A. VASBINDER: 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.
A. VASBINDER
Largest movements
- Cash +€83,701
up €83,701 (+39.2%), from €213,444 to €297,144
mainly Net result for the year (+€227,250) and Other debts (+€20,000)
- Receivables within one year +€22,832
up €22,832 (+54.9%), from €41,600 to €64,432
- Tangible fixed assets +€13,935
up €13,935 (+33.6%), from €41,520 to €55,455
- Reserves +€100,000
up €100,000 (+49.9%), from €200,410 to €300,410
of which Distributable reserves: +€100,000
- Other debts +€20,000
up €20,000 (+20.0%), from €100,000 to €120,000
- Profit (loss) carried forward +€7,250
up €7,250 (+308.9%), from €2,347 to €9,597
- Trade debts -€5,243
down €5,243 (-25.5%), from €20,545 to €15,303
- Gross operating margin +€103,787
up €103,787 (+34.1%), from €304,660 to €408,447
- Taxes +€14,198
up €14,198 (+40.2%), from €35,312 to €49,510
- Staff costs +€4,360
up €4,360 (+3.8%), from €114,812 to €119,172
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 | €344,030 | €467,744 | +€123,714 | +36.0% |
| Fixed assets | 21/28 | €43,143 | €57,079 | +€13,935 | +32.3% |
| Tangible fixed assets | 22/27 | €41,520 | €55,455 | +€13,935 | +33.6% |
| Furniture and vehicles | 24 | €41,520 | €55,455 | +€13,935 | +33.6% |
| Financial fixed assets | 28 | €1,624 | €1,624 | = | 0.0% |
| Current assets | 29/58 | €300,886 | €410,665 | +€109,779 | +36.5% |
| Amounts receivable after more than one year | 29 | €43,700 | €43,700 | = | 0.0% |
| Other amounts receivable | 291 | €43,700 | €43,700 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €41,600 | €64,432 | +€22,832 | +54.9% |
| Other amounts receivable | 41 | €41,600 | €64,432 | +€22,832 | +54.9% |
| Current investments | 50/53 | €2,142 | €2,389 | +€247 | +11.5% |
| Cash at bank and in hand | 54/58 | €213,444 | €297,144 | +€83,701 | +39.2% |
| Deferred charges and accrued income | 490/1 | - | €3,000 | +€3,000 | |
| Total equity and liabilities | 10/49 | €344,030 | €467,744 | +€123,714 | +36.0% |
| Equity | 10/15 | €206,855 | €314,105 | +€107,250 | +51.8% |
| Contributions | 10/11 | €4,098 | €4,098 | = | 0.0% |
| Reserves | 13 | €200,410 | €300,410 | +€100,000 | +49.9% |
| Non-distributable reserves | 130/1 | €410 | €410 | = | 0.0% |
| Reserves not available under the articles | 1311 | €410 | €410 | = | 0.0% |
| Distributable reserves | 133 | €200,000 | €300,000 | +€100,000 | +50.0% |
| Profit (loss) carried forward | 14 | €2,347 | €9,597 | +€7,250 | +308.9% |
| Amounts payable | 17/49 | €137,175 | €153,639 | +€16,464 | +12.0% |
| Amounts payable within one year | 42/48 | €137,175 | €153,639 | +€16,464 | +12.0% |
| Trade debts | 44 | €20,545 | €15,303 | -€5,243 | -25.5% |
| Suppliers | 440/4 | €20,545 | €15,303 | -€5,243 | -25.5% |
| Taxes, remuneration and social security | 45 | €16,629 | €18,336 | +€1,707 | +10.3% |
| Taxes | 450/3 | €2,824 | €4,203 | +€1,378 | +48.8% |
| Remuneration and social security | 454/9 | €13,805 | €14,134 | +€329 | +2.4% |
| Other amounts payable | 47/48 | €100,000 | €120,000 | +€20,000 | +20.0% |
| Non-recurring operating income | 76A | - | €1,938 | +€1,938 | |
| Remuneration, social security and pensions | 62 | €114,812 | €119,172 | +€4,360 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,271 | €10,904 | +€633 | +6.2% |
| Other operating charges | 640/8 | €1,404 | €2,125 | +€721 | +51.4% |
| Gross operating margin | 9900 | €304,660 | €408,447 | +€103,787 | +34.1% |
| Operating profit (loss) | 9901 | €178,173 | €276,246 | +€98,072 | +55.0% |
| Financial income | 75/76B | €4,319 | €910 | -€3,410 | -78.9% |
| Recurring financial income | 75 | €4,319 | €910 | -€3,409 | -78.9% |
| Non-recurring financial income | 76B | €1 | €0 | -€0 | -81.4% |
| Financial charges | 65/66B | €635 | €396 | -€240 | -37.7% |
| Recurring financial charges | 65 | €635 | €396 | -€240 | -37.7% |
| Non-recurring financial charges | 66B | €635 | €396 | -€240 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €181,857 | €276,760 | +€94,902 | +52.2% |
| Income taxes | 67/77 | €35,312 | €49,510 | +€14,198 | +40.2% |
| Profit (loss) for the period | 9904 | €146,546 | €227,250 | +€80,704 | +55.1% |
| Profit (loss) for the period to be appropriated | 9905 | €146,546 | €227,250 | +€80,704 | +55.1% |
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 4 October 2026 via checked.be.