VASA DEVELOPMENT: 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 DEVELOPMENT
Largest movements
- Receivables within one year +€545,070
up €545,070 (+4,800%), from €11,355 to €556,425
of which Trade receivables: +€306,235
- Stocks and contracts -€413,101
no longer reported in 2025 (was €413,101)
- Tangible fixed assets -€23,453
down €23,453 (-16.7%), from €140,696 to €117,243
of which Furniture and vehicles: -€20,707
- Cash -€13,794
no longer reported in 2025 (was €13,794)
mainly Receivables within one year (-€545,070) and Net result for the year (-€54,473)
- Short-term financial debts +€113,709
up €113,709 (+31.2%), from €364,500 to €478,209
of which Credit institutions: +€111,500
- Reserves -€54,473
down €54,473 (-64.5%), from €84,515 to €30,041
- Other debts +€50,334
up €50,334 (+851%), from €5,915 to €56,249
- Debts after one year -€14,831
down €14,831 (-19.4%), from €76,339 to €61,508
- Trade debts +€7,740
up €7,740 (+492%), from €1,573 to €9,313
- Purchases and services -€44,631
no longer reported in 2025 (was €44,631)
- Depreciation -€10,501
down €10,501 (-30.9%), from €33,954 to €23,453
- Gross operating margin +€4,144
up €4,144 (+21.0%), from -€19,747 to -€15,603
- Financial charges -€1,368
down €1,368 (-9.5%), from €14,467 to €13,099
- Turnover -€1,162
no longer reported in 2025 (was €1,162)
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 | €579,375 | €674,142 | +€94,766 | +16.4% |
| Fixed assets | 21/28 | €140,696 | €117,243 | -€23,453 | -16.7% |
| Tangible fixed assets | 22/27 | €140,696 | €117,243 | -€23,453 | -16.7% |
| Land and buildings | 22 | €87,378 | €85,095 | -€2,283 | -2.6% |
| Plant, machinery and equipment | 23 | €122 | €0 | -€122 | -100% |
| Furniture and vehicles | 24 | €51,661 | €30,955 | -€20,707 | -40.1% |
| Other tangible fixed assets | 26 | €1,534 | €1,193 | -€341 | -22.2% |
| Current assets | 29/58 | €438,680 | €556,899 | +€118,219 | +26.9% |
| Stocks and contracts in progress | 3 | €413,101 | - | -€413,101 | |
| Stocks | 30/36 | €413,101 | - | -€413,101 | |
| Amounts receivable within one year | 40/41 | €11,355 | €556,425 | +€545,070 | +4,800% |
| Trade receivables | 40 | €11,307 | €317,541 | +€306,235 | +2,708% |
| Other amounts receivable | 41 | €48 | €238,884 | +€238,835 | +493,665% |
| Cash at bank and in hand | 54/58 | €13,794 | - | -€13,794 | |
| Deferred charges and accrued income | 490/1 | €430 | €474 | +€44 | +10.3% |
| Total equity and liabilities | 10/49 | €579,375 | €674,142 | +€94,766 | +16.4% |
| Equity | 10/15 | €103,115 | €48,641 | -€54,473 | -52.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €84,515 | €30,041 | -€54,473 | -64.5% |
| Distributable reserves | 133 | €84,515 | €30,041 | -€54,473 | -64.5% |
| Amounts payable | 17/49 | €476,261 | €625,501 | +€149,240 | +31.3% |
| Amounts payable after more than one year | 17 | €76,339 | €61,508 | -€14,831 | -19.4% |
| Financial debts | 170/4 | €76,339 | €61,508 | -€14,831 | -19.4% |
| Amounts payable within one year | 42/48 | €399,042 | €563,167 | +€164,125 | +41.1% |
| Current portion of amounts payable after more than one year | 42 | €21,658 | €19,331 | -€2,328 | -10.7% |
| Financial debts | 43 | €364,500 | €478,209 | +€113,709 | +31.2% |
| Credit institutions | 430/8 | €364,500 | €476,000 | +€111,500 | +30.6% |
| Other loans | 439 | - | €2,209 | +€2,209 | |
| Trade debts | 44 | €1,573 | €9,313 | +€7,740 | +492% |
| Suppliers | 440/4 | €1,573 | €9,313 | +€7,740 | +492% |
| Taxes, remuneration and social security | 45 | €5,396 | €66 | -€5,330 | -98.8% |
| Taxes | 450/3 | €5,396 | €66 | -€5,330 | -98.8% |
| Other amounts payable | 47/48 | €5,915 | €56,249 | +€50,334 | +851% |
| Accrued charges and deferred income | 492/3 | €880 | €825 | -€55 | -6.3% |
| Turnover | 70 | €1,162 | - | -€1,162 | |
| Non-recurring operating income | 76A | €2,723 | - | -€2,723 | |
| Goods, raw materials, services and sundry goods | 60/61 | €44,631 | - | -€44,631 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,954 | €23,453 | -€10,501 | -30.9% |
| Other operating charges | 640/8 | €1,979 | €2,319 | +€340 | +17.2% |
| Gross operating margin | 9900 | -€19,747 | -€15,603 | +€4,144 | +21.0% |
| Operating profit (loss) | 9901 | -€55,680 | -€41,375 | +€14,305 | +25.7% |
| Financial income | 75/76B | €74 | - | -€74 | |
| Recurring financial income | 75 | €74 | - | -€74 | |
| Financial charges | 65/66B | €14,467 | €13,099 | -€1,368 | -9.5% |
| Recurring financial charges | 65 | €14,467 | €13,099 | -€1,368 | -9.5% |
| Profit (loss) for the period before taxes | 9903 | -€70,073 | -€54,473 | +€15,600 | +22.3% |
| Profit (loss) for the period | 9904 | -€70,073 | -€54,473 | +€15,600 | +22.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€70,073 | -€54,473 | +€15,600 | +22.3% |
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 20 October 2026 via checked.be.