VAB: 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.
What changed
VAB
NACE 95.311, General maintenance and repair of cars and light vans (up to 3.5 tonnes)
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€6.5m
2024 · €500,950+€6.0m
Equity
€65.6m
2024 · €59.2m+€6.4m
Cash
€14.4m
2024 · €11.9m+€2.5m
Balance sheet total
€137.2m
2024 · €130.4m+€6.8m
Largest movements
Assets
- Tangible fixed assets +€5.4m
up €5.4m (+14.4%), from €37.2m to €42.5m
of which Assets under construction and advance payments: +€2.9m
- Receivables after one year -€2.9m
no longer reported in 2025 (was €2.9m)
- Cash +€2.5m
up €2.5m (+20.8%), from €11.9m to €14.4m
mainly Depreciation (+€16.7m) and Trade debts (+€7.0m)
- Receivables within one year +€2.1m
up €2.1m (+4.8%), from €43.8m to €45.9m
of which Other amounts receivable: +€4.4m
Equity and liabilities
- Trade debts +€7.0m
up €7.0m (+42.5%), from €16.4m to €23.4m
- Profit (loss) carried forward +€6.5m
up €6.5m (+13.6%), from €47.7m to €54.2m
- Tax, wage and social debts -€4.2m
down €4.2m (-39.0%), from €10.8m to €6.6m
of which Remuneration and social security: -€4.7m
- Debts after one year -€1.9m
down €1.9m (-23.6%), from €8.1m to €6.2m
Income statement
- Staff costs -€9.7m
down €9.7m (-16.3%), from €59.6m to €49.9m
- Goods and materials +€7.3m
up €7.3m (+5.4%), from €134.1m to €141.3m
of which Purchases: +€7.3m
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.
Result 2024
€500,950
Turnover
-€629,551
Other operating income
+€713,015
Goods and materials
-€7.3m
Services and other goods
+€1.6m
Staff costs
+€9.7m
Depreciation
-€2.0m
Write-downs
+€603,198
Provisions
+€29,985
Other operating charges
-€117,937
Other operating items
+€5.1m
Financial income
+€968
Financial charges
+€150,093
Taxes
-€2.0m
Deferred taxes and other
-€14,896
Result 2025
€6.5m
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.
From operations
+€26.2m
Investment
-€21.7m
Financing
-€1.9m
Cash 2024
€11.9m
From operations (derived)
+€26.2m
Net result for the year
+€6.5m
Depreciation
+€16.7m
Receivables after one year
+€2.9m
Smaller working-capital items
-€11,234
Receivables within one year
-€2.1m
Trade debts
+€7.0m
Tax, wage and social debts
-€4.2m
Accrued charges and deferred income
-€531,025
Investment (derived)
-€21.7m
Investment in fixed assets (net)
-€21.7m
Financing
-€1.9m
Debts after one year
-€1.9m
Current portion of long-term debt
+€71,103
Contributions, distributions and other
-€96,875
Cash 2025
€14.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €130,429,421 | €137,212,208 | +€6.8m | +5.2% |
| Fixed assets | 21/28 | €66,120,700 | €71,165,035 | +€5.0m | +7.6% |
| Intangible fixed assets | 21 | €20,254,517 | €19,933,816 | -€320,701 | -1.6% |
| Tangible fixed assets | 22/27 | €37,166,493 | €42,531,529 | +€5.4m | +14.4% |
| Land and buildings | 22 | €3,368,251 | €3,934,349 | +€566,097 | +16.8% |
| Plant, machinery and equipment | 23 | €709,520 | €1,101,804 | +€392,284 | +55.3% |
| Furniture and vehicles | 24 | €31,425,125 | €32,682,255 | +€1.3m | +4.0% |
| Other tangible fixed assets | 26 | €451,012 | €712,835 | +€261,824 | +58.1% |
| Assets under construction and advance payments | 27 | €1,212,585 | €4,100,286 | +€2.9m | +238.1% |
| Financial fixed assets | 28 | €8,699,690 | €8,699,690 | = | 0.0% |
| Affiliated companies | 280/1 | €8,637,934 | €8,637,934 | = | 0.0% |
| Participating interests | 280 | €8,637,934 | €8,637,934 | = | 0.0% |
| Other financial fixed assets | 284/8 | €61,756 | €61,756 | = | 0.0% |
| Shares | 284 | €25,000 | €25,000 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €36,756 | €36,756 | = | 0.0% |
| Current assets | 29/58 | €64,308,721 | €66,047,174 | +€1.7m | +2.7% |
| Amounts receivable after more than one year | 29 | €2,850,000 | - | -€2.9m | |
| Other amounts receivable | 291 | €2,850,000 | - | -€2.9m | |
| Stocks and contracts in progress | 3 | €2,564,123 | €2,510,904 | -€53,219 | -2.1% |
| Stocks | 30/36 | €2,564,123 | €2,510,904 | -€53,219 | -2.1% |
| Goods purchased for resale | 34 | €2,564,123 | €2,510,904 | -€53,219 | -2.1% |
| Amounts receivable within one year | 40/41 | €43,784,062 | €45,901,390 | +€2.1m | +4.8% |
| Trade receivables | 40 | €43,473,735 | €41,150,796 | -€2.3m | -5.3% |
| Other amounts receivable | 41 | €310,327 | €4,750,593 | +€4.4m | +1430.8% |
| Cash at bank and in hand | 54/58 | €11,931,331 | €14,413,826 | +€2.5m | +20.8% |
| Deferred charges and accrued income | 490/1 | €3,179,205 | €3,221,055 | +€41,850 | +1.3% |
| Total equity and liabilities | 10/49 | €130,429,421 | €137,212,208 | +€6.8m | +5.2% |
| Equity | 10/15 | €59,197,289 | €65,600,418 | +€6.4m | +10.8% |
| Contributions | 10/11 | €3,289,372 | €3,289,372 | = | 0.0% |
| Capital | 10 | €3,289,372 | €3,289,372 | = | 0.0% |
| Issued capital | 100 | €3,289,372 | €3,289,372 | = | 0.0% |
| Reserves | 13 | €8,221,567 | €8,155,171 | -€66,397 | -0.8% |
| Non-distributable reserves | 130/1 | €328,937 | €328,937 | = | 0.0% |
| Legal reserve | 130 | €328,937 | €328,937 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,530,292 | €1,463,895 | -€66,397 | -4.3% |
| Distributable reserves | 133 | €6,362,338 | €6,362,338 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,686,349 | €54,155,875 | +€6.5m | +13.6% |
| Provisions and deferred taxes | 16 | €80,025 | €51,211 | -€28,814 | -36.0% |
| Provisions for liabilities and charges | 160/5 | €44,763 | €38,081 | -€6,682 | -14.9% |
| Other liabilities and charges | 164/5 | €44,763 | €38,081 | -€6,682 | -14.9% |
| Deferred taxes | 168 | €35,262 | €13,130 | -€22,132 | -62.8% |
| Amounts payable | 17/49 | €71,152,107 | €71,560,580 | +€408,473 | +0.6% |
| Amounts payable after more than one year | 17 | €8,147,689 | €6,224,275 | -€1.9m | -23.6% |
| Financial debts | 170/4 | €8,147,689 | €6,224,275 | -€1.9m | -23.6% |
| Credit institutions | 173 | €8,147,689 | €6,224,275 | -€1.9m | -23.6% |
| Amounts payable within one year | 42/48 | €30,041,439 | €32,904,351 | +€2.9m | +9.5% |
| Current portion of amounts payable after more than one year | 42 | €1,852,311 | €1,923,414 | +€71,103 | +3.8% |
| Trade debts | 44 | €16,445,667 | €23,434,449 | +€7.0m | +42.5% |
| Suppliers | 440/4 | €16,445,667 | €23,434,449 | +€7.0m | +42.5% |
| Advances received on contracts in progress | 46 | €40,000 | €40,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €10,787,542 | €6,584,357 | -€4.2m | -39.0% |
| Taxes | 450/3 | €2,647,026 | €3,102,424 | +€455,398 | +17.2% |
| Remuneration and social security | 454/9 | €8,140,516 | €3,481,933 | -€4.7m | -57.2% |
| Other amounts payable | 47/48 | €915,920 | €922,130 | +€6,211 | +0.7% |
| Accrued charges and deferred income | 492/3 | €32,962,978 | €32,431,953 | -€531,025 | -1.6% |
| Operating income | 70/76A | €245,335,198 | €251,465,852 | +€6.1m | +2.5% |
| Turnover | 70 | €237,793,344 | €237,163,793 | -€629,551 | -0.3% |
| Own construction capitalised | 72 | €1,154,544 | €1,655,135 | +€500,591 | +43.4% |
| Other operating income | 74 | €6,387,309 | €7,100,324 | +€713,015 | +11.2% |
| Non-recurring operating income | 76A | - | €5,546,600 | +€5.5m | |
| Operating charges | 60/66A | €243,781,575 | €242,089,501 | -€1.7m | -0.7% |
| Goods for resale, raw materials and consumables | 60 | €134,073,312 | €141,334,865 | +€7.3m | +5.4% |
| Purchases | 600/8 | €134,047,620 | €141,332,466 | +€7.3m | +5.4% |
| Change in stocks: decrease (increase) | 609 | €25,692 | €2,399 | -€23,293 | -90.7% |
| Services and other goods | 61 | €33,863,857 | €32,229,491 | -€1.6m | -4.8% |
| Remuneration, social security and pensions | 62 | €59,600,060 | €49,894,099 | -€9.7m | -16.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,718,181 | €16,687,166 | +€2.0m | +13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €988,432 | €385,233 | -€603,198 | -61.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €23,303 | -€6,682 | -€29,985 | |
| Other operating charges | 640/8 | €403,596 | €521,532 | +€117,937 | +29.2% |
| Non-recurring operating charges | 66A | €110,834 | €1,043,797 | +€932,963 | +841.8% |
| Operating profit (loss) | 9901 | €1,553,623 | €9,376,351 | +€7.8m | +503.5% |
| Financial income | 75/76B | €200,915 | €201,883 | +€968 | +0.5% |
| Recurring financial income | 75 | €200,915 | €201,883 | +€968 | +0.5% |
| Income from financial fixed assets | 750 | €27,411 | €58,895 | +€31,484 | +114.9% |
| Income from current assets | 751 | €156,165 | €101,766 | -€54,399 | -34.8% |
| Other financial income | 752/9 | €17,339 | €41,221 | +€23,883 | +137.7% |
| Financial charges | 65/66B | €652,288 | €502,194 | -€150,093 | -23.0% |
| Recurring financial charges | 65 | €324,028 | €502,194 | +€178,167 | +55.0% |
| Debt charges | 650 | €74,418 | €350,787 | +€276,369 | +371.4% |
| Other financial charges | 652/9 | €249,610 | €151,407 | -€98,203 | -39.3% |
| Non-recurring financial charges | 66B | €328,260 | - | -€328,260 | |
| Profit (loss) for the period before taxes | 9903 | €1,102,250 | €9,076,039 | +€8.0m | +723.4% |
| Transfer from deferred taxes | 780 | €37,028 | €22,132 | -€14,896 | -40.2% |
| Income taxes | 67/77 | €638,328 | €2,598,168 | +€2.0m | +307.0% |
| Taxes | 670/3 | €812,608 | €2,598,168 | +€1.8m | +219.7% |
| Tax adjustments and reversals of tax provisions | 77 | €174,280 | - | -€174,280 | |
| Profit (loss) for the period | 9904 | €500,950 | €6,500,004 | +€6.0m | +1197.5% |
| Transfer from tax-exempt reserves | 789 | €111,085 | €66,397 | -€44,689 | -40.2% |
| Transfer to tax-exempt reserves | 689 | €89,667 | - | -€89,667 | |
| Profit (loss) for the period to be appropriated | 9905 | €522,368 | €6,566,401 | +€6.0m | +1157.0% |
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 10 October 2026 via checked.be.