VACRE: 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.
VACRE
Largest movements
- Cash -€15,349
down €15,349 (-15.5%), from €99,185 to €83,837
mainly Contributions, distributions and other (-€115,000) and Investment in fixed assets (net) (-€20,642)
- Current investments +€15,016
up €15,016 (+17.7%), from €85,045 to €100,060
- Other debts +€12,697
up €12,697 (+9045.5%), from €140 to €12,838
- Trade debts -€8,101
down €8,101 (-58.7%), from €13,799 to €5,698
- Debts after one year -€7,516
down €7,516 (-40.4%), from €18,615 to €11,099
- Gross operating margin +€7,923
up €7,923 (+5.9%), from €133,569 to €141,492
- Depreciation +€5,067
up €5,067 (+27.3%), from €18,570 to €23,638
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 | €609,252 | €603,676 | -€5,576 | -0.9% |
| Fixed assets | 21/28 | €138,698 | €135,702 | -€2,996 | -2.2% |
| Tangible fixed assets | 22/27 | €138,698 | €135,702 | -€2,996 | -2.2% |
| Land and buildings | 22 | €65,479 | €60,948 | -€4,532 | -6.9% |
| Plant, machinery and equipment | 23 | €19,485 | €21,753 | +€2,268 | +11.6% |
| Furniture and vehicles | 24 | €53,588 | €53,001 | -€587 | -1.1% |
| Other tangible fixed assets | 26 | €145 | - | -€145 | |
| Current assets | 29/58 | €470,554 | €467,974 | -€2,580 | -0.5% |
| Stocks and contracts in progress | 3 | €10,775 | €9,185 | -€1,590 | -14.8% |
| Stocks | 30/36 | €10,775 | €9,185 | -€1,590 | -14.8% |
| Amounts receivable within one year | 40/41 | €267,717 | €265,543 | -€2,174 | -0.8% |
| Trade receivables | 40 | €22,035 | €38,530 | +€16,496 | +74.9% |
| Other amounts receivable | 41 | €245,682 | €227,013 | -€18,670 | -7.6% |
| Current investments | 50/53 | €85,045 | €100,060 | +€15,016 | +17.7% |
| Cash at bank and in hand | 54/58 | €99,185 | €83,837 | -€15,349 | -15.5% |
| Deferred charges and accrued income | 490/1 | €7,832 | €9,349 | +€1,517 | +19.4% |
| Total equity and liabilities | 10/49 | €609,252 | €603,676 | -€5,576 | -0.9% |
| Equity | 10/15 | €564,302 | €566,098 | +€1,797 | +0.3% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €533,315 | €535,112 | +€1,797 | +0.3% |
| Tax-exempt reserves | 132 | €76,330 | €76,330 | = | 0.0% |
| Distributable reserves | 133 | €456,986 | €458,782 | +€1,797 | +0.4% |
| Amounts payable | 17/49 | €44,950 | €37,578 | -€7,372 | -16.4% |
| Amounts payable after more than one year | 17 | €18,615 | €11,099 | -€7,516 | -40.4% |
| Financial debts | 170/4 | €18,615 | €11,099 | -€7,516 | -40.4% |
| Amounts payable within one year | 42/48 | €26,335 | €26,479 | +€144 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €7,262 | €7,516 | +€254 | +3.5% |
| Trade debts | 44 | €13,799 | €5,698 | -€8,101 | -58.7% |
| Suppliers | 440/4 | €13,799 | €5,698 | -€8,101 | -58.7% |
| Advances received on contracts in progress | 46 | €3,577 | - | -€3,577 | |
| Taxes, remuneration and social security | 45 | €1,556 | €428 | -€1,129 | -72.5% |
| Taxes | 450/3 | €1,556 | €428 | -€1,129 | -72.5% |
| Other amounts payable | 47/48 | €140 | €12,838 | +€12,697 | +9045.5% |
| Non-recurring operating income | 76A | €10,687 | - | -€10,687 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,570 | €23,638 | +€5,067 | +27.3% |
| Other operating charges | 640/8 | €1,752 | €1,764 | +€12 | +0.7% |
| Gross operating margin | 9900 | €133,569 | €141,492 | +€7,923 | +5.9% |
| Operating profit (loss) | 9901 | €113,246 | €116,090 | +€2,844 | +2.5% |
| Financial income | 75/76B | €1,729 | €2,193 | +€464 | +26.8% |
| Recurring financial income | 75 | €1,729 | €2,193 | +€464 | +26.8% |
| Financial charges | 65/66B | €853 | €1,003 | +€150 | +17.6% |
| Recurring financial charges | 65 | €853 | €1,003 | +€150 | +17.6% |
| Profit (loss) for the period before taxes | 9903 | €114,123 | €117,280 | +€3,157 | +2.8% |
| Income taxes | 67/77 | €180 | €483 | +€303 | +167.9% |
| Profit (loss) for the period | 9904 | €113,942 | €116,797 | +€2,854 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €113,942 | €116,797 | +€2,854 | +2.5% |
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 8 October 2026 via checked.be.