VAS-Y: 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.
What changed
VAS-Y
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€35,268
2024 · -€16,331-€18,938
Equity
€1.5m
2024 · €1.5m-€35,268
Cash
€53,510
2024 · €73,959-€20,449
Balance sheet total
€3.2m
2024 · €3.4m-€220,329
Largest movements
Assets
- Tangible fixed assets -€141,127
down €141,127 (-5.3%), from €2.6m to €2.5m
of which Land and buildings: -€136,700
- Receivables after one year -€55,750
down €55,750 (-10.2%), from €546,750 to €491,000
Equity and liabilities
- Debts after one year -€132,863
down €132,863 (-9.8%), from €1.4m to €1.2m
of which Financial debts: -€133,313
- Reserves -€52,227
down €52,227 (-3.7%), from €1.4m to €1.4m
of which Tax-exempt reserves: -€52,227
Income statement
- Financial income -€11,604
down €11,604 (-31.9%), from €36,366 to €24,762
- Financial charges +€11,513
up €11,513 (+28.5%), from €40,325 to €51,838
- Gross operating margin +€4,277
up €4,277 (+3.2%), from €135,575 to €139,852
- Taxes +€1,827
up €1,827 (+1,482%), from €123 to €1,951
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
-€16,331
Gross operating margin
+€4,277
Depreciation
+€548
Other operating charges
+€1,182
Financial income
-€11,604
Financial charges
-€11,513
Taxes
-€1,827
Result 2025
-€35,268
raises the resultlowers the result
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.
From operations
+€118,968
Investment
€0
Financing
-€139,417
Cash 2024
€73,959
From operations (derived)
+€118,968
Net result for the year
-€35,268
Depreciation
+€141,127
Receivables after one year
+€55,750
Receivables within one year
+€3,870
Deferred charges and accrued income
-€868
Provisions
-€18,823
Trade debts
-€14,019
Tax, wage and social debts
+€3,496
Other debts
-€13,521
Accrued charges and deferred income
-€2,776
Financing
-€139,417
Debts after one year
-€132,863
Current portion of long-term debt
-€6,554
Cash 2025
€53,510
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,435,001 | €3,214,672 | -€220,329 | -6.4% |
| Fixed assets | 21/28 | €2,675,280 | €2,534,153 | -€141,127 | -5.3% |
| Tangible fixed assets | 22/27 | €2,645,280 | €2,504,153 | -€141,127 | -5.3% |
| Land and buildings | 22 | €2,629,391 | €2,492,691 | -€136,700 | -5.2% |
| Furniture and vehicles | 24 | €15,889 | €11,462 | -€4,427 | -27.9% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €759,721 | €680,520 | -€79,202 | -10.4% |
| Amounts receivable after more than one year | 29 | €546,750 | €491,000 | -€55,750 | -10.2% |
| Other amounts receivable | 291 | €546,750 | €491,000 | -€55,750 | -10.2% |
| Stocks and contracts in progress | 3 | €8,141 | €8,141 | = | 0.0% |
| Contracts in progress | 37 | €8,141 | €8,141 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,897 | €5,027 | -€3,870 | -43.5% |
| Trade receivables | 40 | €8,762 | €5,027 | -€3,734 | -42.6% |
| Other amounts receivable | 41 | €136 | - | -€136 | |
| Current investments | 50/53 | €118,552 | €118,552 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €73,959 | €53,510 | -€20,449 | -27.6% |
| Deferred charges and accrued income | 490/1 | €3,422 | €4,289 | +€868 | +25.4% |
| Total equity and liabilities | 10/49 | €3,435,001 | €3,214,672 | -€220,329 | -6.4% |
| Equity | 10/15 | €1,545,060 | €1,509,792 | -€35,268 | -2.3% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Reserves | 13 | €1,406,054 | €1,353,827 | -€52,227 | -3.7% |
| Tax-exempt reserves | 132 | €835,903 | €783,675 | -€52,227 | -6.2% |
| Distributable reserves | 133 | €570,152 | €570,152 | = | 0.0% |
| Profit (loss) carried forward | 14 | €126,506 | €143,465 | +€16,959 | +13.4% |
| Provisions and deferred taxes | 16 | €274,745 | €255,922 | -€18,823 | -6.9% |
| Deferred taxes | 168 | €274,745 | €255,922 | -€18,823 | -6.9% |
| Amounts payable | 17/49 | €1,615,196 | €1,448,958 | -€166,238 | -10.3% |
| Amounts payable after more than one year | 17 | €1,359,577 | €1,226,714 | -€132,863 | -9.8% |
| Financial debts | 170/4 | €939,577 | €806,264 | -€133,313 | -14.2% |
| Other amounts payable | 178/9 | €420,000 | €420,450 | +€450 | +0.1% |
| Amounts payable within one year | 42/48 | €248,914 | €218,316 | -€30,598 | -12.3% |
| Current portion of amounts payable after more than one year | 42 | €139,867 | €133,313 | -€6,554 | -4.7% |
| Trade debts | 44 | €17,558 | €3,539 | -€14,019 | -79.8% |
| Suppliers | 440/4 | €17,558 | €3,539 | -€14,019 | -79.8% |
| Taxes, remuneration and social security | 45 | €5,915 | €9,411 | +€3,496 | +59.1% |
| Taxes | 450/3 | €5,915 | €9,411 | +€3,496 | +59.1% |
| Other amounts payable | 47/48 | €85,573 | €72,053 | -€13,521 | -15.8% |
| Accrued charges and deferred income | 492/3 | €6,705 | €3,928 | -€2,776 | -41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,676 | €141,127 | -€548 | -0.4% |
| Other operating charges | 640/8 | €24,971 | €23,789 | -€1,182 | -4.7% |
| Gross operating margin | 9900 | €135,575 | €139,852 | +€4,277 | +3.2% |
| Operating profit (loss) | 9901 | -€31,071 | -€25,064 | +€6,007 | +19.3% |
| Financial income | 75/76B | €36,366 | €24,762 | -€11,604 | -31.9% |
| Recurring financial income | 75 | €36,366 | €24,762 | -€11,604 | -31.9% |
| Financial charges | 65/66B | €40,325 | €51,838 | +€11,513 | +28.5% |
| Recurring financial charges | 65 | €40,325 | €51,838 | +€11,513 | +28.5% |
| Profit (loss) for the period before taxes | 9903 | -€35,031 | -€52,141 | -€17,110 | -48.8% |
| Transfer from deferred taxes | 780 | €18,823 | €18,823 | -€0 | 0.0% |
| Income taxes | 67/77 | €123 | €1,951 | +€1,827 | +1,482% |
| Profit (loss) for the period | 9904 | -€16,331 | -€35,268 | -€18,938 | -116% |
| Transfer from tax-exempt reserves | 789 | €52,228 | €52,227 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,898 | €16,959 | -€18,938 | -52.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.