VAS BUILD: 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 BUILD
Largest movements
- Receivables within one year +€12,714
up €12,714 (+98.1%), from €12,960 to €25,674
of which Trade receivables: +€7,946
- Cash +€7,738
up €7,738 (+257.3%), from €3,008 to €10,746
mainly Tax, wage and social debts (+€13,995) and Net result for the year (+€13,133)
- Tangible fixed assets +€2,653
up €2,653 (+139.5%), from €1,901 to €4,554
of which Plant, machinery and equipment: +€3,231
- Tax, wage and social debts +€13,995
up €13,995 (+552.0%), from €2,535 to €16,530
- Profit (loss) carried forward +€13,133
up €13,133 (+121.5%), from €10,811 to €23,944
- Other debts -€4,022
no longer reported in 2025 (was €4,022)
- Gross operating margin +€9,613
up €9,613 (+80.8%), from €11,890 to €21,503
- Taxes +€1,352
up €1,352 (+56.1%), from €2,408 to €3,759
- Depreciation +€1,219
up €1,219 (+210.6%), from €579 to €1,797
- Other operating charges +€1,147
up €1,147 (+192.0%), from €598 to €1,745
- Financial charges +€974
up €974 (+1016.3%), from €96 to €1,070
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 | €17,869 | €40,974 | +€23,105 | +129.3% |
| Fixed assets | 21/28 | €1,901 | €4,554 | +€2,653 | +139.5% |
| Tangible fixed assets | 22/27 | €1,901 | €4,554 | +€2,653 | +139.5% |
| Plant, machinery and equipment | 23 | - | €3,231 | +€3,231 | |
| Furniture and vehicles | 24 | €1,901 | €1,323 | -€579 | -30.4% |
| Current assets | 29/58 | €15,968 | €36,420 | +€20,453 | +128.1% |
| Amounts receivable within one year | 40/41 | €12,960 | €25,674 | +€12,714 | +98.1% |
| Trade receivables | 40 | €196 | €8,142 | +€7,946 | +4045.9% |
| Other amounts receivable | 41 | €12,764 | €17,532 | +€4,769 | +37.4% |
| Cash at bank and in hand | 54/58 | €3,008 | €10,746 | +€7,738 | +257.3% |
| Total equity and liabilities | 10/49 | €17,869 | €40,974 | +€23,105 | +129.3% |
| Equity | 10/15 | €11,311 | €24,444 | +€13,133 | +116.1% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,811 | €23,944 | +€13,133 | +121.5% |
| Amounts payable | 17/49 | €6,558 | €16,530 | +€9,973 | +152.1% |
| Amounts payable within one year | 42/48 | €6,558 | €16,530 | +€9,973 | +152.1% |
| Taxes, remuneration and social security | 45 | €2,535 | €16,530 | +€13,995 | +552.0% |
| Taxes | 450/3 | €2,535 | €16,530 | +€13,995 | +552.0% |
| Other amounts payable | 47/48 | €4,022 | - | -€4,022 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €579 | €1,797 | +€1,219 | +210.6% |
| Other operating charges | 640/8 | €598 | €1,745 | +€1,147 | +192.0% |
| Gross operating margin | 9900 | €11,890 | €21,503 | +€9,613 | +80.8% |
| Operating profit (loss) | 9901 | €10,714 | €17,961 | +€7,247 | +67.6% |
| Financial income | 75/76B | €50 | - | -€50 | |
| Recurring financial income | 75 | €50 | - | -€50 | |
| Financial charges | 65/66B | €96 | €1,070 | +€974 | +1016.3% |
| Recurring financial charges | 65 | €96 | €1,070 | +€974 | +1016.3% |
| Profit (loss) for the period before taxes | 9903 | €10,669 | €16,892 | +€6,223 | +58.3% |
| Income taxes | 67/77 | €2,408 | €3,759 | +€1,352 | +56.1% |
| Profit (loss) for the period | 9904 | €8,261 | €13,133 | +€4,871 | +59.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,261 | €13,133 | +€4,871 | +59.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.