VACOR: 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.
VACOR
Largest movements
- Tangible fixed assets -€30,129
down €30,129 (-3.6%), from €832,491 to €802,362
of which Land and buildings: -€28,364
- Debts after one year -€77,238
down €77,238 (-20.1%), from €384,633 to €307,395
- Reserves +€37,517
up €37,517 (+14.1%), from €265,185 to €302,702
of which Distributable reserves: +€37,517
- Depreciation -€3,445
down €3,445 (-10.3%), from €33,574 to €30,129
- Financial charges -€3,297
down €3,297 (-14.9%), from €22,168 to €18,872
- Taxes +€2,080
up €2,080 (+18.6%), from €11,168 to €13,248
- Gross operating margin +€1,787
up €1,787 (+1.7%), from €105,073 to €106,860
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 | €911,101 | €877,686 | -€33,415 | -3.7% |
| Fixed assets | 21/28 | €832,491 | €802,362 | -€30,129 | -3.6% |
| Tangible fixed assets | 22/27 | €832,491 | €802,362 | -€30,129 | -3.6% |
| Land and buildings | 22 | €828,961 | €800,597 | -€28,364 | -3.4% |
| Other tangible fixed assets | 26 | €3,530 | €1,765 | -€1,765 | -50.0% |
| Current assets | 29/58 | €78,610 | €75,325 | -€3,286 | -4.2% |
| Amounts receivable within one year | 40/41 | €50,000 | €50,000 | = | 0.0% |
| Trade receivables | 40 | €50,000 | €50,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €28,610 | €25,253 | -€3,357 | -11.7% |
| Deferred charges and accrued income | 490/1 | - | €72 | +€72 | |
| Total equity and liabilities | 10/49 | €911,101 | €877,686 | -€33,415 | -3.7% |
| Equity | 10/15 | €441,121 | €478,638 | +€37,517 | +8.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Revaluation surpluses | 12 | €114,436 | €114,436 | = | 0.0% |
| Reserves | 13 | €265,185 | €302,702 | +€37,517 | +14.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €259,035 | €296,552 | +€37,517 | +14.5% |
| Amounts payable | 17/49 | €469,980 | €399,049 | -€70,932 | -15.1% |
| Amounts payable after more than one year | 17 | €384,633 | €307,395 | -€77,238 | -20.1% |
| Financial debts | 170/4 | €384,633 | €307,395 | -€77,238 | -20.1% |
| Amounts payable within one year | 42/48 | €84,808 | €91,654 | +€6,846 | +8.1% |
| Current portion of amounts payable after more than one year | 42 | €73,863 | €77,238 | +€3,374 | +4.6% |
| Taxes, remuneration and social security | 45 | €10,944 | €14,416 | +€3,472 | +31.7% |
| Taxes | 450/3 | €10,944 | €14,416 | +€3,472 | +31.7% |
| Accrued charges and deferred income | 492/3 | €540 | - | -€540 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,574 | €30,129 | -€3,445 | -10.3% |
| Other operating charges | 640/8 | €6,880 | €7,095 | +€215 | +3.1% |
| Gross operating margin | 9900 | €105,073 | €106,860 | +€1,787 | +1.7% |
| Operating profit (loss) | 9901 | €64,620 | €69,637 | +€5,017 | +7.8% |
| Financial charges | 65/66B | €22,168 | €18,872 | -€3,297 | -14.9% |
| Recurring financial charges | 65 | €22,168 | €18,872 | -€3,297 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €42,452 | €50,765 | +€8,313 | +19.6% |
| Income taxes | 67/77 | €11,168 | €13,248 | +€2,080 | +18.6% |
| Profit (loss) for the period | 9904 | €31,284 | €37,517 | +€6,234 | +19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €31,284 | €37,517 | +€6,234 | +19.9% |
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.