VACA - INVEST: 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
VACA - INVEST
NACE 66.191, Agents and brokers in banking services
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€219,148
2024 · €302,417-€83,269
Equity
€1.6m
2024 · €1.7m-€95,321
Cash
€9,180
2024 · €41,744-€32,564
Balance sheet total
€4.7m
2024 · €4.4m+€352,043
Largest movements
Assets
- Tangible fixed assets +€555,777
up €555,777 (+13.9%), from €4.0m to €4.6m
of which Land and buildings: +€555,843
- Current investments -€185,251
down €185,251 (-74.1%), from €250,058 to €64,806
Equity and liabilities
- Other debts +€242,695
up €242,695 (+28.6%), from €847,806 to €1.1m
- Debts after one year +€162,613
up €162,613 (+10.8%), from €1.5m to €1.7m
- Reserves -€95,321
down €95,321 (-6.1%), from €1.6m to €1.5m
of which Distributable reserves: -€95,101
Income statement
- Gross operating margin -€49,130
down €49,130 (-6.6%), from €738,951 to €689,821
- Depreciation +€35,646
up €35,646 (+15.6%), from €228,246 to €263,892
- Financial charges +€18,655
up €18,655 (+97.9%), from €19,049 to €37,704
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
€302,417
Gross operating margin
-€49,130
Staff costs
+€2,212
Depreciation
-€35,646
Other operating charges
-€3,686
Financial income
+€691
Financial charges
-€18,655
Taxes
-€1,519
Deferred taxes and other
+€22,463
Result 2025
€219,148
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€710,544
Investment
-€634,417
Financing
-€108,691
Cash 2024
€41,744
From operations (derived)
+€710,544
Net result for the year
+€219,148
Depreciation
+€263,892
Receivables within one year
-€16,567
Deferred charges and accrued income
+€2,485
Provisions
-€57
Trade debts
+€11,744
Tax, wage and social debts
-€12,797
Other debts
+€242,695
Investment (derived)
-€634,417
Investment in fixed assets (net)
-€819,668
Current investments
+€185,251
Financing
-€108,691
Debts after one year
+€162,613
Current portion of long-term debt
+€43,164
Contributions, distributions and other
-€314,469
Cash 2025
€9,180
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,351,785 | €4,703,827 | +€352,043 | +8.1% |
| Fixed assets | 21/28 | €4,011,822 | €4,567,599 | +€555,777 | +13.9% |
| Tangible fixed assets | 22/27 | €4,011,822 | €4,567,599 | +€555,777 | +13.9% |
| Land and buildings | 22 | €3,984,709 | €4,540,552 | +€555,843 | +13.9% |
| Furniture and vehicles | 24 | €27,114 | €27,047 | -€67 | -0.2% |
| Current assets | 29/58 | €339,962 | €136,228 | -€203,734 | -59.9% |
| Amounts receivable within one year | 40/41 | €37,742 | €54,309 | +€16,567 | +43.9% |
| Other amounts receivable | 41 | €37,742 | €54,309 | +€16,567 | +43.9% |
| Current investments | 50/53 | €250,058 | €64,806 | -€185,251 | -74.1% |
| Cash at bank and in hand | 54/58 | €41,744 | €9,180 | -€32,564 | -78.0% |
| Deferred charges and accrued income | 490/1 | €10,418 | €7,933 | -€2,485 | -23.9% |
| Total equity and liabilities | 10/49 | €4,351,785 | €4,703,827 | +€352,043 | +8.1% |
| Equity | 10/15 | €1,727,444 | €1,632,123 | -€95,321 | -5.5% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €1,557,156 | €1,461,835 | -€95,321 | -6.1% |
| Tax-exempt reserves | 132 | €87,220 | €87,000 | -€220 | -0.3% |
| Distributable reserves | 133 | €1,469,935 | €1,374,835 | -€95,101 | -6.5% |
| Profit (loss) carried forward | 14 | €149,828 | €149,828 | = | 0.0% |
| Provisions and deferred taxes | 16 | €22,407 | €22,350 | -€57 | -0.3% |
| Deferred taxes | 168 | €22,407 | €22,350 | -€57 | -0.3% |
| Amounts payable | 17/49 | €2,601,934 | €3,049,354 | +€447,420 | +17.2% |
| Amounts payable after more than one year | 17 | €1,509,188 | €1,671,802 | +€162,613 | +10.8% |
| Financial debts | 170/4 | €1,509,188 | €1,671,802 | +€162,613 | +10.8% |
| Amounts payable within one year | 42/48 | €1,092,746 | €1,377,553 | +€284,807 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €195,516 | €238,680 | +€43,164 | +22.1% |
| Trade debts | 44 | €4,014 | €15,758 | +€11,744 | +293% |
| Suppliers | 440/4 | €4,014 | €15,758 | +€11,744 | +293% |
| Taxes, remuneration and social security | 45 | €45,410 | €32,614 | -€12,797 | -28.2% |
| Taxes | 450/3 | €31,951 | €15,723 | -€16,227 | -50.8% |
| Remuneration and social security | 454/9 | €13,459 | €16,890 | +€3,431 | +25.5% |
| Other amounts payable | 47/48 | €847,806 | €1,090,501 | +€242,695 | +28.6% |
| Non-recurring operating income | 76A | €109,627 | €71,701 | -€37,926 | -34.6% |
| Remuneration, social security and pensions | 62 | €45,056 | €42,845 | -€2,212 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €228,246 | €263,892 | +€35,646 | +15.6% |
| Other operating charges | 640/8 | €25,161 | €28,847 | +€3,686 | +14.6% |
| Gross operating margin | 9900 | €738,951 | €689,821 | -€49,130 | -6.6% |
| Operating profit (loss) | 9901 | €440,488 | €354,238 | -€86,250 | -19.6% |
| Financial income | 75/76B | €58 | €749 | +€691 | +1,199% |
| Recurring financial income | 75 | €58 | €749 | +€691 | +1,199% |
| Financial charges | 65/66B | €19,049 | €37,704 | +€18,655 | +97.9% |
| Recurring financial charges | 65 | €19,049 | €37,704 | +€18,655 | +97.9% |
| Profit (loss) for the period before taxes | 9903 | €421,496 | €317,283 | -€104,214 | -24.7% |
| Transfer from deferred taxes | 780 | - | €57 | +€57 | |
| Transfer to deferred taxes | 680 | €22,407 | - | -€22,407 | |
| Income taxes | 67/77 | €96,672 | €98,191 | +€1,519 | +1.6% |
| Profit (loss) for the period | 9904 | €302,417 | €219,148 | -€83,269 | -27.5% |
| Transfer from tax-exempt reserves | 789 | - | €220 | +€220 | |
| Transfer to tax-exempt reserves | 689 | €87,220 | - | -€87,220 | |
| Profit (loss) for the period to be appropriated | 9905 | €215,197 | €219,368 | +€4,171 | +1.9% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.