VSSS: 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.
VSSS
Largest movements
- Receivables within one year +€63,779
up €63,779 (+10.1%), from €628,626 to €692,405
of which Trade receivables: +€47,671
- Tangible fixed assets +€16,029
up €16,029 (+6.6%), from €241,214 to €257,242
of which Furniture and vehicles: +€23,507
- Cash -€14,909
down €14,909 (-40.2%), from €37,055 to €22,145
mainly Receivables within one year (-€63,779) and Investment in fixed assets (net) (-€29,598)
- Deferred charges and accrued income +€12,975
up €12,975 (+675.6%), from €1,921 to €14,895
- Reserves +€68,676
up €68,676 (+10.8%), from €636,418 to €705,094
of which Distributable reserves: +€68,676
- Other debts +€29,238
new in 2025: €29,238
- Trade debts -€25,143
down €25,143 (-53.3%), from €47,184 to €22,040
- Tax, wage and social debts +€24,638
up €24,638 (+433.0%), from €5,690 to €30,328
- Debts after one year -€12,972
down €12,972 (-7.2%), from €181,387 to €168,415
- Gross operating margin +€92,242
up €92,242 (+225.3%), from €40,948 to €133,190
- Taxes +€22,969
up €22,969 (+403.7%), from €5,690 to €28,658
- Other operating charges -€7,318
down €7,318 (-59.8%), from €12,236 to €4,919
- Depreciation +€4,839
up €4,839 (+55.4%), from €8,731 to €13,570
- Financial charges -€4,370
down €4,370 (-30.4%), from €14,373 to €10,003
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 | €908,815 | €986,688 | +€77,873 | +8.6% |
| Fixed assets | 21/28 | €241,214 | €257,242 | +€16,029 | +6.6% |
| Tangible fixed assets | 22/27 | €241,214 | €257,242 | +€16,029 | +6.6% |
| Land and buildings | 22 | €237,371 | €230,896 | -€6,475 | -2.7% |
| Plant, machinery and equipment | 23 | €3,154 | €2,150 | -€1,004 | -31.8% |
| Furniture and vehicles | 24 | €689 | €24,197 | +€23,507 | +3410.3% |
| Current assets | 29/58 | €667,601 | €729,446 | +€61,845 | +9.3% |
| Amounts receivable within one year | 40/41 | €628,626 | €692,405 | +€63,779 | +10.1% |
| Trade receivables | 40 | €126,506 | €174,177 | +€47,671 | +37.7% |
| Other amounts receivable | 41 | €502,120 | €518,228 | +€16,108 | +3.2% |
| Cash at bank and in hand | 54/58 | €37,055 | €22,145 | -€14,909 | -40.2% |
| Deferred charges and accrued income | 490/1 | €1,921 | €14,895 | +€12,975 | +675.6% |
| Total equity and liabilities | 10/49 | €908,815 | €986,688 | +€77,873 | +8.6% |
| Equity | 10/15 | €652,442 | €723,694 | +€71,252 | +10.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €636,418 | €705,094 | +€68,676 | +10.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €634,558 | €703,234 | +€68,676 | +10.8% |
| Profit (loss) carried forward | 14 | -€2,576 | - | +€2,576 | |
| Amounts payable | 17/49 | €256,372 | €262,993 | +€6,621 | +2.6% |
| Amounts payable after more than one year | 17 | €181,387 | €168,415 | -€12,972 | -7.2% |
| Financial debts | 170/4 | €181,387 | €168,415 | -€12,972 | -7.2% |
| Amounts payable within one year | 42/48 | €74,986 | €94,579 | +€19,593 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €22,113 | €12,972 | -€9,141 | -41.3% |
| Trade debts | 44 | €47,184 | €22,040 | -€25,143 | -53.3% |
| Suppliers | 440/4 | €47,184 | €22,040 | -€25,143 | -53.3% |
| Taxes, remuneration and social security | 45 | €5,690 | €30,328 | +€24,638 | +433.0% |
| Taxes | 450/3 | €5,690 | €30,328 | +€24,638 | +433.0% |
| Other amounts payable | 47/48 | - | €29,238 | +€29,238 | |
| Remuneration, social security and pensions | 62 | €8,779 | €8,290 | -€490 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,731 | €13,570 | +€4,839 | +55.4% |
| Other operating charges | 640/8 | €12,236 | €4,919 | -€7,318 | -59.8% |
| Gross operating margin | 9900 | €40,948 | €133,190 | +€92,242 | +225.3% |
| Operating profit (loss) | 9901 | €11,202 | €106,412 | +€95,211 | +850.0% |
| Financial income | 75/76B | €6,285 | €3,501 | -€2,784 | -44.3% |
| Recurring financial income | 75 | €6,285 | €3,501 | -€2,784 | -44.3% |
| Financial charges | 65/66B | €14,373 | €10,003 | -€4,370 | -30.4% |
| Recurring financial charges | 65 | €14,373 | €10,003 | -€4,370 | -30.4% |
| Profit (loss) for the period before taxes | 9903 | €3,114 | €99,911 | +€96,797 | +3108.9% |
| Income taxes | 67/77 | €5,690 | €28,658 | +€22,969 | +403.7% |
| Profit (loss) for the period | 9904 | -€2,576 | €71,252 | +€73,828 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,576 | €71,252 | +€73,828 |
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 5 October 2026 via checked.be.