VSVL: 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.
VSVL
Largest movements
- Tangible fixed assets +€143,245
up €143,245 (+26.1%), from €549,679 to €692,924
- Cash +€8,307
up €8,307 (+38.7%), from €21,491 to €29,797
- Debts after one year +€175,927
up €175,927 (+43.4%), from €405,107 to €581,034
- Profit (loss) carried forward -€83,469
no longer reported in 2025 (was €83,469)
- Reserves +€50,259
up €50,259 (+2702.1%), from €1,860 to €52,119
- Current portion of long-term debt +€24,033
up €24,033 (+88.0%), from €27,306 to €51,339
- Depreciation +€61,248
up €61,248 (+182.7%), from €33,519 to €94,767
- Gross operating margin +€52,369
up €52,369 (+115.1%), from €45,481 to €97,849
- Financial charges +€25,448
up €25,448 (+398.1%), from €6,393 to €31,841
- Other operating charges +€2,927
up €2,927 (+160.8%), from €1,820 to €4,746
- Taxes -€1,037
down €1,037, from €744 to -€294
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €596,469 | €753,604 | +€157,135 | +26.3% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €549,679 | €692,924 | +€143,245 | +26.1% |
| Tangible fixed assets | 22/27 | €549,679 | €692,924 | +€143,245 | +26.1% |
| Land and buildings | 22 | €549,679 | €692,924 | +€143,245 | +26.1% |
| Current assets | 29/58 | €46,791 | €60,680 | +€13,889 | +29.7% |
| Amounts receivable within one year | 40/41 | €25,300 | €30,000 | +€4,700 | +18.6% |
| Trade receivables | 40 | €25,300 | €30,000 | +€4,700 | +18.6% |
| Cash at bank and in hand | 54/58 | €21,491 | €29,797 | +€8,307 | +38.7% |
| Deferred charges and accrued income | 490/1 | - | €883 | +€883 | |
| Total equity and liabilities | 10/49 | €596,469 | €753,604 | +€157,135 | +26.3% |
| Equity | 10/15 | €91,529 | €58,319 | -€33,210 | -36.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | - | €6,200 | +€6,200 | |
| Other | 1109/19 | - | €6,200 | +€6,200 | |
| Reserves | 13 | €1,860 | €52,119 | +€50,259 | +2702.1% |
| Distributable reserves | 133 | €1,860 | €52,119 | +€50,259 | +2702.1% |
| Profit (loss) carried forward | 14 | €83,469 | - | -€83,469 | |
| Amounts payable | 17/49 | €504,941 | €695,285 | +€190,345 | +37.7% |
| Amounts payable after more than one year | 17 | €405,107 | €581,034 | +€175,927 | +43.4% |
| Financial debts | 170/4 | €405,107 | €581,034 | +€175,927 | +43.4% |
| Amounts payable within one year | 42/48 | €99,809 | €114,251 | +€14,442 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | €27,306 | €51,339 | +€24,033 | +88.0% |
| Trade debts | 44 | €1,596 | €29 | -€1,567 | -98.2% |
| Suppliers | 440/4 | €1,596 | €29 | -€1,567 | -98.2% |
| Taxes, remuneration and social security | 45 | €1,094 | - | -€1,094 | |
| Taxes | 450/3 | €1,094 | - | -€1,094 | |
| Other amounts payable | 47/48 | €69,813 | €62,883 | -€6,930 | -9.9% |
| Accrued charges and deferred income | 492/3 | €25 | - | -€25 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,519 | €94,767 | +€61,248 | +182.7% |
| Other operating charges | 640/8 | €1,820 | €4,746 | +€2,927 | +160.8% |
| Gross operating margin | 9900 | €45,481 | €97,849 | +€52,369 | +115.1% |
| Operating profit (loss) | 9901 | €10,142 | -€1,663 | -€11,806 | |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €6,393 | €31,841 | +€25,448 | +398.1% |
| Recurring financial charges | 65 | €6,393 | €31,841 | +€25,448 | +398.1% |
| Profit (loss) for the period before taxes | 9903 | €3,749 | -€33,504 | -€37,253 | |
| Income taxes | 67/77 | €744 | -€294 | -€1,037 | |
| Profit (loss) for the period | 9904 | €3,006 | -€33,210 | -€36,216 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,006 | -€33,210 | -€36,216 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.