VAARTBOUW: 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.
VAARTBOUW
Largest movements
- Stocks and contracts +€145,217
up €145,217 (+29.9%), from €485,821 to €631,038
- Receivables within one year +€74,622
up €74,622 (+69.4%), from €107,539 to €182,161
of which Trade receivables: +€74,924
- Cash +€45,655
up €45,655 (+570.9%), from €7,997 to €53,652
mainly Trade debts (+€116,680) and Net result for the year (+€85,454)
- Tangible fixed assets +€44,041
up €44,041 (+32.1%), from €137,235 to €181,276
of which Furniture and vehicles: +€56,162
- Trade debts +€116,680
up €116,680 (+65.2%), from €179,094 to €295,774
- Reserves +€85,454
up €85,454 (+498.2%), from €17,151 to €102,605
- Tax, wage and social debts +€42,921
up €42,921 (+95.8%), from €44,814 to €87,735
of which Taxes: +€41,892
- Advances received +€32,401
new in 2025: €32,401
- Debts after one year +€29,906
up €29,906 (+17.6%), from €169,635 to €199,540
- Gross operating margin +€97,436
up €97,436 (+101.1%), from €96,420 to €193,856
- Taxes +€21,482
up €21,482 (+719.7%), from €2,985 to €24,467
- Other operating charges +€8,408
up €8,408 (+192.3%), from €4,373 to €12,782
- Staff costs +€7,382
up €7,382 (+24.6%), from €30,061 to €37,443
- Write-downs -€6,143
no longer reported in 2025 (was €6,143)
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 | €745,645 | €1,059,367 | +€313,721 | +42.1% |
| Fixed assets | 21/28 | €139,289 | €183,760 | +€44,471 | +31.9% |
| Intangible fixed assets | 21 | €2,053 | €2,483 | +€430 | +20.9% |
| Tangible fixed assets | 22/27 | €137,235 | €181,276 | +€44,041 | +32.1% |
| Plant, machinery and equipment | 23 | €3,981 | €2,886 | -€1,094 | -27.5% |
| Furniture and vehicles | 24 | €41,259 | €97,422 | +€56,162 | +136.1% |
| Other tangible fixed assets | 26 | €91,995 | €80,968 | -€11,027 | -12.0% |
| Current assets | 29/58 | €606,357 | €875,607 | +€269,250 | +44.4% |
| Stocks and contracts in progress | 3 | €485,821 | €631,038 | +€145,217 | +29.9% |
| Stocks | 30/36 | €485,821 | €631,038 | +€145,217 | +29.9% |
| Amounts receivable within one year | 40/41 | €107,539 | €182,161 | +€74,622 | +69.4% |
| Trade receivables | 40 | €107,237 | €182,161 | +€74,924 | +69.9% |
| Other amounts receivable | 41 | €302 | - | -€302 | |
| Cash at bank and in hand | 54/58 | €7,997 | €53,652 | +€45,655 | +570.9% |
| Deferred charges and accrued income | 490/1 | €5,000 | €8,756 | +€3,756 | +75.1% |
| Total equity and liabilities | 10/49 | €745,645 | €1,059,367 | +€313,721 | +42.1% |
| Equity | 10/15 | €317,151 | €402,605 | +€85,454 | +26.9% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €17,151 | €102,605 | +€85,454 | +498.2% |
| Distributable reserves | 133 | €17,151 | €102,605 | +€85,454 | +498.2% |
| Amounts payable | 17/49 | €428,494 | €656,761 | +€228,267 | +53.3% |
| Amounts payable after more than one year | 17 | €169,635 | €199,540 | +€29,906 | +17.6% |
| Financial debts | 170/4 | €169,635 | €199,540 | +€29,906 | +17.6% |
| Amounts payable within one year | 42/48 | €251,148 | €446,158 | +€195,010 | +77.6% |
| Current portion of amounts payable after more than one year | 42 | €14,837 | €28,749 | +€13,912 | +93.8% |
| Financial debts | 43 | €10,903 | - | -€10,903 | |
| Credit institutions | 430/8 | €10,903 | - | -€10,903 | |
| Trade debts | 44 | €179,094 | €295,774 | +€116,680 | +65.2% |
| Suppliers | 440/4 | €179,094 | €295,774 | +€116,680 | +65.2% |
| Advances received on contracts in progress | 46 | - | €32,401 | +€32,401 | |
| Taxes, remuneration and social security | 45 | €44,814 | €87,735 | +€42,921 | +95.8% |
| Taxes | 450/3 | €40,612 | €82,504 | +€41,892 | +103.1% |
| Remuneration and social security | 454/9 | €4,202 | €5,231 | +€1,029 | +24.5% |
| Other amounts payable | 47/48 | €1,500 | €1,500 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €7,711 | €11,062 | +€3,351 | +43.5% |
| Remuneration, social security and pensions | 62 | €30,061 | €37,443 | +€7,382 | +24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,695 | €26,388 | -€3,307 | -11.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,143 | - | -€6,143 | |
| Other operating charges | 640/8 | €4,373 | €12,782 | +€8,408 | +192.3% |
| Gross operating margin | 9900 | €96,420 | €193,856 | +€97,436 | +101.1% |
| Operating profit (loss) | 9901 | €26,148 | €117,244 | +€91,096 | +348.4% |
| Financial income | 75/76B | €1,231 | €282 | -€948 | -77.1% |
| Recurring financial income | 75 | €1,231 | €282 | -€948 | -77.1% |
| Financial charges | 65/66B | €7,242 | €7,605 | +€363 | +5.0% |
| Recurring financial charges | 65 | €7,242 | €7,605 | +€363 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | €20,136 | €109,921 | +€89,785 | +445.9% |
| Income taxes | 67/77 | €2,985 | €24,467 | +€21,482 | +719.7% |
| Profit (loss) for the period | 9904 | €17,151 | €85,454 | +€68,303 | +398.2% |
| Profit (loss) for the period to be appropriated | 9905 | €17,151 | €85,454 | +€68,303 | +398.2% |
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 12 October 2026 via checked.be.