VASACO: 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.
VASACO
Largest movements
- Receivables after one year -€78,601
down €78,601 (-57.1%), from €137,601 to €59,000
- Receivables within one year +€52,026
up €52,026 (+67.3%), from €77,341 to €129,367
of which Trade receivables: +€58,574
- Cash +€8,328
up €8,328 (+7.4%), from €112,247 to €120,575
mainly Net result for the year (+€82,248) and Receivables after one year (+€78,601)
- Tangible fixed assets -€4,167
down €4,167 (-67.1%), from €6,205 to €2,039
- Reserves -€105,105
down €105,105 (-95.5%), from €110,105 to €5,000
- Profit (loss) carried forward +€82,248
up €82,248 (+40.5%), from €203,035 to €285,283
- Gross operating margin +€65,718
up €65,718 (+151.1%), from €43,489 to €109,207
- Taxes +€16,929
up €16,929 (+269.6%), from €6,280 to €23,209
- Other operating charges -€12,766
down €12,766 (-91.6%), from €13,942 to €1,176
- Financial income +€2,130
new in 2025: €2,130
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 | €333,395 | €311,189 | -€22,206 | -6.7% |
| Fixed assets | 21/28 | €6,205 | €2,039 | -€4,167 | -67.1% |
| Tangible fixed assets | 22/27 | €6,205 | €2,039 | -€4,167 | -67.1% |
| Furniture and vehicles | 24 | €6,205 | €2,039 | -€4,167 | -67.1% |
| Current assets | 29/58 | €327,189 | €309,150 | -€18,039 | -5.5% |
| Amounts receivable after more than one year | 29 | €137,601 | €59,000 | -€78,601 | -57.1% |
| Other amounts receivable | 291 | €137,601 | €59,000 | -€78,601 | -57.1% |
| Amounts receivable within one year | 40/41 | €77,341 | €129,367 | +€52,026 | +67.3% |
| Trade receivables | 40 | €9,303 | €67,878 | +€58,574 | +629.6% |
| Other amounts receivable | 41 | €68,038 | €61,490 | -€6,548 | -9.6% |
| Cash at bank and in hand | 54/58 | €112,247 | €120,575 | +€8,328 | +7.4% |
| Deferred charges and accrued income | 490/1 | - | €208 | +€208 | |
| Total equity and liabilities | 10/49 | €333,395 | €311,189 | -€22,206 | -6.7% |
| Equity | 10/15 | €331,740 | €308,883 | -€22,857 | -6.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €110,105 | €5,000 | -€105,105 | -95.5% |
| Distributable reserves | 133 | €110,105 | €5,000 | -€105,105 | -95.5% |
| Profit (loss) carried forward | 14 | €203,035 | €285,283 | +€82,248 | +40.5% |
| Amounts payable | 17/49 | €1,655 | €2,306 | +€651 | +39.3% |
| Amounts payable within one year | 42/48 | €965 | €2,306 | +€1,341 | +139.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €965 | €2,306 | +€1,341 | +139.0% |
| Taxes | 450/3 | €965 | €2,306 | +€1,341 | +139.0% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €690 | €0 | -€690 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,167 | €4,167 | = | 0.0% |
| Other operating charges | 640/8 | €13,942 | €1,176 | -€12,766 | -91.6% |
| Gross operating margin | 9900 | €43,489 | €109,207 | +€65,718 | +151.1% |
| Operating profit (loss) | 9901 | €25,381 | €103,865 | +€78,484 | +309.2% |
| Financial income | 75/76B | - | €2,130 | +€2,130 | |
| Recurring financial income | 75 | - | €2,130 | +€2,130 | |
| Financial charges | 65/66B | €429 | €538 | +€108 | +25.2% |
| Recurring financial charges | 65 | €429 | €538 | +€108 | +25.2% |
| Profit (loss) for the period before taxes | 9903 | €24,951 | €105,457 | +€80,505 | +322.6% |
| Income taxes | 67/77 | €6,280 | €23,209 | +€16,929 | +269.6% |
| Profit (loss) for the period | 9904 | €18,671 | €82,248 | +€63,576 | +340.5% |
| Profit (loss) for the period to be appropriated | 9905 | €18,671 | €82,248 | +€63,576 | +340.5% |
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.