VACHE BLEUE GROUP: 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
VACHE BLEUE GROUP
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €7.5m-€5.6m
Equity
€14.8m
2024 · €14.8m-€21,680
Cash
€1.1m
2024 · €171,794+€912,603
Balance sheet total
€18.5m
2024 · €19.3m-€810,130
Largest movements
Assets
- Financial fixed assets -€1.7m
down €1.7m (-9.2%), from €18.6m to €16.9m
- Cash +€912,603
up €912,603 (+531%), from €171,794 to €1.1m
mainly Net result for the year (+€1.9m) and Investment in fixed assets (net) (+€1.7m)
Equity and liabilities
- Current portion of long-term debt -€603,663
down €603,663 (-100%), from €603,663 to €0
- Other debts -€300,000
down €300,000 (-8.1%), from €3.7m to €3.4m
Income statement
- Financial income -€5.6m
down €5.6m (-75.3%), from €7.4m to €1.8m
- Turnover -€217,500
down €217,500 (-9.3%), from €2.3m to €2.1m
- Other operating income +€138,965
new in 2025: €138,965
- Services and other goods -€90,878
down €90,878 (-4.2%), from €2.1m to €2.1m
- Taxes +€46,443
up €46,443 (+78.0%), from €59,516 to €105,959
of which Taxes: +€46,443
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
€7.5m
Turnover
-€217,500
Other operating income
+€138,965
Services and other goods
+€90,878
Depreciation
+€8,076
Other operating charges
-€31
Financial income
-€5.6m
Financial charges
+€45,869
Taxes
-€46,443
Result 2025
€1.9m
raises the resultlowers the result
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
+€1.7m
Investment
+€1.7m
Financing
-€2.5m
Cash 2024
€171,794
From operations (derived)
+€1.7m
Net result for the year
+€1.9m
Depreciation
+€43,749
Receivables within one year
-€33,114
Deferred charges and accrued income
+€12,098
Trade debts
+€83,890
Tax, wage and social debts
+€46,038
Other debts
-€300,000
Accrued charges and deferred income
-€14,715
Investment (derived)
+€1.7m
Investment in fixed assets (net)
+€1.7m
Financing
-€2.5m
Current portion of long-term debt
-€603,663
Contributions, distributions and other
-€1.9m
Cash 2025
€1.1m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €19,268,850 | €18,458,719 | -€810,130 | -4.2% |
| Fixed assets | 21/28 | €18,622,973 | €16,879,224 | -€1.7m | -9.4% |
| Intangible fixed assets | 21 | €52,122 | €8,373 | -€43,749 | -83.9% |
| Financial fixed assets | 28 | €18,570,851 | €16,870,851 | -€1.7m | -9.2% |
| Affiliated companies | 280/1 | €18,570,851 | €16,870,851 | -€1.7m | -9.2% |
| Participating interests | 280 | €10,870,851 | €10,870,851 | = | 0.0% |
| Amounts receivable | 281 | €7,700,000 | €6,000,000 | -€1.7m | -22.1% |
| Current assets | 29/58 | €645,877 | €1,579,495 | +€933,618 | +145% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €368,037 | €401,151 | +€33,114 | +9.0% |
| Trade receivables | 40 | €307,315 | €335,352 | +€28,038 | +9.1% |
| Other amounts receivable | 41 | €60,722 | €65,798 | +€5,076 | +8.4% |
| Cash at bank and in hand | 54/58 | €171,794 | €1,084,396 | +€912,603 | +531% |
| Deferred charges and accrued income | 490/1 | €106,046 | €93,949 | -€12,098 | -11.4% |
| Total equity and liabilities | 10/49 | €19,268,850 | €18,458,719 | -€810,130 | -4.2% |
| Equity | 10/15 | €14,789,168 | €14,767,488 | -€21,680 | -0.1% |
| Contributions | 10/11 | €6,267,200 | €6,267,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €8,521,968 | €8,500,288 | -€21,680 | -0.3% |
| Amounts payable | 17/49 | €4,479,682 | €3,691,232 | -€788,450 | -17.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Subordinated loans | 170 | €0 | - | = | |
| Credit institutions | 173 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €4,462,302 | €3,688,567 | -€773,735 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €603,663 | €0 | -€603,663 | -100% |
| Trade debts | 44 | €119,202 | €203,092 | +€83,890 | +70.4% |
| Suppliers | 440/4 | €119,202 | €203,092 | +€83,890 | +70.4% |
| Taxes, remuneration and social security | 45 | €39,437 | €85,475 | +€46,038 | +117% |
| Taxes | 450/3 | €39,437 | €85,475 | +€46,038 | +117% |
| Other amounts payable | 47/48 | €3,700,000 | €3,400,000 | -€300,000 | -8.1% |
| Accrued charges and deferred income | 492/3 | €17,380 | €2,665 | -€14,715 | -84.7% |
| Operating income | 70/76A | €2,335,000 | €2,256,465 | -€78,535 | -3.4% |
| Turnover | 70 | €2,335,000 | €2,117,500 | -€217,500 | -9.3% |
| Other operating income | 74 | - | €138,965 | +€138,965 | |
| Operating charges | 60/66A | €2,198,813 | €2,099,890 | -€98,923 | -4.5% |
| Services and other goods | 61 | €2,146,021 | €2,055,143 | -€90,878 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €51,824 | €43,749 | -€8,076 | -15.6% |
| Other operating charges | 640/8 | €968 | €998 | +€31 | +3.2% |
| Operating profit (loss) | 9901 | €136,187 | €156,575 | +€20,387 | +15.0% |
| Financial income | 75/76B | €7,428,315 | €1,831,352 | -€5.6m | -75.3% |
| Recurring financial income | 75 | €7,428,315 | €1,831,352 | -€5.6m | -75.3% |
| Income from financial fixed assets | 750 | €150,315 | €1,586,000 | +€1.4m | +955% |
| Income from current assets | 751 | - | €245,352 | +€245,352 | |
| Other financial income | 752/9 | €7,278,000 | - | -€7.3m | |
| Financial charges | 65/66B | €49,516 | €3,648 | -€45,869 | -92.6% |
| Recurring financial charges | 65 | €49,516 | €3,648 | -€45,869 | -92.6% |
| Debt charges | 650 | €47,978 | €2,320 | -€45,658 | -95.2% |
| Other financial charges | 652/9 | €1,539 | €1,328 | -€211 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €7,514,986 | €1,984,279 | -€5.5m | -73.6% |
| Income taxes | 67/77 | €59,516 | €105,959 | +€46,443 | +78.0% |
| Taxes | 670/3 | €59,516 | €105,959 | +€46,443 | +78.0% |
| Tax adjustments and reversals of tax provisions | 77 | €0 | - | -€0 | |
| Profit (loss) for the period | 9904 | €7,455,470 | €1,878,320 | -€5.6m | -74.8% |
| Profit (loss) for the period to be appropriated | 9905 | €7,455,470 | €1,878,320 | -€5.6m | -74.8% |
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 30 October 2026 via checked.be.