V.A.U.L.T.: 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.U.L.T.
Largest movements
- Receivables within one year +€226,791
up €226,791 (+1,115%), from €20,331 to €247,122
- Tangible fixed assets +€133,311
up €133,311 (+11.2%), from €1.2m to €1.3m
of which Furniture and vehicles: +€165,454
- Reserves +€126,434
up €126,434 (+19.5%), from €647,263 to €773,697
of which Distributable reserves: +€135,626
- Tax, wage and social debts +€119,289
up €119,289 (+243%), from €49,075 to €168,364
of which Taxes: +€115,799
- Debts after one year +€56,139
up €56,139 (+90.6%), from €61,967 to €118,106
- Other debts +€34,661
up €34,661 (+5.2%), from €671,628 to €706,289
- Current portion of long-term debt +€21,799
up €21,799 (+181%), from €12,040 to €33,839
- Gross operating margin +€254,457
up €254,457 (+104%), from €244,324 to €498,782
- Taxes +€59,551
up €59,551 (+800%), from €7,443 to €66,993
- Depreciation +€44,528
up €44,528 (+86.5%), from €51,474 to €96,003
- Financial income -€25,000
no longer reported in 2026 (was €25,000)
- Other operating charges +€15,170
up €15,170 (+161%), from €9,433 to €24,602
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,645,956 | €1,997,543 | +€351,587 | +21.4% |
| Fixed assets | 21/28 | €1,591,873 | €1,725,184 | +€133,311 | +8.4% |
| Tangible fixed assets | 22/27 | €1,191,742 | €1,325,053 | +€133,311 | +11.2% |
| Land and buildings | 22 | €1,138,735 | €1,106,593 | -€32,143 | -2.8% |
| Furniture and vehicles | 24 | €53,006 | €218,460 | +€165,454 | +312% |
| Financial fixed assets | 28 | €400,131 | €400,131 | = | 0.0% |
| Current assets | 29/58 | €54,083 | €272,359 | +€218,276 | +404% |
| Amounts receivable within one year | 40/41 | €20,331 | €247,122 | +€226,791 | +1,115% |
| Trade receivables | 40 | €20,331 | €247,122 | +€226,791 | +1,115% |
| Cash at bank and in hand | 54/58 | €33,752 | €25,237 | -€8,515 | -25.2% |
| Total equity and liabilities | 10/49 | €1,645,956 | €1,997,543 | +€351,587 | +21.4% |
| Equity | 10/15 | €738,749 | €865,183 | +€126,434 | +17.1% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €647,263 | €773,697 | +€126,434 | +19.5% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Tax-exempt reserves | 132 | €205,873 | €196,681 | -€9,192 | -4.5% |
| Distributable reserves | 133 | €439,535 | €575,161 | +€135,626 | +30.9% |
| Profit (loss) carried forward | 14 | €72,936 | €72,936 | = | 0.0% |
| Provisions and deferred taxes | 16 | €101,626 | €98,562 | -€3,064 | -3.0% |
| Deferred taxes | 168 | €101,626 | €98,562 | -€3,064 | -3.0% |
| Amounts payable | 17/49 | €805,581 | €1,033,798 | +€228,217 | +28.3% |
| Amounts payable after more than one year | 17 | €61,967 | €118,106 | +€56,139 | +90.6% |
| Financial debts | 170/4 | €61,967 | €118,106 | +€56,139 | +90.6% |
| Amounts payable within one year | 42/48 | €736,414 | €908,492 | +€172,079 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €12,040 | €33,839 | +€21,799 | +181% |
| Trade debts | 44 | €3,671 | - | -€3,671 | |
| Suppliers | 440/4 | €3,671 | - | -€3,671 | |
| Taxes, remuneration and social security | 45 | €49,075 | €168,364 | +€119,289 | +243% |
| Taxes | 450/3 | €45,145 | €160,944 | +€115,799 | +257% |
| Remuneration and social security | 454/9 | €3,930 | €7,421 | +€3,491 | +88.8% |
| Other amounts payable | 47/48 | €671,628 | €706,289 | +€34,661 | +5.2% |
| Accrued charges and deferred income | 492/3 | €7,200 | €7,200 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €134,222 | €143,789 | +€9,567 | +7.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,474 | €96,003 | +€44,528 | +86.5% |
| Other operating charges | 640/8 | €9,433 | €24,602 | +€15,170 | +161% |
| Gross operating margin | 9900 | €244,324 | €498,782 | +€254,457 | +104% |
| Operating profit (loss) | 9901 | €49,195 | €234,387 | +€185,193 | +376% |
| Financial income | 75/76B | €25,000 | - | -€25,000 | |
| Recurring financial income | 75 | €25,000 | - | -€25,000 | |
| Financial charges | 65/66B | €49,227 | €44,024 | -€5,202 | -10.6% |
| Recurring financial charges | 65 | €49,227 | €44,024 | -€5,202 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | €24,968 | €190,363 | +€165,395 | +662% |
| Transfer from deferred taxes | 780 | €3,064 | €3,064 | = | 0.0% |
| Income taxes | 67/77 | €7,443 | €66,993 | +€59,551 | +800% |
| Profit (loss) for the period | 9904 | €20,590 | €126,434 | +€105,844 | +514% |
| Transfer from tax-exempt reserves | 789 | €9,193 | €9,192 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,782 | €135,626 | +€105,844 | +355% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.