VAARTCO: 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.
VAARTCO
Largest movements
- Tangible fixed assets -€31,190
down €31,190 (-4.8%), from €649,472 to €618,282
of which Land and buildings: -€23,980
- Cash -€8,101
down €8,101 (-79.9%), from €10,133 to €2,032
mainly Debts after one year (-€31,484) and Net result for the year (-€8,354)
- Debts after one year -€31,484
down €31,484 (-5.3%), from €592,908 to €561,424
of which Financial debts: -€41,484
- Profit (loss) carried forward -€8,354
down €8,354 (-13.9%), from -€59,954 to -€68,307
- Gross operating margin -€14,734
down €14,734 (-27.3%), from €53,976 to €39,242
- Depreciation -€973
down €973 (-3.0%), from €32,163 to €31,190
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 | €669,575 | €635,418 | -€34,157 | -5.1% |
| Fixed assets | 21/28 | €649,572 | €618,382 | -€31,190 | -4.8% |
| Tangible fixed assets | 22/27 | €649,472 | €618,282 | -€31,190 | -4.8% |
| Land and buildings | 22 | €615,533 | €591,552 | -€23,980 | -3.9% |
| Plant, machinery and equipment | 23 | €27,182 | €21,612 | -€5,570 | -20.5% |
| Furniture and vehicles | 24 | €6,757 | €5,117 | -€1,640 | -24.3% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €20,003 | €17,036 | -€2,967 | -14.8% |
| Amounts receivable within one year | 40/41 | €8,777 | €14,035 | +€5,259 | +59.9% |
| Trade receivables | 40 | €8,757 | €13,249 | +€4,492 | +51.3% |
| Other amounts receivable | 41 | €20 | €787 | +€767 | +3832.5% |
| Cash at bank and in hand | 54/58 | €10,133 | €2,032 | -€8,101 | -79.9% |
| Deferred charges and accrued income | 490/1 | €1,094 | €969 | -€125 | -11.4% |
| Total equity and liabilities | 10/49 | €669,575 | €635,418 | -€34,157 | -5.1% |
| Equity | 10/15 | €30,046 | €21,693 | -€8,354 | -27.8% |
| Contributions | 10/11 | €90,000 | €90,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€59,954 | -€68,307 | -€8,354 | -13.9% |
| Amounts payable | 17/49 | €639,529 | €613,725 | -€25,803 | -4.0% |
| Amounts payable after more than one year | 17 | €592,908 | €561,424 | -€31,484 | -5.3% |
| Financial debts | 170/4 | €417,424 | €375,940 | -€41,484 | -9.9% |
| Other amounts payable | 178/9 | €175,484 | €185,484 | +€10,000 | +5.7% |
| Amounts payable within one year | 42/48 | €46,621 | €52,301 | +€5,680 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €40,775 | €41,484 | +€708 | +1.7% |
| Trade debts | 44 | €2,291 | €8,692 | +€6,401 | +279.5% |
| Suppliers | 440/4 | €2,291 | €8,692 | +€6,401 | +279.5% |
| Taxes, remuneration and social security | 45 | €3,450 | €1,857 | -€1,593 | -46.2% |
| Taxes | 450/3 | €3,150 | €1,292 | -€1,858 | -59.0% |
| Remuneration and social security | 454/9 | €300 | €565 | +€265 | +88.2% |
| Other amounts payable | 47/48 | €105 | €269 | +€164 | +156.2% |
| Remuneration, social security and pensions | 62 | €3,827 | €3,501 | -€325 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,163 | €31,190 | -€973 | -3.0% |
| Other operating charges | 640/8 | €4,728 | €4,876 | +€149 | +3.1% |
| Gross operating margin | 9900 | €53,976 | €39,242 | -€14,734 | -27.3% |
| Operating profit (loss) | 9901 | €13,259 | -€326 | -€13,584 | |
| Financial income | 75/76B | €0 | €27 | +€27 | +24545.5% |
| Recurring financial income | 75 | €0 | €27 | +€27 | +24545.5% |
| Financial charges | 65/66B | €8,046 | €8,055 | +€8 | +0.1% |
| Recurring financial charges | 65 | €8,046 | €8,055 | +€8 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €5,212 | -€8,354 | -€13,566 | |
| Profit (loss) for the period | 9904 | €5,212 | -€8,354 | -€13,566 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,212 | -€8,354 | -€13,566 |
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 7 October 2026 via checked.be.