VASCO: 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.
VASCO
Largest movements
- Cash -€31,623
down €31,623 (-51.5%), from €61,437 to €29,814
mainly Receivables within one year (-€23,946) and Net result for the year (-€7,385)
- Receivables within one year +€23,946
up €23,946 (+22.8%), from €104,958 to €128,904
of which Other amounts receivable: +€26,184
- Tangible fixed assets -€2,184
down €2,184 (-72.6%), from €3,009 to €825
- Profit (loss) carried forward -€7,385
down €7,385 (-58.9%), from -€12,534 to -€19,919
- Financial income +€1,107
up €1,107 (+23.6%), from €4,691 to €5,798
- Depreciation -€1,094
down €1,094 (-26.3%), from €4,164 to €3,071
- Financial charges -€229
down €229 (-85.4%), from €268 to €39
- Taxes -€127
down €127 (-22.3%), from €572 to €445
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €170,565 | €160,605 | -€9,959 | -5.8% |
| Fixed assets | 21/28 | €3,011 | €827 | -€2,184 | -72.5% |
| Tangible fixed assets | 22/27 | €3,009 | €825 | -€2,184 | -72.6% |
| Furniture and vehicles | 24 | €3,009 | €825 | -€2,184 | -72.6% |
| Financial fixed assets | 28 | €2 | €2 | = | 0.0% |
| Current assets | 29/58 | €167,554 | €159,779 | -€7,775 | -4.6% |
| Amounts receivable within one year | 40/41 | €104,958 | €128,904 | +€23,946 | +22.8% |
| Trade receivables | 40 | €7,517 | €5,280 | -€2,238 | -29.8% |
| Other amounts receivable | 41 | €97,441 | €123,625 | +€26,184 | +26.9% |
| Cash at bank and in hand | 54/58 | €61,437 | €29,814 | -€31,623 | -51.5% |
| Deferred charges and accrued income | 490/1 | €1,159 | €1,061 | -€98 | -8.5% |
| Total equity and liabilities | 10/49 | €170,565 | €160,605 | -€9,959 | -5.8% |
| Equity | 10/15 | €166,735 | €159,351 | -€7,385 | -4.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €117,770 | €117,770 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €111,620 | €111,620 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,534 | -€19,919 | -€7,385 | -58.9% |
| Amounts payable | 17/49 | €3,830 | €1,255 | -€2,575 | -67.2% |
| Amounts payable within one year | 42/48 | €3,229 | €1,188 | -€2,042 | -63.2% |
| Trade debts | 44 | €1,686 | €441 | -€1,245 | -73.8% |
| Suppliers | 440/4 | €1,686 | €441 | -€1,245 | -73.8% |
| Taxes, remuneration and social security | 45 | €1,544 | €747 | -€797 | -51.6% |
| Taxes | 450/3 | €1,544 | €747 | -€797 | -51.6% |
| Accrued charges and deferred income | 492/3 | €600 | €67 | -€533 | -88.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,164 | €3,071 | -€1,094 | -26.3% |
| Other operating charges | 640/8 | €1,242 | €1,275 | +€33 | +2.7% |
| Gross operating margin | 9900 | -€8,346 | -€8,353 | -€7 | -0.1% |
| Operating profit (loss) | 9901 | -€13,753 | -€12,699 | +€1,054 | +7.7% |
| Financial income | 75/76B | €4,691 | €5,798 | +€1,107 | +23.6% |
| Recurring financial income | 75 | €4,691 | €5,798 | +€1,107 | +23.6% |
| Financial charges | 65/66B | €268 | €39 | -€229 | -85.4% |
| Recurring financial charges | 65 | €268 | €39 | -€229 | -85.4% |
| Profit (loss) for the period before taxes | 9903 | -€9,330 | -€6,940 | +€2,390 | +25.6% |
| Income taxes | 67/77 | €572 | €445 | -€127 | -22.3% |
| Profit (loss) for the period | 9904 | -€9,902 | -€7,385 | +€2,518 | +25.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,902 | -€7,385 | +€2,518 | +25.4% |
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 14 October 2026 via checked.be.