VSPH: 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.
VSPH
Largest movements
- Receivables within one year -€17,813
down €17,813 (-46.4%), from €38,386 to €20,573
of which Trade receivables: -€18,598
- Tangible fixed assets -€11,399
down €11,399 (-36.9%), from €30,905 to €19,506
of which Leasing and similar rights: -€9,661
- Stocks and contracts +€4,210
up €4,210 (+44.1%), from €9,549 to €13,759
of which Contracts in progress: +€4,310
- Cash -€1,812
down €1,812 (-17.8%), from €10,159 to €8,347
mainly Tax, wage and social debts (-€10,882) and Net result for the year (-€9,107)
- Tax, wage and social debts -€10,882
down €10,882 (-92.2%), from €11,805 to €923
of which Taxes: -€10,882
- Reserves -€9,107
down €9,107 (-24.1%), from €37,713 to €28,606
- Debts after one year -€6,084
down €6,084 (-31.8%), from €19,136 to €13,052
- Other debts -€2,624
down €2,624 (-40.8%), from €6,437 to €3,813
- Trade debts +€1,225
up €1,225 (+46.4%), from €2,640 to €3,865
- Gross operating margin -€20,622
down €20,622 (-78.0%), from €26,426 to €5,804
- Taxes -€3,650
down €3,650 (-95.1%), from €3,838 to €188
- Financial charges -€937
down €937 (-35.4%), from €2,643 to €1,707
- Depreciation +€793
up €793 (+7.5%), from €10,606 to €11,399
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 | €90,949 | €63,757 | -€27,191 | -29.9% |
| Fixed assets | 21/28 | €31,205 | €19,806 | -€11,399 | -36.5% |
| Tangible fixed assets | 22/27 | €30,905 | €19,506 | -€11,399 | -36.9% |
| Plant, machinery and equipment | 23 | €2,530 | €793 | -€1,738 | -68.7% |
| Leasing and similar rights | 25 | €28,375 | €18,714 | -€9,661 | -34.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €59,744 | €43,951 | -€15,793 | -26.4% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €9,549 | €13,759 | +€4,210 | +44.1% |
| Stocks | 30/36 | €9,549 | €9,449 | -€101 | -1.1% |
| Contracts in progress | 37 | - | €4,310 | +€4,310 | |
| Amounts receivable within one year | 40/41 | €38,386 | €20,573 | -€17,813 | -46.4% |
| Trade receivables | 40 | €35,846 | €17,248 | -€18,598 | -51.9% |
| Other amounts receivable | 41 | €2,540 | €3,325 | +€785 | +30.9% |
| Cash at bank and in hand | 54/58 | €10,159 | €8,347 | -€1,812 | -17.8% |
| Deferred charges and accrued income | 490/1 | €1,650 | €1,272 | -€378 | -22.9% |
| Total equity and liabilities | 10/49 | €90,949 | €63,757 | -€27,191 | -29.9% |
| Equity | 10/15 | €43,913 | €34,806 | -€9,107 | -20.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €37,713 | €28,606 | -€9,107 | -24.1% |
| Distributable reserves | 133 | €37,713 | €28,606 | -€9,107 | -24.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €47,035 | €28,951 | -€18,084 | -38.4% |
| Amounts payable after more than one year | 17 | €19,136 | €13,052 | -€6,084 | -31.8% |
| Financial debts | 170/4 | €19,136 | €13,052 | -€6,084 | -31.8% |
| Amounts payable within one year | 42/48 | €27,899 | €15,851 | -€12,048 | -43.2% |
| Current portion of amounts payable after more than one year | 42 | €5,835 | €6,084 | +€250 | +4.3% |
| Financial debts | 43 | €1,183 | €1,167 | -€17 | -1.4% |
| Credit institutions | 430/8 | €1,183 | €1,167 | -€17 | -1.4% |
| Trade debts | 44 | €2,640 | €3,865 | +€1,225 | +46.4% |
| Suppliers | 440/4 | €2,640 | €3,865 | +€1,225 | +46.4% |
| Taxes, remuneration and social security | 45 | €11,805 | €923 | -€10,882 | -92.2% |
| Taxes | 450/3 | €11,805 | €923 | -€10,882 | -92.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,437 | €3,813 | -€2,624 | -40.8% |
| Accrued charges and deferred income | 492/3 | - | €48 | +€48 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,606 | €11,399 | +€793 | +7.5% |
| Other operating charges | 640/8 | €1,496 | €1,661 | +€165 | +11.0% |
| Gross operating margin | 9900 | €26,426 | €5,804 | -€20,622 | -78.0% |
| Operating profit (loss) | 9901 | €14,324 | -€7,256 | -€21,580 | |
| Financial income | 75/76B | €244 | €44 | -€201 | -82.1% |
| Recurring financial income | 75 | €244 | €44 | -€201 | -82.1% |
| Financial charges | 65/66B | €2,643 | €1,707 | -€937 | -35.4% |
| Recurring financial charges | 65 | €2,643 | €1,707 | -€937 | -35.4% |
| Profit (loss) for the period before taxes | 9903 | €11,925 | -€8,919 | -€20,844 | |
| Income taxes | 67/77 | €3,838 | €188 | -€3,650 | -95.1% |
| Profit (loss) for the period | 9904 | €8,088 | -€9,107 | -€17,195 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,088 | -€9,107 | -€17,195 |
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.