Vaikon: 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.
Vaikon
Largest movements
- Cash +€1.1m
up €1.1m (+764%), from €146,969 to €1.3m
mainly Net result for the year (+€1.5m) and Stocks and contracts (+€257,456)
- Stocks and contracts -€257,456
down €257,456 (-10.7%), from €2.4m to €2.2m
- Receivables within one year +€191,163
up €191,163 (+11.5%), from €1.7m to €1.9m
of which Trade receivables: +€338,843
- Intangible fixed assets +€134,504
new in 2025: €134,504
- Reserves +€1.5m
up €1.5m (+60.8%), from €2.5m to €4.0m
of which Distributable reserves: +€845,587
- Advances received -€381,911
down €381,911 (-70.5%), from €541,511 to €159,600
- Debts after one year -€151,854
down €151,854 (-32.2%), from €472,114 to €320,260
- Tax, wage and social debts +€97,248
up €97,248 (+47.0%), from €206,692 to €303,940
of which Taxes: +€68,029
- Short-term financial debts -€94,327
down €94,327 (-73.7%), from €127,937 to €33,610
- Gross operating margin +€1.8m
up €1.8m (+91.8%), from €2.0m to €3.8m
- Staff costs +€462,926
up €462,926 (+47.5%), from €973,597 to €1.4m
- Taxes +€297,697
up €297,697 (+142%), from €209,055 to €506,752
- Depreciation +€88,901
up €88,901 (+73.7%), from €120,590 to €209,491
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 | €5,287,484 | €6,421,016 | +€1.1m | +21.4% |
| Fixed assets | 21/28 | €629,738 | €697,740 | +€68,002 | +10.8% |
| Intangible fixed assets | 21 | - | €134,504 | +€134,504 | |
| Tangible fixed assets | 22/27 | €619,838 | €561,087 | -€58,752 | -9.5% |
| Plant, machinery and equipment | 23 | €291,804 | €278,797 | -€13,006 | -4.5% |
| Furniture and vehicles | 24 | €326,572 | €282,125 | -€44,447 | -13.6% |
| Other tangible fixed assets | 26 | €1,463 | €164 | -€1,299 | -88.8% |
| Financial fixed assets | 28 | €9,900 | €2,150 | -€7,750 | -78.3% |
| Current assets | 29/58 | €4,657,746 | €5,723,275 | +€1.1m | +22.9% |
| Amounts receivable after more than one year | 29 | €335,729 | €335,729 | = | 0.0% |
| Other amounts receivable | 291 | €335,729 | €335,729 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,410,384 | €2,152,927 | -€257,456 | -10.7% |
| Stocks | 30/36 | €2,410,384 | €2,152,927 | -€257,456 | -10.7% |
| Amounts receivable within one year | 40/41 | €1,666,400 | €1,857,563 | +€191,163 | +11.5% |
| Trade receivables | 40 | €1,492,641 | €1,831,484 | +€338,843 | +22.7% |
| Other amounts receivable | 41 | €173,759 | €26,079 | -€147,680 | -85.0% |
| Cash at bank and in hand | 54/58 | €146,969 | €1,269,779 | +€1.1m | +764% |
| Deferred charges and accrued income | 490/1 | €98,263 | €107,277 | +€9,014 | +9.2% |
| Total equity and liabilities | 10/49 | €5,287,484 | €6,421,016 | +€1.1m | +21.4% |
| Equity | 10/15 | €2,553,977 | €4,083,267 | +€1.5m | +59.9% |
| Contributions | 10/11 | €40,000 | €40,000 | = | 0.0% |
| Reserves | 13 | €2,513,977 | €4,043,267 | +€1.5m | +60.8% |
| Tax-exempt reserves | 132 | €242,497 | €926,200 | +€683,703 | +282% |
| Distributable reserves | 133 | €2,271,480 | €3,117,067 | +€845,587 | +37.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,733,507 | €2,337,749 | -€395,759 | -14.5% |
| Amounts payable after more than one year | 17 | €472,114 | €320,260 | -€151,854 | -32.2% |
| Financial debts | 170/4 | €472,114 | €320,260 | -€151,854 | -32.2% |
| Amounts payable within one year | 42/48 | €2,251,874 | €1,934,114 | -€317,760 | -14.1% |
| Current portion of amounts payable after more than one year | 42 | €175,267 | €151,854 | -€23,413 | -13.4% |
| Financial debts | 43 | €127,937 | €33,610 | -€94,327 | -73.7% |
| Credit institutions | 430/8 | €127,937 | €33,610 | -€94,327 | -73.7% |
| Trade debts | 44 | €985,900 | €1,065,818 | +€79,919 | +8.1% |
| Suppliers | 440/4 | €985,900 | €1,065,818 | +€79,919 | +8.1% |
| Advances received on contracts in progress | 46 | €541,511 | €159,600 | -€381,911 | -70.5% |
| Taxes, remuneration and social security | 45 | €206,692 | €303,940 | +€97,248 | +47.0% |
| Taxes | 450/3 | €29,979 | €98,008 | +€68,029 | +227% |
| Remuneration and social security | 454/9 | €176,713 | €205,932 | +€29,219 | +16.5% |
| Other amounts payable | 47/48 | €214,567 | €219,291 | +€4,724 | +2.2% |
| Accrued charges and deferred income | 492/3 | €9,520 | €83,375 | +€73,855 | +776% |
| Non-recurring operating income | 76A | €3,595 | €0 | -€3,595 | -100% |
| Remuneration, social security and pensions | 62 | €973,597 | €1,436,523 | +€462,926 | +47.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €120,590 | €209,491 | +€88,901 | +73.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,161 | +€5,161 | |
| Other operating charges | 640/8 | €3,390 | €17,758 | +€14,369 | +424% |
| Non-recurring operating charges | 66A | €1,006 | €0 | -€1,006 | -100% |
| Gross operating margin | 9900 | €1,961,349 | €3,762,308 | +€1.8m | +91.8% |
| Operating profit (loss) | 9901 | €862,765 | €2,093,375 | +€1.2m | +143% |
| Financial income | 75/76B | €10,643 | €4,448 | -€6,195 | -58.2% |
| Recurring financial income | 75 | €10,643 | €4,448 | -€6,195 | -58.2% |
| Financial charges | 65/66B | €44,066 | €61,781 | +€17,715 | +40.2% |
| Recurring financial charges | 65 | €44,066 | €61,781 | +€17,715 | +40.2% |
| Profit (loss) for the period before taxes | 9903 | €829,342 | €2,036,042 | +€1.2m | +146% |
| Income taxes | 67/77 | €209,055 | €506,752 | +€297,697 | +142% |
| Profit (loss) for the period | 9904 | €620,287 | €1,529,290 | +€909,003 | +147% |
| Transfer to tax-exempt reserves | 689 | €242,497 | €683,703 | +€441,207 | +182% |
| Profit (loss) for the period to be appropriated | 9905 | €377,791 | €845,587 | +€467,796 | +124% |
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 13 October 2026 via checked.be.