V.A.C.P.: 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.
V.A.C.P.
Largest movements
- Cash -€44,952
down €44,952 (-60.0%), from €74,939 to €29,987
mainly Debts after one year (-€76,184) and Current investments (-€44,656)
- Current investments +€44,656
up €44,656 (+13.3%), from €334,538 to €379,194
- Receivables within one year +€31,408
up €31,408 (+12.8%), from €245,279 to €276,688
of which Other amounts receivable: +€31,408
- Tangible fixed assets -€24,083
down €24,083 (-3.2%), from €744,054 to €719,971
of which Land and buildings: -€23,239
- Other debts +€103,464
up €103,464 (+39.0%), from €265,238 to €368,702
- Debts after one year -€76,184
down €76,184 (-19.8%), from €384,282 to €308,098
of which Financial debts: -€70,349
- Provisions -€15,382
down €15,382 (-85.9%), from €17,909 to €2,527
of which Provisions for liabilities and charges: -€12,500
- Gross operating margin -€27,934
down €27,934 (-22.9%), from €121,815 to €93,881
- Provisions -€12,500
new in 2025: -€12,500
- Other operating charges +€7,675
up €7,675 (+62.6%), from €12,258 to €19,932
- Financial charges -€6,086
down €6,086 (-22.5%), from €27,012 to €20,926
- Taxes -€4,844
down €4,844 (-49.2%), from €9,843 to €4,999
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 | €1,404,775 | €1,412,474 | +€7,699 | +0.5% |
| Fixed assets | 21/28 | €744,054 | €719,971 | -€24,083 | -3.2% |
| Tangible fixed assets | 22/27 | €744,054 | €719,971 | -€24,083 | -3.2% |
| Land and buildings | 22 | €730,783 | €707,544 | -€23,239 | -3.2% |
| Furniture and vehicles | 24 | €13,271 | €12,427 | -€845 | -6.4% |
| Current assets | 29/58 | €660,721 | €692,503 | +€31,783 | +4.8% |
| Amounts receivable within one year | 40/41 | €245,279 | €276,688 | +€31,408 | +12.8% |
| Trade receivables | 40 | €12,148 | €12,148 | = | 0.0% |
| Other amounts receivable | 41 | €233,132 | €264,540 | +€31,408 | +13.5% |
| Current investments | 50/53 | €334,538 | €379,194 | +€44,656 | +13.3% |
| Cash at bank and in hand | 54/58 | €74,939 | €29,987 | -€44,952 | -60.0% |
| Deferred charges and accrued income | 490/1 | €5,965 | €6,635 | +€671 | +11.2% |
| Total equity and liabilities | 10/49 | €1,404,775 | €1,412,474 | +€7,699 | +0.5% |
| Equity | 10/15 | €618,144 | €625,023 | +€6,879 | +1.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €599,507 | €606,363 | +€6,856 | +1.1% |
| Tax-exempt reserves | 132 | €8,171 | €2,577 | -€5,594 | -68.5% |
| Distributable reserves | 133 | €591,336 | €603,786 | +€12,450 | +2.1% |
| Profit (loss) carried forward | 14 | €37 | €60 | +€23 | +63.7% |
| Provisions and deferred taxes | 16 | €17,909 | €2,527 | -€15,382 | -85.9% |
| Provisions for liabilities and charges | 160/5 | €12,500 | €0 | -€12,500 | -100.0% |
| Major repairs and maintenance | 162 | €12,500 | €0 | -€12,500 | -100.0% |
| Deferred taxes | 168 | €5,409 | €2,527 | -€2,882 | -53.3% |
| Amounts payable | 17/49 | €768,721 | €784,923 | +€16,202 | +2.1% |
| Amounts payable after more than one year | 17 | €384,282 | €308,098 | -€76,184 | -19.8% |
| Financial debts | 170/4 | €378,448 | €308,098 | -€70,349 | -18.6% |
| Other amounts payable | 178/9 | €5,835 | €0 | -€5,835 | -100.0% |
| Amounts payable within one year | 42/48 | €382,738 | €476,825 | +€94,087 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €65,001 | €69,735 | +€4,734 | +7.3% |
| Trade debts | 44 | €42,949 | €38,387 | -€4,562 | -10.6% |
| Suppliers | 440/4 | €42,949 | €38,387 | -€4,562 | -10.6% |
| Taxes, remuneration and social security | 45 | €9,550 | €0 | -€9,550 | -100.0% |
| Taxes | 450/3 | €9,550 | €0 | -€9,550 | -100.0% |
| Other amounts payable | 47/48 | €265,238 | €368,702 | +€103,464 | +39.0% |
| Accrued charges and deferred income | 492/3 | €1,701 | €0 | -€1,701 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,883 | €61,371 | +€1,489 | +2.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€12,500 | -€12,500 | |
| Other operating charges | 640/8 | €12,258 | €19,932 | +€7,675 | +62.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €121,815 | €93,881 | -€27,934 | -22.9% |
| Operating profit (loss) | 9901 | €49,675 | €25,077 | -€24,598 | -49.5% |
| Financial income | 75/76B | €2,057 | €4,845 | +€2,788 | +135.6% |
| Recurring financial income | 75 | €2,057 | €4,845 | +€2,788 | +135.6% |
| Financial charges | 65/66B | €27,012 | €20,926 | -€6,086 | -22.5% |
| Recurring financial charges | 65 | €27,012 | €20,926 | -€6,086 | -22.5% |
| Profit (loss) for the period before taxes | 9903 | €24,719 | €8,996 | -€15,723 | -63.6% |
| Transfer from deferred taxes | 780 | €2,882 | €2,882 | = | 0.0% |
| Income taxes | 67/77 | €9,843 | €4,999 | -€4,844 | -49.2% |
| Profit (loss) for the period | 9904 | €17,758 | €6,879 | -€10,879 | -61.3% |
| Transfer from tax-exempt reserves | 789 | €5,594 | €5,594 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,352 | €12,473 | -€10,879 | -46.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.