VSSG: 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.
VSSG
Largest movements
- Current investments +€58,155
up €58,155 (+33.6%), from €173,022 to €231,178
- Tangible fixed assets -€18,194
down €18,194 (-31.7%), from €57,352 to €39,158
of which Furniture and vehicles: -€16,146
- Cash -€10,296
down €10,296 (-35.9%), from €28,687 to €18,392
mainly Current investments (-€58,155) and Receivables within one year (-€4,548)
- Receivables within one year +€4,548
up €4,548 (+23.5%), from €19,367 to €23,915
of which Other amounts receivable: +€2,445
- Reserves +€38,280
up €38,280 (+14.6%), from €262,290 to €300,570
- Gross operating margin +€4,921
up €4,921 (+7.1%), from €68,936 to €73,857
- Taxes +€2,015
up €2,015 (+12.9%), from €15,593 to €17,607
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 | €280,566 | €314,934 | +€34,368 | +12.2% |
| Fixed assets | 21/28 | €57,352 | €39,158 | -€18,194 | -31.7% |
| Tangible fixed assets | 22/27 | €57,352 | €39,158 | -€18,194 | -31.7% |
| Plant, machinery and equipment | 23 | €5,964 | €3,916 | -€2,048 | -34.3% |
| Furniture and vehicles | 24 | €51,388 | €35,242 | -€16,146 | -31.4% |
| Current assets | 29/58 | €223,214 | €275,776 | +€52,562 | +23.5% |
| Amounts receivable within one year | 40/41 | €19,367 | €23,915 | +€4,548 | +23.5% |
| Trade receivables | 40 | €19,360 | €21,462 | +€2,102 | +10.9% |
| Other amounts receivable | 41 | €7 | €2,452 | +€2,445 | +36390.9% |
| Current investments | 50/53 | €173,022 | €231,178 | +€58,155 | +33.6% |
| Cash at bank and in hand | 54/58 | €28,687 | €18,392 | -€10,296 | -35.9% |
| Deferred charges and accrued income | 490/1 | €2,138 | €2,292 | +€154 | +7.2% |
| Total equity and liabilities | 10/49 | €280,566 | €314,934 | +€34,368 | +12.2% |
| Equity | 10/15 | €268,971 | €307,273 | +€38,302 | +14.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €262,290 | €300,570 | +€38,280 | +14.6% |
| Distributable reserves | 133 | €262,290 | €300,570 | +€38,280 | +14.6% |
| Profit (loss) carried forward | 14 | €481 | €503 | +€22 | +4.5% |
| Amounts payable | 17/49 | €11,595 | €7,661 | -€3,934 | -33.9% |
| Amounts payable within one year | 42/48 | €11,582 | €7,661 | -€3,921 | -33.9% |
| Trade debts | 44 | €762 | €819 | +€57 | +7.4% |
| Suppliers | 440/4 | €762 | €819 | +€57 | +7.4% |
| Taxes, remuneration and social security | 45 | €9,226 | €6,318 | -€2,908 | -31.5% |
| Taxes | 450/3 | €9,226 | €6,318 | -€2,908 | -31.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €1,594 | €524 | -€1,070 | -67.1% |
| Accrued charges and deferred income | 492/3 | €13 | €0 | -€13 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,955 | €19,601 | -€354 | -1.8% |
| Other operating charges | 640/8 | €953 | €582 | -€371 | -38.9% |
| Gross operating margin | 9900 | €68,936 | €73,857 | +€4,921 | +7.1% |
| Operating profit (loss) | 9901 | €48,027 | €53,674 | +€5,647 | +11.8% |
| Financial income | 75/76B | €1,815 | €2,459 | +€644 | +35.5% |
| Recurring financial income | 75 | €1,815 | €2,459 | +€644 | +35.5% |
| Financial charges | 65/66B | €289 | €224 | -€65 | -22.4% |
| Recurring financial charges | 65 | €289 | €224 | -€65 | -22.4% |
| Profit (loss) for the period before taxes | 9903 | €49,553 | €55,909 | +€6,355 | +12.8% |
| Income taxes | 67/77 | €15,593 | €17,607 | +€2,015 | +12.9% |
| Profit (loss) for the period | 9904 | €33,961 | €38,302 | +€4,341 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €33,961 | €38,302 | +€4,341 | +12.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.