VAQUERO: 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.
VAQUERO
Largest movements
- Tangible fixed assets -€247,986
down €247,986 (-13.2%), from €1.9m to €1.6m
of which Land and buildings: -€160,836
- Receivables within one year +€56,797
up €56,797 (+20.1%), from €282,054 to €338,851
of which Other amounts receivable: +€43,415
- Cash -€51,462
down €51,462 (-16.1%), from €319,993 to €268,532
mainly Trade debts (-€528,058) and Receivables within one year (-€56,797)
- Trade debts -€528,058
down €528,058 (-99.3%), from €531,627 to €3,569
- Current portion of long-term debt +€216,337
up €216,337 (+4740.7%), from €4,563 to €220,900
- Profit (loss) carried forward +€56,352
up €56,352 (+4.1%), from €1.4m to €1.4m
- Gross operating margin +€179,957
up €179,957, from -€15,350 to €164,607
- Other operating charges -€52,180
down €52,180 (-92.1%), from €56,649 to €4,470
- Depreciation +€6,632
up €6,632 (+5.2%), from €126,965 to €133,597
- Financial income +€3,330
up €3,330 (+19.4%), from €17,142 to €20,471
of which Financial income: +€3,330
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 | €3,012,566 | €2,769,915 | -€242,651 | -8.1% |
| Fixed assets | 21/28 | €1,872,014 | €1,624,028 | -€247,986 | -13.2% |
| Tangible fixed assets | 22/27 | €1,872,014 | €1,624,028 | -€247,986 | -13.2% |
| Land and buildings | 22 | €1,349,774 | €1,188,938 | -€160,836 | -11.9% |
| Plant, machinery and equipment | 23 | €95,130 | €85,020 | -€10,110 | -10.6% |
| Furniture and vehicles | 24 | €427,110 | €350,070 | -€77,040 | -18.0% |
| Current assets | 29/58 | €1,140,552 | €1,145,888 | +€5,336 | +0.5% |
| Amounts receivable after more than one year | 29 | €538,505 | €538,505 | = | 0.0% |
| Other amounts receivable | 291 | €538,505 | €538,505 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €282,054 | €338,851 | +€56,797 | +20.1% |
| Trade receivables | 40 | €119,903 | €133,285 | +€13,382 | +11.2% |
| Other amounts receivable | 41 | €162,151 | €205,565 | +€43,415 | +26.8% |
| Cash at bank and in hand | 54/58 | €319,993 | €268,532 | -€51,462 | -16.1% |
| Total equity and liabilities | 10/49 | €3,012,566 | €2,769,915 | -€242,651 | -8.1% |
| Equity | 10/15 | €1,869,444 | €1,917,687 | +€48,243 | +2.6% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €351,385 | €343,275 | -€8,110 | -2.3% |
| Non-distributable reserves | 130/1 | €38,755 | €38,755 | = | 0.0% |
| Legal reserve | 130 | €38,755 | €38,755 | = | 0.0% |
| Tax-exempt reserves | 132 | €271,470 | €263,360 | -€8,110 | -3.0% |
| Distributable reserves | 133 | €41,161 | €41,161 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,369,323 | €1,425,676 | +€56,352 | +4.1% |
| Provisions and deferred taxes | 16 | €142,694 | €139,991 | -€2,703 | -1.9% |
| Provisions for liabilities and charges | 160/5 | €55,032 | €55,032 | = | 0.0% |
| Environmental obligations | 163 | €55,032 | €0 | -€55,032 | -100.0% |
| Other liabilities and charges | 164/5 | - | €55,032 | +€55,032 | |
| Deferred taxes | 168 | €87,661 | €84,958 | -€2,703 | -3.1% |
| Amounts payable | 17/49 | €1,000,428 | €712,238 | -€288,190 | -28.8% |
| Amounts payable after more than one year | 17 | €414,659 | €414,659 | = | 0.0% |
| Financial debts | 170/4 | €414,659 | €414,659 | = | 0.0% |
| Amounts payable within one year | 42/48 | €585,769 | €297,578 | -€288,190 | -49.2% |
| Current portion of amounts payable after more than one year | 42 | €4,563 | €220,900 | +€216,337 | +4740.7% |
| Trade debts | 44 | €531,627 | €3,569 | -€528,058 | -99.3% |
| Suppliers | 440/4 | €531,627 | €3,569 | -€528,058 | -99.3% |
| Advances received on contracts in progress | 46 | - | €23,000 | +€23,000 | |
| Taxes, remuneration and social security | 45 | €0 | €531 | +€531 | |
| Taxes | 450/3 | €0 | €531 | +€531 | |
| Other amounts payable | 47/48 | €49,579 | €49,579 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €10,000 | €180,611 | +€170,611 | +1706.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €126,965 | €133,597 | +€6,632 | +5.2% |
| Other operating charges | 640/8 | €56,649 | €4,470 | -€52,180 | -92.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€15,350 | €164,607 | +€179,957 | |
| Operating profit (loss) | 9901 | -€198,964 | €26,540 | +€225,504 | |
| Financial income | 75/76B | €17,142 | €20,471 | +€3,330 | +19.4% |
| Recurring financial income | 75 | €17,142 | €20,471 | +€3,330 | +19.4% |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,802 | €941 | -€860 | -47.8% |
| Recurring financial charges | 65 | €1,802 | €941 | -€860 | -47.8% |
| Profit (loss) for the period before taxes | 9903 | -€183,624 | €46,070 | +€229,695 | |
| Transfer from deferred taxes | 780 | €1,543 | €2,703 | +€1,160 | +75.2% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €0 | €531 | +€531 | |
| Profit (loss) for the period | 9904 | -€182,081 | €48,243 | +€230,324 | |
| Transfer from tax-exempt reserves | 789 | €4,629 | €8,110 | +€3,480 | +75.2% |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€177,452 | €56,352 | +€233,804 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.