VAARTKOM # 94: what changed
What changed
VAARTKOM # 94
NACE 68.121, Development of residential building projects
filed annual accounts (NBB)
Net result for the year
€366,097
2024 · €325,946+€40,151
Equity
€7.3m
2024 · €7.0m+€308,167
Cash
€317,280
2024 · €380,193-€62,912
Balance sheet total
€16.4m
2024 · €16.9m-€513,984
Largest movements
Assets
- Tangible fixed assets -€648,488
down €648,488 (-4.1%), from €15.7m to €15.0m
of which Land and buildings: -€479,367
- Receivables within one year +€196,274
up €196,274 (+23.8%), from €826,075 to €1.0m
of which Other amounts receivable: +€196,474
Equity and liabilities
- Debts after one year -€878,575
down €878,575 (-10.2%), from €8.6m to €7.7m
of which Financial debts: -€878,575
- Profit (loss) carried forward +€302,792
up €302,792 (+41.2%), from €734,460 to €1.0m
Income statement
- Depreciation -€107,967
down €107,967 (-14.3%), from €756,455 to €648,488
- Financial income +€70,100
up €70,100 (+285%), from €24,597 to €94,698
- Gross operating margin -€49,378
down €49,378 (-3.1%), from €1.6m to €1.5m
- Taxes +€42,669
up €42,669 (+61.8%), from €69,003 to €111,672
- Other operating charges +€36,763
up €36,763 (+42.6%), from €86,335 to €123,098
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€325,946
Gross operating margin
-€49,378
Staff costs
-€5,636
Depreciation
+€107,967
Other operating charges
-€36,763
Financial income
+€70,100
Financial charges
-€3,470
Taxes
-€42,669
Result 2025
€366,097
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€858,109
Investment
€0
Financing
-€921,022
Cash 2024
€380,193
From operations (derived)
+€858,109
Net result for the year
+€366,097
Depreciation
+€648,488
Receivables within one year
-€196,274
Deferred charges and accrued income
-€1,143
Trade debts
+€65,615
Tax, wage and social debts
-€40,455
Advances received
+€29,014
Other debts
-€7,500
Accrued charges and deferred income
-€5,733
Financing
-€921,022
Debts after one year
-€878,575
Current portion of long-term debt
+€15,482
Contributions, distributions and other
-€57,929
Cash 2025
€317,280
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €16,915,658 | €16,401,674 | -€513,984 | -3.0% |
| Fixed assets | 21/28 | €15,657,134 | €15,008,645 | -€648,488 | -4.1% |
| Tangible fixed assets | 22/27 | €15,657,134 | €15,008,645 | -€648,488 | -4.1% |
| Land and buildings | 22 | €14,761,236 | €14,281,869 | -€479,367 | -3.2% |
| Plant, machinery and equipment | 23 | €895,898 | €726,777 | -€169,121 | -18.9% |
| Current assets | 29/58 | €1,258,524 | €1,393,028 | +€134,504 | +10.7% |
| Amounts receivable within one year | 40/41 | €826,075 | €1,022,349 | +€196,274 | +23.8% |
| Trade receivables | 40 | €501 | €301 | -€200 | -39.9% |
| Other amounts receivable | 41 | €825,574 | €1,022,048 | +€196,474 | +23.8% |
| Cash at bank and in hand | 54/58 | €380,193 | €317,280 | -€62,912 | -16.5% |
| Deferred charges and accrued income | 490/1 | €52,256 | €53,399 | +€1,143 | +2.2% |
| Total equity and liabilities | 10/49 | €16,915,658 | €16,401,674 | -€513,984 | -3.0% |
| Equity | 10/15 | €6,998,612 | €7,306,779 | +€308,167 | +4.4% |
| Contributions | 10/11 | €2,700,487 | €2,700,487 | = | 0.0% |
| Capital | 10 | €2,700,487 | €2,700,487 | = | 0.0% |
| Issued capital | 100 | €2,700,487 | €2,700,487 | = | 0.0% |
| Revaluation surpluses | 12 | €3,151,489 | €3,148,030 | -€3,459 | -0.1% |
| Reserves | 13 | €114,912 | €136,676 | +€21,764 | +18.9% |
| Non-distributable reserves | 130/1 | €79,931 | €98,235 | +€18,305 | +22.9% |
| Legal reserve | 130 | €79,931 | €98,235 | +€18,305 | +22.9% |
| Distributable reserves | 133 | €34,982 | €38,441 | +€3,459 | +9.9% |
| Profit (loss) carried forward | 14 | €734,460 | €1,037,252 | +€302,792 | +41.2% |
| Investment grants | 15 | €297,263 | €284,334 | -€12,929 | -4.3% |
| Amounts payable | 17/49 | €9,917,046 | €9,094,895 | -€822,152 | -8.3% |
| Amounts payable after more than one year | 17 | €8,597,547 | €7,718,972 | -€878,575 | -10.2% |
| Financial debts | 170/4 | €8,593,781 | €7,715,206 | -€878,575 | -10.2% |
| Other amounts payable | 178/9 | €3,766 | €3,766 | = | 0.0% |
| Amounts payable within one year | 42/48 | €1,271,749 | €1,333,906 | +€62,156 | +4.9% |
| Current portion of amounts payable after more than one year | 42 | €863,093 | €878,576 | +€15,482 | +1.8% |
| Trade debts | 44 | €35,945 | €101,560 | +€65,615 | +183% |
| Suppliers | 440/4 | €35,945 | €101,560 | +€65,615 | +183% |
| Advances received on contracts in progress | 46 | €177,799 | €206,813 | +€29,014 | +16.3% |
| Taxes, remuneration and social security | 45 | €112,412 | €71,957 | -€40,455 | -36.0% |
| Taxes | 450/3 | €84,930 | €43,567 | -€41,363 | -48.7% |
| Remuneration and social security | 454/9 | €27,482 | €28,390 | +€908 | +3.3% |
| Other amounts payable | 47/48 | €82,500 | €75,000 | -€7,500 | -9.1% |
| Accrued charges and deferred income | 492/3 | €47,750 | €42,017 | -€5,733 | -12.0% |
| Remuneration, social security and pensions | 62 | €158,407 | €164,043 | +€5,636 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €756,455 | €648,488 | -€107,967 | -14.3% |
| Other operating charges | 640/8 | €86,335 | €123,098 | +€36,763 | +42.6% |
| Gross operating margin | 9900 | €1,585,911 | €1,536,532 | -€49,378 | -3.1% |
| Operating profit (loss) | 9901 | €584,714 | €600,903 | +€16,189 | +2.8% |
| Financial income | 75/76B | €24,597 | €94,698 | +€70,100 | +285% |
| Recurring financial income | 75 | €24,597 | €94,698 | +€70,100 | +285% |
| Financial charges | 65/66B | €214,362 | €217,832 | +€3,470 | +1.6% |
| Recurring financial charges | 65 | €214,362 | €217,832 | +€3,470 | +1.6% |
| Profit (loss) for the period before taxes | 9903 | €394,949 | €477,769 | +€82,820 | +21.0% |
| Income taxes | 67/77 | €69,003 | €111,672 | +€42,669 | +61.8% |
| Profit (loss) for the period | 9904 | €325,946 | €366,097 | +€40,151 | +12.3% |
| Profit (loss) for the period to be appropriated | 9905 | €325,946 | €366,097 | +€40,151 | +12.3% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 15 September 2024 and 15 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.