VASCO: 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.
What changed
VASCO
NACE 52.100, Warehousing and storage
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€890,521
2024 · €1.2m-€299,319
Equity
€22.4m
2024 · €21.5m+€832,861
Cash
€207,953
2024 · €101,912+€106,040
Balance sheet total
€33.8m
2024 · €27.4m+€6.4m
Largest movements
Assets
- Receivables within one year +€10.7m
up €10.7m (+74.2%), from €14.4m to €25.1m
of which Trade receivables: +€8.1m
- Stocks and contracts -€2.3m
down €2.3m (-35.3%), from €6.6m to €4.3m
- Tangible fixed assets -€2.0m
down €2.0m (-32.8%), from €6.1m to €4.1m
of which Plant, machinery and equipment: -€1.2m
Equity and liabilities
- Provisions +€2.3m
up €2.3m (+905.1%), from €257,553 to €2.6m
of which Provisions for liabilities and charges: +€2.3m
- Trade debts +€2.2m
up €2.2m (+78.3%), from €2.8m to €5.0m
- Profit (loss) carried forward +€890,521
up €890,521 (+160.8%), from €553,801 to €1.4m
- Tax, wage and social debts +€777,361
up €777,361 (+28.0%), from €2.8m to €3.6m
of which Remuneration and social security: +€661,478
Income statement
- Staff costs -€11.5m
down €11.5m (-77.5%), from €14.8m to €3.3m
- Provisions +€5.0m
up €5.0m, from -€211,642 to €4.8m
- Turnover -€3.1m
down €3.1m (-8.8%), from €35.5m to €32.3m
- Services and other goods -€477,758
down €477,758 (-24.6%), from €1.9m to €1.5m
- Other operating charges +€390,130
up €390,130 (+1167.2%), from €33,423 to €423,554
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
€1.2m
Turnover
-€3.1m
Other operating income
+€176,561
Goods and materials
+€309,905
Services and other goods
+€477,758
Staff costs
+€11.5m
Depreciation
+€345,890
Write-downs
+€259,583
Provisions
-€5.0m
Other operating charges
-€390,130
Other operating items
-€4.8m
Financial income
-€191,250
Financial charges
-€7,084
Taxes
+€215,346
Result 2025
€890,521
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.
From operations
-€670,127
Investment
+€533,827
Financing
+€242,340
Cash 2024
€101,912
From operations (derived)
-€670,127
Net result for the year
+€890,521
Depreciation
+€1.5m
Stocks and contracts
+€2.3m
Receivables within one year
-€10.7m
Smaller working-capital items
+€10,371
Provisions
+€2.3m
Trade debts
+€2.2m
Tax, wage and social debts
+€777,361
Investment (derived)
+€533,827
Investment in fixed assets (net)
+€533,827
Financing
+€242,340
Short-term financial debts
+€300,000
Contributions, distributions and other
-€57,660
Cash 2025
€207,953
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €27,370,102 | €33,798,797 | +€6.4m | +23.5% |
| Fixed assets | 21/28 | €6,153,731 | €4,137,577 | -€2.0m | -32.8% |
| Intangible fixed assets | 21 | €17,889 | €13,310 | -€4,579 | -25.6% |
| Tangible fixed assets | 22/27 | €6,135,829 | €4,124,254 | -€2.0m | -32.8% |
| Land and buildings | 22 | €1,879,816 | €1,711,327 | -€168,489 | -9.0% |
| Plant, machinery and equipment | 23 | €2,013,526 | €770,814 | -€1.2m | -61.7% |
| Furniture and vehicles | 24 | €83,368 | €58,242 | -€25,126 | -30.1% |
| Leasing and similar rights | 25 | €1,481,143 | €1,247,460 | -€233,683 | -15.8% |
| Assets under construction and advance payments | 27 | €677,976 | €336,411 | -€341,565 | -50.4% |
| Financial fixed assets | 28 | €13 | €13 | = | 0.0% |
| Affiliated companies | 280/1 | €13 | €13 | = | 0.0% |
| Participating interests | 280 | €13 | €13 | = | 0.0% |
| Current assets | 29/58 | €21,216,371 | €29,661,220 | +€8.4m | +39.8% |
| Stocks and contracts in progress | 3 | €6,644,488 | €4,296,483 | -€2.3m | -35.3% |
| Stocks | 30/36 | €6,644,488 | €4,296,483 | -€2.3m | -35.3% |
| Raw materials and consumables | 30/31 | €3,540,605 | €2,004,545 | -€1.5m | -43.4% |
| Work in progress | 32 | €102,932 | €111,675 | +€8,743 | +8.5% |
| Finished goods | 33 | €2,984,304 | €2,146,188 | -€838,116 | -28.1% |
| Goods purchased for resale | 34 | €16,647 | €34,075 | +€17,428 | +104.7% |
| Amounts receivable within one year | 40/41 | €14,421,025 | €25,114,931 | +€10.7m | +74.2% |
| Trade receivables | 40 | €2,623,477 | €10,739,607 | +€8.1m | +309.4% |
| Other amounts receivable | 41 | €11,797,548 | €14,375,324 | +€2.6m | +21.9% |
| Cash at bank and in hand | 54/58 | €101,912 | €207,953 | +€106,040 | +104.1% |
| Deferred charges and accrued income | 490/1 | €48,946 | €41,853 | -€7,093 | -14.5% |
| Total equity and liabilities | 10/49 | €27,370,102 | €33,798,797 | +€6.4m | +23.5% |
| Equity | 10/15 | €21,548,564 | €22,381,425 | +€832,861 | +3.9% |
| Contributions | 10/11 | €20,043,600 | €20,043,600 | = | 0.0% |
| Reserves | 13 | €585,987 | €585,987 | = | 0.0% |
| Non-distributable reserves | 130/1 | €490,822 | €490,822 | = | 0.0% |
| Reserves not available under the articles | 1311 | €490,822 | €490,822 | = | 0.0% |
| Tax-exempt reserves | 132 | €95,165 | €95,165 | = | 0.0% |
| Profit (loss) carried forward | 14 | €553,801 | €1,444,322 | +€890,521 | +160.8% |
| Investment grants | 15 | €365,176 | €307,517 | -€57,660 | -15.8% |
| Provisions and deferred taxes | 16 | €257,553 | €2,588,604 | +€2.3m | +905.1% |
| Provisions for liabilities and charges | 160/5 | €225,831 | €2,556,883 | +€2.3m | +1032.2% |
| Other liabilities and charges | 164/5 | €225,831 | €2,556,883 | +€2.3m | +1032.2% |
| Deferred taxes | 168 | €31,722 | €31,722 | = | 0.0% |
| Amounts payable | 17/49 | €5,563,985 | €8,828,767 | +€3.3m | +58.7% |
| Amounts payable within one year | 42/48 | €5,563,016 | €8,824,519 | +€3.3m | +58.6% |
| Financial debts | 43 | - | €300,000 | +€300,000 | |
| Other loans | 439 | - | €300,000 | +€300,000 | |
| Trade debts | 44 | €2,788,385 | €4,972,528 | +€2.2m | +78.3% |
| Suppliers | 440/4 | €2,788,385 | €4,972,528 | +€2.2m | +78.3% |
| Taxes, remuneration and social security | 45 | €2,774,630 | €3,551,991 | +€777,361 | +28.0% |
| Taxes | 450/3 | €918,923 | €1,034,806 | +€115,883 | +12.6% |
| Remuneration and social security | 454/9 | €1,855,708 | €2,517,185 | +€661,478 | +35.6% |
| Accrued charges and deferred income | 492/3 | €970 | €4,248 | +€3,278 | +338.1% |
| Operating income | 70/76A | €35,879,795 | €38,357,512 | +€2.5m | +6.9% |
| Turnover | 70 | €35,457,978 | €32,333,815 | -€3.1m | -8.8% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€1,309,664 | -€548,104 | +€761,559 | +58.1% |
| Own construction capitalised | 72 | €374 | - | -€374 | |
| Other operating income | 74 | €1,179,931 | €1,356,492 | +€176,561 | +15.0% |
| Non-recurring operating income | 76A | €551,176 | €5,215,309 | +€4.7m | +846.2% |
| Operating charges | 60/66A | €34,818,955 | €37,613,002 | +€2.8m | +8.0% |
| Goods for resale, raw materials and consumables | 60 | €25,658,261 | €25,348,356 | -€309,905 | -1.2% |
| Purchases | 600/8 | €22,892,440 | €25,617,366 | +€2.7m | +11.9% |
| Change in stocks: decrease (increase) | 609 | €2,765,822 | -€269,010 | -€3.0m | |
| Services and other goods | 61 | €1,942,468 | €1,464,710 | -€477,758 | -24.6% |
| Remuneration, social security and pensions | 62 | €14,818,663 | €3,337,854 | -€11.5m | -77.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,828,217 | €1,482,327 | -€345,890 | -18.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €209,475 | -€50,108 | -€259,583 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€211,642 | €4,834,928 | +€5.0m | |
| Other operating charges | 640/8 | €33,423 | €423,554 | +€390,130 | +1167.2% |
| Non-recurring operating charges | 66A | -€9,459,911 | €771,382 | +€10.2m | |
| Operating profit (loss) | 9901 | €1,060,840 | €744,510 | -€316,330 | -29.8% |
| Financial income | 75/76B | €592,725 | €401,475 | -€191,250 | -32.3% |
| Recurring financial income | 75 | €592,725 | €401,475 | -€191,250 | -32.3% |
| Income from current assets | 751 | €525,052 | €336,153 | -€188,900 | -36.0% |
| Other financial income | 752/9 | €67,673 | €65,322 | -€2,351 | -3.5% |
| Financial charges | 65/66B | €6,060 | €13,145 | +€7,084 | +116.9% |
| Recurring financial charges | 65 | €6,060 | €13,145 | +€7,084 | +116.9% |
| Debt charges | 650 | €4,085 | €12,108 | +€8,022 | +196.4% |
| Other financial charges | 652/9 | €1,975 | €1,037 | -€938 | -47.5% |
| Profit (loss) for the period before taxes | 9903 | €1,647,505 | €1,132,840 | -€514,665 | -31.2% |
| Income taxes | 67/77 | €457,665 | €242,319 | -€215,346 | -47.1% |
| Taxes | 670/3 | €457,665 | €281,349 | -€176,316 | -38.5% |
| Tax adjustments and reversals of tax provisions | 77 | - | €39,030 | +€39,030 | |
| Profit (loss) for the period | 9904 | €1,189,840 | €890,521 | -€299,319 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €1,189,840 | €890,521 | -€299,319 | -25.2% |
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 9 October 2026 via checked.be.