VAARTS: 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.
VAARTS
Largest movements
- Receivables within one year +€87,008
up €87,008 (+76.8%), from €113,221 to €200,229
of which Other amounts receivable: +€165,613
- Stocks and contracts +€37,599
up €37,599 (+100.8%), from €37,315 to €74,914
- Intangible fixed assets -€21,000
down €21,000 (-25.0%), from €84,000 to €63,000
- Cash -€9,309
down €9,309 (-45.6%), from €20,401 to €11,092
mainly Receivables within one year (-€87,008) and Stocks and contracts (-€37,599)
- Other debts +€51,378
up €51,378 (+140.9%), from €36,474 to €87,853
- Trade debts +€44,011
up €44,011 (+159.1%), from €27,658 to €71,668
- Tax, wage and social debts -€3,699
down €3,699 (-9.8%), from €37,592 to €33,893
of which Taxes: -€13,606
- Turnover +€395,289
new in 2025: €395,289
- Gross operating margin -€212,591
no longer reported in 2025 (was €212,591)
- Services and other goods +€113,762
new in 2025: €113,762
- Goods and materials +€109,118
new in 2025: €109,118
of which Purchases: +€126,914
- Staff costs +€33,728
up €33,728 (+25.5%), from €132,413 to €166,141
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 | €257,932 | €351,816 | +€93,883 | +36.4% |
| Fixed assets | 21/28 | €84,000 | €64,033 | -€19,967 | -23.8% |
| Intangible fixed assets | 21 | €84,000 | €63,000 | -€21,000 | -25.0% |
| Tangible fixed assets | 22/27 | - | €1,033 | +€1,033 | |
| Furniture and vehicles | 24 | - | €1,033 | +€1,033 | |
| Current assets | 29/58 | €173,932 | €287,783 | +€113,851 | +65.5% |
| Stocks and contracts in progress | 3 | €37,315 | €74,914 | +€37,599 | +100.8% |
| Stocks | 30/36 | €37,315 | €74,914 | +€37,599 | +100.8% |
| Raw materials and consumables | 30/31 | - | €55,110 | +€55,110 | |
| Finished goods | 33 | - | €19,803 | +€19,803 | |
| Amounts receivable within one year | 40/41 | €113,221 | €200,229 | +€87,008 | +76.8% |
| Trade receivables | 40 | €104,237 | €25,632 | -€78,605 | -75.4% |
| Other amounts receivable | 41 | €8,984 | €174,597 | +€165,613 | +1843.4% |
| Current investments | 50/53 | €449 | €0 | -€449 | -100.0% |
| Other investments | 51/53 | - | €0 | +€0 | |
| Cash at bank and in hand | 54/58 | €20,401 | €11,092 | -€9,309 | -45.6% |
| Deferred charges and accrued income | 490/1 | €2,546 | €1,548 | -€999 | -39.2% |
| Total equity and liabilities | 10/49 | €257,932 | €351,816 | +€93,883 | +36.4% |
| Equity | 10/15 | €155,408 | €158,402 | +€2,994 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €78,280 | €78,280 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €76,420 | €76,420 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,528 | €61,522 | +€2,994 | +5.1% |
| Amounts payable | 17/49 | €102,524 | €193,414 | +€90,890 | +88.7% |
| Amounts payable within one year | 42/48 | €101,724 | €193,414 | +€91,690 | +90.1% |
| Trade debts | 44 | €27,658 | €71,668 | +€44,011 | +159.1% |
| Suppliers | 440/4 | €27,658 | €71,668 | +€44,011 | +159.1% |
| Taxes, remuneration and social security | 45 | €37,592 | €33,893 | -€3,699 | -9.8% |
| Taxes | 450/3 | €26,548 | €12,943 | -€13,606 | -51.2% |
| Remuneration and social security | 454/9 | €11,044 | €20,950 | +€9,906 | +89.7% |
| Other amounts payable | 47/48 | €36,474 | €87,853 | +€51,378 | +140.9% |
| Accrued charges and deferred income | 492/3 | €800 | - | -€800 | |
| Operating income | 70/76A | - | €416,481 | +€416,481 | |
| Turnover | 70 | - | €395,289 | +€395,289 | |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | - | €19,803 | +€19,803 | |
| Other operating income | 74 | - | €1,389 | +€1,389 | |
| Operating charges | 60/66A | - | €410,632 | +€410,632 | |
| Goods for resale, raw materials and consumables | 60 | - | €109,118 | +€109,118 | |
| Purchases | 600/8 | - | €126,914 | +€126,914 | |
| Change in stocks: decrease (increase) | 609 | - | -€17,796 | -€17,796 | |
| Services and other goods | 61 | - | €113,762 | +€113,762 | |
| Remuneration, social security and pensions | 62 | €132,413 | €166,141 | +€33,728 | +25.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,000 | €21,127 | +€127 | +0.6% |
| Other operating charges | 640/8 | €798 | €483 | -€315 | -39.5% |
| Gross operating margin | 9900 | €212,591 | - | -€212,591 | |
| Operating profit (loss) | 9901 | €58,380 | €5,849 | -€52,530 | -90.0% |
| Financial income | 75/76B | €2,182 | €146 | -€2,036 | -93.3% |
| Recurring financial income | 75 | €2,182 | €146 | -€2,036 | -93.3% |
| Income from current assets | 751 | - | €145 | +€145 | |
| Other financial income | 752/9 | - | €1 | +€1 | |
| Financial charges | 65/66B | €985 | €268 | -€718 | -72.8% |
| Recurring financial charges | 65 | €985 | €268 | -€718 | -72.8% |
| Other financial charges | 652/9 | - | €268 | +€268 | |
| Profit (loss) for the period before taxes | 9903 | €59,576 | €5,727 | -€53,849 | -90.4% |
| Income taxes | 67/77 | €14,319 | €2,734 | -€11,585 | -80.9% |
| Taxes | 670/3 | - | €2,743 | +€2,743 | |
| Tax adjustments and reversals of tax provisions | 77 | - | €10 | +€10 | |
| Profit (loss) for the period | 9904 | €45,258 | €2,994 | -€42,264 | -93.4% |
| Profit (loss) for the period to be appropriated | 9905 | €45,258 | €2,994 | -€42,264 | -93.4% |
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.