VWS: 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.
VWS
Largest movements
- Receivables within one year -€21,727
down €21,727 (-17.6%), from €123,420 to €101,693
of which Trade receivables: -€22,730
- Tangible fixed assets -€6,722
no longer reported in 2025 (was €6,722)
- Cash +€1,549
up €1,549 (+24.8%), from €6,242 to €7,791
mainly Receivables within one year (+€21,727) and Investment in fixed assets (net) (+€3,889)
- Tax, wage and social debts -€12,835
no longer reported in 2025 (was €12,835)
- Other debts -€9,859
no longer reported in 2025 (was €9,859)
- Profit (loss) carried forward -€7,151
new in 2025: -€7,151
- Trade debts +€2,945
up €2,945 (+256.5%), from €1,148 to €4,093
- Gross operating margin -€14,928
down €14,928 (-77.1%), from €19,369 to €4,441
- Taxes +€7,862
up €7,862, from -€4,252 to €3,610
- Financial charges +€998
up €998 (+1127.5%), from €89 to €1,087
- Depreciation -€763
down €763 (-21.2%), from €3,596 to €2,833
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 | €136,384 | €109,483 | -€26,900 | -19.7% |
| Fixed assets | 21/28 | €6,722 | - | -€6,722 | |
| Tangible fixed assets | 22/27 | €6,722 | - | -€6,722 | |
| Other tangible fixed assets | 26 | €6,722 | - | -€6,722 | |
| Current assets | 29/58 | €129,662 | €109,483 | -€20,178 | -15.6% |
| Amounts receivable within one year | 40/41 | €123,420 | €101,693 | -€21,727 | -17.6% |
| Trade receivables | 40 | €123,420 | €100,690 | -€22,730 | -18.4% |
| Other amounts receivable | 41 | - | €1,003 | +€1,003 | |
| Cash at bank and in hand | 54/58 | €6,242 | €7,791 | +€1,549 | +24.8% |
| Total equity and liabilities | 10/49 | €136,384 | €109,483 | -€26,900 | -19.7% |
| Equity | 10/15 | €112,541 | €105,390 | -€7,151 | -6.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €93,941 | €93,941 | = | 0.0% |
| 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 | €92,081 | €92,081 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€7,151 | -€7,151 | |
| Amounts payable | 17/49 | €23,843 | €4,093 | -€19,750 | -82.8% |
| Amounts payable within one year | 42/48 | €23,843 | €4,093 | -€19,750 | -82.8% |
| Trade debts | 44 | €1,148 | €4,093 | +€2,945 | +256.5% |
| Suppliers | 440/4 | €1,148 | €4,093 | +€2,945 | +256.5% |
| Taxes, remuneration and social security | 45 | €12,835 | - | -€12,835 | |
| Taxes | 450/3 | €12,835 | - | -€12,835 | |
| Other amounts payable | 47/48 | €9,859 | - | -€9,859 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,596 | €2,833 | -€763 | -21.2% |
| Other operating charges | 640/8 | €183 | €173 | -€10 | -5.5% |
| Non-recurring operating charges | 66A | - | €3,889 | +€3,889 | |
| Gross operating margin | 9900 | €19,369 | €4,441 | -€14,928 | -77.1% |
| Operating profit (loss) | 9901 | €15,591 | -€2,454 | -€18,045 | |
| Financial charges | 65/66B | €89 | €1,087 | +€998 | +1127.5% |
| Recurring financial charges | 65 | €89 | €1,087 | +€998 | +1127.5% |
| Profit (loss) for the period before taxes | 9903 | €15,502 | -€3,541 | -€19,043 | |
| Income taxes | 67/77 | -€4,252 | €3,610 | +€7,862 | |
| Profit (loss) for the period | 9904 | €19,754 | -€7,151 | -€26,905 | |
| Profit (loss) for the period to be appropriated | 9905 | €19,754 | -€7,151 | -€26,905 |
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 8 October 2026 via checked.be.