Vaca: 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.
Vaca
Largest movements
- Cash +€2,420
up €2,420 (+20.8%), from €11,636 to €14,055
mainly Net result for the year (+€3,913) and Depreciation (+€1,325)
- Tangible fixed assets -€1,325
down €1,325 (-35.3%), from €3,750 to €2,425
of which Plant, machinery and equipment: -€1,164
- Receivables within one year -€1,050
down €1,050 (-98.0%), from €1,071 to €22
- Profit (loss) carried forward +€3,913
up €3,913 (+2.9%), from -€134,620 to -€130,707
- Current portion of long-term debt -€2,116
no longer reported in 2025 (was €2,116)
- Trade debts -€1,457
down €1,457 (-18.8%), from €7,748 to €6,291
- Other debts -€749
down €749 (-0.9%), from €79,506 to €78,756
- Tax, wage and social debts +€502
up €502 (+40.2%), from €1,247 to €1,749
of which Taxes: +€646
- Staff costs -€3,973
down €3,973 (-10.7%), from €36,979 to €33,006
- Gross operating margin -€3,264
down €3,264 (-7.0%), from €46,357 to €43,093
- Other operating charges +€1,145
up €1,145 (+77.1%), from €1,485 to €2,630
- Depreciation -€977
down €977 (-42.4%), from €2,302 to €1,325
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 | €17,384 | €17,477 | +€93 | +0.5% |
| Fixed assets | 21/28 | €3,750 | €2,425 | -€1,325 | -35.3% |
| Tangible fixed assets | 22/27 | €3,750 | €2,425 | -€1,325 | -35.3% |
| Plant, machinery and equipment | 23 | €3,427 | €2,264 | -€1,164 | -34.0% |
| Furniture and vehicles | 24 | €322 | €161 | -€161 | -50.0% |
| Current assets | 29/58 | €13,635 | €15,053 | +€1,418 | +10.4% |
| Stocks and contracts in progress | 3 | €355 | €405 | +€50 | +14.1% |
| Stocks | 30/36 | €355 | €405 | +€50 | +14.1% |
| Amounts receivable within one year | 40/41 | €1,071 | €22 | -€1,050 | -98.0% |
| Other amounts receivable | 41 | €1,071 | €22 | -€1,050 | -98.0% |
| Cash at bank and in hand | 54/58 | €11,636 | €14,055 | +€2,420 | +20.8% |
| Deferred charges and accrued income | 490/1 | €573 | €571 | -€2 | -0.4% |
| Total equity and liabilities | 10/49 | €17,384 | €17,477 | +€93 | +0.5% |
| Equity | 10/15 | -€73,232 | -€69,319 | +€3,913 | +5.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €42,796 | €42,796 | = | 0.0% |
| Non-distributable reserves | 130/1 | €808 | €808 | = | 0.0% |
| Reserves not available under the articles | 1311 | €808 | €808 | = | 0.0% |
| Distributable reserves | 133 | €41,989 | €41,989 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€134,620 | -€130,707 | +€3,913 | +2.9% |
| Amounts payable | 17/49 | €90,616 | €86,796 | -€3,820 | -4.2% |
| Amounts payable within one year | 42/48 | €90,616 | €86,796 | -€3,820 | -4.2% |
| Current portion of amounts payable after more than one year | 42 | €2,116 | - | -€2,116 | |
| Trade debts | 44 | €7,748 | €6,291 | -€1,457 | -18.8% |
| Suppliers | 440/4 | €7,748 | €6,291 | -€1,457 | -18.8% |
| Taxes, remuneration and social security | 45 | €1,247 | €1,749 | +€502 | +40.2% |
| Taxes | 450/3 | €1,103 | €1,749 | +€646 | +58.6% |
| Remuneration and social security | 454/9 | €144 | - | -€144 | |
| Other amounts payable | 47/48 | €79,506 | €78,756 | -€749 | -0.9% |
| Remuneration, social security and pensions | 62 | €36,979 | €33,006 | -€3,973 | -10.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,302 | €1,325 | -€977 | -42.4% |
| Other operating charges | 640/8 | €1,485 | €2,630 | +€1,145 | +77.1% |
| Gross operating margin | 9900 | €46,357 | €43,093 | -€3,264 | -7.0% |
| Operating profit (loss) | 9901 | €5,591 | €6,132 | +€541 | +9.7% |
| Financial income | 75/76B | €102 | €5 | -€97 | -95.2% |
| Recurring financial income | 75 | €102 | €5 | -€97 | -95.2% |
| Financial charges | 65/66B | €870 | €724 | -€146 | -16.8% |
| Recurring financial charges | 65 | €870 | €724 | -€146 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €4,822 | €5,413 | +€590 | +12.2% |
| Income taxes | 67/77 | €1,478 | €1,500 | +€22 | +1.5% |
| Profit (loss) for the period | 9904 | €3,344 | €3,913 | +€569 | +17.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,344 | €3,913 | +€569 | +17.0% |
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.