VAARTKAAI: 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.
What changed
VAARTKAAI
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€32,157
2024 · €70,770-€102,927
Equity
€8.1m
2024 · €8.8m-€732,157
Cash
€308,776
2024 · €315,969-€7,193
Balance sheet total
€14.9m
2024 · €16.0m-€1.2m
Largest movements
Assets
- Receivables within one year -€4.8m
down €4.8m (-96.6%), from €5.0m to €168,247
of which Other amounts receivable: -€4.8m
- Receivables after one year +€4.5m
new in 2025: €4.5m
- Tangible fixed assets -€607,574
down €607,574 (-5.9%), from €10.4m to €9.8m
of which Land and buildings: -€607,574
- Current investments -€230,000
no longer reported in 2025 (was €230,000)
Equity and liabilities
- Revaluation surpluses -€594,760
down €594,760 (-78.3%), from €760,044 to €165,284
- Tax, wage and social debts -€312,760
down €312,760 (-96.3%), from €324,903 to €12,142
- Debts after one year -€171,346
down €171,346 (-3.0%), from €5.7m to €5.6m
of which Financial debts: -€145,716
Income statement
- Gross operating margin -€143,863
down €143,863 (-13.4%), from €1.1m to €927,015
- Financial charges -€64,653
down €64,653 (-27.1%), from €238,710 to €174,057
- Taxes -€49,250
down €49,250 (-21.3%), from €230,807 to €181,557
- Financial income -€31,792
down €31,792 (-19.9%), from €159,629 to €127,837
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.
Result 2024
€70,770
Gross operating margin
-€143,863
Write-downs
-€9,400
Other operating charges
-€2,911
Other operating items
-€28,864
Financial income
-€31,792
Financial charges
+€64,653
Taxes
+€49,250
Result 2025
-€32,157
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€634,153
Investment
+€230,000
Financing
-€871,346
Cash 2024
€315,969
From operations (derived)
+€634,153
Net result for the year
-€32,157
Depreciation
+€607,574
Receivables after one year
-€4.5m
Receivables within one year
+€4.8m
Deferred charges and accrued income
+€34,071
Trade debts
-€39,603
Tax, wage and social debts
-€312,760
Other debts
+€150,875
Accrued charges and deferred income
-€68,954
Investment (derived)
+€230,000
Current investments
+€230,000
Financing
-€871,346
Debts after one year
-€171,346
Contributions, distributions and other
-€700,000
Cash 2025
€308,776
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,031,265 | €14,857,320 | -€1.2m | -7.3% |
| Fixed assets | 21/28 | €10,375,060 | €9,767,486 | -€607,574 | -5.9% |
| Tangible fixed assets | 22/27 | €10,372,660 | €9,765,086 | -€607,574 | -5.9% |
| Land and buildings | 22 | €10,368,114 | €9,760,541 | -€607,574 | -5.9% |
| Other tangible fixed assets | 26 | €4,545 | €4,545 | = | 0.0% |
| Financial fixed assets | 28 | €2,400 | €2,400 | = | 0.0% |
| Current assets | 29/58 | €5,656,205 | €5,089,834 | -€566,371 | -10.0% |
| Amounts receivable after more than one year | 29 | - | €4,493,289 | +€4.5m | |
| Other amounts receivable | 291 | - | €4,493,289 | +€4.5m | |
| Amounts receivable within one year | 40/41 | €4,956,643 | €168,247 | -€4.8m | -96.6% |
| Trade receivables | 40 | €190,597 | €168,247 | -€22,351 | -11.7% |
| Other amounts receivable | 41 | €4,766,046 | - | -€4.8m | |
| Current investments | 50/53 | €230,000 | - | -€230,000 | |
| Cash at bank and in hand | 54/58 | €315,969 | €308,776 | -€7,193 | -2.3% |
| Deferred charges and accrued income | 490/1 | €153,593 | €119,522 | -€34,071 | -22.2% |
| Total equity and liabilities | 10/49 | €16,031,265 | €14,857,320 | -€1.2m | -7.3% |
| Equity | 10/15 | €8,848,146 | €8,115,989 | -€732,157 | -8.3% |
| Contributions | 10/11 | €7,202,905 | €7,202,905 | = | 0.0% |
| Capital | 10 | €7,202,905 | €7,202,905 | = | 0.0% |
| Issued capital | 100 | €7,202,905 | €7,202,905 | = | 0.0% |
| Revaluation surpluses | 12 | €760,044 | €165,284 | -€594,760 | -78.3% |
| Reserves | 13 | €885,198 | €747,800 | -€137,397 | -15.5% |
| Non-distributable reserves | 130/1 | €720,290 | €720,290 | = | 0.0% |
| Legal reserve | 130 | €720,290 | €720,290 | = | 0.0% |
| Distributable reserves | 133 | €164,907 | €27,510 | -€137,397 | -83.3% |
| Amounts payable | 17/49 | €7,183,119 | €6,741,331 | -€441,788 | -6.2% |
| Amounts payable after more than one year | 17 | €5,722,536 | €5,551,190 | -€171,346 | -3.0% |
| Financial debts | 170/4 | €5,674,814 | €5,529,098 | -€145,716 | -2.6% |
| Other amounts payable | 178/9 | €47,722 | €22,092 | -€25,630 | -53.7% |
| Amounts payable within one year | 42/48 | €1,153,147 | €951,659 | -€201,488 | -17.5% |
| Current portion of amounts payable after more than one year | 42 | €145,716 | €145,716 | = | 0.0% |
| Trade debts | 44 | €132,529 | €92,926 | -€39,603 | -29.9% |
| Suppliers | 440/4 | €132,529 | €92,926 | -€39,603 | -29.9% |
| Taxes, remuneration and social security | 45 | €324,903 | €12,142 | -€312,760 | -96.3% |
| Taxes | 450/3 | €324,903 | €12,142 | -€312,760 | -96.3% |
| Other amounts payable | 47/48 | €550,000 | €700,875 | +€150,875 | +27.4% |
| Accrued charges and deferred income | 492/3 | €307,436 | €238,482 | -€68,954 | -22.4% |
| Non-recurring operating income | 76A | - | €24,755 | +€24,755 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €607,574 | €607,574 | = | 0.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €3,140 | €12,541 | +€9,400 | +299% |
| Other operating charges | 640/8 | €79,506 | €82,417 | +€2,911 | +3.7% |
| Non-recurring operating charges | 66A | - | €28,864 | +€28,864 | |
| Gross operating margin | 9900 | €1,070,879 | €927,015 | -€143,863 | -13.4% |
| Operating profit (loss) | 9901 | €380,659 | €195,620 | -€185,039 | -48.6% |
| Financial income | 75/76B | €159,629 | €127,837 | -€31,792 | -19.9% |
| Recurring financial income | 75 | €159,629 | €127,837 | -€31,792 | -19.9% |
| Financial charges | 65/66B | €238,710 | €174,057 | -€64,653 | -27.1% |
| Recurring financial charges | 65 | €238,710 | €174,057 | -€64,653 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €301,577 | €149,400 | -€152,177 | -50.5% |
| Income taxes | 67/77 | €230,807 | €181,557 | -€49,250 | -21.3% |
| Profit (loss) for the period | 9904 | €70,770 | -€32,157 | -€102,927 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,770 | -€32,157 | -€102,927 |
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 23 October 2026 via checked.be.