VAAV: 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.
VAAV
Largest movements
- Cash -€30,322
down €30,322 (-29.6%), from €102,500 to €72,177
mainly Contributions, distributions and other (-€30,000) and Debts after one year (-€8,761)
- Receivables within one year -€9,740
down €9,740 (-34.3%), from €28,373 to €18,633
of which Trade receivables: -€8,157
- Tangible fixed assets -€4,163
down €4,163 (-3.8%), from €108,666 to €104,503
of which Land and buildings: -€2,149
- Reserves -€30,000
down €30,000 (-8.3%), from €360,558 to €330,558
- Debts after one year -€8,761
down €8,761 (-85.5%), from €10,249 to €1,487
- Other debts +€6,350
new in 2025: €6,350
- Tax, wage and social debts -€5,566
no longer reported in 2025 (was €5,566)
- Trade debts -€4,437
down €4,437 (-66.8%), from €6,645 to €2,208
- Gross operating margin +€18,934
up €18,934, from -€16,421 to €2,513
- Financial income +€702
up €702 (+88.5%), from €793 to €1,495
- Other operating charges +€595
up €595 (+49.4%), from €1,203 to €1,798
- Taxes -€589
down €589 (-58.7%), from €1,004 to €414
- Depreciation +€254
up €254 (+5.6%), from €4,580 to €4,834
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 | €241,544 | €195,420 | -€46,124 | -19.1% |
| Fixed assets | 21/28 | €108,724 | €104,561 | -€4,163 | -3.8% |
| Tangible fixed assets | 22/27 | €108,666 | €104,503 | -€4,163 | -3.8% |
| Land and buildings | 22 | €95,417 | €93,268 | -€2,149 | -2.3% |
| Plant, machinery and equipment | 23 | €10,853 | €8,922 | -€1,932 | -17.8% |
| Furniture and vehicles | 24 | €396 | €313 | -€82 | -20.8% |
| Other tangible fixed assets | 26 | €2,000 | €2,000 | = | 0.0% |
| Financial fixed assets | 28 | €58 | €58 | = | 0.0% |
| Current assets | 29/58 | €132,820 | €90,860 | -€41,961 | -31.6% |
| Amounts receivable within one year | 40/41 | €28,373 | €18,633 | -€9,740 | -34.3% |
| Trade receivables | 40 | €13,310 | €5,153 | -€8,157 | -61.3% |
| Other amounts receivable | 41 | €15,063 | €13,480 | -€1,583 | -10.5% |
| Cash at bank and in hand | 54/58 | €102,500 | €72,177 | -€30,322 | -29.6% |
| Deferred charges and accrued income | 490/1 | €1,948 | €49 | -€1,898 | -97.5% |
| Total equity and liabilities | 10/49 | €241,544 | €195,420 | -€46,124 | -19.1% |
| Equity | 10/15 | €208,796 | €174,816 | -€33,980 | -16.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €360,558 | €330,558 | -€30,000 | -8.3% |
| Distributable reserves | 133 | €360,558 | €330,558 | -€30,000 | -8.3% |
| Profit (loss) carried forward | 14 | -€164,162 | -€168,142 | -€3,980 | -2.4% |
| Amounts payable | 17/49 | €32,748 | €20,604 | -€12,144 | -37.1% |
| Amounts payable after more than one year | 17 | €10,249 | €1,487 | -€8,761 | -85.5% |
| Financial debts | 170/4 | €10,249 | €1,487 | -€8,761 | -85.5% |
| Amounts payable within one year | 42/48 | €22,499 | €19,116 | -€3,383 | -15.0% |
| Current portion of amounts payable after more than one year | 42 | €10,289 | €10,559 | +€270 | +2.6% |
| Trade debts | 44 | €6,645 | €2,208 | -€4,437 | -66.8% |
| Suppliers | 440/4 | €6,645 | €2,208 | -€4,437 | -66.8% |
| Taxes, remuneration and social security | 45 | €5,566 | - | -€5,566 | |
| Taxes | 450/3 | €5,566 | - | -€5,566 | |
| Other amounts payable | 47/48 | - | €6,350 | +€6,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,580 | €4,834 | +€254 | +5.6% |
| Other operating charges | 640/8 | €1,203 | €1,798 | +€595 | +49.4% |
| Gross operating margin | 9900 | -€16,421 | €2,513 | +€18,934 | |
| Operating profit (loss) | 9901 | -€22,204 | -€4,119 | +€18,085 | +81.4% |
| Financial income | 75/76B | €793 | €1,495 | +€702 | +88.5% |
| Recurring financial income | 75 | €793 | €1,495 | +€702 | +88.5% |
| Financial charges | 65/66B | €1,094 | €941 | -€153 | -14.0% |
| Recurring financial charges | 65 | €1,094 | €941 | -€153 | -14.0% |
| Profit (loss) for the period before taxes | 9903 | -€22,505 | -€3,565 | +€18,940 | +84.2% |
| Income taxes | 67/77 | €1,004 | €414 | -€589 | -58.7% |
| Profit (loss) for the period | 9904 | -€23,509 | -€3,980 | +€19,529 | +83.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€23,509 | -€3,980 | +€19,529 | +83.1% |
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 24 October 2026 via checked.be.