V.A. Resources: 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. Resources
Largest movements
- Receivables within one year -€46,278
down €46,278 (-21.0%), from €220,412 to €174,135
of which Trade receivables: -€31,793
- Cash -€31,665
down €31,665 (-31.6%), from €100,094 to €68,429
mainly Other debts (-€136,628) and Debts after one year (-€82,567)
- Stocks and contracts -€27,251
down €27,251 (-100.0%), from €27,251 to €0
- Deferred charges and accrued income -€16,108
down €16,108 (-23.5%), from €68,540 to €52,432
- Tangible fixed assets -€7,812
down €7,812 (-7.1%), from €109,814 to €102,002
of which Leasing and similar rights: -€13,640
- Other debts -€136,628
down €136,628 (-86.4%), from €158,219 to €21,591
- Debts after one year -€82,567
down €82,567 (-70.7%), from €116,786 to €34,219
- Reserves +€74,845
up €74,845 (+150.0%), from €49,887 to €124,732
of which Distributable reserves: +€74,845
- Trade debts +€32,310
up €32,310 (+221.4%), from €14,595 to €46,905
- Tax, wage and social debts -€10,780
down €10,780 (-68.4%), from €15,763 to €4,983
of which Taxes: -€8,305
- Staff costs +€102,859
up €102,859 (+149.9%), from €68,596 to €171,455
- Other operating charges -€82,456
down €82,456 (-69.7%), from €118,341 to €35,885
- Gross operating margin +€73,954
up €73,954 (+25.9%), from €285,325 to €359,279
- Taxes +€25,732
new in 2025: €25,732
- Financial charges -€8,393
down €8,393 (-48.9%), from €17,172 to €8,779
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 | €526,111 | €396,998 | -€129,113 | -24.5% |
| Fixed assets | 21/28 | €109,814 | €102,002 | -€7,812 | -7.1% |
| Tangible fixed assets | 22/27 | €109,814 | €102,002 | -€7,812 | -7.1% |
| Plant, machinery and equipment | 23 | €56,676 | €71,662 | +€14,986 | +26.4% |
| Furniture and vehicles | 24 | €18,338 | €9,180 | -€9,158 | -49.9% |
| Leasing and similar rights | 25 | €34,800 | €21,160 | -€13,640 | -39.2% |
| Current assets | 29/58 | €416,297 | €294,996 | -€121,301 | -29.1% |
| Stocks and contracts in progress | 3 | €27,251 | €0 | -€27,251 | -100.0% |
| Stocks | 30/36 | €27,251 | €0 | -€27,251 | -100.0% |
| Amounts receivable within one year | 40/41 | €220,412 | €174,135 | -€46,278 | -21.0% |
| Trade receivables | 40 | €31,793 | €0 | -€31,793 | -100.0% |
| Other amounts receivable | 41 | €188,619 | €174,135 | -€14,484 | -7.7% |
| Cash at bank and in hand | 54/58 | €100,094 | €68,429 | -€31,665 | -31.6% |
| Deferred charges and accrued income | 490/1 | €68,540 | €52,432 | -€16,108 | -23.5% |
| Total equity and liabilities | 10/49 | €526,111 | €396,998 | -€129,113 | -24.5% |
| Equity | 10/15 | €131,887 | €206,732 | +€74,845 | +56.7% |
| Contributions | 10/11 | €82,000 | €82,000 | = | 0.0% |
| Reserves | 13 | €49,887 | €124,732 | +€74,845 | +150.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €49,887 | €124,732 | +€74,845 | +150.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €394,224 | €190,266 | -€203,958 | -51.7% |
| Amounts payable after more than one year | 17 | €116,786 | €34,219 | -€82,567 | -70.7% |
| Financial debts | 170/4 | €116,786 | €34,219 | -€82,567 | -70.7% |
| Amounts payable within one year | 42/48 | €277,438 | €156,046 | -€121,392 | -43.8% |
| Current portion of amounts payable after more than one year | 42 | €88,860 | €82,567 | -€6,294 | -7.1% |
| Trade debts | 44 | €14,595 | €46,905 | +€32,310 | +221.4% |
| Suppliers | 440/4 | €14,595 | €46,905 | +€32,310 | +221.4% |
| Taxes, remuneration and social security | 45 | €15,763 | €4,983 | -€10,780 | -68.4% |
| Taxes | 450/3 | €13,288 | €4,983 | -€8,305 | -62.5% |
| Remuneration and social security | 454/9 | €2,475 | €0 | -€2,475 | -100.0% |
| Other amounts payable | 47/48 | €158,219 | €21,591 | -€136,628 | -86.4% |
| Remuneration, social security and pensions | 62 | €68,596 | €171,455 | +€102,859 | +149.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,498 | €43,512 | +€8,014 | +22.6% |
| Other operating charges | 640/8 | €118,341 | €35,885 | -€82,456 | -69.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €285,325 | €359,279 | +€73,954 | +25.9% |
| Operating profit (loss) | 9901 | €62,891 | €108,427 | +€45,537 | +72.4% |
| Financial income | 75/76B | €92 | €929 | +€838 | +913.9% |
| Recurring financial income | 75 | €92 | €929 | +€838 | +913.9% |
| Financial charges | 65/66B | €17,172 | €8,779 | -€8,393 | -48.9% |
| Recurring financial charges | 65 | €17,172 | €8,779 | -€8,393 | -48.9% |
| Profit (loss) for the period before taxes | 9903 | €45,810 | €100,577 | +€54,767 | +119.6% |
| Income taxes | 67/77 | - | €25,732 | +€25,732 | |
| Profit (loss) for the period | 9904 | €45,810 | €74,845 | +€29,035 | +63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,810 | €74,845 | +€29,035 | +63.4% |
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 6 October 2026 via checked.be.