VAES GERT: 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 GERT
Largest movements
- Receivables within one year +€7,630
up €7,630 (+18.5%), from €41,155 to €48,785
of which Other amounts receivable: +€14,301
- Tangible fixed assets -€1,359
down €1,359 (-21.5%), from €6,319 to €4,960
of which Furniture and vehicles: -€790
- Cash -€850
down €850 (-94.0%), from €904 to €54
mainly Trade debts (-€10,525) and Receivables within one year (-€7,630)
- Reserves +€26,761
up €26,761 (+201.6%), from €13,273 to €40,034
- Trade debts -€10,525
down €10,525 (-100.0%), from €10,525 to €0
- Tax, wage and social debts -€7,011
down €7,011 (-34.9%), from €20,096 to €13,085
of which Taxes: -€6,001
- Accrued charges and deferred income -€3,347
down €3,347 (-98.0%), from €3,414 to €67
- Gross operating margin +€32,636
up €32,636 (+540.4%), from €6,039 to €38,675
- Taxes +€9,133
up €9,133 (+605.3%), from €1,509 to €10,642
- Financial charges -€2,377
down €2,377, from €2,346 to -€31
- Financial income -€387
down €387 (-17.7%), from €2,191 to €1,804
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 | €49,808 | €55,686 | +€5,879 | +11.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €7,092 | €5,647 | -€1,444 | -20.4% |
| Intangible fixed assets | 21 | €473 | €417 | -€56 | -11.8% |
| Tangible fixed assets | 22/27 | €6,319 | €4,960 | -€1,359 | -21.5% |
| Plant, machinery and equipment | 23 | €2,490 | €2,091 | -€398 | -16.0% |
| Furniture and vehicles | 24 | €2,214 | €1,424 | -€790 | -35.7% |
| Other tangible fixed assets | 26 | €1,615 | €1,445 | -€170 | -10.5% |
| Financial fixed assets | 28 | €300 | €270 | -€30 | -10.0% |
| Current assets | 29/58 | €42,716 | €50,039 | +€7,323 | +17.1% |
| Amounts receivable within one year | 40/41 | €41,155 | €48,785 | +€7,630 | +18.5% |
| Trade receivables | 40 | €20,849 | €14,177 | -€6,672 | -32.0% |
| Other amounts receivable | 41 | €20,306 | €34,608 | +€14,301 | +70.4% |
| Cash at bank and in hand | 54/58 | €904 | €54 | -€850 | -94.0% |
| Deferred charges and accrued income | 490/1 | €656 | €1,200 | +€543 | +82.8% |
| Total equity and liabilities | 10/49 | €49,808 | €55,686 | +€5,879 | +11.8% |
| Equity | 10/15 | €15,773 | €42,534 | +€26,761 | +169.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €13,273 | €40,034 | +€26,761 | +201.6% |
| Distributable reserves | 133 | €13,273 | €40,034 | +€26,761 | +201.6% |
| Amounts payable | 17/49 | €34,035 | €13,152 | -€20,883 | -61.4% |
| Amounts payable within one year | 42/48 | €30,621 | €13,085 | -€17,536 | -57.3% |
| Trade debts | 44 | €10,525 | €0 | -€10,525 | -100.0% |
| Suppliers | 440/4 | €10,525 | €0 | -€10,525 | -100.0% |
| Taxes, remuneration and social security | 45 | €20,096 | €13,085 | -€7,011 | -34.9% |
| Taxes | 450/3 | €18,296 | €12,295 | -€6,001 | -32.8% |
| Remuneration and social security | 454/9 | €1,800 | €790 | -€1,010 | -56.1% |
| Accrued charges and deferred income | 492/3 | €3,414 | €67 | -€3,347 | -98.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,888 | €2,158 | +€270 | +14.3% |
| Other operating charges | 640/8 | €698 | €948 | +€250 | +35.8% |
| Gross operating margin | 9900 | €6,039 | €38,675 | +€32,636 | +540.4% |
| Operating profit (loss) | 9901 | €3,454 | €35,569 | +€32,115 | +929.9% |
| Financial income | 75/76B | €2,191 | €1,804 | -€387 | -17.7% |
| Recurring financial income | 75 | €2,191 | €1,804 | -€387 | -17.7% |
| Financial charges | 65/66B | €2,346 | -€31 | -€2,377 | |
| Recurring financial charges | 65 | €2,346 | -€31 | -€2,377 | |
| Profit (loss) for the period before taxes | 9903 | €3,299 | €37,404 | +€34,104 | +1033.8% |
| Income taxes | 67/77 | €1,509 | €10,642 | +€9,133 | +605.3% |
| Profit (loss) for the period | 9904 | €1,790 | €26,761 | +€24,971 | +1394.9% |
| Profit (loss) for the period to be appropriated | 9905 | €1,790 | €26,761 | +€24,971 | +1394.9% |
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 1 October 2026 via checked.be.