VAERT: 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.
What changed
VAERT
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€148,382
2023 · €44,528+€103,854
Equity
€1.5m
2023 · €1.4m+€148,382
Cash
€763
2023 · €85,951-€85,188
Balance sheet total
€1.5m
2023 · €2.0m-€505,329
Largest movements
Assets
- Receivables within one year -€212,046
down €212,046 (-80.4%), from €263,812 to €51,766
of which Trade receivables: -€176,454
- Tangible fixed assets -€107,535
down €107,535 (-21.7%), from €496,176 to €388,641
- Cash -€85,188
down €85,188 (-99.1%), from €85,951 to €763
mainly Tax, wage and social debts (-€406,113) and Trade debts (-€226,742)
- Financial fixed assets -€73,043
down €73,043 (-6.6%), from €1.1m to €1.0m
- Deferred charges and accrued income -€21,377
down €21,377 (-27.0%), from €79,124 to €57,747
Equity and liabilities
- Tax, wage and social debts -€406,113
no longer reported in 2024 (was €406,113)
of which Remuneration and social security: -€367,244
- Trade debts -€226,742
down €226,742 (-98.9%), from €229,262 to €2,520
- Profit (loss) carried forward +€148,382
up €148,382 (+15.0%), from €986,495 to €1.1m
Income statement
- Turnover -€698,628
down €698,628 (-28.9%), from €2.4m to €1.7m
- Staff costs -€586,235
down €586,235 (-27.5%), from €2.1m to €1.5m
- Services and other goods -€200,968
down €200,968 (-41.8%), from €481,136 to €280,169
- Other operating income -€93,786
down €93,786 (-19.4%), from €482,577 to €388,792
- Goods and materials -€61,186
down €61,186 (-29.5%), from €207,100 to €145,914
of which Purchases: -€61,018
From the 2023 result to the 2024 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.
Result 2023
€44,528
Turnover
-€698,628
Other operating income
-€93,786
Goods and materials
+€61,186
Services and other goods
+€200,968
Staff costs
+€586,235
Depreciation
-€1,910
Write-downs
+€12,297
Provisions
+€18,550
Other operating charges
-€6,081
Other operating items
+€8,385
Financial income
-€230
Financial charges
+€545
Taxes
+€16,323
Result 2024
€148,382
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
-€214,057
Investment
+€128,869
Financing
€0
Cash 2023
€85,951
From operations (derived)
-€214,057
Net result for the year
+€148,382
Depreciation
+€57,784
Stocks and contracts
+€66
Receivables within one year
+€212,046
Deferred charges and accrued income
+€21,377
Provisions
-€18,550
Trade debts
-€226,742
Tax, wage and social debts
-€406,113
Accrued charges and deferred income
-€2,306
Investment (derived)
+€128,869
Investment in fixed assets (net)
+€128,869
Cash 2024
€763
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,037,574 | €1,532,245 | -€505,329 | -24.8% |
| Fixed assets | 21/28 | €1,608,622 | €1,421,969 | -€186,653 | -11.6% |
| Intangible fixed assets | 21 | €6,074 | - | -€6,074 | |
| Tangible fixed assets | 22/27 | €496,176 | €388,641 | -€107,535 | -21.7% |
| Land and buildings | 22 | €431,677 | €388,641 | -€43,036 | -10.0% |
| Plant, machinery and equipment | 23 | €53,616 | - | -€53,616 | |
| Furniture and vehicles | 24 | €2,752 | - | -€2,752 | |
| Other tangible fixed assets | 26 | €8,130 | - | -€8,130 | |
| Financial fixed assets | 28 | €1,106,371 | €1,033,328 | -€73,043 | -6.6% |
| Affiliated companies | 280/1 | €1,106,371 | €1,033,328 | -€73,043 | -6.6% |
| Amounts receivable | 281 | €1,106,371 | €1,033,328 | -€73,043 | -6.6% |
| Current assets | 29/58 | €428,953 | €110,276 | -€318,676 | -74.3% |
| Stocks and contracts in progress | 3 | €66 | - | -€66 | |
| Stocks | 30/36 | €66 | - | -€66 | |
| Goods purchased for resale | 34 | €66 | - | -€66 | |
| Amounts receivable within one year | 40/41 | €263,812 | €51,766 | -€212,046 | -80.4% |
| Trade receivables | 40 | €228,220 | €51,766 | -€176,454 | -77.3% |
| Other amounts receivable | 41 | €35,592 | - | -€35,592 | |
| Cash at bank and in hand | 54/58 | €85,951 | €763 | -€85,188 | -99.1% |
| Deferred charges and accrued income | 490/1 | €79,124 | €57,747 | -€21,377 | -27.0% |
| Total equity and liabilities | 10/49 | €2,037,574 | €1,532,245 | -€505,329 | -24.8% |
| Equity | 10/15 | €1,381,343 | €1,529,725 | +€148,382 | +10.7% |
| Contributions | 10/11 | €33,466 | €33,466 | = | 0.0% |
| Revaluation surpluses | 12 | €231,285 | €220,443 | -€10,841 | -4.7% |
| Reserves | 13 | €130,098 | €140,939 | +€10,841 | +8.3% |
| Non-distributable reserves | 130/1 | €130,098 | €140,939 | +€10,841 | +8.3% |
| Reserves not available under the articles | 1311 | €130,098 | €140,939 | +€10,841 | +8.3% |
| Profit (loss) carried forward | 14 | €986,495 | €1,134,877 | +€148,382 | +15.0% |
| Provisions and deferred taxes | 16 | €18,550 | - | -€18,550 | |
| Provisions for liabilities and charges | 160/5 | €18,550 | - | -€18,550 | |
| Other liabilities and charges | 164/5 | €18,550 | - | -€18,550 | |
| Amounts payable | 17/49 | €637,681 | €2,520 | -€635,161 | -99.6% |
| Amounts payable within one year | 42/48 | €635,375 | €2,520 | -€632,855 | -99.6% |
| Trade debts | 44 | €229,262 | €2,520 | -€226,742 | -98.9% |
| Suppliers | 440/4 | €229,262 | €2,520 | -€226,742 | -98.9% |
| Taxes, remuneration and social security | 45 | €406,113 | - | -€406,113 | |
| Taxes | 450/3 | €38,869 | - | -€38,869 | |
| Remuneration and social security | 454/9 | €367,244 | - | -€367,244 | |
| Accrued charges and deferred income | 492/3 | €2,306 | - | -€2,306 | |
| Operating income | 70/76A | €2,900,467 | €2,108,054 | -€792,414 | -27.3% |
| Turnover | 70 | €2,417,890 | €1,719,262 | -€698,628 | -28.9% |
| Other operating income | 74 | €482,577 | €388,792 | -€93,786 | -19.4% |
| Operating charges | 60/66A | €2,895,362 | €2,015,733 | -€879,629 | -30.4% |
| Goods for resale, raw materials and consumables | 60 | €207,100 | €145,914 | -€61,186 | -29.5% |
| Purchases | 600/8 | €206,932 | €145,914 | -€61,018 | -29.5% |
| Change in stocks: decrease (increase) | 609 | €168 | - | -€168 | |
| Services and other goods | 61 | €481,136 | €280,169 | -€200,968 | -41.8% |
| Remuneration, social security and pensions | 62 | €2,129,254 | €1,543,019 | -€586,235 | -27.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,874 | €57,784 | +€1,910 | +3.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,297 | - | -€12,297 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€18,550 | -€18,550 | |
| Other operating charges | 640/8 | €1,316 | €7,397 | +€6,081 | +462.0% |
| Non-recurring operating charges | 66A | €8,385 | - | -€8,385 | |
| Operating profit (loss) | 9901 | €5,105 | €92,321 | +€87,216 | +1708.4% |
| Financial income | 75/76B | €57,183 | €56,953 | -€230 | -0.4% |
| Recurring financial income | 75 | €57,183 | €56,953 | -€230 | -0.4% |
| Income from financial fixed assets | 750 | €56,480 | €56,642 | +€162 | +0.3% |
| Other financial income | 752/9 | €704 | €311 | -€392 | -55.8% |
| Financial charges | 65/66B | €3,150 | €2,604 | -€545 | -17.3% |
| Recurring financial charges | 65 | €3,150 | €2,604 | -€545 | -17.3% |
| Debt charges | 650 | €1,267 | €1,804 | +€537 | +42.4% |
| Other financial charges | 652/9 | €1,882 | €800 | -€1,082 | -57.5% |
| Profit (loss) for the period before taxes | 9903 | €59,139 | €146,670 | +€87,531 | +148.0% |
| Income taxes | 67/77 | €14,611 | -€1,712 | -€16,323 | |
| Taxes | 670/3 | €14,800 | €263 | -€14,537 | -98.2% |
| Tax adjustments and reversals of tax provisions | 77 | €189 | €1,975 | +€1,786 | +943.4% |
| Profit (loss) for the period | 9904 | €44,528 | €148,382 | +€103,854 | +233.2% |
| Profit (loss) for the period to be appropriated | 9905 | €44,528 | €148,382 | +€103,854 | +233.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.