VAERT WEL: 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.
VAERT WEL
Largest movements
- Stocks and contracts +€114,529
up €114,529 (+12.5%), from €912,881 to €1.0m
- Tangible fixed assets -€48,602
down €48,602 (-4.6%), from €1.1m to €1.0m
- Cash -€42,557
down €42,557 (-100.0%), from €42,557 to €1
mainly Stocks and contracts (-€114,529) and Net result for the year (-€80,824)
- Short-term financial debts +€83,857
up €83,857 (+6.4%), from €1.3m to €1.4m
- Profit (loss) carried forward -€77,112
down €77,112 (-87.9%), from -€87,741 to -€164,853
- Other debts +€57,028
up €57,028 (+15.0%), from €381,255 to €438,283
- Debts after one year -€30,000
down €30,000 (-50.0%), from €60,000 to €30,000
- Financial charges -€39,674
down €39,674 (-40.2%), from €98,805 to €59,131
of which Non-recurring financial charges: -€38,400
- Gross operating margin -€26,517
down €26,517 (-45.2%), from €58,730 to €32,213
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 | €2,102,894 | €2,132,261 | +€29,367 | +1.4% |
| Fixed assets | 21/28 | €1,051,653 | €1,003,052 | -€48,602 | -4.6% |
| Tangible fixed assets | 22/27 | €1,051,653 | €1,003,052 | -€48,602 | -4.6% |
| Land and buildings | 22 | €1,051,653 | €1,003,052 | -€48,602 | -4.6% |
| Current assets | 29/58 | €1,051,241 | €1,129,209 | +€77,968 | +7.4% |
| Stocks and contracts in progress | 3 | €912,881 | €1,027,410 | +€114,529 | +12.5% |
| Stocks | 30/36 | €912,881 | €1,027,410 | +€114,529 | +12.5% |
| Amounts receivable within one year | 40/41 | €4,603 | €8,577 | +€3,974 | +86.3% |
| Trade receivables | 40 | €2,500 | €2,500 | = | 0.0% |
| Other amounts receivable | 41 | €2,103 | €6,077 | +€3,974 | +189% |
| Current investments | 50/53 | €91,200 | €93,000 | +€1,800 | +2.0% |
| Cash at bank and in hand | 54/58 | €42,557 | €1 | -€42,557 | -100.0% |
| Deferred charges and accrued income | 490/1 | - | €222 | +€222 | |
| Total equity and liabilities | 10/49 | €2,102,894 | €2,132,261 | +€29,367 | +1.4% |
| Equity | 10/15 | €302,087 | €221,263 | -€80,824 | -26.8% |
| Contributions | 10/11 | €74,368 | €74,368 | = | 0.0% |
| Capital | 10 | €74,368 | €74,368 | = | 0.0% |
| Issued capital | 100 | €74,368 | €74,368 | = | 0.0% |
| Reserves | 13 | €315,460 | €311,748 | -€3,712 | -1.2% |
| Non-distributable reserves | 130/1 | €7,437 | €7,437 | = | 0.0% |
| Legal reserve | 130 | €7,437 | €7,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €70,523 | €66,811 | -€3,712 | -5.3% |
| Distributable reserves | 133 | €237,500 | €237,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€87,741 | -€164,853 | -€77,112 | -87.9% |
| Provisions and deferred taxes | 16 | €23,508 | €22,270 | -€1,237 | -5.3% |
| Deferred taxes | 168 | €23,508 | €22,270 | -€1,237 | -5.3% |
| Amounts payable | 17/49 | €1,777,300 | €1,888,727 | +€111,428 | +6.3% |
| Amounts payable after more than one year | 17 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Financial debts | 170/4 | €60,000 | €30,000 | -€30,000 | -50.0% |
| Amounts payable within one year | 42/48 | €1,713,993 | €1,858,727 | +€144,735 | +8.4% |
| Current portion of amounts payable after more than one year | 42 | €30,000 | €30,000 | = | 0.0% |
| Financial debts | 43 | €1,301,450 | €1,385,307 | +€83,857 | +6.4% |
| Credit institutions | 430/8 | €1,301,450 | €1,385,307 | +€83,857 | +6.4% |
| Trade debts | 44 | €1,287 | €4,936 | +€3,648 | +283% |
| Suppliers | 440/4 | €1,287 | €4,936 | +€3,648 | +283% |
| Taxes, remuneration and social security | 45 | - | €201 | +€201 | |
| Taxes | 450/3 | - | €201 | +€201 | |
| Other amounts payable | 47/48 | €381,255 | €438,283 | +€57,028 | +15.0% |
| Accrued charges and deferred income | 492/3 | €3,307 | - | -€3,307 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,798 | €48,602 | -€196 | -0.4% |
| Other operating charges | 640/8 | €6,340 | €6,541 | +€201 | +3.2% |
| Gross operating margin | 9900 | €58,730 | €32,213 | -€26,517 | -45.2% |
| Operating profit (loss) | 9901 | €3,592 | -€22,930 | -€26,522 | |
| Financial charges | 65/66B | €98,805 | €59,131 | -€39,674 | -40.2% |
| Recurring financial charges | 65 | €60,405 | €59,131 | -€1,274 | -2.1% |
| Non-recurring financial charges | 66B | €38,400 | - | -€38,400 | |
| Profit (loss) for the period before taxes | 9903 | -€95,214 | -€82,061 | +€13,153 | +13.8% |
| Transfer from deferred taxes | 780 | €1,237 | €1,237 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€93,976 | -€80,824 | +€13,153 | +14.0% |
| Transfer from tax-exempt reserves | 789 | €3,712 | €3,712 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€90,265 | -€77,112 | +€13,153 | +14.6% |
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 15 October 2026 via checked.be.