VAFE: 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.
VAFE
Largest movements
- Cash -€15,659
down €15,659 (-60.9%), from €25,716 to €10,057
mainly Tax, wage and social debts (-€41,073) and Investment in fixed assets (net) (-€10,269)
- Tangible fixed assets +€8,137
new in 2025: €8,137
- Tax, wage and social debts -€41,073
down €41,073 (-74.5%), from €55,133 to €14,060
of which Taxes: -€24,322
- Profit (loss) carried forward +€22,300
up €22,300 (+116%), from €19,269 to €41,568
- Trade debts +€10,891
up €10,891 (+73.9%), from €14,739 to €25,630
- Staff costs -€55,588
down €55,588 (-62.2%), from €89,439 to €33,851
- Gross operating margin -€33,904
down €33,904 (-32.6%), from €103,972 to €70,069
- Taxes +€3,710
up €3,710 (+49.4%), from €7,517 to €11,228
- Financial charges +€2,220
up €2,220 (+541%), from €411 to €2,631
- Depreciation +€2,034
new in 2025: €2,034
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 | €95,340 | €87,458 | -€7,882 | -8.3% |
| Fixed assets | 21/28 | - | €8,234 | +€8,234 | |
| Tangible fixed assets | 22/27 | - | €8,137 | +€8,137 | |
| Furniture and vehicles | 24 | - | €8,137 | +€8,137 | |
| Financial fixed assets | 28 | - | €97 | +€97 | |
| Current assets | 29/58 | €95,340 | €79,224 | -€16,117 | -16.9% |
| Amounts receivable within one year | 40/41 | €68,801 | €69,167 | +€366 | +0.5% |
| Trade receivables | 40 | €52,113 | €15,571 | -€36,542 | -70.1% |
| Other amounts receivable | 41 | €16,688 | €53,595 | +€36,908 | +221% |
| Cash at bank and in hand | 54/58 | €25,716 | €10,057 | -€15,659 | -60.9% |
| Deferred charges and accrued income | 490/1 | €823 | €0 | -€823 | -100% |
| Total equity and liabilities | 10/49 | €95,340 | €87,458 | -€7,882 | -8.3% |
| Equity | 10/15 | €25,469 | €47,768 | +€22,300 | +87.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €19,269 | €41,568 | +€22,300 | +116% |
| Amounts payable | 17/49 | €69,872 | €39,690 | -€30,182 | -43.2% |
| Amounts payable within one year | 42/48 | €69,872 | €39,690 | -€30,182 | -43.2% |
| Trade debts | 44 | €14,739 | €25,630 | +€10,891 | +73.9% |
| Suppliers | 440/4 | €14,739 | €25,630 | +€10,891 | +73.9% |
| Taxes, remuneration and social security | 45 | €55,133 | €14,060 | -€41,073 | -74.5% |
| Taxes | 450/3 | €37,488 | €13,166 | -€24,322 | -64.9% |
| Remuneration and social security | 454/9 | €17,645 | €894 | -€16,751 | -94.9% |
| Remuneration, social security and pensions | 62 | €89,439 | €33,851 | -€55,588 | -62.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,034 | +€2,034 | |
| Other operating charges | 640/8 | €69 | €0 | -€69 | -100% |
| Gross operating margin | 9900 | €103,972 | €70,069 | -€33,904 | -32.6% |
| Operating profit (loss) | 9901 | €14,464 | €34,183 | +€19,719 | +136% |
| Financial income | 75/76B | €828 | €1,975 | +€1,147 | +138% |
| Recurring financial income | 75 | €828 | €1,975 | +€1,147 | +138% |
| Financial charges | 65/66B | €411 | €2,631 | +€2,220 | +541% |
| Recurring financial charges | 65 | €411 | €2,631 | +€2,220 | +541% |
| Profit (loss) for the period before taxes | 9903 | €14,882 | €33,527 | +€18,646 | +125% |
| Income taxes | 67/77 | €7,517 | €11,228 | +€3,710 | +49.4% |
| Profit (loss) for the period | 9904 | €7,365 | €22,300 | +€14,935 | +203% |
| Profit (loss) for the period to be appropriated | 9905 | €7,365 | €22,300 | +€14,935 | +203% |
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 22 October 2026 via checked.be.