VST GROUP: 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.
VST GROUP
Largest movements
- Cash +€260,101
up €260,101 (+275%), from €94,749 to €354,849
mainly Net result for the year (+€193,196) and Accrued charges and deferred income (+€145,545)
- Reserves +€159,194
new in 2025: €159,194
- Accrued charges and deferred income +€145,545
up €145,545 (+535%), from €27,186 to €172,732
- Debts after one year -€100,000
down €100,000 (-2.5%), from €3.9m to €3.8m
- Financial income +€247,880
new in 2025: €247,880
- Gross operating margin +€129,217
up €129,217, from -€3,746 to €125,472
- Financial charges +€118,211
up €118,211 (+434%), from €27,220 to €145,431
- Staff costs +€34,511
new in 2025: €34,511
- Depreciation -€3,037
down €3,037 (-100%), from €3,037 to €0
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 | €4,095,825 | €4,356,776 | +€260,951 | +6.4% |
| Fixed assets | 21/28 | €4,000,000 | €4,000,000 | = | 0.0% |
| Financial fixed assets | 28 | €4,000,000 | €4,000,000 | = | 0.0% |
| Current assets | 29/58 | €95,825 | €356,776 | +€260,951 | +272% |
| Amounts receivable within one year | 40/41 | €1,076 | €1,626 | +€549 | +51.0% |
| Trade receivables | 40 | - | €1,626 | +€1,626 | |
| Other amounts receivable | 41 | €1,076 | €0 | -€1,076 | -100% |
| Cash at bank and in hand | 54/58 | €94,749 | €354,849 | +€260,101 | +275% |
| Deferred charges and accrued income | 490/1 | - | €300 | +€300 | |
| Total equity and liabilities | 10/49 | €4,095,825 | €4,356,776 | +€260,951 | +6.4% |
| Equity | 10/15 | €65,997 | €259,194 | +€193,196 | +293% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | - | €159,194 | +€159,194 | |
| Distributable reserves | 133 | - | €159,194 | +€159,194 | |
| Profit (loss) carried forward | 14 | -€34,003 | €0 | +€34,003 | |
| Amounts payable | 17/49 | €4,029,827 | €4,097,582 | +€67,754 | +1.7% |
| Amounts payable after more than one year | 17 | €3,936,000 | €3,836,000 | -€100,000 | -2.5% |
| Financial debts | 170/4 | €3,936,000 | €3,836,000 | -€100,000 | -2.5% |
| Amounts payable within one year | 42/48 | €66,641 | €88,850 | +€22,209 | +33.3% |
| Trade debts | 44 | €1,089 | €5,705 | +€4,616 | +424% |
| Suppliers | 440/4 | €1,089 | €5,705 | +€4,616 | +424% |
| Taxes, remuneration and social security | 45 | - | €17,593 | +€17,593 | |
| Taxes | 450/3 | - | €13,319 | +€13,319 | |
| Remuneration and social security | 454/9 | - | €4,275 | +€4,275 | |
| Other amounts payable | 47/48 | €65,552 | €65,552 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €27,186 | €172,732 | +€145,545 | +535% |
| Remuneration, social security and pensions | 62 | - | €34,511 | +€34,511 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,037 | €0 | -€3,037 | -100% |
| Other operating charges | 640/8 | - | €113 | +€113 | |
| Gross operating margin | 9900 | -€3,746 | €125,472 | +€129,217 | |
| Operating profit (loss) | 9901 | -€6,783 | €90,848 | +€97,631 | |
| Financial income | 75/76B | - | €247,880 | +€247,880 | |
| Recurring financial income | 75 | - | €247,880 | +€247,880 | |
| Financial charges | 65/66B | €27,220 | €145,431 | +€118,211 | +434% |
| Recurring financial charges | 65 | €27,220 | €145,431 | +€118,211 | +434% |
| Profit (loss) for the period before taxes | 9903 | -€34,003 | €193,297 | +€227,300 | |
| Income taxes | 67/77 | - | €101 | +€101 | |
| Profit (loss) for the period | 9904 | -€34,003 | €193,196 | +€227,199 | |
| Profit (loss) for the period to be appropriated | 9905 | -€34,003 | €193,196 | +€227,199 |
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 19 October 2026 via checked.be.