VACO-CVO: 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-CVO
Largest movements
- Tangible fixed assets -€19,000
down €19,000 (-10.7%), from €176,916 to €157,916
- Profit (loss) carried forward -€26,852
down €26,852 (-12.2%), from -€220,061 to -€246,913
- Revaluation surpluses -€19,000
down €19,000 (-11.4%), from €167,000 to €148,000
- Reserves +€19,000
up €19,000 (+11.8%), from €160,984 to €179,984
of which Distributable reserves: +€19,000
- Other debts +€9,000
up €9,000 (+17.6%), from €51,000 to €60,000
- Gross operating margin +€330
up €330 (+21.2%), from -€1,560 to -€1,230
- Other operating charges +€199
up €199 (+3.1%), from €6,368 to €6,567
- Financial charges +€27
up €27 (+100.0%), from €27 to €54
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 | €177,473 | €159,621 | -€17,852 | -10.1% |
| Fixed assets | 21/28 | €176,916 | €157,916 | -€19,000 | -10.7% |
| Tangible fixed assets | 22/27 | €176,916 | €157,916 | -€19,000 | -10.7% |
| Land and buildings | 22 | €176,916 | €157,916 | -€19,000 | -10.7% |
| Current assets | 29/58 | €557 | €1,705 | +€1,148 | +206.2% |
| Cash at bank and in hand | 54/58 | €557 | €1,204 | +€647 | +116.1% |
| Deferred charges and accrued income | 490/1 | - | €502 | +€502 | |
| Total equity and liabilities | 10/49 | €177,473 | €159,621 | -€17,852 | -10.1% |
| Equity | 10/15 | €126,473 | €99,621 | -€26,852 | -21.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €167,000 | €148,000 | -€19,000 | -11.4% |
| Reserves | 13 | €160,984 | €179,984 | +€19,000 | +11.8% |
| Non-distributable reserves | 130/1 | €574 | €574 | = | 0.0% |
| Reserves not available under the articles | 1311 | €574 | €574 | = | 0.0% |
| Distributable reserves | 133 | €160,410 | €179,410 | +€19,000 | +11.8% |
| Profit (loss) carried forward | 14 | -€220,061 | -€246,913 | -€26,852 | -12.2% |
| Amounts payable | 17/49 | €51,000 | €60,000 | +€9,000 | +17.6% |
| Amounts payable within one year | 42/48 | €51,000 | €60,000 | +€9,000 | +17.6% |
| Other amounts payable | 47/48 | €51,000 | €60,000 | +€9,000 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,000 | €19,000 | = | 0.0% |
| Other operating charges | 640/8 | €6,368 | €6,567 | +€199 | +3.1% |
| Gross operating margin | 9900 | -€1,560 | -€1,230 | +€330 | +21.2% |
| Operating profit (loss) | 9901 | -€26,929 | -€26,798 | +€131 | +0.5% |
| Financial charges | 65/66B | €27 | €54 | +€27 | +100.0% |
| Recurring financial charges | 65 | €27 | €54 | +€27 | +100.0% |
| Profit (loss) for the period before taxes | 9903 | -€26,956 | -€26,852 | +€104 | +0.4% |
| Profit (loss) for the period | 9904 | -€26,956 | -€26,852 | +€104 | +0.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,956 | -€26,852 | +€104 | +0.4% |
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 2 October 2026 via checked.be.