Va.St: 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.
Va.St
Largest movements
- Deferred charges and accrued income +€2,266
up €2,266 (+49.4%), from €4,585 to €6,851
- Cash +€2,199
up €2,199 (+1.9%), from €116,112 to €118,311
mainly Net result for the year (+€12,559) and Trade debts (+€9,109)
- Other debts -€12,898
down €12,898 (-26.2%), from €49,274 to €36,376
- Trade debts +€9,109
up €9,109 (+203%), from €4,484 to €13,593
- Reserves +€8,159
up €8,159 (+12.1%), from €67,696 to €75,855
- Gross operating margin +€2,543
up €2,543 (+7.5%), from €33,866 to €36,409
- Financial charges -€2,024
down €2,024 (-27.7%), from €7,321 to €5,296
- Taxes +€1,140
up €1,140 (+12.8%), from €8,930 to €10,070
- Depreciation +€1,047
up €1,047 (+20.5%), from €5,114 to €6,161
- Other operating charges -€1,033
down €1,033 (-31.3%), from €3,301 to €2,267
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 | €147,784 | €151,468 | +€3,684 | +2.5% |
| Fixed assets | 21/28 | €26,029 | €26,297 | +€268 | +1.0% |
| Tangible fixed assets | 22/27 | €26,029 | €26,297 | +€268 | +1.0% |
| Land and buildings | 22 | €24,329 | €20,327 | -€4,002 | -16.4% |
| Plant, machinery and equipment | 23 | €1,381 | €553 | -€828 | -60.0% |
| Furniture and vehicles | 24 | €319 | €5,417 | +€5,098 | +1,599% |
| Current assets | 29/58 | €121,755 | €125,172 | +€3,417 | +2.8% |
| Amounts receivable within one year | 40/41 | €1,058 | €9 | -€1,049 | -99.1% |
| Trade receivables | 40 | €362 | - | -€362 | |
| Other amounts receivable | 41 | €696 | €9 | -€687 | -98.7% |
| Cash at bank and in hand | 54/58 | €116,112 | €118,311 | +€2,199 | +1.9% |
| Deferred charges and accrued income | 490/1 | €4,585 | €6,851 | +€2,266 | +49.4% |
| Total equity and liabilities | 10/49 | €147,784 | €151,468 | +€3,684 | +2.5% |
| Equity | 10/15 | €80,096 | €88,255 | +€8,159 | +10.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €67,696 | €75,855 | +€8,159 | +12.1% |
| Distributable reserves | 133 | €67,696 | €75,855 | +€8,159 | +12.1% |
| Amounts payable | 17/49 | €67,688 | €63,213 | -€4,475 | -6.6% |
| Amounts payable within one year | 42/48 | €63,937 | €58,807 | -€5,130 | -8.0% |
| Trade debts | 44 | €4,484 | €13,593 | +€9,109 | +203% |
| Suppliers | 440/4 | €4,484 | €13,593 | +€9,109 | +203% |
| Taxes, remuneration and social security | 45 | €10,179 | €8,838 | -€1,341 | -13.2% |
| Taxes | 450/3 | €10,179 | €8,838 | -€1,341 | -13.2% |
| Other amounts payable | 47/48 | €49,274 | €36,376 | -€12,898 | -26.2% |
| Accrued charges and deferred income | 492/3 | €3,751 | €4,406 | +€655 | +17.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,114 | €6,161 | +€1,047 | +20.5% |
| Other operating charges | 640/8 | €3,301 | €2,267 | -€1,033 | -31.3% |
| Non-recurring operating charges | 66A | - | €319 | +€319 | |
| Gross operating margin | 9900 | €33,866 | €36,409 | +€2,543 | +7.5% |
| Operating profit (loss) | 9901 | €25,452 | €27,662 | +€2,210 | +8.7% |
| Financial income | 75/76B | €420 | €263 | -€157 | -37.3% |
| Recurring financial income | 75 | €420 | €263 | -€157 | -37.3% |
| Financial charges | 65/66B | €7,321 | €5,296 | -€2,024 | -27.7% |
| Recurring financial charges | 65 | €7,321 | €5,296 | -€2,024 | -27.7% |
| Profit (loss) for the period before taxes | 9903 | €18,551 | €22,629 | +€4,078 | +22.0% |
| Income taxes | 67/77 | €8,930 | €10,070 | +€1,140 | +12.8% |
| Profit (loss) for the period | 9904 | €9,621 | €12,559 | +€2,938 | +30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,621 | €12,559 | +€2,938 | +30.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.