VAES BENNY: 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 BENNY
Largest movements
- Tangible fixed assets -€34,490
down €34,490 (-6.7%), from €517,164 to €482,673
of which Land and buildings: -€28,209
- Stocks and contracts -€26,063
down €26,063 (-60.8%), from €42,850 to €16,787
of which Contracts in progress: -€27,304
- Reserves -€47,811
down €47,811 (-39.0%), from €122,670 to €74,859
- Debts after one year -€32,333
down €32,333 (-12.2%), from €265,760 to €233,426
- Other debts +€27,368
up €27,368 (+27.6%), from €99,083 to €126,451
- Current portion of long-term debt -€17,064
down €17,064 (-34.1%), from €49,967 to €32,903
- Short-term financial debts +€14,400
up €14,400 (+175%), from €8,232 to €22,631
- Gross operating margin -€103,959
down €103,959 (-85.4%), from €121,709 to €17,750
- Taxes -€20,232
down €20,232 (-99.0%), from €20,434 to €203
- Financial charges -€2,189
down €2,189 (-10.3%), from €21,279 to €19,090
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 | €573,790 | €514,105 | -€59,685 | -10.4% |
| Fixed assets | 21/28 | €517,164 | €482,673 | -€34,490 | -6.7% |
| Tangible fixed assets | 22/27 | €517,164 | €482,673 | -€34,490 | -6.7% |
| Land and buildings | 22 | €478,308 | €450,099 | -€28,209 | -5.9% |
| Plant, machinery and equipment | 23 | €5,835 | €3,545 | -€2,290 | -39.3% |
| Furniture and vehicles | 24 | €7,391 | €11,493 | +€4,101 | +55.5% |
| Leasing and similar rights | 25 | €25,629 | €17,537 | -€8,092 | -31.6% |
| Current assets | 29/58 | €56,627 | €31,432 | -€25,195 | -44.5% |
| Stocks and contracts in progress | 3 | €42,850 | €16,787 | -€26,063 | -60.8% |
| Stocks | 30/36 | €9,045 | €10,287 | +€1,241 | +13.7% |
| Contracts in progress | 37 | €33,804 | €6,500 | -€27,304 | -80.8% |
| Amounts receivable within one year | 40/41 | €11,186 | €10,945 | -€241 | -2.2% |
| Trade receivables | 40 | €441 | €599 | +€159 | +36.0% |
| Other amounts receivable | 41 | €10,745 | €10,346 | -€400 | -3.7% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €2,591 | €3,700 | +€1,109 | +42.8% |
| Total equity and liabilities | 10/49 | €573,790 | €514,105 | -€59,685 | -10.4% |
| Equity | 10/15 | €128,870 | €81,059 | -€47,811 | -37.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €122,670 | €74,859 | -€47,811 | -39.0% |
| Distributable reserves | 133 | €122,670 | €74,859 | -€47,811 | -39.0% |
| Amounts payable | 17/49 | €444,920 | €433,046 | -€11,874 | -2.7% |
| Amounts payable after more than one year | 17 | €265,760 | €233,426 | -€32,333 | -12.2% |
| Financial debts | 170/4 | €265,760 | €233,426 | -€32,333 | -12.2% |
| Amounts payable within one year | 42/48 | €179,161 | €199,620 | +€20,459 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €49,967 | €32,903 | -€17,064 | -34.1% |
| Financial debts | 43 | €8,232 | €22,631 | +€14,400 | +175% |
| Credit institutions | 430/8 | €8,232 | €22,631 | +€14,400 | +175% |
| Trade debts | 44 | €7,861 | €4,201 | -€3,660 | -46.6% |
| Suppliers | 440/4 | €7,861 | €4,201 | -€3,660 | -46.6% |
| Taxes, remuneration and social security | 45 | €14,018 | €13,434 | -€584 | -4.2% |
| Taxes | 450/3 | €8,803 | €7,602 | -€1,201 | -13.6% |
| Remuneration and social security | 454/9 | €5,215 | €5,832 | +€617 | +11.8% |
| Other amounts payable | 47/48 | €99,083 | €126,451 | +€27,368 | +27.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,587 | €43,225 | +€638 | +1.5% |
| Other operating charges | 640/8 | €2,820 | €3,044 | +€224 | +8.0% |
| Gross operating margin | 9900 | €121,709 | €17,750 | -€103,959 | -85.4% |
| Operating profit (loss) | 9901 | €76,302 | -€28,519 | -€104,821 | |
| Financial income | 75/76B | €47 | €0 | -€47 | -100.0% |
| Recurring financial income | 75 | €47 | €0 | -€47 | -100.0% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €21,279 | €19,090 | -€2,189 | -10.3% |
| Recurring financial charges | 65 | €21,279 | €19,090 | -€2,189 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €55,070 | -€47,609 | -€102,679 | |
| Income taxes | 67/77 | €20,434 | €203 | -€20,232 | -99.0% |
| Profit (loss) for the period | 9904 | €34,636 | -€47,811 | -€82,447 | |
| Profit (loss) for the period to be appropriated | 9905 | €34,636 | -€47,811 | -€82,447 |
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.