VAES: 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.
VAES
Largest movements
- Cash +€17,062
up €17,062 (+14.3%), from €119,644 to €136,705
mainly Net result for the year (+€19,898) and Depreciation (+€7,369)
- Tangible fixed assets -€4,204
down €4,204 (-13.5%), from €31,035 to €26,831
of which Plant, machinery and equipment: -€4,600
- Reserves +€15,098
up €15,098 (+23.4%), from €64,471 to €79,568
of which Distributable reserves: +€15,098
- Trade debts -€3,556
down €3,556 (-41.4%), from €8,589 to €5,034
- Tax, wage and social debts +€3,454
up €3,454 (+29.8%), from €11,583 to €15,037
of which Taxes: +€4,552
- Other debts -€3,246
down €3,246 (-6.8%), from €47,699 to €44,453
- Gross operating margin +€14,791
up €14,791 (+21.0%), from €70,459 to €85,250
- Taxes +€1,859
up €1,859 (+58.3%), from €3,191 to €5,050
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 | €194,342 | €206,113 | +€11,771 | +6.1% |
| Fixed assets | 21/28 | €31,196 | €26,992 | -€4,204 | -13.5% |
| Tangible fixed assets | 22/27 | €31,035 | €26,831 | -€4,204 | -13.5% |
| Plant, machinery and equipment | 23 | €25,966 | €21,367 | -€4,600 | -17.7% |
| Furniture and vehicles | 24 | €3,197 | €3,802 | +€606 | +18.9% |
| Other tangible fixed assets | 26 | €1,872 | €1,662 | -€210 | -11.2% |
| Financial fixed assets | 28 | €161 | €161 | = | 0.0% |
| Current assets | 29/58 | €163,146 | €179,122 | +€15,975 | +9.8% |
| Stocks and contracts in progress | 3 | €26,028 | €25,239 | -€789 | -3.0% |
| Stocks | 30/36 | €24,776 | €24,116 | -€660 | -2.7% |
| Contracts in progress | 37 | €1,252 | €1,123 | -€129 | -10.3% |
| Amounts receivable within one year | 40/41 | €16,862 | €14,981 | -€1,881 | -11.2% |
| Trade receivables | 40 | €8,040 | €7,920 | -€120 | -1.5% |
| Other amounts receivable | 41 | €8,822 | €7,061 | -€1,762 | -20.0% |
| Cash at bank and in hand | 54/58 | €119,644 | €136,705 | +€17,062 | +14.3% |
| Deferred charges and accrued income | 490/1 | €612 | €2,196 | +€1,584 | +259% |
| Total equity and liabilities | 10/49 | €194,342 | €206,113 | +€11,771 | +6.1% |
| Equity | 10/15 | €126,471 | €141,568 | +€15,098 | +11.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €64,471 | €79,568 | +€15,098 | +23.4% |
| Non-distributable reserves | 130/1 | €7,349 | €7,349 | = | 0.0% |
| Legal reserve | 130 | €7,349 | €7,349 | = | 0.0% |
| Distributable reserves | 133 | €57,121 | €72,219 | +€15,098 | +26.4% |
| Amounts payable | 17/49 | €67,871 | €64,545 | -€3,326 | -4.9% |
| Amounts payable within one year | 42/48 | €67,871 | €64,524 | -€3,347 | -4.9% |
| Trade debts | 44 | €8,589 | €5,034 | -€3,556 | -41.4% |
| Suppliers | 440/4 | €8,589 | €5,034 | -€3,556 | -41.4% |
| Taxes, remuneration and social security | 45 | €11,583 | €15,037 | +€3,454 | +29.8% |
| Taxes | 450/3 | €3,462 | €8,014 | +€4,552 | +132% |
| Remuneration and social security | 454/9 | €8,121 | €7,023 | -€1,098 | -13.5% |
| Other amounts payable | 47/48 | €47,699 | €44,453 | -€3,246 | -6.8% |
| Accrued charges and deferred income | 492/3 | - | €21 | +€21 | |
| Remuneration, social security and pensions | 62 | €51,713 | €52,152 | +€439 | +0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,829 | €7,369 | +€540 | +7.9% |
| Other operating charges | 640/8 | €985 | €769 | -€215 | -21.9% |
| Gross operating margin | 9900 | €70,459 | €85,250 | +€14,791 | +21.0% |
| Operating profit (loss) | 9901 | €10,933 | €24,960 | +€14,028 | +128% |
| Financial income | 75/76B | €965 | €903 | -€62 | -6.4% |
| Recurring financial income | 75 | €965 | €903 | -€62 | -6.4% |
| Financial charges | 65/66B | €447 | €916 | +€470 | +105% |
| Recurring financial charges | 65 | €447 | €916 | +€470 | +105% |
| Profit (loss) for the period before taxes | 9903 | €11,451 | €24,948 | +€13,497 | +118% |
| Income taxes | 67/77 | €3,191 | €5,050 | +€1,859 | +58.3% |
| Profit (loss) for the period | 9904 | €8,261 | €19,898 | +€11,637 | +141% |
| Profit (loss) for the period to be appropriated | 9905 | €8,261 | €19,898 | +€11,637 | +141% |
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 28 October 2026 via checked.be.