VAS: 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.
What changed
VAS
NACE 68.110, Buying and selling of own real estate
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€230,662
2024 · €96,646+€134,016
Equity
€6.4m
2024 · €6.0m+€388,249
Cash
€231,003
2024 · €591,634-€360,631
Balance sheet total
€9.3m
2024 · €9.6m-€302,163
Largest movements
Assets
- Cash -€360,631
down €360,631 (-61.0%), from €591,634 to €231,003
mainly Trade debts (-€2.0m) and Investment in fixed assets (net) (-€186,760)
Equity and liabilities
- Trade debts -€2.0m
down €2.0m (-99.2%), from €2.1m to €15,672
- Other debts +€1.4m
up €1.4m (+756.9%), from €187,850 to €1.6m
- Reserves +€319,961
up €319,961 (+8.3%), from €3.9m to €4.2m
of which Distributable reserves: +€393,065
- Provisions -€104,201
down €104,201 (-12.1%), from €860,164 to €755,963
of which Provisions for liabilities and charges: -€75,000
Income statement
- Depreciation -€177,416
down €177,416 (-44.0%), from €403,095 to €225,679
- Financial charges +€157,673
up €157,673 (+966.4%), from €16,316 to €173,989
- Financial income +€115,040
up €115,040 (+100.4%), from €114,616 to €229,656
- Provisions -€75,000
new in 2025: -€75,000
- Gross operating margin -€23,953
down €23,953 (-5.9%), from €405,651 to €381,699
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.
Result 2024
€96,646
Gross operating margin
-€23,953
Depreciation
+€177,416
Provisions
+€75,000
Other operating charges
-€8,420
Other operating items
-€1,438
Financial income
+€115,040
Financial charges
-€157,673
Taxes
-€3,112
Deferred taxes and other
-€38,844
Result 2025
€230,662
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.
From operations
-€263,725
Investment
-€273,782
Financing
+€176,876
Cash 2024
€591,634
From operations (derived)
-€263,725
Net result for the year
+€230,662
Depreciation
+€225,679
Receivables within one year
-€31,905
Deferred charges and accrued income
+€21,541
Provisions
-€104,201
Trade debts
-€2.0m
Smaller working-capital items
-€544
Advances received
+€22,448
Other debts
+€1.4m
Investment (derived)
-€273,782
Investment in fixed assets (net)
-€186,760
Current investments
-€87,022
Financing
+€176,876
Debts after one year
+€19,289
Contributions, distributions and other
+€157,587
Cash 2025
€231,003
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €9,631,672 | €9,329,509 | -€302,163 | -3.1% |
| Fixed assets | 21/28 | €7,103,865 | €7,064,946 | -€38,919 | -0.5% |
| Tangible fixed assets | 22/27 | €5,823,477 | €5,784,558 | -€38,919 | -0.7% |
| Land and buildings | 22 | €5,755,615 | €5,678,037 | -€77,578 | -1.3% |
| Plant, machinery and equipment | 23 | €59,269 | €99,149 | +€39,880 | +67.3% |
| Furniture and vehicles | 24 | €2,923 | €1,702 | -€1,221 | -41.8% |
| Other tangible fixed assets | 26 | €5,670 | €5,670 | = | 0.0% |
| Financial fixed assets | 28 | €1,280,388 | €1,280,388 | = | 0.0% |
| Current assets | 29/58 | €2,527,807 | €2,264,563 | -€263,245 | -10.4% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €110,670 | €142,575 | +€31,905 | +28.8% |
| Trade receivables | 40 | €13,896 | €44,375 | +€30,479 | +219.3% |
| Other amounts receivable | 41 | €96,774 | €98,200 | +€1,426 | +1.5% |
| Current investments | 50/53 | €1,796,436 | €1,883,458 | +€87,022 | +4.8% |
| Cash at bank and in hand | 54/58 | €591,634 | €231,003 | -€360,631 | -61.0% |
| Deferred charges and accrued income | 490/1 | €29,069 | €7,527 | -€21,541 | -74.1% |
| Total equity and liabilities | 10/49 | €9,631,672 | €9,329,509 | -€302,163 | -3.1% |
| Equity | 10/15 | €6,008,461 | €6,396,710 | +€388,249 | +6.5% |
| Contributions | 10/11 | €2,135,361 | €2,203,385 | +€68,024 | +3.2% |
| Capital | 10 | €2,135,361 | €2,203,385 | +€68,024 | +3.2% |
| Issued capital | 100 | €2,135,361 | €2,203,385 | +€68,024 | +3.2% |
| Reserves | 13 | €3,873,027 | €4,192,988 | +€319,961 | +8.3% |
| Non-distributable reserves | 130/1 | €213,536 | €228,033 | +€14,497 | +6.8% |
| Legal reserve | 130 | €213,536 | €228,033 | +€14,497 | +6.8% |
| Tax-exempt reserves | 132 | €2,355,491 | €2,267,890 | -€87,602 | -3.7% |
| Distributable reserves | 133 | €1,304,000 | €1,697,065 | +€393,065 | +30.1% |
| Profit (loss) carried forward | 14 | €74 | €337 | +€264 | +358.2% |
| Provisions and deferred taxes | 16 | €860,164 | €755,963 | -€104,201 | -12.1% |
| Provisions for liabilities and charges | 160/5 | €75,000 | €0 | -€75,000 | -100.0% |
| Other liabilities and charges | 164/5 | €75,000 | €0 | -€75,000 | -100.0% |
| Deferred taxes | 168 | €785,164 | €755,963 | -€29,201 | -3.7% |
| Amounts payable | 17/49 | €2,763,047 | €2,176,835 | -€586,212 | -21.2% |
| Amounts payable after more than one year | 17 | €408,576 | €427,865 | +€19,289 | +4.7% |
| Financial debts | 170/4 | €391,444 | €402,719 | +€11,275 | +2.9% |
| Other amounts payable | 178/9 | €17,132 | €25,146 | +€8,014 | +46.8% |
| Amounts payable within one year | 42/48 | €2,285,779 | €1,682,394 | -€603,385 | -26.4% |
| Trade debts | 44 | €2,064,836 | €15,672 | -€2.0m | -99.2% |
| Suppliers | 440/4 | €2,064,836 | €15,672 | -€2.0m | -99.2% |
| Advances received on contracts in progress | 46 | €0 | €22,448 | +€22,448 | |
| Taxes, remuneration and social security | 45 | €33,093 | €34,666 | +€1,573 | +4.8% |
| Taxes | 450/3 | €33,093 | €34,666 | +€1,573 | +4.8% |
| Other amounts payable | 47/48 | €187,850 | €1,609,609 | +€1.4m | +756.9% |
| Accrued charges and deferred income | 492/3 | €68,692 | €66,576 | -€2,116 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €403,095 | €225,679 | -€177,416 | -44.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€75,000 | -€75,000 | |
| Other operating charges | 640/8 | €15,368 | €23,788 | +€8,420 | +54.8% |
| Non-recurring operating charges | 66A | €126 | €1,564 | +€1,438 | +1139.4% |
| Gross operating margin | 9900 | €405,651 | €381,699 | -€23,953 | -5.9% |
| Operating profit (loss) | 9901 | -€12,937 | €205,668 | +€218,605 | |
| Financial income | 75/76B | €114,616 | €229,656 | +€115,040 | +100.4% |
| Recurring financial income | 75 | €114,616 | €229,656 | +€115,040 | +100.4% |
| Financial charges | 65/66B | €16,316 | €173,989 | +€157,673 | +966.4% |
| Recurring financial charges | 65 | €16,316 | €173,989 | +€157,673 | +966.4% |
| Profit (loss) for the period before taxes | 9903 | €85,363 | €261,335 | +€175,972 | +206.1% |
| Transfer from deferred taxes | 780 | €68,045 | €29,201 | -€38,844 | -57.1% |
| Income taxes | 67/77 | €56,762 | €59,874 | +€3,112 | +5.5% |
| Profit (loss) for the period | 9904 | €96,646 | €230,662 | +€134,016 | +138.7% |
| Transfer from tax-exempt reserves | 789 | €204,134 | €87,602 | -€116,533 | -57.1% |
| Profit (loss) for the period to be appropriated | 9905 | €300,780 | €318,264 | +€17,483 | +5.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.