VaCro - GSA: what changed
Two financial 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.
VaCro - GSA
Largest movements
- Tangible fixed assets +€62,209
up €62,209 (+201%), from €30,955 to €93,164
of which Furniture and vehicles: +€69,530
- Receivables within one year +€57,772
up €57,772 (+71.7%), from €80,595 to €138,368
of which Trade receivables: +€45,428
- Cash -€33,784
down €33,784 (-25.0%), from €135,315 to €101,531
mainly Contributions, distributions and other (-€105,882) and Investment in fixed assets (net) (-€82,313)
- Tax, wage and social debts +€53,433
up €53,433 (+85.2%), from €62,683 to €116,115
of which Remuneration and social security: +€33,529
- Profit (loss) carried forward -€35,456
down €35,456 (-83.6%), from €42,412 to €6,956
- Current portion of long-term debt +€32,784
new in 2025: €32,784
- Debts after one year +€24,197
new in 2025: €24,197
- Trade debts +€14,013
up €14,013 (+30.9%), from €45,352 to €59,365
- Gross operating margin +€72,286
up €72,286 (+26.2%), from €275,517 to €347,803
- Staff costs +€54,588
up €54,588 (+39.5%), from €138,196 to €192,784
- Financial charges -€14,895
down €14,895 (-95.0%), from €15,676 to €781
- Taxes +€8,162
up €8,162 (+15.9%), from €51,188 to €59,349
- Depreciation +€7,901
up €7,901 (+62.2%), from €12,705 to €20,607
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.
Derived cash bridge
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 | €247,643 | €334,930 | +€87,288 | +35.2% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €31,732 | €93,438 | +€61,706 | +194% |
| Intangible fixed assets | 21 | €752 | €249 | -€503 | -66.8% |
| Tangible fixed assets | 22/27 | €30,955 | €93,164 | +€62,209 | +201% |
| Plant, machinery and equipment | 23 | €10,740 | €3,419 | -€7,321 | -68.2% |
| Furniture and vehicles | 24 | €20,215 | €89,745 | +€69,530 | +344% |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €215,911 | €241,492 | +€25,581 | +11.8% |
| Amounts receivable within one year | 40/41 | €80,595 | €138,368 | +€57,772 | +71.7% |
| Trade receivables | 40 | €66,079 | €111,507 | +€45,428 | +68.7% |
| Other amounts receivable | 41 | €14,517 | €26,861 | +€12,344 | +85.0% |
| Cash at bank and in hand | 54/58 | €135,315 | €101,531 | -€33,784 | -25.0% |
| Deferred charges and accrued income | 490/1 | - | €1,593 | +€1,593 | |
| Total equity and liabilities | 10/49 | €247,643 | €334,930 | +€87,288 | +35.2% |
| Equity | 10/15 | €137,926 | €102,470 | -€35,456 | -25.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €76,914 | €76,914 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €75,054 | €75,054 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,412 | €6,956 | -€35,456 | -83.6% |
| Amounts payable | 17/49 | €109,717 | €232,460 | +€122,743 | +112% |
| Amounts payable after more than one year | 17 | - | €24,197 | +€24,197 | |
| Financial debts | 170/4 | - | €24,197 | +€24,197 | |
| Amounts payable within one year | 42/48 | €109,598 | €208,263 | +€98,666 | +90.0% |
| Current portion of amounts payable after more than one year | 42 | - | €32,784 | +€32,784 | |
| Trade debts | 44 | €45,352 | €59,365 | +€14,013 | +30.9% |
| Suppliers | 440/4 | €45,352 | €59,365 | +€14,013 | +30.9% |
| Taxes, remuneration and social security | 45 | €62,683 | €116,115 | +€53,433 | +85.2% |
| Taxes | 450/3 | €47,135 | €67,039 | +€19,903 | +42.2% |
| Remuneration and social security | 454/9 | €15,547 | €49,077 | +€33,529 | +216% |
| Other amounts payable | 47/48 | €1,563 | - | -€1,563 | |
| Accrued charges and deferred income | 492/3 | €119 | - | -€119 | |
| Remuneration, social security and pensions | 62 | €138,196 | €192,784 | +€54,588 | +39.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,705 | €20,607 | +€7,901 | +62.2% |
| Other operating charges | 640/8 | €0 | €3,860 | +€3,860 | |
| Non-recurring operating charges | 66A | €25,000 | - | -€25,000 | |
| Gross operating margin | 9900 | €275,517 | €347,803 | +€72,286 | +26.2% |
| Operating profit (loss) | 9901 | €99,616 | €130,552 | +€30,937 | +31.1% |
| Financial income | 75/76B | €0 | €5 | +€5 | |
| Recurring financial income | 75 | €0 | €5 | +€5 | |
| Financial charges | 65/66B | €15,676 | €781 | -€14,895 | -95.0% |
| Recurring financial charges | 65 | €15,676 | €781 | -€14,895 | -95.0% |
| Profit (loss) for the period before taxes | 9903 | €83,940 | €129,776 | +€45,836 | +54.6% |
| Income taxes | 67/77 | €51,188 | €59,349 | +€8,162 | +15.9% |
| Profit (loss) for the period | 9904 | €32,752 | €70,427 | +€37,675 | +115% |
| Profit (loss) for the period to be appropriated | 9905 | €32,752 | €70,427 | +€37,675 | +115% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.