VACASUR: 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.
VACASUR
Largest movements
- Tangible fixed assets -€34,114
down €34,114 (-20.5%), from €166,753 to €132,640
- Cash -€25,001
down €25,001 (-88.6%), from €28,214 to €3,213
mainly Debts after one year (-€47,887) and Other debts (-€44,017)
- Current investments -€15,770
down €15,770 (-16.2%), from €97,223 to €81,453
- Deferred charges and accrued income +€9,137
up €9,137 (+12.9%), from €70,871 to €80,008
- Debts after one year -€47,887
down €47,887 (-55.1%), from €86,841 to €38,953
- Other debts -€44,017
down €44,017 (-72.6%), from €60,590 to €16,573
- Profit (loss) carried forward +€38,731
up €38,731 (+40324.0%), from €96 to €38,827
- Trade debts -€8,695
down €8,695 (-65.0%), from €13,376 to €4,680
- Gross operating margin -€13,555
down €13,555 (-10.3%), from €131,692 to €118,137
- Depreciation -€6,928
down €6,928 (-13.7%), from €50,450 to €43,522
- Other operating charges +€5,875
up €5,875 (+235.2%), from €2,498 to €8,373
- Taxes -€1,922
down €1,922 (-9.8%), from €19,679 to €17,758
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 | €363,061 | €297,313 | -€65,748 | -18.1% |
| Fixed assets | 21/28 | €166,753 | €132,640 | -€34,114 | -20.5% |
| Tangible fixed assets | 22/27 | €166,753 | €132,640 | -€34,114 | -20.5% |
| Land and buildings | 22 | €64,570 | €48,733 | -€15,838 | -24.5% |
| Plant, machinery and equipment | 23 | - | €2,578 | +€2,578 | |
| Furniture and vehicles | 24 | €43,884 | €37,412 | -€6,472 | -14.7% |
| Other tangible fixed assets | 26 | €58,299 | €43,917 | -€14,382 | -24.7% |
| Current assets | 29/58 | €196,308 | €164,673 | -€31,634 | -16.1% |
| Current investments | 50/53 | €97,223 | €81,453 | -€15,770 | -16.2% |
| Cash at bank and in hand | 54/58 | €28,214 | €3,213 | -€25,001 | -88.6% |
| Deferred charges and accrued income | 490/1 | €70,871 | €80,008 | +€9,137 | +12.9% |
| Total equity and liabilities | 10/49 | €363,061 | €297,313 | -€65,748 | -18.1% |
| Equity | 10/15 | €162,680 | €201,411 | +€38,731 | +23.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €143,984 | €143,984 | = | 0.0% |
| Tax-exempt reserves | 132 | €124 | €124 | = | 0.0% |
| Distributable reserves | 133 | €143,860 | €143,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €96 | €38,827 | +€38,731 | +40324.0% |
| Amounts payable | 17/49 | €200,381 | €95,902 | -€104,479 | -52.1% |
| Amounts payable after more than one year | 17 | €86,841 | €38,953 | -€47,887 | -55.1% |
| Financial debts | 170/4 | €86,841 | €38,953 | -€47,887 | -55.1% |
| Amounts payable within one year | 42/48 | €110,536 | €56,949 | -€53,587 | -48.5% |
| Current portion of amounts payable after more than one year | 42 | €30,289 | €27,321 | -€2,969 | -9.8% |
| Financial debts | 43 | €1,369 | €2,617 | +€1,248 | +91.2% |
| Credit institutions | 430/8 | €1,369 | €2,617 | +€1,248 | +91.2% |
| Trade debts | 44 | €13,376 | €4,680 | -€8,695 | -65.0% |
| Suppliers | 440/4 | €13,376 | €4,680 | -€8,695 | -65.0% |
| Taxes, remuneration and social security | 45 | €4,912 | €5,758 | +€845 | +17.2% |
| Taxes | 450/3 | €4,912 | €5,758 | +€845 | +17.2% |
| Other amounts payable | 47/48 | €60,590 | €16,573 | -€44,017 | -72.6% |
| Accrued charges and deferred income | 492/3 | €3,004 | - | -€3,004 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,450 | €43,522 | -€6,928 | -13.7% |
| Other operating charges | 640/8 | €2,498 | €8,373 | +€5,875 | +235.2% |
| Gross operating margin | 9900 | €131,692 | €118,137 | -€13,555 | -10.3% |
| Operating profit (loss) | 9901 | €78,743 | €66,242 | -€12,501 | -15.9% |
| Financial income | 75/76B | €177 | €491 | +€313 | +176.6% |
| Recurring financial income | 75 | €177 | €491 | +€313 | +176.6% |
| Financial charges | 65/66B | €10,352 | €10,244 | -€108 | -1.0% |
| Recurring financial charges | 65 | €10,352 | €10,244 | -€108 | -1.0% |
| Profit (loss) for the period before taxes | 9903 | €68,569 | €56,489 | -€12,080 | -17.6% |
| Income taxes | 67/77 | €19,679 | €17,758 | -€1,922 | -9.8% |
| Profit (loss) for the period | 9904 | €48,889 | €38,731 | -€10,158 | -20.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,889 | €38,731 | -€10,158 | -20.8% |
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 11 October 2026 via checked.be.