VSV Energy: 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 Energy
Largest movements
- Cash -€22,576
down €22,576 (-66.4%), from €34,003 to €11,427
mainly Investment in fixed assets (net) (-€21,971) and Tax, wage and social debts (-€9,650)
- Tangible fixed assets +€12,478
up €12,478 (+40.4%), from €30,893 to €43,371
of which Furniture and vehicles: +€13,461
- Receivables within one year -€3,722
down €3,722 (-14.3%), from €25,991 to €22,269
of which Other amounts receivable: -€10,332
- Tax, wage and social debts -€9,650
down €9,650 (-94.0%), from €10,263 to €613
of which Taxes: -€6,483
- Other debts -€8,420
down €8,420 (-61.2%), from €13,751 to €5,331
- Debts after one year +€3,173
up €3,173 (+20.2%), from €15,720 to €18,893
- Current portion of long-term debt +€3,128
up €3,128 (+57.7%), from €5,422 to €8,550
- Trade debts -€1,715
down €1,715 (-48.0%), from €3,574 to €1,860
- Gross operating margin +€3,563
up €3,563 (+21.0%), from €16,992 to €20,554
- Depreciation +€1,802
up €1,802 (+23.4%), from €7,692 to €9,494
- Other operating charges +€1,028
up €1,028 (+34.6%), from €2,967 to €3,994
- Taxes +€512
up €512 (+48.1%), from €1,064 to €1,576
- Financial charges +€285
up €285 (+12.0%), from €2,381 to €2,666
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 | €91,165 | €77,067 | -€14,098 | -15.5% |
| Fixed assets | 21/28 | €30,893 | €43,371 | +€12,478 | +40.4% |
| Tangible fixed assets | 22/27 | €30,893 | €43,371 | +€12,478 | +40.4% |
| Furniture and vehicles | 24 | €25,251 | €38,713 | +€13,461 | +53.3% |
| Other tangible fixed assets | 26 | €5,642 | €4,658 | -€984 | -17.4% |
| Current assets | 29/58 | €60,272 | €33,697 | -€26,575 | -44.1% |
| Amounts receivable within one year | 40/41 | €25,991 | €22,269 | -€3,722 | -14.3% |
| Trade receivables | 40 | €13,340 | €19,951 | +€6,611 | +49.6% |
| Other amounts receivable | 41 | €12,651 | €2,318 | -€10,332 | -81.7% |
| Cash at bank and in hand | 54/58 | €34,003 | €11,427 | -€22,576 | -66.4% |
| Deferred charges and accrued income | 490/1 | €277 | - | -€277 | |
| Total equity and liabilities | 10/49 | €91,165 | €77,067 | -€14,098 | -15.5% |
| Equity | 10/15 | €41,560 | €41,560 | = | 0.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €3,321 | €3,321 | = | 0.0% |
| Distributable reserves | 133 | €3,321 | €3,321 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,640 | €19,640 | = | 0.0% |
| Amounts payable | 17/49 | €49,604 | €35,507 | -€14,098 | -28.4% |
| Amounts payable after more than one year | 17 | €15,720 | €18,893 | +€3,173 | +20.2% |
| Financial debts | 170/4 | €15,720 | €18,893 | +€3,173 | +20.2% |
| Amounts payable within one year | 42/48 | €33,010 | €16,353 | -€16,657 | -50.5% |
| Current portion of amounts payable after more than one year | 42 | €5,422 | €8,550 | +€3,128 | +57.7% |
| Trade debts | 44 | €3,574 | €1,860 | -€1,715 | -48.0% |
| Suppliers | 440/4 | €3,574 | €1,860 | -€1,715 | -48.0% |
| Taxes, remuneration and social security | 45 | €10,263 | €613 | -€9,650 | -94.0% |
| Taxes | 450/3 | €7,096 | €613 | -€6,483 | -91.4% |
| Remuneration and social security | 454/9 | €3,167 | - | -€3,167 | |
| Other amounts payable | 47/48 | €13,751 | €5,331 | -€8,420 | -61.2% |
| Accrued charges and deferred income | 492/3 | €875 | €261 | -€614 | -70.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,692 | €9,494 | +€1,802 | +23.4% |
| Other operating charges | 640/8 | €2,967 | €3,994 | +€1,028 | +34.6% |
| Gross operating margin | 9900 | €16,992 | €20,554 | +€3,563 | +21.0% |
| Operating profit (loss) | 9901 | €6,333 | €7,066 | +€734 | +11.6% |
| Financial income | 75/76B | €1 | €7 | +€6 | +550% |
| Recurring financial income | 75 | €1 | €7 | +€6 | +550% |
| Financial charges | 65/66B | €2,381 | €2,666 | +€285 | +12.0% |
| Recurring financial charges | 65 | €2,381 | €2,666 | +€285 | +12.0% |
| Profit (loss) for the period before taxes | 9903 | €3,953 | €4,407 | +€454 | +11.5% |
| Income taxes | 67/77 | €1,064 | €1,576 | +€512 | +48.1% |
| Profit (loss) for the period | 9904 | €2,889 | €2,831 | -€57 | -2.0% |
| Profit (loss) for the period to be appropriated | 9905 | €2,889 | €2,831 | -€57 | -2.0% |
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 30 October 2026 via checked.be.