VACALO: 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.
VACALO
Largest movements
- Tangible fixed assets -€44,000
down €44,000 (-18.4%), from €239,648 to €195,648
of which Plant, machinery and equipment: -€30,440
- Cash +€28,877
up €28,877 (+535%), from €5,401 to €34,278
mainly Depreciation (+€43,576) and Net result for the year (+€17,074)
- Receivables within one year -€4,857
down €4,857 (-48.4%), from €10,035 to €5,178
of which Trade receivables: -€3,085
- Debts after one year -€38,848
down €38,848 (-22.2%), from €174,832 to €135,983
- Reserves +€17,074
up €17,074 (+107%), from €15,896 to €32,970
- Tax, wage and social debts +€2,787
up €2,787 (+233%), from €1,197 to €3,984
of which Taxes: +€2,787
- Gross operating margin +€18,158
up €18,158 (+33.1%), from €54,881 to €73,038
- Depreciation -€14,699
down €14,699 (-25.2%), from €58,275 to €43,576
- Taxes +€3,396
up €3,396, from €0 to €3,396
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €258,878 | €238,266 | -€20,611 | -8.0% |
| Fixed assets | 21/28 | €239,783 | €195,783 | -€44,000 | -18.4% |
| Tangible fixed assets | 22/27 | €239,648 | €195,648 | -€44,000 | -18.4% |
| Land and buildings | 22 | €144,305 | €135,485 | -€8,820 | -6.1% |
| Plant, machinery and equipment | 23 | €75,573 | €45,133 | -€30,440 | -40.3% |
| Furniture and vehicles | 24 | €19,770 | €15,030 | -€4,740 | -24.0% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €19,095 | €42,484 | +€23,389 | +122% |
| Amounts receivable within one year | 40/41 | €10,035 | €5,178 | -€4,857 | -48.4% |
| Trade receivables | 40 | €8,263 | €5,178 | -€3,085 | -37.3% |
| Other amounts receivable | 41 | €1,772 | €0 | -€1,772 | -100% |
| Cash at bank and in hand | 54/58 | €5,401 | €34,278 | +€28,877 | +535% |
| Deferred charges and accrued income | 490/1 | €3,659 | €3,028 | -€631 | -17.3% |
| Total equity and liabilities | 10/49 | €258,878 | €238,266 | -€20,611 | -8.0% |
| Equity | 10/15 | €47,601 | €64,675 | +€17,074 | +35.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €15,896 | €32,970 | +€17,074 | +107% |
| Distributable reserves | 133 | €15,896 | €32,970 | +€17,074 | +107% |
| Profit (loss) carried forward | 14 | €11,706 | €11,706 | = | 0.0% |
| Amounts payable | 17/49 | €211,276 | €173,591 | -€37,685 | -17.8% |
| Amounts payable after more than one year | 17 | €174,832 | €135,983 | -€38,848 | -22.2% |
| Financial debts | 170/4 | €174,832 | €135,983 | -€38,848 | -22.2% |
| Amounts payable within one year | 42/48 | €36,443 | €37,580 | +€1,138 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €25,436 | €24,495 | -€941 | -3.7% |
| Trade debts | 44 | €3,533 | €1,187 | -€2,346 | -66.4% |
| Suppliers | 440/4 | €3,533 | €1,187 | -€2,346 | -66.4% |
| Taxes, remuneration and social security | 45 | €1,197 | €3,984 | +€2,787 | +233% |
| Taxes | 450/3 | €1,197 | €3,984 | +€2,787 | +233% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €6,277 | €7,915 | +€1,638 | +26.1% |
| Accrued charges and deferred income | 492/3 | €2 | €27 | +€25 | +1,194% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,275 | €43,576 | -€14,699 | -25.2% |
| Other operating charges | 640/8 | €3,003 | €3,151 | +€149 | +4.9% |
| Gross operating margin | 9900 | €54,881 | €73,038 | +€18,158 | +33.1% |
| Operating profit (loss) | 9901 | -€6,397 | €26,311 | +€32,708 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €6,217 | €5,841 | -€376 | -6.0% |
| Recurring financial charges | 65 | €6,217 | €5,841 | -€376 | -6.0% |
| Profit (loss) for the period before taxes | 9903 | -€12,615 | €20,470 | +€33,084 | |
| Income taxes | 67/77 | €0 | €3,396 | +€3,396 | |
| Profit (loss) for the period | 9904 | -€12,615 | €17,074 | +€29,688 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,615 | €17,074 | +€29,688 |
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 17 October 2026 via checked.be.