VASA CORPORATION: 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.
VASA CORPORATION
Largest movements
- Cash -€11,306
down €11,306 (-49.6%), from €22,799 to €11,494
mainly Net result for the year (-€10,848) and Trade debts (-€4,148)
- Receivables within one year -€8,395
down €8,395 (-55.5%), from €15,134 to €6,740
of which Trade receivables: -€6,504
- Profit (loss) carried forward -€10,848
down €10,848 (-99.2%), from €10,935 to €87
- Trade debts -€4,148
down €4,148 (-45.4%), from €9,142 to €4,995
- Current portion of long-term debt -€3,346
no longer reported in 2025 (was €3,346)
- Tax, wage and social debts -€1,709
down €1,709 (-39.3%), from €4,344 to €2,635
of which Taxes: -€2,434
- Gross operating margin -€26,169
down €26,169, from €15,994 to -€10,175
- Taxes -€3,916
down €3,916 (-96.9%), from €4,041 to €125
- Staff costs -€320
no longer reported in 2025 (was €320)
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 | €38,780 | €18,729 | -€20,050 | -51.7% |
| Fixed assets | 21/28 | €846 | €496 | -€350 | -41.4% |
| Tangible fixed assets | 22/27 | €846 | €496 | -€350 | -41.4% |
| Plant, machinery and equipment | 23 | €846 | €496 | -€350 | -41.4% |
| Current assets | 29/58 | €37,934 | €18,233 | -€19,700 | -51.9% |
| Amounts receivable within one year | 40/41 | €15,134 | €6,740 | -€8,395 | -55.5% |
| Trade receivables | 40 | €9,193 | €2,689 | -€6,504 | -70.8% |
| Other amounts receivable | 41 | €5,942 | €4,051 | -€1,891 | -31.8% |
| Cash at bank and in hand | 54/58 | €22,799 | €11,494 | -€11,306 | -49.6% |
| Total equity and liabilities | 10/49 | €38,780 | €18,729 | -€20,050 | -51.7% |
| Equity | 10/15 | €21,947 | €11,099 | -€10,848 | -49.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €1,012 | €1,012 | = | 0.0% |
| Distributable reserves | 133 | €1,012 | €1,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,935 | €87 | -€10,848 | -99.2% |
| Amounts payable | 17/49 | €16,833 | €7,630 | -€9,203 | -54.7% |
| Amounts payable within one year | 42/48 | €16,833 | €7,630 | -€9,203 | -54.7% |
| Current portion of amounts payable after more than one year | 42 | €3,346 | - | -€3,346 | |
| Trade debts | 44 | €9,142 | €4,995 | -€4,148 | -45.4% |
| Suppliers | 440/4 | €9,142 | €4,995 | -€4,148 | -45.4% |
| Taxes, remuneration and social security | 45 | €4,344 | €2,635 | -€1,709 | -39.3% |
| Taxes | 450/3 | €4,344 | €1,910 | -€2,434 | -56.0% |
| Remuneration and social security | 454/9 | - | €725 | +€725 | |
| Remuneration, social security and pensions | 62 | €320 | - | -€320 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204 | €350 | +€146 | +71.4% |
| Other operating charges | 640/8 | €309 | €179 | -€130 | -42.1% |
| Gross operating margin | 9900 | €15,994 | -€10,175 | -€26,169 | |
| Operating profit (loss) | 9901 | €15,161 | -€10,704 | -€25,865 | |
| Financial income | 75/76B | €132 | €233 | +€101 | +76.2% |
| Recurring financial income | 75 | €132 | €233 | +€101 | +76.2% |
| Financial charges | 65/66B | €317 | €251 | -€66 | -20.7% |
| Recurring financial charges | 65 | €317 | €251 | -€66 | -20.7% |
| Profit (loss) for the period before taxes | 9903 | €14,976 | -€10,722 | -€25,698 | |
| Income taxes | 67/77 | €4,041 | €125 | -€3,916 | -96.9% |
| Profit (loss) for the period | 9904 | €10,935 | -€10,848 | -€21,782 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,935 | -€10,848 | -€21,782 |
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 28 October 2026 via checked.be.