V.A.K.: 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.
V.A.K.
Largest movements
- Tangible fixed assets +€27,880
up €27,880 (+11.7%), from €238,034 to €265,914
of which Furniture and vehicles: +€36,775
- Cash -€27,327
down €27,327 (-35.8%), from €76,269 to €48,942
mainly Investment in fixed assets (net) (-€39,659) and Tax, wage and social debts (-€5,805)
- Reserves +€13,138
up €13,138 (+2.3%), from €564,901 to €578,039
of which Distributable reserves: +€13,138
- Gross operating margin -€21,102
down €21,102 (-46.8%), from €45,116 to €24,014
- Taxes -€5,836
down €5,836 (-47.4%), from €12,306 to €6,469
- Depreciation +€1,472
up €1,472 (+14.3%), from €10,306 to €11,778
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 | €689,303 | €695,493 | +€6,191 | +0.9% |
| Fixed assets | 21/28 | €238,034 | €265,914 | +€27,880 | +11.7% |
| Tangible fixed assets | 22/27 | €238,034 | €265,914 | +€27,880 | +11.7% |
| Land and buildings | 22 | €238,034 | €227,728 | -€10,306 | -4.3% |
| Plant, machinery and equipment | 23 | - | €1,411 | +€1,411 | |
| Furniture and vehicles | 24 | - | €36,775 | +€36,775 | |
| Current assets | 29/58 | €451,269 | €429,579 | -€21,690 | -4.8% |
| Current investments | 50/53 | €375,000 | €375,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €76,269 | €48,942 | -€27,327 | -35.8% |
| Deferred charges and accrued income | 490/1 | - | €5,637 | +€5,637 | |
| Total equity and liabilities | 10/49 | €689,303 | €695,493 | +€6,191 | +0.9% |
| Equity | 10/15 | €664,901 | €678,039 | +€13,138 | +2.0% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €564,901 | €578,039 | +€13,138 | +2.3% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €554,901 | €568,039 | +€13,138 | +2.4% |
| Amounts payable | 17/49 | €24,402 | €17,455 | -€6,947 | -28.5% |
| Amounts payable within one year | 42/48 | €23,222 | €17,455 | -€5,767 | -24.8% |
| Trade debts | 44 | - | €948 | +€948 | |
| Suppliers | 440/4 | - | €948 | +€948 | |
| Taxes, remuneration and social security | 45 | €8,853 | €3,048 | -€5,805 | -65.6% |
| Taxes | 450/3 | €8,853 | €3,048 | -€5,805 | -65.6% |
| Other amounts payable | 47/48 | €14,369 | €13,459 | -€910 | -6.3% |
| Accrued charges and deferred income | 492/3 | €1,180 | - | -€1,180 | |
| Non-recurring operating income | 76A | €17,000 | - | -€17,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,306 | €11,778 | +€1,472 | +14.3% |
| Other operating charges | 640/8 | €4,215 | €3,986 | -€228 | -5.4% |
| Gross operating margin | 9900 | €45,116 | €24,014 | -€21,102 | -46.8% |
| Operating profit (loss) | 9901 | €30,595 | €8,249 | -€22,346 | -73.0% |
| Financial income | 75/76B | €11,509 | €11,403 | -€106 | -0.9% |
| Recurring financial income | 75 | €11,509 | €11,403 | -€106 | -0.9% |
| Financial charges | 65/66B | €45 | €45 | = | 0.0% |
| Recurring financial charges | 65 | €45 | €45 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €42,059 | €19,607 | -€22,452 | -53.4% |
| Income taxes | 67/77 | €12,306 | €6,469 | -€5,836 | -47.4% |
| Profit (loss) for the period | 9904 | €29,753 | €13,138 | -€16,616 | -55.8% |
| Profit (loss) for the period to be appropriated | 9905 | €29,753 | €13,138 | -€16,616 | -55.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.