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.
What changed
Vaes
NACE 46.321, Wholesale of meat and meat products, excluding game and poultry
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€587,236
2024 · €1.1m-€518,784
Equity
€5.0m
2024 · €4.8m+€213,302
Cash
€2.1m
2024 · €2.0m+€131,068
Balance sheet total
€7.9m
2024 · €6.5m+€1.4m
Largest movements
Assets
- Receivables within one year +€923,166
up €923,166 (+29.7%), from €3.1m to €4.0m
of which Trade receivables: +€552,160
- Stocks and contracts +€231,513
up €231,513 (+90.5%), from €255,687 to €487,200
- Cash +€131,068
up €131,068 (+6.7%), from €2.0m to €2.1m
mainly Trade debts (+€1.6m) and Net result for the year (+€587,236)
Equity and liabilities
- Trade debts +€1.6m
up €1.6m (+166.6%), from €941,779 to €2.5m
- Other debts -€357,076
down €357,076 (-62.2%), from €573,690 to €216,614
- Reserves +€213,302
up €213,302 (+4.9%), from €4.4m to €4.6m
of which Distributable reserves: +€213,302
Income statement
- Turnover +€6.9m
up €6.9m (+35.0%), from €19.8m to €26.7m
- Goods and materials +€6.2m
up €6.2m (+38.5%), from €16.2m to €22.4m
of which Purchases: +€6.4m
- Services and other goods +€1.2m
up €1.2m (+73.4%), from €1.6m to €2.7m
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.
Result 2024
€1.1m
Turnover
+€6.9m
Other operating income
+€5,943
Goods and materials
-€6.2m
Services and other goods
-€1.2m
Staff costs
-€87,993
Depreciation
-€37,134
Write-downs
-€54,639
Other operating charges
-€72,039
Other operating items
-€907
Financial income
-€3,739
Financial charges
+€40
Taxes
+€175,771
Result 2025
€587,236
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.
From operations
+€703,637
Investment
-€177,571
Financing
-€394,998
Cash 2024
€2.0m
From operations (derived)
+€703,637
Net result for the year
+€587,236
Depreciation
+€114,632
Stocks and contracts
-€231,513
Receivables within one year
-€923,166
Deferred charges and accrued income
-€5,289
Trade debts
+€1.6m
Tax, wage and social debts
-€50,475
Other debts
-€357,076
Investment (derived)
-€177,571
Investment in fixed assets (net)
-€177,571
Financing
-€394,998
Debts after one year
-€20,604
Current portion of long-term debt
-€460
Contributions, distributions and other
-€373,934
Cash 2025
€2.1m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,530,206 | €7,884,180 | +€1.4m | +20.7% |
| Fixed assets | 21/28 | €1,088,523 | €1,151,462 | +€62,939 | +5.8% |
| Tangible fixed assets | 22/27 | €870,483 | €933,287 | +€62,804 | +7.2% |
| Land and buildings | 22 | €581,176 | €571,317 | -€9,859 | -1.7% |
| Plant, machinery and equipment | 23 | €64,955 | €63,398 | -€1,557 | -2.4% |
| Furniture and vehicles | 24 | €224,352 | €298,572 | +€74,220 | +33.1% |
| Financial fixed assets | 28 | €218,040 | €218,175 | +€135 | +0.1% |
| Affiliated companies | 280/1 | - | €217,500 | +€217,500 | |
| Participating interests | 280 | - | €217,500 | +€217,500 | |
| Companies linked by participating interests | 282/3 | €217,500 | - | -€217,500 | |
| Participating interests | 282 | €217,500 | - | -€217,500 | |
| Other financial fixed assets | 284/8 | €540 | €675 | +€135 | +25.0% |
| Amounts receivable and cash guarantees | 285/8 | €540 | €675 | +€135 | +25.0% |
| Current assets | 29/58 | €5,441,683 | €6,732,719 | +€1.3m | +23.7% |
| Amounts receivable after more than one year | 29 | €95,000 | €95,000 | = | 0.0% |
| Other amounts receivable | 291 | €95,000 | €95,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €255,687 | €487,200 | +€231,513 | +90.5% |
| Stocks | 30/36 | €255,687 | €487,200 | +€231,513 | +90.5% |
| Goods purchased for resale | 34 | €255,687 | €487,200 | +€231,513 | +90.5% |
| Amounts receivable within one year | 40/41 | €3,111,034 | €4,034,200 | +€923,166 | +29.7% |
| Trade receivables | 40 | €3,022,576 | €3,574,736 | +€552,160 | +18.3% |
| Other amounts receivable | 41 | €88,457 | €459,464 | +€371,006 | +419.4% |
| Cash at bank and in hand | 54/58 | €1,961,095 | €2,092,163 | +€131,068 | +6.7% |
| Deferred charges and accrued income | 490/1 | €18,867 | €24,156 | +€5,289 | +28.0% |
| Total equity and liabilities | 10/49 | €6,530,206 | €7,884,180 | +€1.4m | +20.7% |
| Equity | 10/15 | €4,826,698 | €5,040,000 | +€213,302 | +4.4% |
| Contributions | 10/11 | €456,676 | €456,676 | = | 0.0% |
| Reserves | 13 | €4,370,022 | €4,583,324 | +€213,302 | +4.9% |
| Tax-exempt reserves | 132 | €168,400 | €168,400 | = | 0.0% |
| Distributable reserves | 133 | €4,201,622 | €4,414,924 | +€213,302 | +5.1% |
| Amounts payable | 17/49 | €1,703,508 | €2,844,181 | +€1.1m | +67.0% |
| Amounts payable after more than one year | 17 | €27,064 | €6,460 | -€20,604 | -76.1% |
| Financial debts | 170/4 | €27,064 | €6,460 | -€20,604 | -76.1% |
| Credit institutions | 173 | €27,064 | €6,460 | -€20,604 | -76.1% |
| Amounts payable within one year | 42/48 | €1,676,444 | €2,837,721 | +€1.2m | +69.3% |
| Current portion of amounts payable after more than one year | 42 | €21,064 | €20,604 | -€460 | -2.2% |
| Financial debts | 43 | €4,583 | €4,583 | = | 0.0% |
| Credit institutions | 430/8 | €4,583 | €4,583 | = | 0.0% |
| Trade debts | 44 | €941,779 | €2,511,067 | +€1.6m | +166.6% |
| Suppliers | 440/4 | €941,779 | €2,511,067 | +€1.6m | +166.6% |
| Taxes, remuneration and social security | 45 | €135,328 | €84,853 | -€50,475 | -37.3% |
| Taxes | 450/3 | €78,467 | €24,358 | -€54,110 | -69.0% |
| Remuneration and social security | 454/9 | €56,861 | €60,495 | +€3,634 | +6.4% |
| Other amounts payable | 47/48 | €573,690 | €216,614 | -€357,076 | -62.2% |
| Operating income | 70/76A | €19,829,623 | €26,770,180 | +€6.9m | +35.0% |
| Turnover | 70 | €19,813,155 | €26,748,676 | +€6.9m | +35.0% |
| Other operating income | 74 | €2,766 | €8,709 | +€5,943 | +214.9% |
| Non-recurring operating income | 76A | €13,702 | €12,794 | -€907 | -6.6% |
| Operating charges | 60/66A | €18,345,898 | €25,977,309 | +€7.6m | +41.6% |
| Goods for resale, raw materials and consumables | 60 | €16,189,258 | €22,414,780 | +€6.2m | +38.5% |
| Purchases | 600/8 | €16,213,062 | €22,646,293 | +€6.4m | +39.7% |
| Change in stocks: decrease (increase) | 609 | -€23,804 | -€231,513 | -€207,709 | -872.6% |
| Services and other goods | 61 | €1,572,652 | €2,726,737 | +€1.2m | +73.4% |
| Remuneration, social security and pensions | 62 | €484,998 | €572,991 | +€87,993 | +18.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €77,499 | €114,632 | +€37,134 | +47.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €54,639 | +€54,639 | |
| Other operating charges | 640/8 | €21,492 | €93,531 | +€72,039 | +335.2% |
| Operating profit (loss) | 9901 | €1,483,725 | €792,870 | -€690,855 | -46.6% |
| Financial income | 75/76B | €5,575 | €1,836 | -€3,739 | -67.1% |
| Recurring financial income | 75 | €5,575 | €1,836 | -€3,739 | -67.1% |
| Other financial income | 752/9 | €5,575 | €1,836 | -€3,739 | -67.1% |
| Financial charges | 65/66B | €6,271 | €6,231 | -€40 | -0.6% |
| Recurring financial charges | 65 | €6,271 | €6,231 | -€40 | -0.6% |
| Debt charges | 650 | - | €1,811 | +€1,811 | |
| Other financial charges | 652/9 | €6,271 | €4,421 | -€1,850 | -29.5% |
| Profit (loss) for the period before taxes | 9903 | €1,483,029 | €788,474 | -€694,554 | -46.8% |
| Income taxes | 67/77 | €377,009 | €201,238 | -€175,771 | -46.6% |
| Taxes | 670/3 | €377,009 | €201,238 | -€175,771 | -46.6% |
| Profit (loss) for the period | 9904 | €1,106,020 | €587,236 | -€518,784 | -46.9% |
| Transfer from tax-exempt reserves | 789 | €252,600 | €0 | -€252,600 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,358,620 | €587,236 | -€771,384 | -56.8% |
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 4 October 2026 via checked.be.