VAKE: 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.
VAKE
Largest movements
- Tangible fixed assets +€120,085
up €120,085 (+48.4%), from €248,138 to €368,222
- Receivables after one year -€8,400
down €8,400 (-14.1%), from €59,731 to €51,331
- Cash +€4,581
up €4,581 (+72.4%), from €6,324 to €10,905
mainly Net result for the year (+€176,883) and Depreciation (+€57,849)
- Profit (loss) carried forward +€176,883
up €176,883, from -€55,298 to €121,585
- Debts after one year -€67,863
down €67,863 (-22.9%), from €296,289 to €228,426
of which Financial debts: -€64,562
- Tax, wage and social debts +€21,217
up €21,217 (+1900.4%), from €1,116 to €22,334
of which Taxes: +€16,351
- Current portion of long-term debt -€18,279
down €18,279 (-78.5%), from €23,279 to €5,000
- Gross operating margin +€326,224
up €326,224, from -€10,493 to €315,731
- Depreciation +€46,840
up €46,840 (+425.5%), from €11,009 to €57,849
- Taxes +€46,287
new in 2025: €46,287
- Staff costs +€21,711
up €21,711 (+796.5%), from €2,726 to €24,436
- Financial charges +€3,578
up €3,578 (+85.1%), from €4,207 to €7,785
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €339,053 | €450,134 | +€111,081 | +32.8% |
| Fixed assets | 21/28 | €270,943 | €387,028 | +€116,085 | +42.8% |
| Intangible fixed assets | 21 | €18,981 | €14,981 | -€4,000 | -21.1% |
| Tangible fixed assets | 22/27 | €248,138 | €368,222 | +€120,085 | +48.4% |
| Land and buildings | 22 | €248,138 | €368,222 | +€120,085 | +48.4% |
| Financial fixed assets | 28 | €3,825 | €3,825 | = | 0.0% |
| Current assets | 29/58 | €68,109 | €63,106 | -€5,003 | -7.3% |
| Amounts receivable after more than one year | 29 | €59,731 | €51,331 | -€8,400 | -14.1% |
| Other amounts receivable | 291 | €59,731 | €51,331 | -€8,400 | -14.1% |
| Amounts receivable within one year | 40/41 | €2,054 | €870 | -€1,184 | -57.6% |
| Trade receivables | 40 | €464 | €870 | +€407 | +87.7% |
| Other amounts receivable | 41 | €1,590 | €0 | -€1,590 | -100.0% |
| Cash at bank and in hand | 54/58 | €6,324 | €10,905 | +€4,581 | +72.4% |
| Total equity and liabilities | 10/49 | €339,053 | €450,134 | +€111,081 | +32.8% |
| Equity | 10/15 | €13,452 | €190,335 | +€176,883 | +1314.9% |
| Contributions | 10/11 | €62,500 | €62,500 | = | 0.0% |
| Capital | 10 | €62,500 | €62,500 | = | 0.0% |
| Issued capital | 100 | €62,500 | €62,500 | = | 0.0% |
| Reserves | 13 | €6,250 | €6,250 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,250 | €6,250 | = | 0.0% |
| Legal reserve | 130 | €6,250 | €6,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€55,298 | €121,585 | +€176,883 | |
| Amounts payable | 17/49 | €325,601 | €259,799 | -€65,802 | -20.2% |
| Amounts payable after more than one year | 17 | €296,289 | €228,426 | -€67,863 | -22.9% |
| Financial debts | 170/4 | €64,562 | €0 | -€64,562 | -100.0% |
| Other amounts payable | 178/9 | €231,727 | €228,426 | -€3,301 | -1.4% |
| Amounts payable within one year | 42/48 | €29,312 | €31,373 | +€2,061 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €23,279 | €5,000 | -€18,279 | -78.5% |
| Trade debts | 44 | €4,917 | €4,040 | -€877 | -17.8% |
| Suppliers | 440/4 | €4,917 | €4,040 | -€877 | -17.8% |
| Taxes, remuneration and social security | 45 | €1,116 | €22,334 | +€21,217 | +1900.4% |
| Taxes | 450/3 | - | €16,351 | +€16,351 | |
| Remuneration and social security | 454/9 | €1,116 | €5,982 | +€4,866 | +435.8% |
| Remuneration, social security and pensions | 62 | €2,726 | €24,436 | +€21,711 | +796.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,009 | €57,849 | +€46,840 | +425.5% |
| Other operating charges | 640/8 | €2,333 | €2,521 | +€188 | +8.1% |
| Gross operating margin | 9900 | -€10,493 | €315,731 | +€326,224 | |
| Operating profit (loss) | 9901 | -€26,561 | €230,924 | +€257,485 | |
| Financial income | 75/76B | €124 | €32 | -€92 | -74.5% |
| Recurring financial income | 75 | €124 | €32 | -€92 | -74.5% |
| Financial charges | 65/66B | €4,207 | €7,785 | +€3,578 | +85.1% |
| Recurring financial charges | 65 | €4,207 | €7,785 | +€3,578 | +85.1% |
| Profit (loss) for the period before taxes | 9903 | -€30,644 | €223,170 | +€253,815 | |
| Income taxes | 67/77 | - | €46,287 | +€46,287 | |
| Profit (loss) for the period | 9904 | -€30,644 | €176,883 | +€207,527 | |
| Profit (loss) for the period to be appropriated | 9905 | -€30,644 | €176,883 | +€207,527 |
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 12 October 2026 via checked.be.