VAARTLINKS: 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.
VAARTLINKS
Largest movements
- Receivables within one year +€25,602
up €25,602 (+162%), from €15,845 to €41,447
of which Trade receivables: +€21,718
- Tangible fixed assets -€3,400
down €3,400 (-27.5%), from €12,351 to €8,951
of which Furniture and vehicles: -€1,905
- Reserves +€24,449
up €24,449 (+69.6%), from €35,131 to €59,580
- Trade debts +€3,013
up €3,013 (+83.1%), from €3,627 to €6,640
- Tax, wage and social debts -€2,397
down €2,397 (-27.7%), from €8,647 to €6,250
- Gross operating margin -€10,726
down €10,726 (-19.2%), from €55,878 to €45,151
- Depreciation -€4,198
down €4,198 (-41.6%), from €10,098 to €5,901
- Taxes -€1,912
down €1,912 (-19.9%), from €9,593 to €7,682
- Financial income -€968
down €968 (-37.5%), from €2,582 to €1,614
- Financial charges +€955
up €955 (+15.2%), from €6,280 to €7,235
of which Financial charges: +€955
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 | €174,189 | €198,196 | +€24,006 | +13.8% |
| Fixed assets | 21/28 | €12,351 | €8,951 | -€3,400 | -27.5% |
| Tangible fixed assets | 22/27 | €12,351 | €8,951 | -€3,400 | -27.5% |
| Land and buildings | 22 | €2,109 | €1,022 | -€1,087 | -51.5% |
| Plant, machinery and equipment | 23 | €690 | €282 | -€408 | -59.1% |
| Furniture and vehicles | 24 | €9,552 | €7,647 | -€1,905 | -19.9% |
| Current assets | 29/58 | €161,838 | €189,245 | +€27,406 | +16.9% |
| Stocks and contracts in progress | 3 | €4,366 | €6,055 | +€1,688 | +38.7% |
| Stocks | 30/36 | €4,366 | €6,055 | +€1,688 | +38.7% |
| Amounts receivable within one year | 40/41 | €15,845 | €41,447 | +€25,602 | +162% |
| Trade receivables | 40 | €13,182 | €34,900 | +€21,718 | +165% |
| Other amounts receivable | 41 | €2,663 | €6,547 | +€3,884 | +146% |
| Cash at bank and in hand | 54/58 | €141,010 | €141,113 | +€103 | +0.1% |
| Deferred charges and accrued income | 490/1 | €617 | €630 | +€13 | +2.1% |
| Total equity and liabilities | 10/49 | €174,189 | €198,196 | +€24,006 | +13.8% |
| Equity | 10/15 | €53,731 | €78,180 | +€24,449 | +45.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €35,131 | €59,580 | +€24,449 | +69.6% |
| Distributable reserves | 133 | €35,131 | €59,580 | +€24,449 | +69.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €120,458 | €120,016 | -€442 | -0.4% |
| Amounts payable within one year | 42/48 | €112,848 | €112,287 | -€560 | -0.5% |
| Trade debts | 44 | €3,627 | €6,640 | +€3,013 | +83.1% |
| Suppliers | 440/4 | €3,627 | €6,640 | +€3,013 | +83.1% |
| Taxes, remuneration and social security | 45 | €8,647 | €6,250 | -€2,397 | -27.7% |
| Taxes | 450/3 | €8,647 | €6,250 | -€2,397 | -27.7% |
| Other amounts payable | 47/48 | €100,573 | €99,397 | -€1,176 | -1.2% |
| Accrued charges and deferred income | 492/3 | €7,611 | €7,729 | +€118 | +1.5% |
| Remuneration, social security and pensions | 62 | €324 | €406 | +€82 | +25.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,098 | €5,901 | -€4,198 | -41.6% |
| Other operating charges | 640/8 | €894 | €919 | +€25 | +2.8% |
| Non-recurring operating charges | 66A | €259 | €174 | -€84 | -32.7% |
| Gross operating margin | 9900 | €55,878 | €45,151 | -€10,726 | -19.2% |
| Operating profit (loss) | 9901 | €44,302 | €37,751 | -€6,551 | -14.8% |
| Financial income | 75/76B | €2,582 | €1,614 | -€968 | -37.5% |
| Recurring financial income | 75 | €2,582 | €1,614 | -€968 | -37.5% |
| Financial charges | 65/66B | €6,280 | €7,235 | +€955 | +15.2% |
| Recurring financial charges | 65 | €6,280 | €7,235 | +€955 | +15.2% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €40,605 | €32,130 | -€8,474 | -20.9% |
| Income taxes | 67/77 | €9,593 | €7,682 | -€1,912 | -19.9% |
| Profit (loss) for the period | 9904 | €31,011 | €24,449 | -€6,563 | -21.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,011 | €24,449 | -€6,563 | -21.2% |
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 23 October 2026 via checked.be.