VSS Management: 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.
VSS Management
Largest movements
- Cash -€96,189
down €96,189 (-67.4%), from €142,741 to €46,552
mainly Current investments (-€82,500) and Debts after one year (-€74,571)
- Current investments +€82,500
new in 2025: €82,500
- Tangible fixed assets +€21,616
new in 2025: €21,616
of which Other tangible fixed assets: +€16,689
- Receivables within one year -€13,500
down €13,500 (-45.2%), from €29,841 to €16,341
of which Trade receivables: -€13,500
- Debts after one year -€74,571
down €74,571 (-20.0%), from €372,857 to €298,286
- Profit (loss) carried forward +€66,776
up €66,776 (+32.0%), from €208,754 to €275,530
- Financial income -€70,931
no longer reported in 2025 (was €70,931)
- Gross operating margin -€5,822
down €5,822 (-5.2%), from €112,364 to €106,542
- Financial charges -€2,946
down €2,946 (-15.7%), from €18,707 to €15,761
- Depreciation +€1,284
new in 2025: €1,284
- Taxes -€1,140
down €1,140 (-4.9%), from €23,399 to €22,259
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 | €694,582 | €689,054 | -€5,528 | -0.8% |
| Fixed assets | 21/28 | €522,000 | €543,616 | +€21,616 | +4.1% |
| Tangible fixed assets | 22/27 | - | €21,616 | +€21,616 | |
| Plant, machinery and equipment | 23 | - | €4,927 | +€4,927 | |
| Other tangible fixed assets | 26 | - | €16,689 | +€16,689 | |
| Financial fixed assets | 28 | €522,000 | €522,000 | = | 0.0% |
| Current assets | 29/58 | €172,582 | €145,438 | -€27,144 | -15.7% |
| Amounts receivable within one year | 40/41 | €29,841 | €16,341 | -€13,500 | -45.2% |
| Trade receivables | 40 | €29,835 | €16,335 | -€13,500 | -45.2% |
| Other amounts receivable | 41 | €6 | €6 | = | 0.0% |
| Current investments | 50/53 | - | €82,500 | +€82,500 | |
| Cash at bank and in hand | 54/58 | €142,741 | €46,552 | -€96,189 | -67.4% |
| Deferred charges and accrued income | 490/1 | - | €46 | +€46 | |
| Total equity and liabilities | 10/49 | €694,582 | €689,054 | -€5,528 | -0.8% |
| Equity | 10/15 | €211,254 | €278,030 | +€66,776 | +31.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €208,754 | €275,530 | +€66,776 | +32.0% |
| Amounts payable | 17/49 | €483,328 | €411,023 | -€72,304 | -15.0% |
| Amounts payable after more than one year | 17 | €372,857 | €298,286 | -€74,571 | -20.0% |
| Financial debts | 170/4 | €372,857 | €298,286 | -€74,571 | -20.0% |
| Amounts payable within one year | 42/48 | €110,471 | €112,738 | +€2,267 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €74,571 | €74,571 | = | 0.0% |
| Trade debts | 44 | €1,485 | €2,481 | +€996 | +67.1% |
| Suppliers | 440/4 | €1,485 | €2,481 | +€996 | +67.1% |
| Taxes, remuneration and social security | 45 | €31,887 | €33,186 | +€1,299 | +4.1% |
| Taxes | 450/3 | €31,887 | €30,734 | -€1,152 | -3.6% |
| Remuneration and social security | 454/9 | - | €2,452 | +€2,452 | |
| Other amounts payable | 47/48 | €2,528 | €2,500 | -€28 | -1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,284 | +€1,284 | |
| Other operating charges | 640/8 | €63 | €462 | +€399 | +634% |
| Gross operating margin | 9900 | €112,364 | €106,542 | -€5,822 | -5.2% |
| Operating profit (loss) | 9901 | €112,301 | €104,796 | -€7,505 | -6.7% |
| Financial income | 75/76B | €70,931 | - | -€70,931 | |
| Recurring financial income | 75 | €70,931 | - | -€70,931 | |
| Financial charges | 65/66B | €18,707 | €15,761 | -€2,946 | -15.7% |
| Recurring financial charges | 65 | €18,707 | €15,761 | -€2,946 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €164,526 | €89,035 | -€75,491 | -45.9% |
| Income taxes | 67/77 | €23,399 | €22,259 | -€1,140 | -4.9% |
| Profit (loss) for the period | 9904 | €141,127 | €66,776 | -€74,351 | -52.7% |
| Profit (loss) for the period to be appropriated | 9905 | €141,127 | €66,776 | -€74,351 | -52.7% |
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 23 October 2026 via checked.be.