VAS: 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.
VAS
Largest movements
- Tangible fixed assets -€42,284
down €42,284 (-10.7%), from €395,080 to €352,796
of which Furniture and vehicles: -€23,129
- Cash +€12,531
up €12,531 (+79.2%), from €15,820 to €28,351
mainly Depreciation (+€45,143) and Receivables within one year (+€2,897)
- Other debts -€18,776
down €18,776 (-60.9%), from €30,826 to €12,049
- Provisions -€9,402
down €9,402 (-89.5%), from €10,500 to €1,098
- Debts after one year -€8,730
down €8,730 (-11.8%), from €73,749 to €65,019
of which Financial debts: -€14,683
- Gross operating margin -€11,333
down €11,333 (-16.6%), from €68,375 to €57,043
- Provisions -€9,402
new in 2025: -€9,402
- Depreciation -€2,640
down €2,640 (-5.5%), from €47,783 to €45,143
- Taxes +€1,684
up €1,684 (+77.6%), from €2,170 to €3,854
- Staff costs -€1,138
new in 2025: -€1,138
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 | €418,287 | €385,189 | -€33,099 | -7.9% |
| Fixed assets | 21/28 | €395,532 | €352,796 | -€42,736 | -10.8% |
| Tangible fixed assets | 22/27 | €395,080 | €352,796 | -€42,284 | -10.7% |
| Land and buildings | 22 | €292,767 | €273,069 | -€19,698 | -6.7% |
| Plant, machinery and equipment | 23 | €17,564 | €18,107 | +€543 | +3.1% |
| Furniture and vehicles | 24 | €84,749 | €61,620 | -€23,129 | -27.3% |
| Financial fixed assets | 28 | €452 | - | -€452 | |
| Current assets | 29/58 | €22,755 | €32,393 | +€9,638 | +42.4% |
| Amounts receivable within one year | 40/41 | €5,397 | €2,500 | -€2,897 | -53.7% |
| Trade receivables | 40 | - | €2,500 | +€2,500 | |
| Other amounts receivable | 41 | €5,397 | - | -€5,397 | |
| Cash at bank and in hand | 54/58 | €15,820 | €28,351 | +€12,531 | +79.2% |
| Deferred charges and accrued income | 490/1 | €1,538 | €1,542 | +€4 | +0.3% |
| Total equity and liabilities | 10/49 | €418,287 | €385,189 | -€33,099 | -7.9% |
| Equity | 10/15 | €285,273 | €285,885 | +€612 | +0.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €217,073 | €217,685 | +€612 | +0.3% |
| Provisions and deferred taxes | 16 | €10,500 | €1,098 | -€9,402 | -89.5% |
| Provisions for liabilities and charges | 160/5 | €10,500 | €1,098 | -€9,402 | -89.5% |
| Major repairs and maintenance | 162 | - | €1,098 | +€1,098 | |
| Other liabilities and charges | 164/5 | €10,500 | - | -€10,500 | |
| Amounts payable | 17/49 | €122,514 | €98,206 | -€24,308 | -19.8% |
| Amounts payable after more than one year | 17 | €73,749 | €65,019 | -€8,730 | -11.8% |
| Financial debts | 170/4 | €73,749 | €59,066 | -€14,683 | -19.9% |
| Other amounts payable | 178/9 | - | €5,953 | +€5,953 | |
| Amounts payable within one year | 42/48 | €48,765 | €33,073 | -€15,692 | -32.2% |
| Current portion of amounts payable after more than one year | 42 | €14,116 | €14,683 | +€567 | +4.0% |
| Trade debts | 44 | €2,576 | €2,486 | -€90 | -3.5% |
| Suppliers | 440/4 | €2,576 | €2,486 | -€90 | -3.5% |
| Taxes, remuneration and social security | 45 | €1,247 | €3,854 | +€2,607 | +209% |
| Taxes | 450/3 | €1,247 | €3,854 | +€2,607 | +209% |
| Other amounts payable | 47/48 | €30,826 | €12,049 | -€18,776 | -60.9% |
| Accrued charges and deferred income | 492/3 | - | €115 | +€115 | |
| Remuneration, social security and pensions | 62 | - | -€1,138 | -€1,138 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €47,783 | €45,143 | -€2,640 | -5.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€9,402 | -€9,402 | |
| Other operating charges | 640/8 | €14,123 | €14,672 | +€549 | +3.9% |
| Gross operating margin | 9900 | €68,375 | €57,043 | -€11,333 | -16.6% |
| Operating profit (loss) | 9901 | €6,469 | €7,768 | +€1,299 | +20.1% |
| Financial charges | 65/66B | €3,847 | €3,302 | -€545 | -14.2% |
| Recurring financial charges | 65 | €3,847 | €3,302 | -€545 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €2,622 | €4,466 | +€1,844 | +70.3% |
| Income taxes | 67/77 | €2,170 | €3,854 | +€1,684 | +77.6% |
| Profit (loss) for the period | 9904 | €452 | €612 | +€159 | +35.2% |
| Profit (loss) for the period to be appropriated | 9905 | €452 | €612 | +€159 | +35.2% |
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 16 October 2026 via checked.be.