VASENA: 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.
VASENA
Largest movements
- Receivables within one year -€18,996
down €18,996 (-76.1%), from €24,978 to €5,982
of which Trade receivables: -€20,691
- Reserves +€81,450
up €81,450 (+5.8%), from €1.4m to €1.5m
- Debts after one year -€50,262
down €50,262 (-40.7%), from €123,589 to €73,327
of which Financial debts: -€43,612
- Other debts -€28,442
down €28,442 (-94.8%), from €29,989 to €1,547
- Trade debts -€19,255
down €19,255 (-77.2%), from €24,927 to €5,672
- Gross operating margin -€20,644
down €20,644 (-14.3%), from €144,119 to €123,475
- Taxes -€3,068
down €3,068 (-9.8%), from €31,373 to €28,305
- Depreciation -€1,480
down €1,480 (-17.8%), from €8,333 to €6,853
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 | €1,681,344 | €1,661,039 | -€20,304 | -1.2% |
| Fixed assets | 21/28 | €1,404,965 | €1,396,388 | -€8,577 | -0.6% |
| Tangible fixed assets | 22/27 | €29,465 | €20,888 | -€8,577 | -29.1% |
| Plant, machinery and equipment | 23 | €1,055 | €791 | -€264 | -25.0% |
| Furniture and vehicles | 24 | €16,038 | €10,500 | -€5,538 | -34.5% |
| Other tangible fixed assets | 26 | €12,372 | €9,597 | -€2,775 | -22.4% |
| Financial fixed assets | 28 | €1,375,500 | €1,375,500 | = | 0.0% |
| Current assets | 29/58 | €276,379 | €264,652 | -€11,727 | -4.2% |
| Amounts receivable within one year | 40/41 | €24,978 | €5,982 | -€18,996 | -76.1% |
| Trade receivables | 40 | €24,978 | €4,287 | -€20,691 | -82.8% |
| Other amounts receivable | 41 | €0 | €1,695 | +€1,695 | |
| Cash at bank and in hand | 54/58 | €246,431 | €253,307 | +€6,876 | +2.8% |
| Deferred charges and accrued income | 490/1 | €4,970 | €5,363 | +€393 | +7.9% |
| Total equity and liabilities | 10/49 | €1,681,344 | €1,661,039 | -€20,304 | -1.2% |
| Equity | 10/15 | €1,432,993 | €1,514,443 | +€81,450 | +5.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,414,393 | €1,495,843 | +€81,450 | +5.8% |
| Distributable reserves | 133 | €1,414,393 | €1,495,843 | +€81,450 | +5.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €248,350 | €146,596 | -€101,754 | -41.0% |
| Amounts payable after more than one year | 17 | €123,589 | €73,327 | -€50,262 | -40.7% |
| Financial debts | 170/4 | €98,750 | €55,138 | -€43,612 | -44.2% |
| Other amounts payable | 178/9 | €24,839 | €18,189 | -€6,649 | -26.8% |
| Amounts payable within one year | 42/48 | €123,184 | €71,729 | -€51,456 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €53,321 | €53,876 | +€555 | +1.0% |
| Trade debts | 44 | €24,927 | €5,672 | -€19,255 | -77.2% |
| Suppliers | 440/4 | €24,927 | €5,672 | -€19,255 | -77.2% |
| Taxes, remuneration and social security | 45 | €14,947 | €10,633 | -€4,314 | -28.9% |
| Taxes | 450/3 | €14,947 | €10,633 | -€4,314 | -28.9% |
| Other amounts payable | 47/48 | €29,989 | €1,547 | -€28,442 | -94.8% |
| Accrued charges and deferred income | 492/3 | €1,578 | €1,540 | -€37 | -2.4% |
| Non-recurring operating income | 76A | €0 | €276 | +€276 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,333 | €6,853 | -€1,480 | -17.8% |
| Other operating charges | 640/8 | €2,969 | €2,865 | -€105 | -3.5% |
| Non-recurring operating charges | 66A | €6,325 | €0 | -€6,325 | -100.0% |
| Gross operating margin | 9900 | €144,119 | €123,475 | -€20,644 | -14.3% |
| Operating profit (loss) | 9901 | €126,492 | €113,757 | -€12,735 | -10.1% |
| Financial income | 75/76B | €164 | €0 | -€164 | -100.0% |
| Recurring financial income | 75 | €164 | €0 | -€164 | -100.0% |
| Financial charges | 65/66B | €4,323 | €4,002 | -€321 | -7.4% |
| Recurring financial charges | 65 | €4,323 | €4,002 | -€321 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €122,332 | €109,755 | -€12,577 | -10.3% |
| Income taxes | 67/77 | €31,373 | €28,305 | -€3,068 | -9.8% |
| Profit (loss) for the period | 9904 | €90,959 | €81,450 | -€9,509 | -10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €90,959 | €81,450 | -€9,509 | -10.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.