VACAP Consult: 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.
VACAP Consult
Largest movements
- Cash +€153,814
up €153,814 (+270.6%), from €56,852 to €210,666
mainly Net result for the year (+€96,168) and Current investments (+€50,000)
- Current investments -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Receivables within one year -€16,450
down €16,450 (-98.1%), from €16,770 to €320
of which Trade receivables: -€16,378
- Tangible fixed assets -€3,703
down €3,703 (-44.0%), from €8,422 to €4,720
- Profit (loss) carried forward +€96,168
new in 2025: €96,168
- Tax, wage and social debts -€13,050
down €13,050 (-19.6%), from €66,718 to €53,668
- Gross operating margin +€23,087
up €23,087 (+22.3%), from €103,549 to €126,636
- Financial income +€1,418
up €1,418 (+4372.5%), from €32 to €1,450
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 | €232,808 | €318,053 | +€85,245 | +36.6% |
| Fixed assets | 21/28 | €8,422 | €4,720 | -€3,703 | -44.0% |
| Tangible fixed assets | 22/27 | €8,422 | €4,720 | -€3,703 | -44.0% |
| Furniture and vehicles | 24 | €8,422 | €4,720 | -€3,703 | -44.0% |
| Current assets | 29/58 | €224,386 | €313,333 | +€88,947 | +39.6% |
| Amounts receivable within one year | 40/41 | €16,770 | €320 | -€16,450 | -98.1% |
| Trade receivables | 40 | €16,378 | - | -€16,378 | |
| Other amounts receivable | 41 | €392 | €320 | -€72 | -18.3% |
| Current investments | 50/53 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Cash at bank and in hand | 54/58 | €56,852 | €210,666 | +€153,814 | +270.6% |
| Deferred charges and accrued income | 490/1 | €764 | €2,347 | +€1,583 | +207.2% |
| Total equity and liabilities | 10/49 | €232,808 | €318,053 | +€85,245 | +36.6% |
| Equity | 10/15 | €164,475 | €260,643 | +€96,168 | +58.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €162,475 | €162,475 | = | 0.0% |
| Distributable reserves | 133 | €162,475 | €162,475 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €96,168 | +€96,168 | |
| Amounts payable | 17/49 | €68,333 | €57,410 | -€10,923 | -16.0% |
| Amounts payable within one year | 42/48 | €68,333 | €57,410 | -€10,923 | -16.0% |
| Trade debts | 44 | €1,511 | €1,854 | +€343 | +22.7% |
| Suppliers | 440/4 | €1,511 | €1,854 | +€343 | +22.7% |
| Taxes, remuneration and social security | 45 | €66,718 | €53,668 | -€13,050 | -19.6% |
| Taxes | 450/3 | €66,718 | €53,668 | -€13,050 | -19.6% |
| Other amounts payable | 47/48 | €104 | €1,887 | +€1,784 | +1720.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,038 | €4,092 | -€946 | -18.8% |
| Other operating charges | 640/8 | €623 | €712 | +€89 | +14.2% |
| Gross operating margin | 9900 | €103,549 | €126,636 | +€23,087 | +22.3% |
| Operating profit (loss) | 9901 | €97,887 | €121,832 | +€23,944 | +24.5% |
| Financial income | 75/76B | €32 | €1,450 | +€1,418 | +4372.5% |
| Recurring financial income | 75 | €32 | €1,450 | +€1,418 | +4372.5% |
| Financial charges | 65/66B | €140 | €176 | +€37 | +26.3% |
| Recurring financial charges | 65 | €140 | €176 | +€37 | +26.3% |
| Profit (loss) for the period before taxes | 9903 | €97,780 | €123,105 | +€25,325 | +25.9% |
| Income taxes | 67/77 | €27,166 | €26,937 | -€229 | -0.8% |
| Profit (loss) for the period | 9904 | €70,614 | €96,168 | +€25,554 | +36.2% |
| Profit (loss) for the period to be appropriated | 9905 | €70,614 | €96,168 | +€25,554 | +36.2% |
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 9 October 2026 via checked.be.