year +€32,976
up €32,976 (+80.0%), from €41,225 to €74,201
of which Other amounts receivable: +€52,418
- Deferred charges and accrued income -€4,526
down €4,526 (-57.7%), from €7,846 to €3,320
- Tangible fixed assets +€1,849
up €1,849 (+33.2%), from €5,578 to €7,427
of which Furniture and vehicles: +€2,234
- Reserves +€51,619
up €51,619 (+91.3%), from €56,568 to €108,187
- Trade debts -€17,476
no longer reported in 2025 (was €17,476)
- Tax, wage and social debts -€6,613
down €6,613 (-75.5%), from €8,760 to €2,146
of which Taxes: -€7,549
- Current portion of long-term debt +€4,023
up €4,023 (+36.6%), from €10,977 to €15,000
- Gross operating margin +€68,686
up €68,686 (+325%), from €21,125 to €89,812
- Staff costs +€18,344
new in 2025: €18,344
- Taxes +€13,507
up €13,507 (+246%), from €5,498 to €19,006
- Financial charges -€2,366
down €2,366 (-72.8%), from €3,249 to €882
- Financial income +€1,566
up €1,566 (+78.7%), from €1,989 to €3,555
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 | €97,781 | €129,334 | +€31,552 | +32.3% |
| Fixed assets | 21/28 | €10,578 | €12,427 | +€1,849 | +17.5% |
| Tangible fixed assets | 22/27 | €5,578 | €7,427 | +€1,849 | +33.2% |
| Plant, machinery and equipment | 23 | €1,029 | €644 | -€385 | -37.4% |
| Furniture and vehicles | 24 | €4,549 | €6,783 | +€2,234 | +49.1% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €87,204 | €116,907 | +€29,703 | +34.1% |
| Amounts receivable after more than one year | 29 | €33,000 | €33,000 | = | 0.0% |
| Other amounts receivable | 291 | €33,000 | €33,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,225 | €74,201 | +€32,976 | +80.0% |
| Trade receivables | 40 | €21,988 | €2,546 | -€19,442 | -88.4% |
| Other amounts receivable | 41 | €19,237 | €71,656 | +€52,418 | +272% |
| Cash at bank and in hand | 54/58 | €5,133 | €6,385 | +€1,253 | +24.4% |
| Deferred charges and accrued income | 490/1 | €7,846 | €3,320 | -€4,526 | -57.7% |
| Total equity and liabilities | 10/49 | €97,781 | €129,334 | +€31,552 | +32.3% |
| Equity | 10/15 | €60,568 | €112,187 | +€51,619 | +85.2% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Reserves | 13 | €56,568 | €108,187 | +€51,619 | +91.3% |
| Distributable reserves | 133 | €56,568 | €108,187 | +€51,619 | +91.3% |
| Amounts payable | 17/49 | €37,213 | €17,146 | -€20,067 | -53.9% |
| Amounts payable within one year | 42/48 | €37,213 | €17,146 | -€20,067 | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €10,977 | €15,000 | +€4,023 | +36.6% |
| Trade debts | 44 | €17,476 | - | -€17,476 | |
| Suppliers | 440/4 | €17,476 | - | -€17,476 | |
| Taxes, remuneration and social security | 45 | €8,760 | €2,146 | -€6,613 | -75.5% |
| Taxes | 450/3 | €8,760 | €1,210 | -€7,549 | -86.2% |
| Remuneration and social security | 454/9 | - | €936 | +€936 | |
| Remuneration, social security and pensions | 62 | - | €18,344 | +€18,344 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,531 | €2,151 | +€620 | +40.5% |
| Other operating charges | 640/8 | €1,053 | €1,364 | +€311 | +29.6% |
| Gross operating margin | 9900 | €21,125 | €89,812 | +€68,686 | +325% |
| Operating profit (loss) | 9901 | €18,542 | €67,952 | +€49,411 | +266% |
| Financial income | 75/76B | €1,989 | €3,555 | +€1,566 | +78.7% |
| Recurring financial income | 75 | €1,989 | €3,555 | +€1,566 | +78.7% |
| Financial charges | 65/66B | €3,249 | €882 | -€2,366 | -72.8% |
| Recurring financial charges | 65 | €3,249 | €882 | -€2,366 | -72.8% |
| Profit (loss) for the period before taxes | 9903 | €17,282 | €70,625 | +€53,343 | +309% |
| Income taxes | 67/77 | €5,498 | €19,006 | +€13,507 | +246% |
| Profit (loss) for the period | 9904 | €11,783 | €51,619 | +€39,835 | +338% |
| Profit (loss) for the period to be appropriated | 9905 | €11,783 | €51,619 | +€39,835 | +338% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.