VASA INTERNATIONAL: 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 INTERNATIONAL
Largest movements
- Financial fixed assets -€87,217
down €87,217 (-90.1%), from €96,803 to €9,586
- Stocks and contracts -€36,704
down €36,704 (-14.4%), from €255,030 to €218,326
- Deferred charges and accrued income -€12,831
down €12,831 (-64.5%), from €19,889 to €7,058
- Receivables within one year -€12,549
down €12,549 (-26.1%), from €48,160 to €35,611
of which Trade receivables: -€33,322
- Profit (loss) carried forward -€507,819
down €507,819 (-27.8%), from -€1.8m to -€2.3m
- Short-term financial debts +€369,706
up €369,706 (+31.3%), from €1.2m to €1.5m
of which Other loans: +€494,706
- Trade debts -€53,651
down €53,651 (-73.5%), from €72,981 to €19,330
- Other debts +€44,183
up €44,183 (+24.7%), from €178,870 to €223,053
- Debts after one year +€20,000
up €20,000 (+17.4%), from €115,000 to €135,000
- Gross operating margin +€98,307
up €98,307 (+1,561%), from €6,299 to €104,606
- Staff costs -€14,675
down €14,675 (-5.5%), from €267,222 to €252,547
- Other operating charges -€5,464
down €5,464 (-82.3%), from €6,642 to €1,178
- Financial charges -€2,376
down €2,376 (-17.5%), from €13,606 to €11,230
- Depreciation -€1,565
down €1,565 (-54.4%), from €2,875 to €1,310
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €428,271 | €274,032 | -€154,239 | -36.0% |
| Fixed assets | 21/28 | €102,020 | €12,183 | -€89,837 | -88.1% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €5,217 | €2,597 | -€2,620 | -50.2% |
| Plant, machinery and equipment | 23 | €3,363 | €1,670 | -€1,693 | -50.3% |
| Furniture and vehicles | 24 | €1,854 | €927 | -€927 | -50.0% |
| Financial fixed assets | 28 | €96,803 | €9,586 | -€87,217 | -90.1% |
| Current assets | 29/58 | €326,251 | €261,849 | -€64,402 | -19.7% |
| Stocks and contracts in progress | 3 | €255,030 | €218,326 | -€36,704 | -14.4% |
| Stocks | 30/36 | €255,030 | €218,326 | -€36,704 | -14.4% |
| Amounts receivable within one year | 40/41 | €48,160 | €35,611 | -€12,549 | -26.1% |
| Trade receivables | 40 | €48,143 | €14,821 | -€33,322 | -69.2% |
| Other amounts receivable | 41 | €17 | €20,790 | +€20,773 | +122,627% |
| Cash at bank and in hand | 54/58 | €3,172 | €854 | -€2,318 | -73.1% |
| Deferred charges and accrued income | 490/1 | €19,889 | €7,058 | -€12,831 | -64.5% |
| Total equity and liabilities | 10/49 | €428,271 | €274,032 | -€154,239 | -36.0% |
| Equity | 10/15 | -€1,183,968 | -€1,691,787 | -€507,819 | -42.9% |
| Contributions | 10/11 | €449,579 | €449,579 | +€0 | 0.0% |
| Capital | 10 | €400,000 | €400,000 | = | 0.0% |
| Issued capital | 100 | €400,000 | €400,000 | = | 0.0% |
| Contributions outside capital | 11 | €49,579 | €49,579 | +€0 | 0.0% |
| Share premium | 1100/10 | €49,579 | €49,579 | +€0 | 0.0% |
| Reserves | 13 | €190,903 | €190,903 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,620 | €18,620 | +€0 | 0.0% |
| Distributable reserves | 133 | €157,284 | €157,283 | -€1 | 0.0% |
| Profit (loss) carried forward | 14 | -€1,824,450 | -€2,332,269 | -€507,819 | -27.8% |
| Amounts payable | 17/49 | €1,612,240 | €1,965,819 | +€353,579 | +21.9% |
| Amounts payable after more than one year | 17 | €115,000 | €135,000 | +€20,000 | +17.4% |
| Financial debts | 170/4 | €115,000 | €135,000 | +€20,000 | +17.4% |
| Amounts payable within one year | 42/48 | €1,483,135 | €1,826,394 | +€343,259 | +23.1% |
| Current portion of amounts payable after more than one year | 42 | €10,000 | - | -€10,000 | |
| Financial debts | 43 | €1,179,476 | €1,549,182 | +€369,706 | +31.3% |
| Credit institutions | 430/8 | €125,000 | €0 | -€125,000 | -100% |
| Other loans | 439 | €1,054,476 | €1,549,182 | +€494,706 | +46.9% |
| Trade debts | 44 | €72,981 | €19,330 | -€53,651 | -73.5% |
| Suppliers | 440/4 | €72,981 | €19,330 | -€53,651 | -73.5% |
| Taxes, remuneration and social security | 45 | €41,809 | €34,829 | -€6,980 | -16.7% |
| Taxes | 450/3 | €17,547 | €1,341 | -€16,206 | -92.4% |
| Remuneration and social security | 454/9 | €24,262 | €33,488 | +€9,226 | +38.0% |
| Other amounts payable | 47/48 | €178,870 | €223,053 | +€44,183 | +24.7% |
| Accrued charges and deferred income | 492/3 | €14,104 | €4,425 | -€9,679 | -68.6% |
| Non-recurring operating income | 76A | - | €1,989 | +€1,989 | |
| Remuneration, social security and pensions | 62 | €267,222 | €252,547 | -€14,675 | -5.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,875 | €1,310 | -€1,565 | -54.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€532 | €0 | +€532 | |
| Other operating charges | 640/8 | €6,642 | €1,178 | -€5,464 | -82.3% |
| Non-recurring operating charges | 66A | - | €86,951 | +€86,951 | |
| Gross operating margin | 9900 | €6,299 | €104,606 | +€98,307 | +1,561% |
| Operating profit (loss) | 9901 | -€269,908 | -€237,380 | +€32,528 | +12.1% |
| Financial income | 75/76B | €8 | €20 | +€12 | +146% |
| Recurring financial income | 75 | €8 | €20 | +€12 | +146% |
| Financial charges | 65/66B | €13,606 | €11,230 | -€2,376 | -17.5% |
| Recurring financial charges | 65 | €13,606 | €11,230 | -€2,376 | -17.5% |
| Profit (loss) for the period before taxes | 9903 | -€283,506 | -€248,590 | +€34,916 | +12.3% |
| Income taxes | 67/77 | - | €191 | +€191 | |
| Profit (loss) for the period | 9904 | -€283,506 | -€248,781 | +€34,725 | +12.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€283,506 | -€248,781 | +€34,725 | +12.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.