VVST: 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.
VVST
Largest movements
- Cash +€31,543
up €31,543 (+101%), from €31,328 to €62,871
mainly Other debts (+€61,957) and Depreciation (+€47,808)
- Intangible fixed assets -€28,571
down €28,571 (-22.5%), from €126,817 to €98,245
- Tangible fixed assets -€19,236
down €19,236 (-37.2%), from €51,767 to €32,531
of which Furniture and vehicles: -€17,102
- Deferred charges and accrued income -€6,262
down €6,262 (-95.4%), from €6,562 to €300
- Receivables within one year +€3,460
up €3,460 (+26.1%), from €13,263 to €16,722
of which Trade receivables: +€10,349
- Other debts +€61,957
up €61,957 (+182%), from €34,067 to €96,023
- Reserves -€48,591
down €48,591 (-100%), from €48,591 to €0
- Debts after one year -€39,155
down €39,155 (-70.1%), from €55,853 to €16,698
- Trade debts +€16,757
up €16,757 (+84.1%), from €19,924 to €36,681
- Current portion of long-term debt -€7,948
down €7,948 (-16.8%), from €47,330 to €39,383
- Gross operating margin -€3,563
down €3,563 (-3.3%), from €107,870 to €104,307
- Financial charges -€3,038
down €3,038 (-38.6%), from €7,872 to €4,833
- Staff costs -€2,690
down €2,690 (-96.8%), from €2,778 to €89
- Depreciation +€2,172
up €2,172 (+4.8%), from €45,636 to €47,808
- Other operating charges +€2,053
up €2,053 (+15.3%), from €13,458 to €15,511
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 | €232,693 | €213,759 | -€18,933 | -8.1% |
| Fixed assets | 21/28 | €178,663 | €130,855 | -€47,808 | -26.8% |
| Intangible fixed assets | 21 | €126,817 | €98,245 | -€28,571 | -22.5% |
| Tangible fixed assets | 22/27 | €51,767 | €32,531 | -€19,236 | -37.2% |
| Plant, machinery and equipment | 23 | €3,252 | €1,118 | -€2,134 | -65.6% |
| Furniture and vehicles | 24 | €48,515 | €31,413 | -€17,102 | -35.3% |
| Financial fixed assets | 28 | €79 | €79 | = | 0.0% |
| Current assets | 29/58 | €54,030 | €82,904 | +€28,874 | +53.4% |
| Stocks and contracts in progress | 3 | €2,877 | €3,011 | +€134 | +4.7% |
| Stocks | 30/36 | €2,877 | €3,011 | +€134 | +4.7% |
| Amounts receivable within one year | 40/41 | €13,263 | €16,722 | +€3,460 | +26.1% |
| Trade receivables | 40 | €5,226 | €15,575 | +€10,349 | +198% |
| Other amounts receivable | 41 | €8,036 | €1,147 | -€6,889 | -85.7% |
| Cash at bank and in hand | 54/58 | €31,328 | €62,871 | +€31,543 | +101% |
| Deferred charges and accrued income | 490/1 | €6,562 | €300 | -€6,262 | -95.4% |
| Total equity and liabilities | 10/49 | €232,693 | €213,759 | -€18,933 | -8.1% |
| Equity | 10/15 | €58,591 | €10,000 | -€48,591 | -82.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €48,591 | €0 | -€48,591 | -100% |
| Distributable reserves | 133 | €48,591 | €0 | -€48,591 | -100% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €174,102 | €203,759 | +€29,657 | +17.0% |
| Amounts payable after more than one year | 17 | €55,853 | €16,698 | -€39,155 | -70.1% |
| Financial debts | 170/4 | €55,853 | €16,698 | -€39,155 | -70.1% |
| Amounts payable within one year | 42/48 | €118,249 | €187,061 | +€68,812 | +58.2% |
| Current portion of amounts payable after more than one year | 42 | €47,330 | €39,383 | -€7,948 | -16.8% |
| Trade debts | 44 | €19,924 | €36,681 | +€16,757 | +84.1% |
| Suppliers | 440/4 | €19,924 | €36,681 | +€16,757 | +84.1% |
| Taxes, remuneration and social security | 45 | €16,929 | €14,974 | -€1,954 | -11.5% |
| Taxes | 450/3 | €12,224 | €14,974 | +€2,751 | +22.5% |
| Remuneration and social security | 454/9 | €4,705 | €0 | -€4,705 | -100% |
| Other amounts payable | 47/48 | €34,067 | €96,023 | +€61,957 | +182% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €2,778 | €89 | -€2,690 | -96.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,636 | €47,808 | +€2,172 | +4.8% |
| Other operating charges | 640/8 | €13,458 | €15,511 | +€2,053 | +15.3% |
| Gross operating margin | 9900 | €107,870 | €104,307 | -€3,563 | -3.3% |
| Operating profit (loss) | 9901 | €45,997 | €40,900 | -€5,098 | -11.1% |
| Financial income | 75/76B | €102 | €166 | +€63 | +61.7% |
| Recurring financial income | 75 | €102 | €166 | +€63 | +61.7% |
| Financial charges | 65/66B | €7,872 | €4,833 | -€3,038 | -38.6% |
| Recurring financial charges | 65 | €7,872 | €4,833 | -€3,038 | -38.6% |
| Profit (loss) for the period before taxes | 9903 | €38,228 | €36,232 | -€1,996 | -5.2% |
| Income taxes | 67/77 | €8,612 | €8,914 | +€302 | +3.5% |
| Profit (loss) for the period | 9904 | €29,616 | €27,318 | -€2,299 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,616 | €27,318 | -€2,299 | -7.8% |
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 13 October 2026 via checked.be.