VSW: what changed
Two fiscal 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.
VSW
Largest movements
- Receivables within one year -€15,416
down €15,416 (-31.1%), from €49,602 to €34,186
of which Trade receivables: -€14,804
- Cash +€13,976
up €13,976 (+177.6%), from €7,871 to €21,846
mainly Receivables within one year (+€15,416) and Depreciation (+€1,000)
- Intangible fixed assets -€1,000
down €1,000 (-52.2%), from €1,917 to €917
- Trade debts -€1,269
down €1,269 (-78.3%), from €1,622 to €352
- Tax, wage and social debts -€1,233
down €1,233 (-70.2%), from €1,757 to €524
- Gross operating margin -€13,019
down €13,019 (-86.2%), from €15,109 to €2,090
- Taxes -€2,756
down €2,756 (-100.0%), from €2,757 to €1
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 | €59,453 | €57,012 | -€2,441 | -4.1% |
| Fixed assets | 21/28 | €1,980 | €980 | -€1,000 | -50.5% |
| Intangible fixed assets | 21 | €1,917 | €917 | -€1,000 | -52.2% |
| Tangible fixed assets | 22/27 | €64 | €64 | = | 0.0% |
| Furniture and vehicles | 24 | €64 | €64 | = | 0.0% |
| Current assets | 29/58 | €57,473 | €56,032 | -€1,441 | -2.5% |
| Amounts receivable within one year | 40/41 | €49,602 | €34,186 | -€15,416 | -31.1% |
| Trade receivables | 40 | €39,304 | €24,500 | -€14,804 | -37.7% |
| Other amounts receivable | 41 | €10,298 | €9,686 | -€612 | -5.9% |
| Cash at bank and in hand | 54/58 | €7,871 | €21,846 | +€13,976 | +177.6% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €59,453 | €57,012 | -€2,441 | -4.1% |
| Equity | 10/15 | €56,074 | €56,136 | +€62 | +0.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €36,074 | €36,136 | +€62 | +0.2% |
| Distributable reserves | 133 | €36,074 | €36,136 | +€62 | +0.2% |
| Amounts payable | 17/49 | €3,379 | €876 | -€2,503 | -74.1% |
| Amounts payable within one year | 42/48 | €3,379 | €876 | -€2,503 | -74.1% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1,622 | €352 | -€1,269 | -78.3% |
| Suppliers | 440/4 | €1,622 | €352 | -€1,269 | -78.3% |
| Taxes, remuneration and social security | 45 | €1,757 | €524 | -€1,233 | -70.2% |
| Taxes | 450/3 | €1,757 | €524 | -€1,233 | -70.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,147 | €1,000 | -€147 | -12.8% |
| Other operating charges | 640/8 | €1,202 | €1,314 | +€112 | +9.3% |
| Gross operating margin | 9900 | €15,109 | €2,090 | -€13,019 | -86.2% |
| Operating profit (loss) | 9901 | €12,760 | -€224 | -€12,984 | |
| Financial income | 75/76B | €455 | €483 | +€28 | +6.1% |
| Recurring financial income | 75 | €455 | €483 | +€28 | +6.1% |
| Financial charges | 65/66B | €314 | €196 | -€118 | -37.5% |
| Recurring financial charges | 65 | €314 | €196 | -€118 | -37.5% |
| Profit (loss) for the period before taxes | 9903 | €12,901 | €63 | -€12,838 | -99.5% |
| Income taxes | 67/77 | €2,757 | €1 | -€2,756 | -100.0% |
| Profit (loss) for the period | 9904 | €10,144 | €62 | -€10,082 | -99.4% |
| Profit (loss) for the period to be appropriated | 9905 | €10,144 | €62 | -€10,082 | -99.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.