VASARI: 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.
VASARI
Largest movements
- Cash +€43,076
up €43,076 (+106.1%), from €40,605 to €83,681
mainly Net result for the year (+€51,353) and Depreciation (+€16,892)
- Receivables within one year +€10,825
up €10,825 (+939.6%), from €1,152 to €11,977
of which Trade receivables: +€11,977
- Profit (loss) carried forward +€51,353
up €51,353 (+35.3%), from -€145,601 to -€94,248
- Revaluation surpluses -€9,732
down €9,732 (-3.3%), from €299,396 to €289,664
- Reserves +€9,732
up €9,732 (+44.0%), from €22,103 to €31,835
of which Distributable reserves: +€9,732
- Other debts -€7,828
down €7,828 (-5.4%), from €145,144 to €137,316
- Tax, wage and social debts +€7,352
new in 2025: €7,352
of which Taxes: +€5,474
- Gross operating margin +€56,661
up €56,661 (+253.7%), from €22,335 to €78,995
- Staff costs +€8,110
new in 2025: €8,110
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 | €478,002 | €531,212 | +€53,211 | +11.1% |
| Fixed assets | 21/28 | €436,244 | €435,555 | -€689 | -0.2% |
| Tangible fixed assets | 22/27 | €436,244 | €435,555 | -€689 | -0.2% |
| Land and buildings | 22 | €432,755 | €432,441 | -€314 | -0.1% |
| Plant, machinery and equipment | 23 | €3,490 | €3,114 | -€376 | -10.8% |
| Current assets | 29/58 | €41,757 | €95,658 | +€53,900 | +129.1% |
| Amounts receivable within one year | 40/41 | €1,152 | €11,977 | +€10,825 | +939.6% |
| Trade receivables | 40 | - | €11,977 | +€11,977 | |
| Other amounts receivable | 41 | €1,152 | €0 | -€1,152 | -100.0% |
| Cash at bank and in hand | 54/58 | €40,605 | €83,681 | +€43,076 | +106.1% |
| Total equity and liabilities | 10/49 | €478,002 | €531,212 | +€53,211 | +11.1% |
| Equity | 10/15 | €332,071 | €383,423 | +€51,353 | +15.5% |
| Contributions | 10/11 | €156,173 | €156,173 | = | 0.0% |
| Capital | 10 | €156,173 | €156,173 | = | 0.0% |
| Issued capital | 100 | €156,173 | €156,173 | = | 0.0% |
| Revaluation surpluses | 12 | €299,396 | €289,664 | -€9,732 | -3.3% |
| Reserves | 13 | €22,103 | €31,835 | +€9,732 | +44.0% |
| Non-distributable reserves | 130/1 | €336 | €336 | = | 0.0% |
| Legal reserve | 130 | €336 | €336 | = | 0.0% |
| Distributable reserves | 133 | €21,767 | €31,499 | +€9,732 | +44.7% |
| Profit (loss) carried forward | 14 | -€145,601 | -€94,248 | +€51,353 | +35.3% |
| Amounts payable | 17/49 | €145,931 | €147,789 | +€1,858 | +1.3% |
| Amounts payable within one year | 42/48 | €145,144 | €147,789 | +€2,645 | +1.8% |
| Trade debts | 44 | - | €3,121 | +€3,121 | |
| Suppliers | 440/4 | - | €3,121 | +€3,121 | |
| Taxes, remuneration and social security | 45 | - | €7,352 | +€7,352 | |
| Taxes | 450/3 | - | €5,474 | +€5,474 | |
| Remuneration and social security | 454/9 | - | €1,878 | +€1,878 | |
| Other amounts payable | 47/48 | €145,144 | €137,316 | -€7,828 | -5.4% |
| Accrued charges and deferred income | 492/3 | €787 | €0 | -€787 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €8,110 | +€8,110 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,543 | €16,892 | +€349 | +2.1% |
| Other operating charges | 640/8 | €2,330 | €2,394 | +€64 | +2.8% |
| Gross operating margin | 9900 | €22,335 | €78,995 | +€56,661 | +253.7% |
| Operating profit (loss) | 9901 | €3,462 | €51,599 | +€48,138 | +1390.6% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €99 | €248 | +€149 | +150.1% |
| Recurring financial charges | 65 | €99 | €248 | +€149 | +150.1% |
| Profit (loss) for the period before taxes | 9903 | €3,363 | €51,353 | +€47,990 | +1427.1% |
| Profit (loss) for the period | 9904 | €3,363 | €51,353 | +€47,990 | +1427.1% |
| Profit (loss) for the period to be appropriated | 9905 | €3,363 | €51,353 | +€47,990 | +1427.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.