VSV TECHNICS: what changed
VSV TECHNICS
Largest movements
- Cash -€64,548
down €64,548 (-53.9%), from €119,739 to €55,191
mainly Debts after one year (-€86,271) and Investment in fixed assets (net) (-€44,500)
- Stocks and contracts -€42,990
down €42,990 (-38.1%), from €112,760 to €69,770
of which Contracts in progress: -€42,220
- Receivables after one year +€26,714
new in 2025: €26,714
- Tangible fixed assets -€21,280
down €21,280 (-7.1%), from €301,775 to €280,495
of which Land and buildings: -€40,345
- Debts after one year -€86,271
down €86,271 (-36.1%), from €239,202 to €152,931
of which Other amounts payable: -€61,913
- Tax, wage and social debts -€26,367
down €26,367 (-92.8%), from €28,428 to €2,061
of which Remuneration and social security: -€24,524
- Reserves +€24,120
up €24,120 (+6.7%), from €361,942 to €386,062
of which Distributable reserves: +€24,120
- Trade debts -€9,416
down €9,416 (-78.7%), from €11,971 to €2,555
- Turnover +€34,717
up €34,717 (+13.0%), from €266,714 to €301,431
- Purchases and services +€27,083
up €27,083 (+16.3%), from €165,808 to €192,891
- Depreciation +€7,791
up €7,791 (+13.4%), from €57,989 to €65,780
- Gross operating margin +€7,634
up €7,634 (+7.6%), from €100,906 to €108,540
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €688,025 | €590,874 | -€97,151 | -14.1% |
| Fixed assets | 21/28 | €301,775 | €280,495 | -€21,280 | -7.1% |
| Tangible fixed assets | 22/27 | €301,775 | €280,495 | -€21,280 | -7.1% |
| Land and buildings | 22 | €242,212 | €201,867 | -€40,345 | -16.7% |
| Plant, machinery and equipment | 23 | €3,170 | €1,140 | -€2,030 | -64.0% |
| Furniture and vehicles | 24 | €56,393 | €77,488 | +€21,095 | +37.4% |
| Current assets | 29/58 | €386,250 | €310,379 | -€75,871 | -19.6% |
| Amounts receivable after more than one year | 29 | - | €26,714 | +€26,714 | |
| Other amounts receivable | 291 | - | €26,714 | +€26,714 | |
| Stocks and contracts in progress | 3 | €112,760 | €69,770 | -€42,990 | -38.1% |
| Stocks | 30/36 | €42,290 | €41,520 | -€770 | -1.8% |
| Contracts in progress | 37 | €70,470 | €28,250 | -€42,220 | -59.9% |
| Amounts receivable within one year | 40/41 | €148,713 | €152,241 | +€3,528 | +2.4% |
| Trade receivables | 40 | €148,439 | €150,504 | +€2,065 | +1.4% |
| Other amounts receivable | 41 | €274 | €1,737 | +€1,463 | +534% |
| Cash at bank and in hand | 54/58 | €119,739 | €55,191 | -€64,548 | -53.9% |
| Deferred charges and accrued income | 490/1 | €5,038 | €6,463 | +€1,425 | +28.3% |
| Total equity and liabilities | 10/49 | €688,025 | €590,874 | -€97,151 | -14.1% |
| Equity | 10/15 | €381,473 | €405,593 | +€24,120 | +6.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €361,942 | €386,062 | +€24,120 | +6.7% |
| 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 | €360,082 | €384,202 | +€24,120 | +6.7% |
| Profit (loss) carried forward | 14 | €931 | €931 | = | 0.0% |
| Amounts payable | 17/49 | €306,552 | €185,281 | -€121,271 | -39.6% |
| Amounts payable after more than one year | 17 | €239,202 | €152,931 | -€86,271 | -36.1% |
| Financial debts | 170/4 | €177,185 | €152,827 | -€24,358 | -13.7% |
| Other amounts payable | 178/9 | €62,017 | €104 | -€61,913 | -99.8% |
| Amounts payable within one year | 42/48 | €67,350 | €32,350 | -€35,000 | -52.0% |
| Current portion of amounts payable after more than one year | 42 | €26,951 | €27,734 | +€783 | +2.9% |
| Trade debts | 44 | €11,971 | €2,555 | -€9,416 | -78.7% |
| Suppliers | 440/4 | €11,971 | €2,555 | -€9,416 | -78.7% |
| Taxes, remuneration and social security | 45 | €28,428 | €2,061 | -€26,367 | -92.8% |
| Taxes | 450/3 | €3,904 | €2,061 | -€1,843 | -47.2% |
| Remuneration and social security | 454/9 | €24,524 | - | -€24,524 | |
| Turnover | 70 | €266,714 | €301,431 | +€34,717 | +13.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €165,808 | €192,891 | +€27,083 | +16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,989 | €65,780 | +€7,791 | +13.4% |
| Other operating charges | 640/8 | €3,825 | €4,018 | +€193 | +5.0% |
| Gross operating margin | 9900 | €100,906 | €108,540 | +€7,634 | +7.6% |
| Operating profit (loss) | 9901 | €39,092 | €38,742 | -€350 | -0.9% |
| Financial income | 75/76B | €192 | €274 | +€82 | +42.7% |
| Recurring financial income | 75 | €192 | €274 | +€82 | +42.7% |
| Financial charges | 65/66B | €5,443 | €5,174 | -€269 | -4.9% |
| Recurring financial charges | 65 | €5,443 | €5,174 | -€269 | -4.9% |
| Profit (loss) for the period before taxes | 9903 | €33,841 | €33,842 | +€1 | 0.0% |
| Income taxes | 67/77 | €9,726 | €9,722 | -€4 | 0.0% |
| Profit (loss) for the period | 9904 | €24,115 | €24,120 | +€5 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €24,115 | €24,120 | +€5 | 0.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.