VAE: 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.
VAE
Largest movements
- Cash +€241,731
up €241,731 (+52.7%), from €458,394 to €700,125
mainly Net result for the year (+€216,692) and Tax, wage and social debts (+€47,963)
- Receivables within one year +€24,460
up €24,460 (+14.3%), from €170,499 to €194,960
of which Trade receivables: +€24,462
- Tangible fixed assets -€15,713
down €15,713 (-5.3%), from €296,850 to €281,137
of which Land and buildings: -€11,213
- Reserves +€216,692
up €216,692 (+39.4%), from €549,783 to €766,475
- Tax, wage and social debts +€47,963
up €47,963 (+45.8%), from €104,791 to €152,754
of which Taxes: +€27,479
- Trade debts +€42,166
up €42,166 (+95.8%), from €44,029 to €86,194
- Other debts -€35,614
down €35,614 (-92.2%), from €38,611 to €2,998
- Debts after one year -€12,566
down €12,566 (-6.2%), from €201,264 to €188,698
- Gross operating margin +€237,132
up €237,132 (+64.5%), from €367,647 to €604,779
- Staff costs +€148,193
up €148,193 (+140.5%), from €105,472 to €253,664
- Taxes +€26,978
up €26,978 (+37.8%), from €71,341 to €98,318
- Financial income -€19,882
down €19,882 (-99.6%), from €19,956 to €74
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 | €967,143 | €1,223,910 | +€256,767 | +26.5% |
| Fixed assets | 21/28 | €297,896 | €281,137 | -€16,759 | -5.6% |
| Intangible fixed assets | 21 | €1,046 | €0 | -€1,046 | -100.0% |
| Tangible fixed assets | 22/27 | €296,850 | €281,137 | -€15,713 | -5.3% |
| Land and buildings | 22 | €268,709 | €257,497 | -€11,213 | -4.2% |
| Plant, machinery and equipment | 23 | €10,512 | €8,726 | -€1,786 | -17.0% |
| Furniture and vehicles | 24 | €17,629 | €14,914 | -€2,715 | -15.4% |
| Current assets | 29/58 | €669,247 | €942,773 | +€273,526 | +40.9% |
| Amounts receivable after more than one year | 29 | €36,598 | €46,706 | +€10,108 | +27.6% |
| Other amounts receivable | 291 | €36,598 | €46,706 | +€10,108 | +27.6% |
| Amounts receivable within one year | 40/41 | €170,499 | €194,960 | +€24,460 | +14.3% |
| Trade receivables | 40 | €170,498 | €194,960 | +€24,462 | +14.3% |
| Other amounts receivable | 41 | €1 | €0 | -€1 | -100.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €458,394 | €700,125 | +€241,731 | +52.7% |
| Deferred charges and accrued income | 490/1 | €3,755 | €982 | -€2,774 | -73.9% |
| Total equity and liabilities | 10/49 | €967,143 | €1,223,910 | +€256,767 | +26.5% |
| Equity | 10/15 | €562,508 | €779,200 | +€216,692 | +38.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €549,783 | €766,475 | +€216,692 | +39.4% |
| Distributable reserves | 133 | €549,783 | €766,475 | +€216,692 | +39.4% |
| Profit (loss) carried forward | 14 | €325 | €325 | = | 0.0% |
| Provisions and deferred taxes | 16 | €1,500 | €1,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,500 | €1,500 | = | 0.0% |
| Other liabilities and charges | 164/5 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable | 17/49 | €403,135 | €443,210 | +€40,075 | +9.9% |
| Amounts payable after more than one year | 17 | €201,264 | €188,698 | -€12,566 | -6.2% |
| Financial debts | 170/4 | €201,264 | €188,698 | -€12,566 | -6.2% |
| Amounts payable within one year | 42/48 | €201,871 | €254,512 | +€52,641 | +26.1% |
| Current portion of amounts payable after more than one year | 42 | €14,439 | €12,566 | -€1,874 | -13.0% |
| Trade debts | 44 | €44,029 | €86,194 | +€42,166 | +95.8% |
| Suppliers | 440/4 | €44,029 | €86,194 | +€42,166 | +95.8% |
| Taxes, remuneration and social security | 45 | €104,791 | €152,754 | +€47,963 | +45.8% |
| Taxes | 450/3 | €92,683 | €120,162 | +€27,479 | +29.6% |
| Remuneration and social security | 454/9 | €12,108 | €32,592 | +€20,484 | +169.2% |
| Other amounts payable | 47/48 | €38,611 | €2,998 | -€35,614 | -92.2% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €105,472 | €253,664 | +€148,193 | +140.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,859 | €27,664 | +€804 | +3.0% |
| Other operating charges | 640/8 | €4,148 | €4,551 | +€403 | +9.7% |
| Gross operating margin | 9900 | €367,647 | €604,779 | +€237,132 | +64.5% |
| Operating profit (loss) | 9901 | €231,168 | €318,900 | +€87,732 | +38.0% |
| Financial income | 75/76B | €19,956 | €74 | -€19,882 | -99.6% |
| Recurring financial income | 75 | €19,956 | €74 | -€19,882 | -99.6% |
| Financial charges | 65/66B | €4,091 | €3,964 | -€127 | -3.1% |
| Recurring financial charges | 65 | €4,091 | €3,964 | -€127 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €247,033 | €315,010 | +€67,977 | +27.5% |
| Income taxes | 67/77 | €71,341 | €98,318 | +€26,978 | +37.8% |
| Profit (loss) for the period | 9904 | €175,692 | €216,692 | +€41,000 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €175,692 | €216,692 | +€41,000 | +23.3% |
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.