VAB Management: 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.
VAB Management
Largest movements
- Receivables after one year +€177,051
new in 2024: €177,051
- Receivables within one year -€39,224
down €39,224 (-27.7%), from €141,741 to €102,517
of which Other amounts receivable: -€38,171
- Tangible fixed assets -€28,900
down €28,900 (-20.4%), from €141,407 to €112,507
of which Land and buildings: -€30,184
- Cash +€15,668
up €15,668 (+767%), from €2,042 to €17,710
mainly Net result for the year (+€110,893) and Receivables within one year (+€39,224)
- Deferred charges and accrued income +€4,512
up €4,512 (+18.8%), from €23,969 to €28,481
- Profit (loss) carried forward +€110,893
up €110,893 (+256%), from €43,301 to €154,194
- Debts after one year +€10,743
up €10,743 (+5.4%), from €198,257 to €209,001
- Current portion of long-term debt +€7,937
up €7,937 (+53.1%), from €14,956 to €22,893
- Trade debts -€4,643
down €4,643 (-58.0%), from €8,008 to €3,365
- Gross operating margin +€182,155
up €182,155, from -€713 to €181,441
- Taxes +€30,957
up €30,957 (+21,193%), from €146 to €31,103
- Depreciation +€19,280
up €19,280 (+124%), from €15,514 to €34,794
- Financial income -€10,044
down €10,044 (-70.7%), from €14,200 to €4,156
of which Non-recurring financial income: -€6,908
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 | €309,305 | €438,412 | +€129,107 | +41.7% |
| Fixed assets | 21/28 | €141,553 | €112,653 | -€28,900 | -20.4% |
| Tangible fixed assets | 22/27 | €141,407 | €112,507 | -€28,900 | -20.4% |
| Land and buildings | 22 | €131,322 | €101,138 | -€30,184 | -23.0% |
| Furniture and vehicles | 24 | €10,085 | €11,369 | +€1,284 | +12.7% |
| Financial fixed assets | 28 | €146 | €146 | = | 0.0% |
| Current assets | 29/58 | €167,752 | €325,759 | +€158,007 | +94.2% |
| Amounts receivable after more than one year | 29 | - | €177,051 | +€177,051 | |
| Other amounts receivable | 291 | - | €177,051 | +€177,051 | |
| Amounts receivable within one year | 40/41 | €141,741 | €102,517 | -€39,224 | -27.7% |
| Trade receivables | 40 | €1,174 | €121 | -€1,054 | -89.7% |
| Other amounts receivable | 41 | €140,567 | €102,396 | -€38,171 | -27.2% |
| Cash at bank and in hand | 54/58 | €2,042 | €17,710 | +€15,668 | +767% |
| Deferred charges and accrued income | 490/1 | €23,969 | €28,481 | +€4,512 | +18.8% |
| Total equity and liabilities | 10/49 | €309,305 | €438,412 | +€129,107 | +41.7% |
| Equity | 10/15 | €63,706 | €174,599 | +€110,893 | +174% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,301 | €154,194 | +€110,893 | +256% |
| Amounts payable | 17/49 | €245,599 | €263,813 | +€18,214 | +7.4% |
| Amounts payable after more than one year | 17 | €198,257 | €209,001 | +€10,743 | +5.4% |
| Financial debts | 170/4 | €198,257 | €209,001 | +€10,743 | +5.4% |
| Amounts payable within one year | 42/48 | €47,342 | €54,813 | +€7,471 | +15.8% |
| Current portion of amounts payable after more than one year | 42 | €14,956 | €22,893 | +€7,937 | +53.1% |
| Financial debts | 43 | €13,459 | €17,550 | +€4,090 | +30.4% |
| Credit institutions | 430/8 | €13,459 | €17,550 | +€4,090 | +30.4% |
| Trade debts | 44 | €8,008 | €3,365 | -€4,643 | -58.0% |
| Suppliers | 440/4 | €8,008 | €3,365 | -€4,643 | -58.0% |
| Taxes, remuneration and social security | 45 | €10,919 | €11,005 | +€86 | +0.8% |
| Taxes | 450/3 | €8,421 | €11,005 | +€2,585 | +30.7% |
| Remuneration and social security | 454/9 | €2,499 | - | -€2,499 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,514 | €34,794 | +€19,280 | +124% |
| Other operating charges | 640/8 | €1,898 | €1,654 | -€243 | -12.8% |
| Gross operating margin | 9900 | -€713 | €181,441 | +€182,155 | |
| Operating profit (loss) | 9901 | -€18,125 | €144,993 | +€163,118 | |
| Financial income | 75/76B | €14,200 | €4,156 | -€10,044 | -70.7% |
| Recurring financial income | 75 | €7,292 | €4,156 | -€3,136 | -43.0% |
| Non-recurring financial income | 76B | €6,908 | - | -€6,908 | |
| Financial charges | 65/66B | €5,730 | €7,153 | +€1,424 | +24.8% |
| Recurring financial charges | 65 | €5,730 | €7,153 | +€1,424 | +24.8% |
| Profit (loss) for the period before taxes | 9903 | -€9,655 | €141,996 | +€151,651 | |
| Income taxes | 67/77 | €146 | €31,103 | +€30,957 | +21,193% |
| Profit (loss) for the period | 9904 | -€9,801 | €110,893 | +€120,694 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,801 | €110,893 | +€120,694 |
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.