VSR: 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.
VSR
Largest movements
- Cash +€24,586
up €24,586 (+209.8%), from €11,721 to €36,307
mainly Depreciation (+€19,319) and Net result for the year (+€16,747)
- Tangible fixed assets -€14,421
down €14,421 (-46.5%), from €31,012 to €16,591
of which Furniture and vehicles: -€16,562
- Receivables within one year -€5,373
down €5,373 (-95.2%), from €5,641 to €268
- Deferred charges and accrued income +€1,011
up €1,011 (+16.4%), from €6,154 to €7,165
- Current portion of long-term debt -€12,382
down €12,382 (-91.4%), from €13,545 to €1,163
- Other debts +€9,341
up €9,341 (+363.2%), from €2,572 to €11,913
- Profit (loss) carried forward +€6,747
up €6,747 (+41.7%), from €16,183 to €22,930
- Trade debts +€2,075
up €2,075 (+62.9%), from €3,298 to €5,373
- Depreciation -€7,778
down €7,778 (-28.7%), from €27,097 to €19,319
- Gross operating margin -€3,031
down €3,031 (-6.8%), from €44,572 to €41,541
- Taxes -€2,071
down €2,071 (-25.7%), from €8,071 to €6,000
- Financial income +€516
up €516 (+351.0%), from €147 to €663
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 | €57,478 | €63,281 | +€5,803 | +10.1% |
| Fixed assets | 21/28 | €31,012 | €16,591 | -€14,421 | -46.5% |
| Tangible fixed assets | 22/27 | €31,012 | €16,591 | -€14,421 | -46.5% |
| Land and buildings | 22 | €1,885 | €3,763 | +€1,878 | +99.6% |
| Plant, machinery and equipment | 23 | €826 | €1,089 | +€263 | +31.8% |
| Furniture and vehicles | 24 | €28,301 | €11,739 | -€16,562 | -58.5% |
| Current assets | 29/58 | €26,466 | €46,690 | +€20,224 | +76.4% |
| Stocks and contracts in progress | 3 | €2,950 | €2,950 | = | 0.0% |
| Stocks | 30/36 | €2,950 | €2,950 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,641 | €268 | -€5,373 | -95.2% |
| Trade receivables | 40 | €5,641 | €268 | -€5,373 | -95.2% |
| Cash at bank and in hand | 54/58 | €11,721 | €36,307 | +€24,586 | +209.8% |
| Deferred charges and accrued income | 490/1 | €6,154 | €7,165 | +€1,011 | +16.4% |
| Total equity and liabilities | 10/49 | €57,478 | €63,281 | +€5,803 | +10.1% |
| Equity | 10/15 | €35,765 | €42,512 | +€6,747 | +18.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €982 | €982 | = | 0.0% |
| Non-distributable reserves | 130/1 | €982 | €982 | = | 0.0% |
| Reserves not available under the articles | 1311 | €982 | €982 | = | 0.0% |
| Profit (loss) carried forward | 14 | €16,183 | €22,930 | +€6,747 | +41.7% |
| Amounts payable | 17/49 | €21,713 | €20,769 | -€944 | -4.3% |
| Amounts payable after more than one year | 17 | €2,298 | €2,298 | = | 0.0% |
| Financial debts | 170/4 | €2,298 | €2,298 | = | 0.0% |
| Amounts payable within one year | 42/48 | €19,415 | €18,449 | -€966 | -5.0% |
| Current portion of amounts payable after more than one year | 42 | €13,545 | €1,163 | -€12,382 | -91.4% |
| Trade debts | 44 | €3,298 | €5,373 | +€2,075 | +62.9% |
| Suppliers | 440/4 | €3,298 | €5,373 | +€2,075 | +62.9% |
| Other amounts payable | 47/48 | €2,572 | €11,913 | +€9,341 | +363.2% |
| Accrued charges and deferred income | 492/3 | - | €22 | +€22 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,097 | €19,319 | -€7,778 | -28.7% |
| Gross operating margin | 9900 | €44,572 | €41,541 | -€3,031 | -6.8% |
| Operating profit (loss) | 9901 | €17,475 | €22,222 | +€4,747 | +27.2% |
| Financial income | 75/76B | €147 | €663 | +€516 | +351.0% |
| Recurring financial income | 75 | €147 | €663 | +€516 | +351.0% |
| Financial charges | 65/66B | €480 | €138 | -€342 | -71.3% |
| Recurring financial charges | 65 | €480 | €138 | -€342 | -71.3% |
| Profit (loss) for the period before taxes | 9903 | €17,142 | €22,747 | +€5,605 | +32.7% |
| Income taxes | 67/77 | €8,071 | €6,000 | -€2,071 | -25.7% |
| Profit (loss) for the period | 9904 | €9,071 | €16,747 | +€7,676 | +84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €9,071 | €16,747 | +€7,676 | +84.6% |
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 7 October 2026 via checked.be.