VAES: 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.
VAES
Largest movements
- Cash +€22,949
up €22,949 (+80.1%), from €28,668 to €51,616
mainly Net result for the year (+€13,700) and Depreciation (+€12,800)
- Tangible fixed assets -€12,800
down €12,800 (-3.6%), from €354,950 to €342,150
of which Furniture and vehicles: -€12,800
- Receivables within one year +€6,250
up €6,250 (+5.7%), from €109,138 to €115,388
- Reserves +€13,700
up €13,700 (+3.1%), from €439,036 to €452,736
- Gross operating margin +€22,990
up €22,990, from -€322 to €22,668
- Taxes +€1,370
new in 2025: €1,370
- Financial income -€275
down €275 (-4.3%), from €6,335 to €6,059
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 | €492,756 | €509,154 | +€16,399 | +3.3% |
| Fixed assets | 21/28 | €354,950 | €342,150 | -€12,800 | -3.6% |
| Tangible fixed assets | 22/27 | €354,950 | €342,150 | -€12,800 | -3.6% |
| Land and buildings | 22 | €303,750 | €303,750 | = | 0.0% |
| Furniture and vehicles | 24 | €51,200 | €38,400 | -€12,800 | -25.0% |
| Current assets | 29/58 | €137,806 | €167,004 | +€29,199 | +21.2% |
| Amounts receivable within one year | 40/41 | €109,138 | €115,388 | +€6,250 | +5.7% |
| Other amounts receivable | 41 | €109,138 | €115,388 | +€6,250 | +5.7% |
| Cash at bank and in hand | 54/58 | €28,668 | €51,616 | +€22,949 | +80.1% |
| Total equity and liabilities | 10/49 | €492,756 | €509,154 | +€16,399 | +3.3% |
| Equity | 10/15 | €488,615 | €502,315 | +€13,700 | +2.8% |
| Contributions | 10/11 | €49,579 | €49,579 | = | 0.0% |
| Reserves | 13 | €439,036 | €452,736 | +€13,700 | +3.1% |
| Distributable reserves | 133 | €439,036 | €452,736 | +€13,700 | +3.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €4,141 | €6,839 | +€2,698 | +65.2% |
| Amounts payable within one year | 42/48 | €891 | €2,614 | +€1,723 | +193.4% |
| Trade debts | 44 | €891 | €1,244 | +€353 | +39.7% |
| Suppliers | 440/4 | €891 | €1,244 | +€353 | +39.7% |
| Taxes, remuneration and social security | 45 | - | €1,370 | +€1,370 | |
| Taxes | 450/3 | - | €1,370 | +€1,370 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €3,250 | €4,225 | +€975 | +30.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,800 | €12,800 | = | 0.0% |
| Other operating charges | 640/8 | €596 | €661 | +€65 | +10.9% |
| Gross operating margin | 9900 | -€322 | €22,668 | +€22,990 | |
| Operating profit (loss) | 9901 | -€13,718 | €9,207 | +€22,925 | |
| Financial income | 75/76B | €6,335 | €6,059 | -€275 | -4.3% |
| Recurring financial income | 75 | €6,335 | €6,059 | -€275 | -4.3% |
| Financial charges | 65/66B | €255 | €196 | -€59 | -23.0% |
| Recurring financial charges | 65 | €255 | €196 | -€59 | -23.0% |
| Profit (loss) for the period before taxes | 9903 | -€7,638 | €15,070 | +€22,708 | |
| Income taxes | 67/77 | - | €1,370 | +€1,370 | |
| Profit (loss) for the period | 9904 | -€7,638 | €13,700 | +€21,338 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,638 | €13,700 | +€21,338 |
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 28 September 2026 via checked.be.