VAEC: 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.
VAEC
Largest movements
- Cash +€35,970
up €35,970 (+81.3%), from €44,235 to €80,205
- Receivables within one year +€14,964
up €14,964 (+204.3%), from €7,324 to €22,288
of which Trade receivables: +€18,046
- Reserves +€35,000
up €35,000 (+68.8%), from €50,860 to €85,860
of which Distributable reserves: +€35,000
- Tax, wage and social debts +€13,969
up €13,969 (+264.2%), from €5,288 to €19,256
of which Taxes: +€12,719
- Other debts -€2,559
down €2,559 (-29.8%), from €8,583 to €6,024
- Profit (loss) carried forward +€2,196
up €2,196 (+13.9%), from -€15,840 to -€13,644
- Trade debts +€1,323
up €1,323 (+148.4%), from €892 to €2,215
- Gross operating margin +€16,846
up €16,846 (+41.8%), from €40,332 to €57,178
- Taxes +€14,313
up €14,313 (+386.8%), from €3,700 to €18,013
- Depreciation +€1,377
up €1,377 (+19526.1%), from €7 to €1,384
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €57,723 | €107,652 | +€49,929 | +86.5% |
| Fixed assets | 21/28 | €5,364 | €4,765 | -€599 | -11.2% |
| Tangible fixed assets | 22/27 | €2,593 | €1,994 | -€599 | -23.1% |
| Furniture and vehicles | 24 | €2,593 | €1,994 | -€599 | -23.1% |
| Financial fixed assets | 28 | €2,771 | €2,771 | = | 0.0% |
| Current assets | 29/58 | €52,358 | €102,887 | +€50,528 | +96.5% |
| Amounts receivable within one year | 40/41 | €7,324 | €22,288 | +€14,964 | +204.3% |
| Trade receivables | 40 | €4,000 | €22,046 | +€18,046 | +451.1% |
| Other amounts receivable | 41 | €3,324 | €243 | -€3,082 | -92.7% |
| Cash at bank and in hand | 54/58 | €44,235 | €80,205 | +€35,970 | +81.3% |
| Deferred charges and accrued income | 490/1 | €799 | €394 | -€405 | -50.7% |
| Total equity and liabilities | 10/49 | €57,723 | €107,652 | +€49,929 | +86.5% |
| Equity | 10/15 | €41,225 | €78,421 | +€37,196 | +90.2% |
| Contributions | 10/11 | €6,205 | €6,205 | = | 0.0% |
| Reserves | 13 | €50,860 | €85,860 | +€35,000 | +68.8% |
| 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 | €49,000 | €84,000 | +€35,000 | +71.4% |
| Profit (loss) carried forward | 14 | -€15,840 | -€13,644 | +€2,196 | +13.9% |
| Provisions and deferred taxes | 16 | €1,735 | €1,735 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €1,735 | €1,735 | = | 0.0% |
| Environmental obligations | 163 | €1,735 | €1,735 | = | 0.0% |
| Amounts payable | 17/49 | €14,763 | €27,495 | +€12,733 | +86.2% |
| Amounts payable within one year | 42/48 | €14,763 | €27,495 | +€12,733 | +86.2% |
| Financial debts | 43 | - | €0 | = | |
| Credit institutions | 430/8 | - | €0 | = | |
| Trade debts | 44 | €892 | €2,215 | +€1,323 | +148.4% |
| Suppliers | 440/4 | €892 | €2,215 | +€1,323 | +148.4% |
| Taxes, remuneration and social security | 45 | €5,288 | €19,256 | +€13,969 | +264.2% |
| Taxes | 450/3 | €5,288 | €18,006 | +€12,719 | +240.5% |
| Remuneration and social security | 454/9 | - | €1,250 | +€1,250 | |
| Other amounts payable | 47/48 | €8,583 | €6,024 | -€2,559 | -29.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7 | €1,384 | +€1,377 | +19526.1% |
| Other operating charges | 640/8 | €238 | €437 | +€199 | +83.8% |
| Gross operating margin | 9900 | €40,332 | €57,178 | +€16,846 | +41.8% |
| Operating profit (loss) | 9901 | €40,087 | €55,357 | +€15,270 | +38.1% |
| Financial income | 75/76B | €7 | €24 | +€17 | +263.5% |
| Recurring financial income | 75 | €7 | €24 | +€17 | +263.5% |
| Financial charges | 65/66B | €114 | €171 | +€57 | +50.0% |
| Recurring financial charges | 65 | €114 | €171 | +€57 | +50.0% |
| Profit (loss) for the period before taxes | 9903 | €39,980 | €55,210 | +€15,230 | +38.1% |
| Income taxes | 67/77 | €3,700 | €18,013 | +€14,313 | +386.8% |
| Profit (loss) for the period | 9904 | €36,279 | €37,196 | +€917 | +2.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,279 | €37,196 | +€917 | +2.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.