VAART: 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.
VAART
Largest movements
- Cash +€49,570
up €49,570 (+67.1%), from €73,870 to €123,441
mainly Net result for the year (+€101,785) and Receivables within one year (+€31,446)
- Receivables within one year -€31,446
down €31,446 (-48.0%), from €65,528 to €34,082
of which Trade receivables: -€31,724
- Receivables after one year -€30,000
no longer reported in 2025 (was €30,000)
- Other debts -€51,668
down €51,668 (-40.3%), from €128,168 to €76,500
- Tax, wage and social debts +€14,798
up €14,798 (+60.8%), from €24,329 to €39,127
of which Taxes: +€9,198
- Reserves +€11,780
up €11,780 (+633%), from €1,860 to €13,640
- Trade debts +€9,080
up €9,080, from €0 to €9,080
- Accrued charges and deferred income +€3,000
new in 2025: €3,000
- Gross operating margin -€40,815
down €40,815 (-23.4%), from €174,568 to €133,753
- Taxes -€11,803
down €11,803 (-29.7%), from €39,780 to €27,977
- Staff costs +€1,760
new in 2025: €1,760
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 | €173,204 | €160,199 | -€13,005 | -7.5% |
| Fixed assets | 21/28 | €2,811 | €1,482 | -€1,329 | -47.3% |
| Tangible fixed assets | 22/27 | €2,811 | €1,482 | -€1,329 | -47.3% |
| Plant, machinery and equipment | 23 | €1,187 | €990 | -€197 | -16.6% |
| Furniture and vehicles | 24 | €1,624 | €492 | -€1,132 | -69.7% |
| Current assets | 29/58 | €170,393 | €158,717 | -€11,676 | -6.9% |
| Amounts receivable after more than one year | 29 | €30,000 | - | -€30,000 | |
| Other amounts receivable | 291 | €30,000 | - | -€30,000 | |
| Amounts receivable within one year | 40/41 | €65,528 | €34,082 | -€31,446 | -48.0% |
| Trade receivables | 40 | €63,164 | €31,440 | -€31,724 | -50.2% |
| Other amounts receivable | 41 | €2,364 | €2,642 | +€277 | +11.7% |
| Cash at bank and in hand | 54/58 | €73,870 | €123,441 | +€49,570 | +67.1% |
| Deferred charges and accrued income | 490/1 | €994 | €1,194 | +€200 | +20.1% |
| Total equity and liabilities | 10/49 | €173,204 | €160,199 | -€13,005 | -7.5% |
| Equity | 10/15 | €20,706 | €32,492 | +€11,785 | +56.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €13,640 | +€11,780 | +633% |
| Distributable reserves | 133 | €1,860 | €13,640 | +€11,780 | +633% |
| Profit (loss) carried forward | 14 | €246 | €252 | +€5 | +2.2% |
| Amounts payable | 17/49 | €152,497 | €127,707 | -€24,790 | -16.3% |
| Amounts payable within one year | 42/48 | €152,497 | €124,707 | -€27,790 | -18.2% |
| Trade debts | 44 | €0 | €9,080 | +€9,080 | |
| Suppliers | 440/4 | €0 | €9,080 | +€9,080 | |
| Taxes, remuneration and social security | 45 | €24,329 | €39,127 | +€14,798 | +60.8% |
| Taxes | 450/3 | €21,529 | €30,727 | +€9,198 | +42.7% |
| Remuneration and social security | 454/9 | €2,800 | €8,400 | +€5,600 | +200% |
| Other amounts payable | 47/48 | €128,168 | €76,500 | -€51,668 | -40.3% |
| Accrued charges and deferred income | 492/3 | - | €3,000 | +€3,000 | |
| Remuneration, social security and pensions | 62 | - | €1,760 | +€1,760 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,016 | €1,329 | -€687 | -34.1% |
| Other operating charges | 640/8 | €630 | €160 | -€471 | -74.6% |
| Gross operating margin | 9900 | €174,568 | €133,753 | -€40,815 | -23.4% |
| Operating profit (loss) | 9901 | €171,921 | €130,504 | -€41,417 | -24.1% |
| Financial income | 75/76B | €1,002 | €501 | -€501 | -50.0% |
| Recurring financial income | 75 | €1,002 | €501 | -€501 | -50.0% |
| Financial charges | 65/66B | €68 | €1,242 | +€1,174 | +1,714% |
| Recurring financial charges | 65 | €68 | €1,242 | +€1,174 | +1,714% |
| Profit (loss) for the period before taxes | 9903 | €172,855 | €129,763 | -€43,092 | -24.9% |
| Income taxes | 67/77 | €39,780 | €27,977 | -€11,803 | -29.7% |
| Profit (loss) for the period | 9904 | €133,075 | €101,785 | -€31,290 | -23.5% |
| Profit (loss) for the period to be appropriated | 9905 | €133,075 | €101,785 | -€31,290 | -23.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.