VSV: 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.
VSV
Largest movements
- Receivables within one year +€77,894
up €77,894 (+56.2%), from €138,609 to €216,503
of which Other amounts receivable: +€63,248
- Cash -€15,502
down €15,502 (-99.8%), from €15,537 to €35
mainly Receivables within one year (-€77,894) and Trade debts (-€23,127)
- Intangible fixed assets -€7,146
down €7,146 (-53.5%), from €13,345 to €6,199
- Reserves +€38,118
up €38,118 (+66.4%), from €57,416 to €95,534
- Trade debts -€23,127
down €23,127 (-23.1%), from €99,992 to €76,866
- Short-term financial debts +€21,202
new in 2025: €21,202
- Tax, wage and social debts +€17,632
up €17,632 (+96.5%), from €18,263 to €35,895
of which Taxes: +€17,631
- Gross operating margin +€61,293
up €61,293 (+89.9%), from €68,200 to €129,493
- Staff costs +€15,950
up €15,950 (+55.4%), from €28,792 to €44,741
- Financial charges +€14,405
up €14,405 (+521.3%), from €2,763 to €17,168
- Taxes +€7,726
up €7,726 (+146.7%), from €5,266 to €12,992
- Depreciation +€3,207
up €3,207 (+24.6%), from €13,036 to €16,243
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 | €190,671 | €244,496 | +€53,826 | +28.2% |
| Fixed assets | 21/28 | €33,586 | €26,183 | -€7,402 | -22.0% |
| Intangible fixed assets | 21 | €13,345 | €6,199 | -€7,146 | -53.5% |
| Tangible fixed assets | 22/27 | €20,241 | €19,984 | -€257 | -1.3% |
| Plant, machinery and equipment | 23 | €16,654 | €12,714 | -€3,940 | -23.7% |
| Furniture and vehicles | 24 | €3,586 | €7,270 | +€3,684 | +102.7% |
| Current assets | 29/58 | €157,085 | €218,313 | +€61,228 | +39.0% |
| Amounts receivable within one year | 40/41 | €138,609 | €216,503 | +€77,894 | +56.2% |
| Trade receivables | 40 | €58,849 | €73,495 | +€14,646 | +24.9% |
| Other amounts receivable | 41 | €79,760 | €143,008 | +€63,248 | +79.3% |
| Cash at bank and in hand | 54/58 | €15,537 | €35 | -€15,502 | -99.8% |
| Deferred charges and accrued income | 490/1 | €2,939 | €1,775 | -€1,164 | -39.6% |
| Total equity and liabilities | 10/49 | €190,671 | €244,496 | +€53,826 | +28.2% |
| Equity | 10/15 | €72,416 | €110,534 | +€38,118 | +52.6% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €57,416 | €95,534 | +€38,118 | +66.4% |
| Distributable reserves | 133 | €57,416 | €95,534 | +€38,118 | +66.4% |
| Amounts payable | 17/49 | €118,255 | €133,963 | +€15,708 | +13.3% |
| Amounts payable within one year | 42/48 | €118,255 | €133,963 | +€15,708 | +13.3% |
| Financial debts | 43 | - | €21,202 | +€21,202 | |
| Credit institutions | 430/8 | - | €21,202 | +€21,202 | |
| Trade debts | 44 | €99,992 | €76,866 | -€23,127 | -23.1% |
| Suppliers | 440/4 | €99,992 | €76,866 | -€23,127 | -23.1% |
| Taxes, remuneration and social security | 45 | €18,263 | €35,895 | +€17,632 | +96.5% |
| Taxes | 450/3 | €18,202 | €35,833 | +€17,631 | +96.9% |
| Remuneration and social security | 454/9 | €61 | €62 | +€1 | +1.6% |
| Remuneration, social security and pensions | 62 | €28,792 | €44,741 | +€15,950 | +55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,036 | €16,243 | +€3,207 | +24.6% |
| Other operating charges | 640/8 | €2,218 | €4,270 | +€2,052 | +92.5% |
| Gross operating margin | 9900 | €68,200 | €129,493 | +€61,293 | +89.9% |
| Operating profit (loss) | 9901 | €24,154 | €64,239 | +€40,085 | +166.0% |
| Financial income | 75/76B | €1,185 | €4,039 | +€2,855 | +241.0% |
| Recurring financial income | 75 | €1,185 | €4,039 | +€2,855 | +241.0% |
| Financial charges | 65/66B | €2,763 | €17,168 | +€14,405 | +521.3% |
| Recurring financial charges | 65 | €2,763 | €17,168 | +€14,405 | +521.3% |
| Profit (loss) for the period before taxes | 9903 | €22,576 | €51,110 | +€28,534 | +126.4% |
| Income taxes | 67/77 | €5,266 | €12,992 | +€7,726 | +146.7% |
| Profit (loss) for the period | 9904 | €17,309 | €38,118 | +€20,808 | +120.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,309 | €38,118 | +€20,808 | +120.2% |
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 12 October 2026 via checked.be.