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.
VACO
Largest movements
- Stocks and contracts -€373,791
down €373,791 (-22.3%), from €1.7m to €1.3m
- Cash +€108,542
up €108,542 (+29.5%), from €368,141 to €476,683
mainly Stocks and contracts (+€373,791) and Net result for the year (+€240,668)
- Tangible fixed assets -€88,867
down €88,867 (-14.3%), from €621,031 to €532,165
- Receivables within one year +€64,904
up €64,904 (+9.0%), from €717,901 to €782,805
of which Trade receivables: +€54,137
- Other debts -€367,788
down €367,788 (-23.8%), from €1.5m to €1.2m
- Reserves +€240,224
up €240,224 (+25.9%), from €927,272 to €1.2m
of which Distributable reserves: +€240,224
- Short-term financial debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Trade debts -€84,413
down €84,413 (-47.1%), from €179,161 to €94,748
- Tax, wage and social debts +€65,423
up €65,423 (+66.7%), from €98,114 to €163,536
of which Taxes: +€60,573
- Gross operating margin +€219,342
up €219,342 (+44.3%), from €494,579 to €713,921
- Taxes +€60,617
up €60,617 (+244.2%), from €24,820 to €85,437
- Depreciation -€21,841
down €21,841 (-19.7%), from €111,067 to €89,226
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 | €3,411,797 | €3,106,317 | -€305,480 | -9.0% |
| Fixed assets | 21/28 | €624,615 | €535,389 | -€89,226 | -14.3% |
| Intangible fixed assets | 21 | €484 | €124 | -€360 | -74.3% |
| Tangible fixed assets | 22/27 | €621,031 | €532,165 | -€88,867 | -14.3% |
| Land and buildings | 22 | €470,092 | €436,450 | -€33,642 | -7.2% |
| Plant, machinery and equipment | 23 | €75,427 | €44,193 | -€31,234 | -41.4% |
| Furniture and vehicles | 24 | €49,036 | €28,337 | -€20,699 | -42.2% |
| Other tangible fixed assets | 26 | €26,477 | €23,185 | -€3,292 | -12.4% |
| Financial fixed assets | 28 | €3,100 | €3,100 | = | 0.0% |
| Current assets | 29/58 | €2,787,182 | €2,570,928 | -€216,254 | -7.8% |
| Stocks and contracts in progress | 3 | €1,676,789 | €1,302,998 | -€373,791 | -22.3% |
| Stocks | 30/36 | €1,676,789 | €1,302,998 | -€373,791 | -22.3% |
| Amounts receivable within one year | 40/41 | €717,901 | €782,805 | +€64,904 | +9.0% |
| Trade receivables | 40 | €452,733 | €506,870 | +€54,137 | +12.0% |
| Other amounts receivable | 41 | €265,168 | €275,934 | +€10,766 | +4.1% |
| Cash at bank and in hand | 54/58 | €368,141 | €476,683 | +€108,542 | +29.5% |
| Deferred charges and accrued income | 490/1 | €24,351 | €8,442 | -€15,908 | -65.3% |
| Total equity and liabilities | 10/49 | €3,411,797 | €3,106,317 | -€305,480 | -9.0% |
| Equity | 10/15 | €1,386,572 | €1,626,796 | +€240,224 | +17.3% |
| Contributions | 10/11 | €459,300 | €459,300 | = | 0.0% |
| Capital | 10 | €459,300 | €459,300 | = | 0.0% |
| Issued capital | 100 | €459,300 | €459,300 | = | 0.0% |
| Reserves | 13 | €927,272 | €1,167,496 | +€240,224 | +25.9% |
| Non-distributable reserves | 130/1 | €45,930 | €45,930 | = | 0.0% |
| Legal reserve | 130 | €45,930 | €45,930 | = | 0.0% |
| Distributable reserves | 133 | €881,342 | €1,121,566 | +€240,224 | +27.3% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €2,025,225 | €1,479,521 | -€545,704 | -26.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €1,924,525 | €1,434,021 | -€490,504 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €3,726 | €0 | -€3,726 | -100.0% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €179,161 | €94,748 | -€84,413 | -47.1% |
| Suppliers | 440/4 | €179,161 | €94,748 | -€84,413 | -47.1% |
| Taxes, remuneration and social security | 45 | €98,114 | €163,536 | +€65,423 | +66.7% |
| Taxes | 450/3 | €72,941 | €133,514 | +€60,573 | +83.0% |
| Remuneration and social security | 454/9 | €25,173 | €30,023 | +€4,850 | +19.3% |
| Other amounts payable | 47/48 | €1,543,524 | €1,175,736 | -€367,788 | -23.8% |
| Accrued charges and deferred income | 492/3 | €100,700 | €45,500 | -€55,200 | -54.8% |
| Remuneration, social security and pensions | 62 | €223,130 | €226,339 | +€3,209 | +1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €111,067 | €89,226 | -€21,841 | -19.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €532 | +€532 | |
| Other operating charges | 640/8 | €19,398 | €20,583 | +€1,185 | +6.1% |
| Gross operating margin | 9900 | €494,579 | €713,921 | +€219,342 | +44.3% |
| Operating profit (loss) | 9901 | €140,984 | €377,242 | +€236,258 | +167.6% |
| Financial income | 75/76B | €16,430 | €9,908 | -€6,522 | -39.7% |
| Recurring financial income | 75 | €16,430 | €9,908 | -€6,522 | -39.7% |
| Financial charges | 65/66B | €60,346 | €61,044 | +€698 | +1.2% |
| Recurring financial charges | 65 | €60,346 | €61,044 | +€698 | +1.2% |
| Profit (loss) for the period before taxes | 9903 | €97,067 | €326,106 | +€229,038 | +236.0% |
| Income taxes | 67/77 | €24,820 | €85,437 | +€60,617 | +244.2% |
| Profit (loss) for the period | 9904 | €72,247 | €240,668 | +€168,421 | +233.1% |
| Profit (loss) for the period to be appropriated | 9905 | €72,247 | €240,668 | +€168,421 | +233.1% |
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.