VASAL: 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
VASAL
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€9,794
2024 · -€36,102+€45,896
Equity
€649,675
2024 · €639,881+€9,794
Cash
€42,092
2024 · €12,254+€29,838
Balance sheet total
€8.2m
2024 · €8.1m+€84,869
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Turnover +€97,319
up €97,319 (+1,622%), from €6,000 to €103,319
- Staff costs +€49,464
new in 2025: €49,464
- Services and other goods +€3,249
up €3,249 (+111%), from €2,935 to €6,184
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
-€36,102
Turnover
+€97,319
Other operating income
+€32
Goods and materials
+€165
Services and other goods
-€3,249
Staff costs
-€49,464
Other operating charges
+€971
Financial income
+€777
Financial charges
-€655
Result 2025
€9,794
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
+€30,074
Investment
-€236
Financing
€0
Cash 2024
€12,254
From operations (derived)
+€30,074
Net result for the year
+€9,794
Receivables within one year
-€54,477
Deferred charges and accrued income
-€318
Trade debts
+€5,794
Tax, wage and social debts
+€24,045
Other debts
+€45,236
Investment (derived)
-€236
Investment in fixed assets (net)
-€236
Cash 2025
€42,092
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,103,256 | €8,188,126 | +€84,869 | +1.0% |
| Fixed assets | 21/28 | €7,905,060 | €7,905,296 | +€236 | 0.0% |
| Financial fixed assets | 28 | €7,905,060 | €7,905,296 | +€236 | 0.0% |
| Affiliated companies | 280/1 | €7,905,060 | €7,905,060 | = | 0.0% |
| Participating interests | 280 | €7,905,060 | €7,905,060 | = | 0.0% |
| Other financial fixed assets | 284/8 | - | €236 | +€236 | |
| Amounts receivable and cash guarantees | 285/8 | - | €236 | +€236 | |
| Current assets | 29/58 | €198,197 | €282,830 | +€84,633 | +42.7% |
| Amounts receivable within one year | 40/41 | €185,943 | €240,420 | +€54,477 | +29.3% |
| Trade receivables | 40 | €7,260 | €59,950 | +€52,690 | +726% |
| Other amounts receivable | 41 | €178,683 | €180,470 | +€1,787 | +1.0% |
| Cash at bank and in hand | 54/58 | €12,254 | €42,092 | +€29,838 | +244% |
| Deferred charges and accrued income | 490/1 | - | €318 | +€318 | |
| Total equity and liabilities | 10/49 | €8,103,256 | €8,188,126 | +€84,869 | +1.0% |
| Equity | 10/15 | €639,881 | €649,675 | +€9,794 | +1.5% |
| Contributions | 10/11 | €698,108 | €698,108 | = | 0.0% |
| Capital | 10 | €698,108 | €698,108 | = | 0.0% |
| Issued capital | 100 | €698,108 | €698,108 | = | 0.0% |
| Reserves | 13 | €2,405,086 | €2,405,086 | = | 0.0% |
| Non-distributable reserves | 130/1 | €255,086 | €255,086 | = | 0.0% |
| Legal reserve | 130 | €255,086 | €255,086 | = | 0.0% |
| Distributable reserves | 133 | €2,150,000 | €2,150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,463,312 | -€2,453,519 | +€9,794 | +0.4% |
| Amounts payable | 17/49 | €7,463,375 | €7,538,450 | +€75,075 | +1.0% |
| Amounts payable within one year | 42/48 | €7,463,375 | €7,538,450 | +€75,075 | +1.0% |
| Trade debts | 44 | €543 | €6,337 | +€5,794 | +1,066% |
| Suppliers | 440/4 | €543 | €6,337 | +€5,794 | +1,066% |
| Taxes, remuneration and social security | 45 | €1,166 | €25,211 | +€24,045 | +2,063% |
| Taxes | 450/3 | €1,166 | €19,617 | +€18,451 | +1,583% |
| Remuneration and social security | 454/9 | - | €5,595 | +€5,595 | |
| Other amounts payable | 47/48 | €7,461,666 | €7,506,902 | +€45,236 | +0.6% |
| Operating income | 70/76A | €6,000 | €103,351 | +€97,351 | +1,623% |
| Turnover | 70 | €6,000 | €103,319 | +€97,319 | +1,622% |
| Other operating income | 74 | - | €32 | +€32 | |
| Operating charges | 60/66A | €4,515 | €56,092 | +€51,577 | +1,142% |
| Goods for resale, raw materials and consumables | 60 | €165 | - | -€165 | |
| Purchases | 600/8 | €165 | - | -€165 | |
| Services and other goods | 61 | €2,935 | €6,184 | +€3,249 | +111% |
| Remuneration, social security and pensions | 62 | - | €49,464 | +€49,464 | |
| Other operating charges | 640/8 | €1,415 | €444 | -€971 | -68.6% |
| Operating profit (loss) | 9901 | €1,485 | €47,259 | +€45,774 | +3,082% |
| Financial income | 75/76B | €1,042 | €1,819 | +€777 | +74.5% |
| Recurring financial income | 75 | €1,042 | €1,819 | +€777 | +74.5% |
| Income from current assets | 751 | €1,032 | €1,787 | +€755 | +73.2% |
| Other financial income | 752/9 | €11 | €32 | +€22 | +205% |
| Financial charges | 65/66B | €38,629 | €39,285 | +€655 | +1.7% |
| Recurring financial charges | 65 | €38,629 | €39,285 | +€655 | +1.7% |
| Debt charges | 650 | €38,602 | €39,159 | +€557 | +1.4% |
| Other financial charges | 652/9 | €27 | €125 | +€98 | +364% |
| Profit (loss) for the period before taxes | 9903 | -€36,102 | €9,794 | +€45,896 | |
| Profit (loss) for the period | 9904 | -€36,102 | €9,794 | +€45,896 | |
| Profit (loss) for the period to be appropriated | 9905 | -€36,102 | €9,794 | +€45,896 |
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 22 October 2026 via checked.be.