VACO: 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.
What changed
VACO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€28,562
2024 · -€14,877-€13,685
Equity
€1.1m
2024 · €1.1m-€28,562
Cash
€10,679
2024 · €10,289+€390
Balance sheet total
€2.6m
2024 · €2.7m-€90,834
Largest movements
Assets
- Tangible fixed assets -€86,423
down €86,423 (-3.2%), from €2.7m to €2.6m
of which Land and buildings: -€79,072
Equity and liabilities
- Debts after one year -€49,649
down €49,649 (-5.5%), from €899,704 to €850,055
of which Financial debts: -€37,075
- Reserves -€39,850
down €39,850 (-4.4%), from €904,181 to €864,331
- Other debts -€37,867
down €37,867 (-18.9%), from €199,918 to €162,052
Income statement
- Gross operating margin -€13,386
down €13,386 (-10.4%), from €128,134 to €114,748
- Other operating charges +€3,365
up €3,365 (+17.0%), from €19,800 to €23,165
- Financial charges -€3,102
down €3,102 (-8.0%), from €38,676 to €35,575
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
-€14,877
Gross operating margin
-€13,386
Depreciation
-€123
Other operating charges
-€3,365
Financial income
-€90
Financial charges
+€3,102
Taxes
-€7
Deferred taxes and other
+€184
Result 2025
-€28,562
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.
From operations
+€31,879
Investment
-€8,272
Financing
-€23,217
Cash 2024
€10,289
From operations (derived)
+€31,879
Net result for the year
-€28,562
Depreciation
+€94,695
Receivables after one year
+€5,078
Smaller working-capital items
-€277
Provisions
-€13,283
Trade debts
+€4,219
Tax, wage and social debts
-€331
Other debts
-€37,867
Accrued charges and deferred income
+€8,207
Investment (derived)
-€8,272
Investment in fixed assets (net)
-€8,272
Financing
-€23,217
Debts after one year
-€49,649
Current portion of long-term debt
+€11,433
Short-term financial debts
+€15,000
Cash 2025
€10,679
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,699,347 | €2,608,513 | -€90,834 | -3.4% |
| Fixed assets | 21/28 | €2,669,024 | €2,582,600 | -€86,423 | -3.2% |
| Tangible fixed assets | 22/27 | €2,668,855 | €2,582,432 | -€86,423 | -3.2% |
| Land and buildings | 22 | €2,627,928 | €2,548,857 | -€79,072 | -3.0% |
| Plant, machinery and equipment | 23 | €39,358 | €32,609 | -€6,749 | -17.1% |
| Furniture and vehicles | 24 | €1,569 | €966 | -€603 | -38.4% |
| Financial fixed assets | 28 | €169 | €169 | = | 0.0% |
| Current assets | 29/58 | €30,323 | €25,913 | -€4,411 | -14.5% |
| Amounts receivable after more than one year | 29 | €14,990 | €9,912 | -€5,078 | -33.9% |
| Other amounts receivable | 291 | €14,990 | €9,912 | -€5,078 | -33.9% |
| Amounts receivable within one year | 40/41 | €5,028 | €5,167 | +€139 | +2.8% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,028 | €5,167 | +€139 | +2.8% |
| Cash at bank and in hand | 54/58 | €10,289 | €10,679 | +€390 | +3.8% |
| Deferred charges and accrued income | 490/1 | €17 | €155 | +€138 | +811.1% |
| Total equity and liabilities | 10/49 | €2,699,347 | €2,608,513 | -€90,834 | -3.4% |
| Equity | 10/15 | €1,147,947 | €1,119,385 | -€28,562 | -2.5% |
| Contributions | 10/11 | €387,000 | €387,000 | = | 0.0% |
| Reserves | 13 | €904,181 | €864,331 | -€39,850 | -4.4% |
| Tax-exempt reserves | 132 | €904,181 | €864,331 | -€39,850 | -4.4% |
| Profit (loss) carried forward | 14 | -€143,234 | -€131,946 | +€11,288 | +7.9% |
| Provisions and deferred taxes | 16 | €301,394 | €288,110 | -€13,283 | -4.4% |
| Deferred taxes | 168 | €301,394 | €288,110 | -€13,283 | -4.4% |
| Amounts payable | 17/49 | €1,250,006 | €1,201,018 | -€48,988 | -3.9% |
| Amounts payable after more than one year | 17 | €899,704 | €850,055 | -€49,649 | -5.5% |
| Financial debts | 170/4 | €749,541 | €712,466 | -€37,075 | -4.9% |
| Other amounts payable | 178/9 | €150,163 | €137,589 | -€12,574 | -8.4% |
| Amounts payable within one year | 42/48 | €293,581 | €286,035 | -€7,546 | -2.6% |
| Current portion of amounts payable after more than one year | 42 | €79,522 | €90,954 | +€11,433 | +14.4% |
| Financial debts | 43 | - | €15,000 | +€15,000 | |
| Credit institutions | 430/8 | - | €15,000 | +€15,000 | |
| Trade debts | 44 | €13,182 | €17,400 | +€4,219 | +32.0% |
| Suppliers | 440/4 | €13,182 | €17,400 | +€4,219 | +32.0% |
| Taxes, remuneration and social security | 45 | €959 | €629 | -€331 | -34.5% |
| Taxes | 450/3 | €959 | €629 | -€331 | -34.5% |
| Other amounts payable | 47/48 | €199,918 | €162,052 | -€37,867 | -18.9% |
| Accrued charges and deferred income | 492/3 | €56,721 | €64,928 | +€8,207 | +14.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,572 | €94,695 | +€123 | +0.1% |
| Other operating charges | 640/8 | €19,800 | €23,165 | +€3,365 | +17.0% |
| Gross operating margin | 9900 | €128,134 | €114,748 | -€13,386 | -10.4% |
| Operating profit (loss) | 9901 | €13,762 | -€3,113 | -€16,875 | |
| Financial income | 75/76B | €252 | €163 | -€90 | -35.5% |
| Recurring financial income | 75 | €252 | €163 | -€90 | -35.5% |
| Financial charges | 65/66B | €38,676 | €35,575 | -€3,102 | -8.0% |
| Recurring financial charges | 65 | €38,676 | €35,575 | -€3,102 | -8.0% |
| Profit (loss) for the period before taxes | 9903 | -€24,662 | -€38,525 | -€13,862 | -56.2% |
| Transfer from deferred taxes | 780 | €13,099 | €13,283 | +€184 | +1.4% |
| Income taxes | 67/77 | €3,315 | €3,321 | +€7 | +0.2% |
| Profit (loss) for the period | 9904 | -€14,877 | -€28,562 | -€13,685 | -92.0% |
| Transfer from tax-exempt reserves | 789 | €39,298 | €39,850 | +€552 | +1.4% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €24,421 | €11,288 | -€13,133 | -53.8% |
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 30 September 2026 via checked.be.