VASCOBELO: 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.
VASCOBELO
Largest movements
- Cash -€70,915
down €70,915 (-78.2%), from €90,669 to €19,753
mainly Net result for the year (-€114,270) and Deferred charges and accrued income (-€38,260)
- Deferred charges and accrued income +€38,260
up €38,260 (+40.1%), from €95,326 to €133,586
- Stocks and contracts +€17,026
up €17,026 (+9.5%), from €178,708 to €195,734
- Receivables within one year +€15,185
up €15,185 (+11.7%), from €129,737 to €144,922
of which Trade receivables: +€24,401
- Intangible fixed assets +€9,511
new in 2025: €9,511
- Profit (loss) carried forward -€114,270
down €114,270 (-12.4%), from -€920,824 to -€1.0m
- Other debts +€90,487
up €90,487 (+2585.9%), from €3,499 to €93,986
- Trade debts +€51,222
up €51,222 (+48.5%), from €105,546 to €156,768
- Debts after one year -€27,248
down €27,248 (-62.5%), from €43,575 to €16,327
- Staff costs +€51,545
up €51,545 (+20.1%), from €256,931 to €308,476
- Gross operating margin -€5,681
down €5,681 (-2.6%), from €222,383 to €216,702
- Financial income -€3,387
down €3,387 (-99.9%), from €3,389 to €2
- Depreciation +€2,622
up €2,622 (+3277.7%), from €80 to €2,702
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 | €496,265 | €503,505 | +€7,240 | +1.5% |
| Fixed assets | 21/28 | €1,826 | €9,511 | +€7,684 | +420.8% |
| Intangible fixed assets | 21 | - | €9,511 | +€9,511 | |
| Tangible fixed assets | 22/27 | €1,776 | €0 | -€1,776 | -100.0% |
| Plant, machinery and equipment | 23 | €1,776 | €0 | -€1,776 | -100.0% |
| Financial fixed assets | 28 | €50 | €0 | -€50 | -100.0% |
| Current assets | 29/58 | €494,439 | €493,995 | -€444 | -0.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Stocks and contracts in progress | 3 | €178,708 | €195,734 | +€17,026 | +9.5% |
| Stocks | 30/36 | €178,708 | €195,734 | +€17,026 | +9.5% |
| Amounts receivable within one year | 40/41 | €129,737 | €144,922 | +€15,185 | +11.7% |
| Trade receivables | 40 | €81,494 | €105,895 | +€24,401 | +29.9% |
| Other amounts receivable | 41 | €48,243 | €39,027 | -€9,216 | -19.1% |
| Cash at bank and in hand | 54/58 | €90,669 | €19,753 | -€70,915 | -78.2% |
| Deferred charges and accrued income | 490/1 | €95,326 | €133,586 | +€38,260 | +40.1% |
| Total equity and liabilities | 10/49 | €496,265 | €503,505 | +€7,240 | +1.5% |
| Equity | 10/15 | €155,257 | €40,986 | -€114,270 | -73.6% |
| Contributions | 10/11 | €1,074,700 | €1,074,700 | = | 0.0% |
| Reserves | 13 | €1,381 | €1,381 | = | 0.0% |
| Distributable reserves | 133 | €1,381 | €1,381 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€920,824 | -€1,035,094 | -€114,270 | -12.4% |
| Amounts payable | 17/49 | €341,008 | €462,519 | +€121,510 | +35.6% |
| Amounts payable after more than one year | 17 | €43,575 | €16,327 | -€27,248 | -62.5% |
| Financial debts | 170/4 | €43,575 | €16,327 | -€27,248 | -62.5% |
| Amounts payable within one year | 42/48 | €297,433 | €446,192 | +€148,759 | +50.0% |
| Current portion of amounts payable after more than one year | 42 | €26,340 | €27,248 | +€909 | +3.4% |
| Financial debts | 43 | €145,437 | €150,000 | +€4,563 | +3.1% |
| Credit institutions | 430/8 | €145,437 | €150,000 | +€4,563 | +3.1% |
| Trade debts | 44 | €105,546 | €156,768 | +€51,222 | +48.5% |
| Suppliers | 440/4 | €105,546 | €156,768 | +€51,222 | +48.5% |
| Taxes, remuneration and social security | 45 | €16,611 | €18,189 | +€1,578 | +9.5% |
| Taxes | 450/3 | €6,674 | €6,667 | -€7 | -0.1% |
| Remuneration and social security | 454/9 | €9,937 | €11,522 | +€1,585 | +15.9% |
| Other amounts payable | 47/48 | €3,499 | €93,986 | +€90,487 | +2585.9% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €256,931 | €308,476 | +€51,545 | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €80 | €2,702 | +€2,622 | +3277.7% |
| Other operating charges | 640/8 | €2,200 | €3,790 | +€1,590 | +72.3% |
| Non-recurring operating charges | 66A | €0 | €50 | +€50 | |
| Gross operating margin | 9900 | €222,383 | €216,702 | -€5,681 | -2.6% |
| Operating profit (loss) | 9901 | -€36,828 | -€98,315 | -€61,488 | -167.0% |
| Financial income | 75/76B | €3,389 | €2 | -€3,387 | -99.9% |
| Recurring financial income | 75 | €3,389 | €2 | -€3,387 | -99.9% |
| Financial charges | 65/66B | €15,528 | €15,957 | +€429 | +2.8% |
| Recurring financial charges | 65 | €15,528 | €15,957 | +€429 | +2.8% |
| Profit (loss) for the period before taxes | 9903 | -€48,967 | -€114,270 | -€65,303 | -133.4% |
| Profit (loss) for the period | 9904 | -€48,967 | -€114,270 | -€65,303 | -133.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€48,967 | -€114,270 | -€65,303 | -133.4% |
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 10 October 2026 via checked.be.