JOHAN VAES: 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.
JOHAN VAES
Largest movements
- Tangible fixed assets +€38,944
up €38,944 (+24.5%), from €158,845 to €197,789
of which Furniture and vehicles: +€49,662
- Cash -€25,069
down €25,069 (-39.0%), from €64,304 to €39,235
mainly Investment in fixed assets (net) (-€76,468) and Current investments (-€12,212)
- Receivables within one year -€12,344
down €12,344 (-48.6%), from €25,400 to €13,056
of which Trade receivables: -€15,344
- Current investments +€12,212
up €12,212 (+25.9%), from €47,104 to €59,316
- Current portion of long-term debt +€10,132
up €10,132 (+85.2%), from €11,886 to €22,018
- Other debts -€7,903
down €7,903 (-48.2%), from €16,391 to €8,488
- Trade debts +€6,489
new in 2025: €6,489
- Reserves +€5,623
up €5,623 (+2.6%), from €214,577 to €220,200
- Gross operating margin -€54,839
down €54,839 (-49.4%), from €111,048 to €56,209
- Taxes -€20,240
down €20,240 (-89.8%), from €22,549 to €2,310
- Depreciation +€19,145
up €19,145 (+104.2%), from €18,379 to €37,525
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 | €301,952 | €317,050 | +€15,098 | +5.0% |
| Fixed assets | 21/28 | €158,845 | €197,789 | +€38,944 | +24.5% |
| Tangible fixed assets | 22/27 | €158,845 | €197,789 | +€38,944 | +24.5% |
| Land and buildings | 22 | €107,001 | €97,130 | -€9,871 | -9.2% |
| Plant, machinery and equipment | 23 | €51,844 | €50,996 | -€847 | -1.6% |
| Furniture and vehicles | 24 | - | €49,662 | +€49,662 | |
| Current assets | 29/58 | €143,107 | €119,261 | -€23,846 | -16.7% |
| Amounts receivable within one year | 40/41 | €25,400 | €13,056 | -€12,344 | -48.6% |
| Trade receivables | 40 | €21,467 | €6,123 | -€15,344 | -71.5% |
| Other amounts receivable | 41 | €3,932 | €6,933 | +€3,000 | +76.3% |
| Current investments | 50/53 | €47,104 | €59,316 | +€12,212 | +25.9% |
| Cash at bank and in hand | 54/58 | €64,304 | €39,235 | -€25,069 | -39.0% |
| Deferred charges and accrued income | 490/1 | €6,299 | €7,653 | +€1,355 | +21.5% |
| Total equity and liabilities | 10/49 | €301,952 | €317,050 | +€15,098 | +5.0% |
| Equity | 10/15 | €233,177 | €238,800 | +€5,623 | +2.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €214,577 | €220,200 | +€5,623 | +2.6% |
| Distributable reserves | 133 | €214,577 | €220,200 | +€5,623 | +2.6% |
| Amounts payable | 17/49 | €68,775 | €78,249 | +€9,475 | +13.8% |
| Amounts payable after more than one year | 17 | €30,621 | €31,338 | +€717 | +2.3% |
| Financial debts | 170/4 | €30,621 | €31,338 | +€717 | +2.3% |
| Amounts payable within one year | 42/48 | €38,154 | €46,911 | +€8,757 | +23.0% |
| Current portion of amounts payable after more than one year | 42 | €11,886 | €22,018 | +€10,132 | +85.2% |
| Trade debts | 44 | - | €6,489 | +€6,489 | |
| Suppliers | 440/4 | - | €6,489 | +€6,489 | |
| Taxes, remuneration and social security | 45 | €9,877 | €9,915 | +€38 | +0.4% |
| Taxes | 450/3 | €9,818 | €9,855 | +€37 | +0.4% |
| Remuneration and social security | 454/9 | €59 | €61 | +€1 | +2.3% |
| Other amounts payable | 47/48 | €16,391 | €8,488 | -€7,903 | -48.2% |
| Remuneration, social security and pensions | 62 | €7,374 | €8,217 | +€843 | +11.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,379 | €37,525 | +€19,145 | +104.2% |
| Other operating charges | 640/8 | €1,695 | €1,219 | -€476 | -28.1% |
| Gross operating margin | 9900 | €111,048 | €56,209 | -€54,839 | -49.4% |
| Operating profit (loss) | 9901 | €83,599 | €9,248 | -€74,351 | -88.9% |
| Financial income | 75/76B | €837 | €708 | -€128 | -15.4% |
| Recurring financial income | 75 | €837 | €708 | -€128 | -15.4% |
| Financial charges | 65/66B | €1,416 | €2,024 | +€608 | +42.9% |
| Recurring financial charges | 65 | €1,416 | €2,024 | +€608 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €83,020 | €7,933 | -€75,087 | -90.4% |
| Income taxes | 67/77 | €22,549 | €2,310 | -€20,240 | -89.8% |
| Profit (loss) for the period | 9904 | €60,471 | €5,623 | -€54,848 | -90.7% |
| Profit (loss) for the period to be appropriated | 9905 | €60,471 | €5,623 | -€54,848 | -90.7% |
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 5 October 2026 via checked.be.