VASCO Projects: 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.
VASCO Projects
Largest movements
- Cash -€8,583
down €8,583 (-9.7%), from €88,776 to €80,193
mainly Net result for the year (-€6,235) and Investment in fixed assets (net) (-€990)
- Tangible fixed assets +€956
new in 2025: €956
- Profit (loss) carried forward -€6,235
down €6,235 (-47.5%), from -€13,114 to -€19,348
- Gross operating margin +€7,367
up €7,367 (+61.0%), from -€12,068 to -€4,701
- Other operating charges -€325
down €325 (-25.7%), from €1,263 to €938
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 | €91,027 | €84,297 | -€6,729 | -7.4% |
| Fixed assets | 21/28 | - | €956 | +€956 | |
| Tangible fixed assets | 22/27 | - | €956 | +€956 | |
| Plant, machinery and equipment | 23 | - | €956 | +€956 | |
| Current assets | 29/58 | €91,027 | €83,342 | -€7,685 | -8.4% |
| Amounts receivable within one year | 40/41 | €702 | €1,068 | +€366 | +52.1% |
| Trade receivables | 40 | €363 | €363 | = | 0.0% |
| Other amounts receivable | 41 | €339 | €705 | +€366 | +107.9% |
| Cash at bank and in hand | 54/58 | €88,776 | €80,193 | -€8,583 | -9.7% |
| Deferred charges and accrued income | 490/1 | €1,548 | €2,081 | +€533 | +34.4% |
| Total equity and liabilities | 10/49 | €91,027 | €84,297 | -€6,729 | -7.4% |
| Equity | 10/15 | €24,086 | €17,852 | -€6,235 | -25.9% |
| Contributions | 10/11 | €37,200 | €37,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,114 | -€19,348 | -€6,235 | -47.5% |
| Amounts payable | 17/49 | €66,940 | €66,446 | -€494 | -0.7% |
| Amounts payable within one year | 42/48 | €66,940 | €66,446 | -€494 | -0.7% |
| Trade debts | 44 | €1,829 | €1,315 | -€514 | -28.1% |
| Suppliers | 440/4 | €1,829 | €1,315 | -€514 | -28.1% |
| Taxes, remuneration and social security | 45 | €529 | €507 | -€22 | -4.1% |
| Taxes | 450/3 | €529 | €507 | -€22 | -4.1% |
| Other amounts payable | 47/48 | €64,582 | €64,623 | +€41 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €34 | +€34 | |
| Other operating charges | 640/8 | €1,263 | €938 | -€325 | -25.7% |
| Gross operating margin | 9900 | -€12,068 | -€4,701 | +€7,367 | +61.0% |
| Operating profit (loss) | 9901 | -€13,331 | -€5,673 | +€7,658 | +57.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €88 | €54 | -€34 | -38.2% |
| Recurring financial charges | 65 | €88 | €54 | -€34 | -38.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,419 | -€5,727 | +€7,691 | +57.3% |
| Income taxes | 67/77 | €529 | €507 | -€22 | -4.1% |
| Profit (loss) for the period | 9904 | -€13,948 | -€6,235 | +€7,713 | +55.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,948 | -€6,235 | +€7,713 | +55.3% |
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 3 October 2026 via checked.be.