VACHO: 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.
VACHO
Largest movements
- Tangible fixed assets -€394,344
down €394,344 (-3.2%), from €12.5m to €12.1m
- Other debts -€890,000
down €890,000 (-30.6%), from €2.9m to €2.0m
- Reserves +€546,617
up €546,617 (+6.3%), from €8.7m to €9.2m
of which Distributable reserves: +€635,196
- Gross operating margin +€144,726
up €144,726 (+12.5%), from €1.2m to €1.3m
- Taxes +€43,154
up €43,154 (+25.6%), from €168,578 to €211,732
- Financial charges -€25,700
down €25,700 (-26.2%), from €98,255 to €72,555
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 | €12,553,785 | €12,207,487 | -€346,298 | -2.8% |
| Fixed assets | 21/28 | €12,466,056 | €12,071,712 | -€394,344 | -3.2% |
| Tangible fixed assets | 22/27 | €12,466,056 | €12,071,712 | -€394,344 | -3.2% |
| Land and buildings | 22 | €12,466,056 | €12,071,712 | -€394,344 | -3.2% |
| Current assets | 29/58 | €87,730 | €135,775 | +€48,045 | +54.8% |
| Amounts receivable within one year | 40/41 | €11,114 | €104,282 | +€93,168 | +838.3% |
| Trade receivables | 40 | - | €104,282 | +€104,282 | |
| Other amounts receivable | 41 | €11,114 | - | -€11,114 | |
| Cash at bank and in hand | 54/58 | €9,717 | €31,493 | +€21,775 | +224.1% |
| Deferred charges and accrued income | 490/1 | €66,898 | - | -€66,898 | |
| Total equity and liabilities | 10/49 | €12,553,785 | €12,207,487 | -€346,298 | -2.8% |
| Equity | 10/15 | €8,745,022 | €9,291,639 | +€546,617 | +6.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €8,683,022 | €9,229,639 | +€546,617 | +6.3% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,545,715 | €2,457,136 | -€88,579 | -3.5% |
| Distributable reserves | 133 | €6,131,107 | €6,766,303 | +€635,196 | +10.4% |
| Provisions and deferred taxes | 16 | €844,723 | €814,235 | -€30,489 | -3.6% |
| Deferred taxes | 168 | €844,723 | €814,235 | -€30,489 | -3.6% |
| Amounts payable | 17/49 | €2,964,040 | €2,101,613 | -€862,426 | -29.1% |
| Amounts payable within one year | 42/48 | €2,917,465 | €2,067,868 | -€849,598 | -29.1% |
| Trade debts | 44 | €3,088 | €17,835 | +€14,748 | +477.6% |
| Suppliers | 440/4 | €3,088 | €17,835 | +€14,748 | +477.6% |
| Taxes, remuneration and social security | 45 | €3,578 | €29,232 | +€25,655 | +717.1% |
| Taxes | 450/3 | €3,578 | €29,232 | +€25,655 | +717.1% |
| Other amounts payable | 47/48 | €2,910,800 | €2,020,800 | -€890,000 | -30.6% |
| Accrued charges and deferred income | 492/3 | €46,574 | €33,746 | -€12,829 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €394,344 | €394,344 | = | 0.0% |
| Other operating charges | 640/8 | €112,847 | €110,419 | -€2,428 | -2.2% |
| Gross operating margin | 9900 | €1,160,453 | €1,305,178 | +€144,726 | +12.5% |
| Operating profit (loss) | 9901 | €653,262 | €800,415 | +€147,153 | +22.5% |
| Financial income | 75/76B | €237 | - | -€237 | |
| Recurring financial income | 75 | €237 | - | -€237 | |
| Financial charges | 65/66B | €98,255 | €72,555 | -€25,700 | -26.2% |
| Recurring financial charges | 65 | €98,255 | €72,555 | -€25,700 | -26.2% |
| Profit (loss) for the period before taxes | 9903 | €555,243 | €727,860 | +€172,617 | +31.1% |
| Transfer from deferred taxes | 780 | €30,489 | €30,489 | = | 0.0% |
| Income taxes | 67/77 | €168,578 | €211,732 | +€43,154 | +25.6% |
| Profit (loss) for the period | 9904 | €417,154 | €546,617 | +€129,463 | +31.0% |
| Transfer from tax-exempt reserves | 789 | €88,579 | €88,579 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €505,733 | €635,196 | +€129,463 | +25.6% |
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 12 October 2026 via checked.be.