VASCOR: 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.
VASCOR
Largest movements
- Cash -€49,147
down €49,147 (-93.7%), from €52,438 to €3,291
mainly Trade debts (-€19,249) and Stocks and contracts (-€14,924)
- Stocks and contracts +€14,924
up €14,924 (+42.9%), from €34,815 to €49,740
of which Contracts in progress: +€11,374
- Tangible fixed assets -€5,587
down €5,587 (-21.3%), from €26,258 to €20,672
of which Furniture and vehicles: -€3,484
- Trade debts -€19,249
down €19,249 (-61.4%), from €31,325 to €12,076
- Profit (loss) carried forward -€8,479
new in 2025: -€8,479
- Debts after one year -€6,726
down €6,726 (-53.3%), from €12,626 to €5,900
- Tax, wage and social debts -€3,861
down €3,861 (-41.9%), from €9,214 to €5,353
of which Taxes: -€7,831
- Gross operating margin -€14,097
down €14,097 (-75.4%), from €18,693 to €4,597
- Taxes -€2,110
down €2,110 (-89.8%), from €2,350 to €240
- Financial charges +€410
up €410 (+10.5%), from €3,909 to €4,320
of which Financial charges: +€765
- Financial income -€262
down €262 (-38.4%), from €682 to €420
- Other operating charges +€247
up €247 (+18.0%), from €1,366 to €1,613
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 | €149,960 | €111,592 | -€38,368 | -25.6% |
| Fixed assets | 21/28 | €26,363 | €20,777 | -€5,587 | -21.2% |
| Tangible fixed assets | 22/27 | €26,258 | €20,672 | -€5,587 | -21.3% |
| Plant, machinery and equipment | 23 | €2,667 | €1,714 | -€952 | -35.7% |
| Furniture and vehicles | 24 | €14,423 | €10,939 | -€3,484 | -24.2% |
| Other tangible fixed assets | 26 | €9,168 | €8,018 | -€1,150 | -12.5% |
| Financial fixed assets | 28 | €105 | €105 | = | 0.0% |
| Current assets | 29/58 | €123,597 | €90,816 | -€32,781 | -26.5% |
| Stocks and contracts in progress | 3 | €34,815 | €49,740 | +€14,924 | +42.9% |
| Stocks | 30/36 | €7,500 | €11,051 | +€3,551 | +47.3% |
| Contracts in progress | 37 | €27,315 | €38,689 | +€11,374 | +41.6% |
| Amounts receivable within one year | 40/41 | €30,941 | €31,378 | +€437 | +1.4% |
| Trade receivables | 40 | €17,213 | €17,805 | +€592 | +3.4% |
| Other amounts receivable | 41 | €13,728 | €13,572 | -€155 | -1.1% |
| Cash at bank and in hand | 54/58 | €52,438 | €3,291 | -€49,147 | -93.7% |
| Deferred charges and accrued income | 490/1 | €5,403 | €6,407 | +€1,004 | +18.6% |
| Total equity and liabilities | 10/49 | €149,960 | €111,592 | -€38,368 | -25.6% |
| Equity | 10/15 | €89,967 | €81,488 | -€8,479 | -9.4% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €84,967 | €84,967 | = | 0.0% |
| Distributable reserves | 133 | €84,967 | €84,967 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€8,479 | -€8,479 | |
| Amounts payable | 17/49 | €59,993 | €30,104 | -€29,889 | -49.8% |
| Amounts payable after more than one year | 17 | €12,626 | €5,900 | -€6,726 | -53.3% |
| Financial debts | 170/4 | €12,626 | €5,900 | -€6,726 | -53.3% |
| Amounts payable within one year | 42/48 | €47,265 | €24,155 | -€23,110 | -48.9% |
| Current portion of amounts payable after more than one year | 42 | €6,726 | €6,726 | = | 0.0% |
| Trade debts | 44 | €31,325 | €12,076 | -€19,249 | -61.4% |
| Suppliers | 440/4 | €31,325 | €12,076 | -€19,249 | -61.4% |
| Taxes, remuneration and social security | 45 | €9,214 | €5,353 | -€3,861 | -41.9% |
| Taxes | 450/3 | €9,214 | €1,382 | -€7,831 | -85.0% |
| Remuneration and social security | 454/9 | - | €3,970 | +€3,970 | |
| Accrued charges and deferred income | 492/3 | €102 | €49 | -€53 | -51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,568 | €7,322 | -€246 | -3.2% |
| Other operating charges | 640/8 | €1,366 | €1,613 | +€247 | +18.0% |
| Gross operating margin | 9900 | €18,693 | €4,597 | -€14,097 | -75.4% |
| Operating profit (loss) | 9901 | €9,759 | -€4,339 | -€14,098 | |
| Financial income | 75/76B | €682 | €420 | -€262 | -38.4% |
| Recurring financial income | 75 | €682 | €420 | -€262 | -38.4% |
| Financial charges | 65/66B | €3,909 | €4,320 | +€410 | +10.5% |
| Recurring financial charges | 65 | €3,555 | €4,320 | +€765 | +21.5% |
| Non-recurring financial charges | 66B | €354 | - | -€354 | |
| Profit (loss) for the period before taxes | 9903 | €6,532 | -€8,238 | -€14,770 | |
| Income taxes | 67/77 | €2,350 | €240 | -€2,110 | -89.8% |
| Profit (loss) for the period | 9904 | €4,182 | -€8,479 | -€12,660 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,182 | -€8,479 | -€12,660 |
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 7 October 2026 via checked.be.