VSA: what changed
VSA
Largest movements
- Tangible fixed assets +€40,013
new in 2025: €40,013
- Cash -€1,184
down €1,184 (-100%), from €1,184 to €0
mainly Investment in fixed assets (net) (-€41,763) and Other debts (-€4,562)
- Debts after one year +€17,947
new in 2025: €17,947
- Profit (loss) carried forward +€16,937
up €16,937 (+23.8%), from -€71,264 to -€54,328
- Other debts -€4,562
down €4,562 (-7.2%), from €63,365 to €58,803
- Current portion of long-term debt +€4,190
new in 2025: €4,190
- Short-term financial debts +€3,603
new in 2025: €3,603
- Gross operating margin -€5,674
down €5,674 (-19.0%), from €29,863 to €24,190
- Taxes +€2,178
up €2,178 (+90.0%), from €2,420 to €4,598
- Depreciation +€1,685
new in 2025: €1,685
- Other operating charges -€967
down €967 (-89.0%), from €1,087 to €120
- Financial charges +€535
up €535 (+170%), from €315 to €850
of which Financial charges: +€535
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 | €8,536 | €47,576 | +€39,040 | +457% |
| Fixed assets | 21/28 | - | €40,078 | +€40,078 | |
| Tangible fixed assets | 22/27 | - | €40,013 | +€40,013 | |
| Furniture and vehicles | 24 | - | €40,013 | +€40,013 | |
| Financial fixed assets | 28 | - | €65 | +€65 | |
| Current assets | 29/58 | €8,536 | €7,499 | -€1,038 | -12.2% |
| Amounts receivable within one year | 40/41 | €7,353 | €7,499 | +€146 | +2.0% |
| Trade receivables | 40 | €7,353 | €6,049 | -€1,304 | -17.7% |
| Other amounts receivable | 41 | - | €1,450 | +€1,450 | |
| Cash at bank and in hand | 54/58 | €1,184 | €0 | -€1,184 | -100% |
| Total equity and liabilities | 10/49 | €8,536 | €47,576 | +€39,040 | +457% |
| Equity | 10/15 | -€65,064 | -€48,128 | +€16,937 | +26.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€71,264 | -€54,328 | +€16,937 | +23.8% |
| Amounts payable | 17/49 | €73,600 | €95,704 | +€22,103 | +30.0% |
| Amounts payable after more than one year | 17 | - | €17,947 | +€17,947 | |
| Financial debts | 170/4 | - | €17,947 | +€17,947 | |
| Amounts payable within one year | 42/48 | €73,600 | €77,757 | +€4,157 | +5.6% |
| Current portion of amounts payable after more than one year | 42 | - | €4,190 | +€4,190 | |
| Financial debts | 43 | - | €3,603 | +€3,603 | |
| Credit institutions | 430/8 | - | €3,603 | +€3,603 | |
| Trade debts | 44 | €3,499 | €4,144 | +€645 | +18.4% |
| Suppliers | 440/4 | €3,499 | €4,144 | +€645 | +18.4% |
| Taxes, remuneration and social security | 45 | €6,736 | €7,017 | +€281 | +4.2% |
| Taxes | 450/3 | €6,736 | €7,017 | +€281 | +4.2% |
| Other amounts payable | 47/48 | €63,365 | €58,803 | -€4,562 | -7.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,685 | +€1,685 | |
| Other operating charges | 640/8 | €1,087 | €120 | -€967 | -89.0% |
| Gross operating margin | 9900 | €29,863 | €24,190 | -€5,674 | -19.0% |
| Operating profit (loss) | 9901 | €28,776 | €22,384 | -€6,392 | -22.2% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100% |
| Non-recurring financial income | 76B | €0 | - | -€0 | |
| Financial charges | 65/66B | €315 | €850 | +€535 | +170% |
| Recurring financial charges | 65 | €315 | €850 | +€535 | +170% |
| Non-recurring financial charges | 66B | €315 | - | -€315 | |
| Profit (loss) for the period before taxes | 9903 | €28,461 | €21,534 | -€6,927 | -24.3% |
| Income taxes | 67/77 | €2,420 | €4,598 | +€2,178 | +90.0% |
| Profit (loss) for the period | 9904 | €26,041 | €16,937 | -€9,105 | -35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €26,041 | €16,937 | -€9,105 | -35.0% |
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 5 November 2026 via checked.be.