Vaes & Co: 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 & Co
Largest movements
- Receivables after one year +€77,250
new in 2025: €77,250
- Cash -€72,645
no longer reported in 2025 (was €72,645)
mainly Receivables after one year (-€77,250) and Contributions, distributions and other (-€42,040)
- Receivables within one year -€2,840
down €2,840 (-17.0%), from €16,686 to €13,846
of which Trade receivables: -€2,164
- Reserves -€11,951
down €11,951 (-20.3%), from €58,905 to €46,954
of which Distributable reserves: -€11,951
- Other debts +€7,357
up €7,357 (+2,235%), from €329 to €7,686
- Tax, wage and social debts +€5,269
up €5,269 (+40.6%), from €12,989 to €18,258
- Short-term financial debts +€4,060
new in 2025: €4,060
- Trade debts -€3,277
down €3,277 (-28.3%), from €11,595 to €8,318
- Purchases and services -€10,309
down €10,309 (-14.0%), from €73,834 to €63,526
- Gross operating margin +€10,233
up €10,233 (+32.4%), from €31,586 to €41,819
- Financial charges +€2,265
up €2,265 (+153%), from €1,483 to €3,749
- Financial income +€2,248
up €2,248 (+102,651%), from €2 to €2,250
- Taxes +€2,200
up €2,200 (+34.4%), from €6,400 to €8,600
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 | €91,482 | €92,940 | +€1,458 | +1.6% |
| Fixed assets | 21/28 | €2,151 | €1,844 | -€308 | -14.3% |
| Tangible fixed assets | 22/27 | €951 | €644 | -€308 | -32.3% |
| Plant, machinery and equipment | 23 | €425 | €249 | -€176 | -41.3% |
| Furniture and vehicles | 24 | €526 | €394 | -€132 | -25.1% |
| Financial fixed assets | 28 | €1,200 | €1,200 | = | 0.0% |
| Current assets | 29/58 | €89,331 | €91,096 | +€1,765 | +2.0% |
| Amounts receivable after more than one year | 29 | - | €77,250 | +€77,250 | |
| Other amounts receivable | 291 | - | €77,250 | +€77,250 | |
| Amounts receivable within one year | 40/41 | €16,686 | €13,846 | -€2,840 | -17.0% |
| Trade receivables | 40 | €15,109 | €12,945 | -€2,164 | -14.3% |
| Other amounts receivable | 41 | €1,578 | €901 | -€676 | -42.9% |
| Cash at bank and in hand | 54/58 | €72,645 | - | -€72,645 | |
| Total equity and liabilities | 10/49 | €91,482 | €92,940 | +€1,458 | +1.6% |
| Equity | 10/15 | €66,569 | €54,618 | -€11,951 | -18.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Contributions outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €58,905 | €46,954 | -€11,951 | -20.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €57,045 | €45,094 | -€11,951 | -21.0% |
| Profit (loss) carried forward | 14 | €1,464 | €1,464 | = | 0.0% |
| Amounts payable | 17/49 | €24,913 | €38,322 | +€13,409 | +53.8% |
| Amounts payable within one year | 42/48 | €24,913 | €38,322 | +€13,409 | +53.8% |
| Financial debts | 43 | - | €4,060 | +€4,060 | |
| Credit institutions | 430/8 | - | €4,060 | +€4,060 | |
| Trade debts | 44 | €11,595 | €8,318 | -€3,277 | -28.3% |
| Suppliers | 440/4 | €11,595 | €8,318 | -€3,277 | -28.3% |
| Taxes, remuneration and social security | 45 | €12,989 | €18,258 | +€5,269 | +40.6% |
| Taxes | 450/3 | €12,989 | €18,258 | +€5,269 | +40.6% |
| Other amounts payable | 47/48 | €329 | €7,686 | +€7,357 | +2,235% |
| Non-recurring operating income | 76A | €10,564 | - | -€10,564 | |
| Goods, raw materials, services and sundry goods | 60/61 | €73,834 | €63,526 | -€10,309 | -14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €308 | €308 | = | 0.0% |
| Other operating charges | 640/8 | €1,258 | €1,325 | +€67 | +5.4% |
| Gross operating margin | 9900 | €31,586 | €41,819 | +€10,233 | +32.4% |
| Operating profit (loss) | 9901 | €30,021 | €40,186 | +€10,166 | +33.9% |
| Financial income | 75/76B | €2 | €2,250 | +€2,248 | +102,651% |
| Recurring financial income | 75 | €2 | €2,250 | +€2,248 | +102,651% |
| Financial charges | 65/66B | €1,483 | €3,749 | +€2,265 | +153% |
| Recurring financial charges | 65 | €1,483 | €3,749 | +€2,265 | +153% |
| Profit (loss) for the period before taxes | 9903 | €28,540 | €38,688 | +€10,148 | +35.6% |
| Income taxes | 67/77 | €6,400 | €8,600 | +€2,200 | +34.4% |
| Profit (loss) for the period | 9904 | €22,139 | €30,088 | +€7,949 | +35.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,139 | €30,088 | +€7,949 | +35.9% |
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 19 October 2026 via checked.be.