VASDI: 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.
VASDI
Largest movements
- Receivables within one year +€34,130
up €34,130 (+530.7%), from €6,431 to €40,561
of which Other amounts receivable: +€19,884
- Cash -€15,517
down €15,517 (-23.0%), from €67,532 to €52,015
mainly Receivables within one year (-€34,130) and Other debts (-€32,937)
- Tangible fixed assets +€11,090
up €11,090 (+303.7%), from €3,651 to €14,741
of which Plant, machinery and equipment: +€6,601
- Other debts -€32,937
down €32,937 (-100.0%), from €32,937 to €0
- Tax, wage and social debts +€29,562
up €29,562 (+908.2%), from €3,255 to €32,817
of which Taxes: +€20,800
- Reserves +€29,112
up €29,112 (+149.1%), from €19,530 to €48,642
- Trade debts +€4,366
up €4,366 (+136.6%), from €3,196 to €7,562
- Staff costs +€55,277
up €55,277 (+723.6%), from €7,640 to €62,916
- Gross operating margin +€38,990
up €38,990 (+58.0%), from €67,253 to €106,243
- Taxes +€3,298
up €3,298 (+47.1%), from €7,000 to €10,298
- Depreciation +€1,888
up €1,888 (+126.8%), from €1,488 to €3,376
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 | €78,119 | €107,695 | +€29,576 | +37.9% |
| Fixed assets | 21/28 | €3,651 | €14,741 | +€11,090 | +303.7% |
| Tangible fixed assets | 22/27 | €3,651 | €14,741 | +€11,090 | +303.7% |
| Plant, machinery and equipment | 23 | - | €6,601 | +€6,601 | |
| Furniture and vehicles | 24 | €3,651 | €3,459 | -€192 | -5.3% |
| Other tangible fixed assets | 26 | - | €4,681 | +€4,681 | |
| Current assets | 29/58 | €74,468 | €92,954 | +€18,486 | +24.8% |
| Amounts receivable within one year | 40/41 | €6,431 | €40,561 | +€34,130 | +530.7% |
| Trade receivables | 40 | €5,901 | €20,147 | +€14,246 | +241.4% |
| Other amounts receivable | 41 | €530 | €20,414 | +€19,884 | +3748.4% |
| Cash at bank and in hand | 54/58 | €67,532 | €52,015 | -€15,517 | -23.0% |
| Deferred charges and accrued income | 490/1 | €505 | €379 | -€127 | -25.1% |
| Total equity and liabilities | 10/49 | €78,119 | €107,695 | +€29,576 | +37.9% |
| Equity | 10/15 | €38,130 | €67,242 | +€29,112 | +76.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,530 | €48,642 | +€29,112 | +149.1% |
| Distributable reserves | 133 | €19,530 | €48,642 | +€29,112 | +149.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,989 | €40,454 | +€464 | +1.2% |
| Amounts payable within one year | 42/48 | €39,989 | €40,454 | +€464 | +1.2% |
| Financial debts | 43 | €601 | €75 | -€527 | -87.6% |
| Credit institutions | 430/8 | - | €75 | +€75 | |
| Other loans | 439 | €601 | €0 | -€601 | -100.0% |
| Trade debts | 44 | €3,196 | €7,562 | +€4,366 | +136.6% |
| Suppliers | 440/4 | €3,196 | €7,562 | +€4,366 | +136.6% |
| Taxes, remuneration and social security | 45 | €3,255 | €32,817 | +€29,562 | +908.2% |
| Taxes | 450/3 | €2,332 | €23,132 | +€20,800 | +892.0% |
| Remuneration and social security | 454/9 | €923 | €9,685 | +€8,762 | +949.3% |
| Other amounts payable | 47/48 | €32,937 | €0 | -€32,937 | -100.0% |
| Remuneration, social security and pensions | 62 | €7,640 | €62,916 | +€55,277 | +723.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,488 | €3,376 | +€1,888 | +126.8% |
| Other operating charges | 640/8 | €449 | €462 | +€12 | +2.8% |
| Gross operating margin | 9900 | €67,253 | €106,243 | +€38,990 | +58.0% |
| Operating profit (loss) | 9901 | €57,676 | €39,489 | -€18,187 | -31.5% |
| Financial charges | 65/66B | €69 | €79 | +€10 | +13.9% |
| Recurring financial charges | 65 | €69 | €79 | +€10 | +13.9% |
| Profit (loss) for the period before taxes | 9903 | €57,607 | €39,410 | -€18,196 | -31.6% |
| Income taxes | 67/77 | €7,000 | €10,298 | +€3,298 | +47.1% |
| Profit (loss) for the period | 9904 | €50,607 | €29,112 | -€21,495 | -42.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,607 | €29,112 | -€21,495 | -42.5% |
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.