VASC: 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.
VASC
Largest movements
- Tangible fixed assets +€596,851
up €596,851 (+1352.0%), from €44,147 to €640,999
of which Land and buildings: +€546,635
- Receivables within one year +€78,806
up €78,806 (+155.9%), from €50,536 to €129,342
of which Trade receivables: +€41,941
- Cash -€45,699
down €45,699 (-37.6%), from €121,592 to €75,893
mainly Investment in fixed assets (net) (-€626,503) and Receivables within one year (-€78,806)
- Debts after one year +€532,683
up €532,683 (+1930.9%), from €27,587 to €560,270
- Current portion of long-term debt +€44,214
up €44,214 (+333.9%), from €13,242 to €57,456
- Tax, wage and social debts +€19,649
up €19,649 (+113.2%), from €17,362 to €37,011
of which Taxes: +€17,649
- Trade debts +€16,159
up €16,159 (+179.2%), from €9,017 to €25,176
- Profit (loss) carried forward +€11,712
up €11,712 (+48.9%), from €23,958 to €35,670
- Gross operating margin +€150,830
up €150,830, from -€23,452 to €127,378
- Other operating charges +€75,398
up €75,398 (+14748.1%), from €511 to €75,909
- Depreciation +€14,795
up €14,795 (+99.6%), from €14,856 to €29,651
- Financial charges +€8,252
up €8,252 (+487.2%), from €1,694 to €9,946
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 | €220,667 | €847,283 | +€626,617 | +284.0% |
| Fixed assets | 21/28 | €44,147 | €640,999 | +€596,851 | +1352.0% |
| Tangible fixed assets | 22/27 | €44,147 | €640,999 | +€596,851 | +1352.0% |
| Land and buildings | 22 | - | €546,635 | +€546,635 | |
| Furniture and vehicles | 24 | €44,147 | €41,744 | -€2,404 | -5.4% |
| Other tangible fixed assets | 26 | - | €52,620 | +€52,620 | |
| Current assets | 29/58 | €176,520 | €206,285 | +€29,765 | +16.9% |
| Amounts receivable within one year | 40/41 | €50,536 | €129,342 | +€78,806 | +155.9% |
| Trade receivables | 40 | €16,052 | €57,993 | +€41,941 | +261.3% |
| Other amounts receivable | 41 | €34,484 | €71,349 | +€36,865 | +106.9% |
| Cash at bank and in hand | 54/58 | €121,592 | €75,893 | -€45,699 | -37.6% |
| Deferred charges and accrued income | 490/1 | €4,392 | €1,050 | -€3,342 | -76.1% |
| Total equity and liabilities | 10/49 | €220,667 | €847,283 | +€626,617 | +284.0% |
| Equity | 10/15 | €153,458 | €165,170 | +€11,712 | +7.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €127,500 | €127,500 | = | 0.0% |
| Distributable reserves | 133 | €127,500 | €127,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,958 | €35,670 | +€11,712 | +48.9% |
| Amounts payable | 17/49 | €67,209 | €682,113 | +€614,905 | +914.9% |
| Amounts payable after more than one year | 17 | €27,587 | €560,270 | +€532,683 | +1930.9% |
| Financial debts | 170/4 | €27,587 | €560,270 | +€532,683 | +1930.9% |
| Amounts payable within one year | 42/48 | €39,622 | €119,643 | +€80,022 | +202.0% |
| Current portion of amounts payable after more than one year | 42 | €13,242 | €57,456 | +€44,214 | +333.9% |
| Trade debts | 44 | €9,017 | €25,176 | +€16,159 | +179.2% |
| Suppliers | 440/4 | €9,017 | €25,176 | +€16,159 | +179.2% |
| Taxes, remuneration and social security | 45 | €17,362 | €37,011 | +€19,649 | +113.2% |
| Taxes | 450/3 | €5,362 | €23,011 | +€17,649 | +329.1% |
| Remuneration and social security | 454/9 | €12,000 | €14,000 | +€2,000 | +16.7% |
| Accrued charges and deferred income | 492/3 | - | €2,200 | +€2,200 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,856 | €29,651 | +€14,795 | +99.6% |
| Other operating charges | 640/8 | €511 | €75,909 | +€75,398 | +14748.1% |
| Gross operating margin | 9900 | -€23,452 | €127,378 | +€150,830 | |
| Operating profit (loss) | 9901 | -€38,819 | €21,817 | +€60,637 | |
| Financial income | 75/76B | €0 | €45 | +€45 | +21338.1% |
| Recurring financial income | 75 | €0 | €45 | +€45 | +21338.1% |
| Financial charges | 65/66B | €1,694 | €9,946 | +€8,252 | +487.2% |
| Recurring financial charges | 65 | €1,694 | €9,946 | +€8,252 | +487.2% |
| Profit (loss) for the period before taxes | 9903 | -€40,513 | €11,916 | +€52,429 | |
| Income taxes | 67/77 | €218 | €205 | -€14 | -6.4% |
| Profit (loss) for the period | 9904 | -€40,731 | €11,712 | +€52,443 | |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€40,731 | €11,712 | +€52,443 |
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 11 October 2026 via checked.be.