VACA: what changed
Two fiscal 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
VACA
NACE 82.100, Office administrative and support services
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€9.4m
2024 · €1.4m-€10.8m
Equity
€115.1m
2024 · €124.5m-€9.4m
Cash
€4.0m
2024 · €4.3m-€358,964
Balance sheet total
€117.1m
2024 · €126.8m-€9.7m
Largest movements
Assets
- Financial fixed assets -€11.2m
down €11.2m (-9.4%), from €119.7m to €108.5m
- Current investments +€2.0m
new in 2025: €2.0m
Equity and liabilities
- Profit (loss) carried forward -€9.4m
down €9.4m (-23.6%), from -€39.9m to -€49.3m
Income statement
- Financial charges +€12.9m
up €12.9m (+11442.6%), from €112,632 to €13.0m
of which Non-recurring financial charges: +€13.0m
- Financial income +€1.8m
up €1.8m (+3290.3%), from €53,817 to €1.8m
of which Non-recurring financial income: +€1.8m
- Other operating income +€506,997
up €506,997 (+42.8%), from €1.2m to €1.7m
- Other operating charges +€234,126
up €234,126 (+6612.2%), from €3,541 to €237,667
- Taxes -€142,443
down €142,443 (-34.9%), from €408,596 to €266,153
of which Taxes: -€98,136
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
€1.4m
Turnover
-€139,672
Other operating income
+€506,997
Services and other goods
+€57,883
Staff costs
-€19,961
Depreciation
-€3,517
Other operating charges
-€234,126
Other operating items
-€10,152
Financial income
+€1.8m
Financial charges
-€12.9m
Taxes
+€142,443
Result 2025
-€9.4m
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
-€9.5m
Investment
+€9.1m
Financing
€0
Cash 2024
€4.3m
From operations (derived)
-€9.5m
Net result for the year
-€9.4m
Depreciation
+€20,451
Receivables within one year
+€128,784
Smaller working-capital items
+€12,543
Trade debts
+€110,392
Tax, wage and social debts
+€101,035
Other debts
-€445,550
Investment (derived)
+€9.1m
Investment in fixed assets (net)
+€11.1m
Current investments
-€2.0m
Cash 2025
€4.0m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €126,817,331 | €117,147,995 | -€9.7m | -7.6% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €119,736,026 | €108,569,089 | -€11.2m | -9.3% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €41,093 | €88,655 | +€47,563 | +115.7% |
| Plant, machinery and equipment | 23 | €2,791 | €2,137 | -€654 | -23.4% |
| Furniture and vehicles | 24 | €27,791 | €76,008 | +€48,217 | +173.5% |
| Other tangible fixed assets | 26 | €10,511 | €10,511 | = | 0.0% |
| Financial fixed assets | 28 | €119,694,934 | €108,480,434 | -€11.2m | -9.4% |
| Affiliated companies | 280/1 | €119,694,934 | €108,480,434 | -€11.2m | -9.4% |
| Participating interests | 280 | €119,694,934 | €108,480,434 | -€11.2m | -9.4% |
| Current assets | 29/58 | €7,081,305 | €8,578,906 | +€1.5m | +21.1% |
| Amounts receivable within one year | 40/41 | €2,693,656 | €2,564,872 | -€128,784 | -4.8% |
| Trade receivables | 40 | €925,182 | €807,675 | -€117,507 | -12.7% |
| Other amounts receivable | 41 | €1,768,474 | €1,757,196 | -€11,277 | -0.6% |
| Current investments | 50/53 | - | €2,000,000 | +€2.0m | |
| Other investments | 51/53 | - | €2,000,000 | +€2.0m | |
| Cash at bank and in hand | 54/58 | €4,310,344 | €3,951,380 | -€358,964 | -8.3% |
| Deferred charges and accrued income | 490/1 | €77,305 | €62,654 | -€14,651 | -19.0% |
| Total equity and liabilities | 10/49 | €126,817,331 | €117,147,995 | -€9.7m | -7.6% |
| Equity | 10/15 | €124,499,530 | €115,066,424 | -€9.4m | -7.6% |
| Contributions | 10/11 | €163,346,889 | €163,346,889 | = | 0.0% |
| Reserves | 13 | €1,051,590 | €1,051,590 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,051,590 | €1,051,590 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,051,590 | €1,051,590 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€39,898,949 | -€49,332,055 | -€9.4m | -23.6% |
| Amounts payable | 17/49 | €2,317,802 | €2,081,571 | -€236,230 | -10.2% |
| Amounts payable within one year | 42/48 | €2,313,696 | €2,079,574 | -€234,122 | -10.1% |
| Trade debts | 44 | €227,713 | €338,106 | +€110,392 | +48.5% |
| Suppliers | 440/4 | €227,713 | €338,106 | +€110,392 | +48.5% |
| Taxes, remuneration and social security | 45 | €257,690 | €358,725 | +€101,035 | +39.2% |
| Taxes | 450/3 | €93,523 | €153,923 | +€60,400 | +64.6% |
| Remuneration and social security | 454/9 | €164,167 | €204,802 | +€40,635 | +24.8% |
| Other amounts payable | 47/48 | €1,828,293 | €1,382,743 | -€445,550 | -24.4% |
| Accrued charges and deferred income | 492/3 | €4,105 | €1,997 | -€2,108 | -51.3% |
| Operating income | 70/76A | €3,549,423 | €3,906,596 | +€357,173 | +10.1% |
| Turnover | 70 | €2,354,240 | €2,214,568 | -€139,672 | -5.9% |
| Other operating income | 74 | €1,185,031 | €1,692,028 | +€506,997 | +42.8% |
| Non-recurring operating income | 76A | €10,152 | - | -€10,152 | |
| Operating charges | 60/66A | €1,697,709 | €1,897,430 | +€199,721 | +11.8% |
| Services and other goods | 61 | €685,617 | €627,734 | -€57,883 | -8.4% |
| Remuneration, social security and pensions | 62 | €991,617 | €1,011,578 | +€19,961 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,934 | €20,451 | +€3,517 | +20.8% |
| Other operating charges | 640/8 | €3,541 | €237,667 | +€234,126 | +6612.2% |
| Operating profit (loss) | 9901 | €1,851,714 | €2,009,165 | +€157,451 | +8.5% |
| Financial income | 75/76B | €53,817 | €1,824,534 | +€1.8m | +3290.3% |
| Recurring financial income | 75 | €53,817 | €39,034 | -€14,783 | -27.5% |
| Income from current assets | 751 | €53,817 | €39,034 | -€14,782 | -27.5% |
| Other financial income | 752/9 | €0 | €0 | -€0 | -33.3% |
| Non-recurring financial income | 76B | - | €1,785,500 | +€1.8m | |
| Financial charges | 65/66B | €112,632 | €13,000,653 | +€12.9m | +11442.6% |
| Recurring financial charges | 65 | €112,632 | €653 | -€111,979 | -99.4% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €112,000 | - | -€112,000 | |
| Other financial charges | 652/9 | €632 | €653 | +€21 | +3.3% |
| Non-recurring financial charges | 66B | - | €13,000,000 | +€13.0m | |
| Profit (loss) for the period before taxes | 9903 | €1,792,899 | -€9,166,953 | -€11.0m | |
| Income taxes | 67/77 | €408,596 | €266,153 | -€142,443 | -34.9% |
| Taxes | 670/3 | €408,596 | €310,459 | -€98,136 | -24.0% |
| Tax adjustments and reversals of tax provisions | 77 | - | €44,306 | +€44,306 | |
| Profit (loss) for the period | 9904 | €1,384,303 | -€9,433,106 | -€10.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €1,384,303 | -€9,433,106 | -€10.8m |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.