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.
VAS
Largest movements
- Tangible fixed assets +€808,011
up €808,011 (+1387.0%), from €58,254 to €866,265
of which Land and buildings: +€754,461
- Cash +€66,631
up €66,631 (+218.2%), from €30,531 to €97,162
mainly Debts after one year (+€805,303) and Depreciation (+€62,512)
- Debts after one year +€805,303
up €805,303 (+2197.5%), from €36,646 to €841,949
- Profit (loss) carried forward +€27,760
no longer reported in 2025 (was -€27,760)
- Current portion of long-term debt +€21,092
up €21,092 (+113.6%), from €18,570 to €39,662
- Gross operating margin +€91,551
up €91,551 (+74.9%), from €122,232 to €213,783
- Depreciation +€33,996
up €33,996 (+119.2%), from €28,516 to €62,512
- Financial charges +€27,046
up €27,046 (+1024.9%), from €2,639 to €29,685
- Other operating charges +€16,648
up €16,648 (+930.6%), from €1,789 to €18,437
- Staff costs -€8,243
down €8,243 (-10.8%), from €76,146 to €67,903
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 | €109,968 | €977,762 | +€867,794 | +789.1% |
| Fixed assets | 21/28 | €60,319 | €866,265 | +€805,946 | +1336.1% |
| Intangible fixed assets | 21 | €1,581 | - | -€1,581 | |
| Tangible fixed assets | 22/27 | €58,254 | €866,265 | +€808,011 | +1387.0% |
| Land and buildings | 22 | €10,316 | €764,777 | +€754,461 | +7313.5% |
| Plant, machinery and equipment | 23 | €14,039 | €74,579 | +€60,540 | +431.2% |
| Furniture and vehicles | 24 | €33,899 | €26,909 | -€6,990 | -20.6% |
| Financial fixed assets | 28 | €484 | - | -€484 | |
| Current assets | 29/58 | €49,649 | €111,497 | +€61,848 | +124.6% |
| Stocks and contracts in progress | 3 | €19,118 | €14,335 | -€4,783 | -25.0% |
| Stocks | 30/36 | €19,118 | €14,335 | -€4,783 | -25.0% |
| Cash at bank and in hand | 54/58 | €30,531 | €97,162 | +€66,631 | +218.2% |
| Total equity and liabilities | 10/49 | €109,968 | €977,762 | +€867,794 | +789.1% |
| Equity | 10/15 | €26,540 | €57,505 | +€30,965 | +116.7% |
| Contributions | 10/11 | €3,300 | €3,300 | = | 0.0% |
| Outside capital | 11 | €3,300 | €3,300 | = | 0.0% |
| Other | 1109/19 | €3,300 | €3,300 | = | 0.0% |
| Reserves | 13 | €51,000 | €54,205 | +€3,205 | +6.3% |
| Distributable reserves | 133 | €51,000 | €54,205 | +€3,205 | +6.3% |
| Profit (loss) carried forward | 14 | -€27,760 | - | +€27,760 | |
| Amounts payable | 17/49 | €83,428 | €920,257 | +€836,829 | +1003.1% |
| Amounts payable after more than one year | 17 | €36,646 | €841,949 | +€805,303 | +2197.5% |
| Financial debts | 170/4 | €36,646 | €841,949 | +€805,303 | +2197.5% |
| Amounts payable within one year | 42/48 | €46,782 | €78,308 | +€31,526 | +67.4% |
| Current portion of amounts payable after more than one year | 42 | €18,570 | €39,662 | +€21,092 | +113.6% |
| Trade debts | 44 | €6,727 | €6,467 | -€260 | -3.9% |
| Suppliers | 440/4 | €6,727 | €6,467 | -€260 | -3.9% |
| Taxes, remuneration and social security | 45 | €16,179 | €23,770 | +€7,591 | +46.9% |
| Taxes | 450/3 | €12,980 | €19,139 | +€6,159 | +47.4% |
| Remuneration and social security | 454/9 | €3,199 | €4,631 | +€1,432 | +44.8% |
| Other amounts payable | 47/48 | €5,306 | €8,409 | +€3,103 | +58.5% |
| Remuneration, social security and pensions | 62 | €76,146 | €67,903 | -€8,243 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,516 | €62,512 | +€33,996 | +119.2% |
| Other operating charges | 640/8 | €1,789 | €18,437 | +€16,648 | +930.6% |
| Gross operating margin | 9900 | €122,232 | €213,783 | +€91,551 | +74.9% |
| Operating profit (loss) | 9901 | €15,781 | €64,931 | +€49,150 | +311.5% |
| Financial charges | 65/66B | €2,639 | €29,685 | +€27,046 | +1024.9% |
| Recurring financial charges | 65 | €2,639 | €29,685 | +€27,046 | +1024.9% |
| Profit (loss) for the period before taxes | 9903 | €13,142 | €35,246 | +€22,104 | +168.2% |
| Income taxes | 67/77 | €218 | €4,281 | +€4,063 | +1863.8% |
| Profit (loss) for the period | 9904 | €12,924 | €30,965 | +€18,041 | +139.6% |
| Profit (loss) for the period to be appropriated | 9905 | €12,924 | €30,965 | +€18,041 | +139.6% |
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 30 September 2026 via checked.be.