VACK: what changed
Two fiscal 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.
VACK
Largest movements
- Current investments +€354,040
new in 2025: €354,040
- Cash -€277,901
down €277,901 (-55.2%), from €503,551 to €225,650
mainly Current investments (-€354,040) and Investment in fixed assets (net) (-€121,073)
- Stocks and contracts -€136,446
down €136,446 (-41.2%), from €330,906 to €194,460
- Receivables within one year +€115,216
up €115,216 (+18.5%), from €624,295 to €739,512
of which Trade receivables: +€76,083
- Tangible fixed assets +€90,357
up €90,357 (+95.1%), from €95,053 to €185,411
of which Other tangible fixed assets: +€81,880
- Reserves +€210,000
up €210,000 (+23.8%), from €882,000 to €1.1m
- Trade debts -€38,817
down €38,817 (-16.3%), from €238,035 to €199,217
- Tax, wage and social debts -€26,889
down €26,889 (-21.0%), from €128,192 to €101,304
of which Remuneration and social security: -€16,584
- Goods and materials -€2.2m
down €2.2m (-67.7%), from €3.3m to €1.1m
of which Purchases: -€2.0m
- Turnover -€2.1m
down €2.1m (-49.3%), from €4.3m to €2.2m
- Staff costs -€110,724
down €110,724 (-14.1%), from €787,284 to €676,560
- Services and other goods +€77,241
up €77,241 (+13.4%), from €577,830 to €655,072
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 | €1,553,805 | €1,699,072 | +€145,267 | +9.3% |
| Fixed assets | 21/28 | €95,053 | €185,411 | +€90,357 | +95.1% |
| Tangible fixed assets | 22/27 | €95,053 | €185,411 | +€90,357 | +95.1% |
| Plant, machinery and equipment | 23 | €7,787 | €11,649 | +€3,863 | +49.6% |
| Furniture and vehicles | 24 | €863 | €5,479 | +€4,615 | +534.6% |
| Other tangible fixed assets | 26 | €86,403 | €168,283 | +€81,880 | +94.8% |
| Current assets | 29/58 | €1,458,752 | €1,513,661 | +€54,909 | +3.8% |
| Stocks and contracts in progress | 3 | €330,906 | €194,460 | -€136,446 | -41.2% |
| Stocks | 30/36 | €330,906 | €194,460 | -€136,446 | -41.2% |
| Goods purchased for resale | 34 | €330,906 | €194,460 | -€136,446 | -41.2% |
| Amounts receivable within one year | 40/41 | €624,295 | €739,512 | +€115,216 | +18.5% |
| Trade receivables | 40 | €583,834 | €659,917 | +€76,083 | +13.0% |
| Other amounts receivable | 41 | €40,461 | €79,594 | +€39,133 | +96.7% |
| Current investments | 50/53 | - | €354,040 | +€354,040 | |
| Other investments | 51/53 | - | €354,040 | +€354,040 | |
| Cash at bank and in hand | 54/58 | €503,551 | €225,650 | -€277,901 | -55.2% |
| Total equity and liabilities | 10/49 | €1,553,805 | €1,699,072 | +€145,267 | +9.3% |
| Equity | 10/15 | €1,187,217 | €1,398,099 | +€210,882 | +17.8% |
| Contributions | 10/11 | €300,000 | €300,000 | = | 0.0% |
| Reserves | 13 | €882,000 | €1,092,000 | +€210,000 | +23.8% |
| Distributable reserves | 133 | €882,000 | €1,092,000 | +€210,000 | +23.8% |
| Profit (loss) carried forward | 14 | €5,217 | €6,099 | +€882 | +16.9% |
| Amounts payable | 17/49 | €366,588 | €300,973 | -€65,615 | -17.9% |
| Amounts payable within one year | 42/48 | €366,588 | €300,973 | -€65,615 | -17.9% |
| Trade debts | 44 | €238,035 | €199,217 | -€38,817 | -16.3% |
| Suppliers | 440/4 | €238,035 | €199,217 | -€38,817 | -16.3% |
| Taxes, remuneration and social security | 45 | €128,192 | €101,304 | -€26,889 | -21.0% |
| Taxes | 450/3 | €26,041 | €15,736 | -€10,305 | -39.6% |
| Remuneration and social security | 454/9 | €102,151 | €85,567 | -€16,584 | -16.2% |
| Other amounts payable | 47/48 | €361 | €452 | +€91 | +25.3% |
| Operating income | 70/76A | €5,039,138 | €2,732,156 | -€2.3m | -45.8% |
| Turnover | 70 | €4,276,487 | €2,169,581 | -€2.1m | -49.3% |
| Other operating income | 74 | €587,651 | €562,575 | -€25,076 | -4.3% |
| Non-recurring operating income | 76A | €175,000 | - | -€175,000 | |
| Operating charges | 60/66A | €4,645,220 | €2,443,658 | -€2.2m | -47.4% |
| Goods for resale, raw materials and consumables | 60 | €3,256,010 | €1,052,011 | -€2.2m | -67.7% |
| Purchases | 600/8 | €2,973,166 | €935,806 | -€2.0m | -68.5% |
| Change in stocks: decrease (increase) | 609 | €282,845 | €116,205 | -€166,639 | -58.9% |
| Services and other goods | 61 | €577,830 | €655,072 | +€77,241 | +13.4% |
| Remuneration, social security and pensions | 62 | €787,284 | €676,560 | -€110,724 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,851 | €30,715 | +€14,864 | +93.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€9,766 | €20,241 | +€30,007 | |
| Other operating charges | 640/8 | €16,323 | €6,572 | -€9,751 | -59.7% |
| Non-recurring operating charges | 66A | €1,688 | €2,488 | +€800 | +47.4% |
| Operating profit (loss) | 9901 | €393,918 | €288,498 | -€105,420 | -26.8% |
| Financial income | 75/76B | €2,232 | €907 | -€1,325 | -59.3% |
| Recurring financial income | 75 | €2,232 | €907 | -€1,325 | -59.3% |
| Other financial income | 752/9 | €2,232 | €907 | -€1,325 | -59.3% |
| Financial charges | 65/66B | €2,553 | €2,407 | -€146 | -5.7% |
| Recurring financial charges | 65 | €2,553 | €2,407 | -€146 | -5.7% |
| Debt charges | 650 | €308 | €153 | -€155 | -50.2% |
| Other financial charges | 652/9 | €2,246 | €2,254 | +€8 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €393,596 | €286,998 | -€106,598 | -27.1% |
| Income taxes | 67/77 | €103,294 | €76,116 | -€27,178 | -26.3% |
| Taxes | 670/3 | €103,294 | €76,116 | -€27,178 | -26.3% |
| Profit (loss) for the period | 9904 | €290,302 | €210,882 | -€79,420 | -27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €290,302 | €210,882 | -€79,420 | -27.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.