VAERVER: 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.
VAERVER
Largest movements
- Receivables within one year +€96,855
up €96,855 (+38.7%), from €250,068 to €346,924
of which Trade receivables: +€144,606
- Cash -€7,821
down €7,821 (-78.8%), from €9,929 to €2,108
mainly Receivables within one year (-€96,855) and Tax, wage and social debts (-€28,024)
- Reserves +€116,153
up €116,153 (+53.3%), from €217,887 to €334,040
- Tax, wage and social debts -€28,024
down €28,024 (-81.7%), from €34,318 to €6,294
of which Taxes: -€28,024
- Gross operating margin -€134,922
down €134,922 (-47.2%), from €285,729 to €150,807
- Taxes -€33,911
down €33,911 (-51.0%), from €66,518 to €32,606
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 | €259,997 | €349,031 | +€89,034 | +34.2% |
| Current assets | 29/58 | €259,997 | €349,031 | +€89,034 | +34.2% |
| Amounts receivable within one year | 40/41 | €250,068 | €346,924 | +€96,855 | +38.7% |
| Trade receivables | 40 | €196,112 | €340,718 | +€144,606 | +73.7% |
| Other amounts receivable | 41 | €53,956 | €6,206 | -€47,750 | -88.5% |
| Cash at bank and in hand | 54/58 | €9,929 | €2,108 | -€7,821 | -78.8% |
| Total equity and liabilities | 10/49 | €259,997 | €349,031 | +€89,034 | +34.2% |
| Equity | 10/15 | €222,887 | €339,040 | +€116,153 | +52.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €217,887 | €334,040 | +€116,153 | +53.3% |
| Distributable reserves | 133 | €217,887 | €334,040 | +€116,153 | +53.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €37,110 | €9,992 | -€27,119 | -73.1% |
| Amounts payable within one year | 42/48 | €37,110 | €9,992 | -€27,119 | -73.1% |
| Trade debts | 44 | €126 | €0 | -€126 | -100.0% |
| Suppliers | 440/4 | €126 | €0 | -€126 | -100.0% |
| Taxes, remuneration and social security | 45 | €34,318 | €6,294 | -€28,024 | -81.7% |
| Taxes | 450/3 | €33,318 | €5,294 | -€28,024 | -84.1% |
| Remuneration and social security | 454/9 | €1,000 | €1,000 | = | 0.0% |
| Other amounts payable | 47/48 | €2,666 | €3,697 | +€1,031 | +38.7% |
| Other operating charges | 640/8 | €898 | €528 | -€370 | -41.2% |
| Gross operating margin | 9900 | €285,729 | €150,807 | -€134,922 | -47.2% |
| Operating profit (loss) | 9901 | €284,831 | €150,279 | -€134,552 | -47.2% |
| Financial income | 75/76B | €1,283 | €269 | -€1,014 | -79.0% |
| Recurring financial income | 75 | €1,283 | €269 | -€1,014 | -79.0% |
| Financial charges | 65/66B | €44 | €123 | +€79 | +178.6% |
| Recurring financial charges | 65 | €44 | €123 | +€79 | +178.6% |
| Profit (loss) for the period before taxes | 9903 | €286,070 | €150,425 | -€135,645 | -47.4% |
| Income taxes | 67/77 | €66,518 | €32,606 | -€33,911 | -51.0% |
| Profit (loss) for the period | 9904 | €219,553 | €117,819 | -€101,734 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €219,553 | €117,819 | -€101,734 | -46.3% |
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 8 October 2026 via checked.be.