VACL: 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.
VACL
Largest movements
- Receivables within one year +€51,702
up €51,702 (+122%), from €42,453 to €94,155
of which Trade receivables: +€47,643
- Tangible fixed assets -€30,102
down €30,102 (-48.1%), from €62,643 to €32,540
of which Furniture and vehicles: -€24,946
- Stocks and contracts -€7,689
down €7,689 (-44.0%), from €17,494 to €9,804
- Cash -€2,855
down €2,855 (-23.7%), from €12,025 to €9,171
mainly Net result for the year (-€67,525) and Receivables within one year (-€51,702)
- Profit (loss) carried forward -€67,525
down €67,525 (-409%), from -€16,492 to -€84,017
- Trade debts +€60,955
up €60,955 (+203%), from €30,017 to €90,972
- Other debts +€37,696
up €37,696 (+5,403%), from €698 to €38,394
- Debts after one year -€10,748
down €10,748 (-33.5%), from €32,066 to €21,318
- Tax, wage and social debts -€9,637
down €9,637 (-32.1%), from €29,995 to €20,358
of which Taxes: -€9,048
- Staff costs +€50,123
up €50,123 (+32.9%), from €152,481 to €202,604
- Gross operating margin -€19,887
down €19,887 (-11.1%), from €179,307 to €159,420
- Depreciation -€9,391
down €9,391 (-52.8%), from €17,794 to €8,404
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €139,386 | €149,246 | +€9,860 | +7.1% |
| Fixed assets | 21/28 | €64,266 | €33,664 | -€30,602 | -47.6% |
| Intangible fixed assets | 21 | €1,623 | €1,123 | -€500 | -30.8% |
| Tangible fixed assets | 22/27 | €62,643 | €32,540 | -€30,102 | -48.1% |
| Plant, machinery and equipment | 23 | €489 | - | -€489 | |
| Furniture and vehicles | 24 | €28,565 | €3,618 | -€24,946 | -87.3% |
| Other tangible fixed assets | 26 | €33,589 | €28,922 | -€4,667 | -13.9% |
| Current assets | 29/58 | €75,120 | €115,582 | +€40,462 | +53.9% |
| Stocks and contracts in progress | 3 | €17,494 | €9,804 | -€7,689 | -44.0% |
| Stocks | 30/36 | €17,494 | €9,804 | -€7,689 | -44.0% |
| Amounts receivable within one year | 40/41 | €42,453 | €94,155 | +€51,702 | +122% |
| Trade receivables | 40 | €42,210 | €89,852 | +€47,643 | +113% |
| Other amounts receivable | 41 | €244 | €4,303 | +€4,059 | +1,666% |
| Cash at bank and in hand | 54/58 | €12,025 | €9,171 | -€2,855 | -23.7% |
| Deferred charges and accrued income | 490/1 | €3,148 | €2,452 | -€696 | -22.1% |
| Total equity and liabilities | 10/49 | €139,386 | €149,246 | +€9,860 | +7.1% |
| Equity | 10/15 | €36,721 | -€30,804 | -€67,525 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,613 | €34,613 | = | 0.0% |
| Distributable reserves | 133 | €34,613 | €34,613 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,492 | -€84,017 | -€67,525 | -409% |
| Amounts payable | 17/49 | €102,665 | €180,050 | +€77,385 | +75.4% |
| Amounts payable after more than one year | 17 | €32,066 | €21,318 | -€10,748 | -33.5% |
| Financial debts | 170/4 | €32,066 | €21,318 | -€10,748 | -33.5% |
| Amounts payable within one year | 42/48 | €70,600 | €158,732 | +€88,133 | +125% |
| Current portion of amounts payable after more than one year | 42 | €9,891 | €9,009 | -€882 | -8.9% |
| Trade debts | 44 | €30,017 | €90,972 | +€60,955 | +203% |
| Suppliers | 440/4 | €30,017 | €90,972 | +€60,955 | +203% |
| Taxes, remuneration and social security | 45 | €29,995 | €20,358 | -€9,637 | -32.1% |
| Taxes | 450/3 | €9,952 | €904 | -€9,048 | -90.9% |
| Remuneration and social security | 454/9 | €20,043 | €19,454 | -€589 | -2.9% |
| Other amounts payable | 47/48 | €698 | €38,394 | +€37,696 | +5,403% |
| Remuneration, social security and pensions | 62 | €152,481 | €202,604 | +€50,123 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,794 | €8,404 | -€9,391 | -52.8% |
| Other operating charges | 640/8 | €1,429 | €2,303 | +€874 | +61.2% |
| Non-recurring operating charges | 66A | €15,525 | €5,256 | -€10,268 | -66.1% |
| Gross operating margin | 9900 | €179,307 | €159,420 | -€19,887 | -11.1% |
| Operating profit (loss) | 9901 | -€7,922 | -€59,147 | -€51,225 | -647% |
| Financial income | 75/76B | €151 | €61 | -€90 | -59.7% |
| Recurring financial income | 75 | €151 | €61 | -€90 | -59.7% |
| Financial charges | 65/66B | €7,825 | €8,100 | +€275 | +3.5% |
| Recurring financial charges | 65 | €5,623 | €6,079 | +€456 | +8.1% |
| Non-recurring financial charges | 66B | €2,201 | €2,021 | -€181 | -8.2% |
| Profit (loss) for the period before taxes | 9903 | -€15,596 | -€67,186 | -€51,591 | -331% |
| Income taxes | 67/77 | €565 | €339 | -€226 | -40.1% |
| Profit (loss) for the period | 9904 | -€16,161 | -€67,525 | -€51,364 | -318% |
| Profit (loss) for the period to be appropriated | 9905 | -€16,161 | -€67,525 | -€51,364 | -318% |
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 15 October 2026 via checked.be.