VS01: what changed
VS01
Largest movements
- Stocks and contracts -€85,215
down €85,215 (-42.6%), from €200,003 to €114,788
- Cash +€24,402
up €24,402 (+145%), from €16,865 to €41,267
mainly Stocks and contracts (+€85,215) and Net result for the year (+€28,746)
- Receivables within one year +€2,689
new in 2025: €2,689
- Debts after one year -€115,000
down €115,000 (-62.2%), from €185,000 to €70,000
- Reserves +€16,914
new in 2025: €16,914
- Other debts +€13,839
up €13,839 (+38.4%), from €36,000 to €49,839
- Profit (loss) carried forward +€11,832
up €11,832, from -€11,832 to €0
- Trade debts +€7,684
up €7,684 (+1,033%), from €744 to €8,428
- Gross operating margin +€53,020
up €53,020, from -€5,315 to €47,705
- Financial charges +€6,795
up €6,795 (+135%), from €5,028 to €11,823
- Taxes +€6,351
new in 2025: €6,351
- Other operating charges -€723
down €723 (-57.8%), from €1,251 to €528
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 | €217,912 | €159,532 | -€58,380 | -26.8% |
| Formation expenses | 20 | €1,044 | €788 | -€256 | -24.6% |
| Current assets | 29/58 | €216,868 | €158,744 | -€58,123 | -26.8% |
| Stocks and contracts in progress | 3 | €200,003 | €114,788 | -€85,215 | -42.6% |
| Stocks | 30/36 | €200,003 | €114,788 | -€85,215 | -42.6% |
| Amounts receivable within one year | 40/41 | - | €2,689 | +€2,689 | |
| Trade receivables | 40 | - | €2,689 | +€2,689 | |
| Cash at bank and in hand | 54/58 | €16,865 | €41,267 | +€24,402 | +145% |
| Total equity and liabilities | 10/49 | €217,912 | €159,532 | -€58,380 | -26.8% |
| Equity | 10/15 | -€3,832 | €24,914 | +€28,746 | |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | - | €16,914 | +€16,914 | |
| Distributable reserves | 133 | - | €16,914 | +€16,914 | |
| Profit (loss) carried forward | 14 | -€11,832 | €0 | +€11,832 | |
| Amounts payable | 17/49 | €221,744 | €134,618 | -€87,126 | -39.3% |
| Amounts payable after more than one year | 17 | €185,000 | €70,000 | -€115,000 | -62.2% |
| Financial debts | 170/4 | €185,000 | €70,000 | -€115,000 | -62.2% |
| Amounts payable within one year | 42/48 | €36,744 | €64,618 | +€27,874 | +75.9% |
| Trade debts | 44 | €744 | €8,428 | +€7,684 | +1,033% |
| Suppliers | 440/4 | €744 | €8,428 | +€7,684 | +1,033% |
| Taxes, remuneration and social security | 45 | - | €6,351 | +€6,351 | |
| Taxes | 450/3 | - | €6,351 | +€6,351 | |
| Other amounts payable | 47/48 | €36,000 | €49,839 | +€13,839 | +38.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €238 | €256 | +€19 | +7.8% |
| Other operating charges | 640/8 | €1,251 | €528 | -€723 | -57.8% |
| Gross operating margin | 9900 | -€5,315 | €47,705 | +€53,020 | |
| Operating profit (loss) | 9901 | -€6,804 | €46,921 | +€53,725 | |
| Financial charges | 65/66B | €5,028 | €11,823 | +€6,795 | +135% |
| Recurring financial charges | 65 | €5,028 | €11,823 | +€6,795 | +135% |
| Profit (loss) for the period before taxes | 9903 | -€11,832 | €35,098 | +€46,930 | |
| Income taxes | 67/77 | - | €6,351 | +€6,351 | |
| Profit (loss) for the period | 9904 | -€11,832 | €28,746 | +€40,579 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,832 | €28,746 | +€40,579 |
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 3 November 2026 via checked.be.