VAAS Assets: 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.
VAAS Assets
Largest movements
- Stocks and contracts +€2.2m
up €2.2m (+27.9%), from €8.0m to €10.3m
- Receivables within one year -€215,480
down €215,480 (-78.3%), from €275,048 to €59,568
of which Other amounts receivable: -€196,261
- Cash -€143,915
down €143,915 (-60.2%), from €238,920 to €95,005
mainly Debts after one year (-€2.9m) and Stocks and contracts (-€2.2m)
- Current portion of long-term debt +€4.2m
up €4.2m (+229%), from €1.8m to €6.0m
- Debts after one year -€2.9m
down €2.9m (-45.9%), from €6.3m to €3.4m
- Reserves +€500,000
up €500,000 (+316%), from €158,300 to €658,300
of which Distributable reserves: +€500,000
- Gross operating margin +€925,805
up €925,805 (+51.1%), from €1.8m to €2.7m
- Financial charges +€351,535
up €351,535 (+26.9%), from €1.3m to €1.7m
- Taxes +€71,939
up €71,939 (+15.3%), from €470,286 to €542,225
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,734,671 | €10,617,253 | +€1.9m | +21.6% |
| Formation expenses | 20 | - | €0 | = | |
| Fixed assets | 21/28 | €14,976 | €8,358 | -€6,618 | -44.2% |
| Tangible fixed assets | 22/27 | €12,726 | €8,358 | -€4,368 | -34.3% |
| Plant, machinery and equipment | 23 | €1,540 | €1,187 | -€353 | -22.9% |
| Furniture and vehicles | 24 | €11,186 | €7,171 | -€4,015 | -35.9% |
| Financial fixed assets | 28 | €2,250 | - | -€2,250 | |
| Current assets | 29/58 | €8,719,695 | €10,608,895 | +€1.9m | +21.7% |
| Amounts receivable after more than one year | 29 | €160,000 | €160,000 | = | 0.0% |
| Trade receivables | 290 | €160,000 | €160,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €8,045,728 | €10,294,322 | +€2.2m | +27.9% |
| Stocks | 30/36 | €8,045,728 | €10,294,322 | +€2.2m | +27.9% |
| Amounts receivable within one year | 40/41 | €275,048 | €59,568 | -€215,480 | -78.3% |
| Trade receivables | 40 | €19,218 | - | -€19,218 | |
| Other amounts receivable | 41 | €255,829 | €59,568 | -€196,261 | -76.7% |
| Cash at bank and in hand | 54/58 | €238,920 | €95,005 | -€143,915 | -60.2% |
| Total equity and liabilities | 10/49 | €8,734,671 | €10,617,253 | +€1.9m | +21.6% |
| Equity | 10/15 | €233,124 | €779,167 | +€546,043 | +234% |
| Contributions | 10/11 | €6,800 | €6,800 | = | 0.0% |
| Reserves | 13 | €158,300 | €658,300 | +€500,000 | +316% |
| 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 | €156,440 | €656,440 | +€500,000 | +320% |
| Profit (loss) carried forward | 14 | €68,023 | €114,067 | +€46,043 | +67.7% |
| Amounts payable | 17/49 | €8,501,548 | €9,838,086 | +€1.3m | +15.7% |
| Amounts payable after more than one year | 17 | €6,300,000 | €3,411,000 | -€2.9m | -45.9% |
| Financial debts | 170/4 | €6,300,000 | €3,411,000 | -€2.9m | -45.9% |
| Amounts payable within one year | 42/48 | €2,201,548 | €6,427,086 | +€4.2m | +192% |
| Current portion of amounts payable after more than one year | 42 | €1,840,000 | €6,048,766 | +€4.2m | +229% |
| Trade debts | 44 | €14,299 | €5,399 | -€8,900 | -62.2% |
| Suppliers | 440/4 | €14,299 | €5,399 | -€8,900 | -62.2% |
| Taxes, remuneration and social security | 45 | €307,248 | €372,920 | +€65,672 | +21.4% |
| Taxes | 450/3 | €307,248 | €372,420 | +€65,172 | +21.2% |
| Remuneration and social security | 454/9 | - | €501 | +€501 | |
| Other amounts payable | 47/48 | €40,000 | - | -€40,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,399 | €4,368 | -€1,031 | -19.1% |
| Other operating charges | 640/8 | €518 | €451 | -€67 | -12.9% |
| Gross operating margin | 9900 | €1,813,351 | €2,739,156 | +€925,805 | +51.1% |
| Operating profit (loss) | 9901 | €1,807,435 | €2,734,337 | +€926,903 | +51.3% |
| Financial income | 75/76B | €6,337 | €13,344 | +€7,007 | +111% |
| Recurring financial income | 75 | €6,337 | €13,344 | +€7,007 | +111% |
| Financial charges | 65/66B | €1,307,878 | €1,659,413 | +€351,535 | +26.9% |
| Recurring financial charges | 65 | €1,307,878 | €1,659,413 | +€351,535 | +26.9% |
| Profit (loss) for the period before taxes | 9903 | €505,893 | €1,088,268 | +€582,375 | +115% |
| Income taxes | 67/77 | €470,286 | €542,225 | +€71,939 | +15.3% |
| Profit (loss) for the period | 9904 | €35,607 | €546,043 | +€510,436 | +1,434% |
| Profit (loss) for the period to be appropriated | 9905 | €35,607 | €546,043 | +€510,436 | +1,434% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.