JOSEPH VASTESAEGER: what changed
Two financial 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.
JOSEPH VASTESAEGER
Largest movements
- Current investments +€41,732
up €41,732 (+34.6%), from €120,675 to €162,407
- Cash +€7,049
up €7,049 (+64.9%), from €10,859 to €17,908
mainly Other debts (+€66,679) and Depreciation (+€13,880)
- Other debts +€66,679
up €66,679 (+12.9%), from €517,534 to €584,213
- Current portion of long-term debt -€15,611
no longer reported in 2025 (was €15,611)
- Profit (loss) carried forward +€7,789
up €7,789 (+15.2%), from -€51,410 to -€43,621
- Financial income +€25,527
up €25,527 (+158%), from €16,205 to €41,732
- Gross operating margin -€3,405
down €3,405 (-32.3%), from -€10,533 to -€13,938
- Other operating charges +€597
up €597 (+11.2%), from €5,333 to €5,930
- Financial charges -€321
down €321 (-62.1%), from €517 to €196
- Depreciation +€246
up €246 (+1.8%), from €13,634 to €13,880
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.
Derived cash bridge
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 | €517,256 | €571,258 | +€54,002 | +10.4% |
| Fixed assets | 21/28 | €385,364 | €390,916 | +€5,552 | +1.4% |
| Tangible fixed assets | 22/27 | €385,364 | €390,916 | +€5,552 | +1.4% |
| Land and buildings | 22 | €360,239 | €350,085 | -€10,154 | -2.8% |
| Furniture and vehicles | 24 | €16,730 | €34,367 | +€17,637 | +105% |
| Other tangible fixed assets | 26 | €8,395 | €6,464 | -€1,931 | -23.0% |
| Current assets | 29/58 | €131,892 | €180,342 | +€48,450 | +36.7% |
| Amounts receivable after more than one year | 29 | - | €27 | +€27 | |
| Trade receivables | 290 | - | €27 | +€27 | |
| Amounts receivable within one year | 40/41 | €358 | - | -€358 | |
| Other amounts receivable | 41 | €358 | - | -€358 | |
| Current investments | 50/53 | €120,675 | €162,407 | +€41,732 | +34.6% |
| Cash at bank and in hand | 54/58 | €10,859 | €17,908 | +€7,049 | +64.9% |
| Total equity and liabilities | 10/49 | €517,256 | €571,258 | +€54,002 | +10.4% |
| Equity | 10/15 | -€28,244 | -€20,455 | +€7,789 | +27.6% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €4,574 | €4,574 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Other | 1319 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €2,715 | €2,715 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€51,410 | -€43,621 | +€7,789 | +15.2% |
| Amounts payable | 17/49 | €545,500 | €591,713 | +€46,213 | +8.5% |
| Amounts payable within one year | 42/48 | €538,000 | €584,213 | +€46,213 | +8.6% |
| Current portion of amounts payable after more than one year | 42 | €15,611 | - | -€15,611 | |
| Trade debts | 44 | €4,855 | - | -€4,855 | |
| Suppliers | 440/4 | €4,855 | - | -€4,855 | |
| Other amounts payable | 47/48 | €517,534 | €584,213 | +€66,679 | +12.9% |
| Accrued charges and deferred income | 492/3 | €7,500 | €7,500 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €76 | - | -€76 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,634 | €13,880 | +€246 | +1.8% |
| Other operating charges | 640/8 | €5,333 | €5,930 | +€597 | +11.2% |
| Gross operating margin | 9900 | -€10,533 | -€13,938 | -€3,405 | -32.3% |
| Operating profit (loss) | 9901 | -€29,576 | -€33,748 | -€4,172 | -14.1% |
| Financial income | 75/76B | €16,205 | €41,732 | +€25,527 | +158% |
| Recurring financial income | 75 | €16,205 | €41,732 | +€25,527 | +158% |
| Financial charges | 65/66B | €517 | €196 | -€321 | -62.1% |
| Recurring financial charges | 65 | €517 | €196 | -€321 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | -€13,888 | €7,788 | +€21,676 | |
| Profit (loss) for the period | 9904 | -€13,888 | €7,788 | +€21,676 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,888 | €7,788 | +€21,676 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.