VASI CONSTRUCT: what changed
VASI CONSTRUCT
Largest movements
- Receivables within one year +€43,856
up €43,856 (+27.5%), from €159,239 to €203,095
of which Trade receivables: +€32,671
- Cash +€38,335
up €38,335 (+45.5%), from €84,297 to €122,632
mainly Net result for the year (+€53,613) and Trade debts (+€22,758)
- Tangible fixed assets -€14,297
down €14,297 (-27.1%), from €52,791 to €38,494
of which Furniture and vehicles: -€10,828
- Profit (loss) carried forward +€53,613
up €53,613 (+47.0%), from €114,173 to €167,785
- Trade debts +€22,758
up €22,758 (+24.6%), from €92,427 to €115,185
- Other debts -€15,561
down €15,561 (-36.0%), from €43,168 to €27,607
- Tax, wage and social debts +€7,908
up €7,908 (+16.9%), from €46,753 to €54,662
of which Taxes: +€5,777
- Gross operating margin +€50,027
up €50,027 (+67.1%), from €74,581 to €124,609
- Staff costs +€34,580
new in 2025: €34,580
- Other operating charges +€3,765
up €3,765 (+714%), from €527 to €4,293
- Depreciation +€3,491
up €3,491 (+32.3%), from €10,806 to €14,297
- Taxes +€2,491
up €2,491 (+17.4%), from €14,338 to €16,828
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €297,522 | €366,240 | +€68,718 | +23.1% |
| Fixed assets | 21/28 | €52,791 | €38,494 | -€14,297 | -27.1% |
| Tangible fixed assets | 22/27 | €52,791 | €38,494 | -€14,297 | -27.1% |
| Plant, machinery and equipment | 23 | €13,591 | €10,122 | -€3,469 | -25.5% |
| Furniture and vehicles | 24 | €39,200 | €28,372 | -€10,828 | -27.6% |
| Current assets | 29/58 | €244,731 | €327,746 | +€83,015 | +33.9% |
| Amounts receivable within one year | 40/41 | €159,239 | €203,095 | +€43,856 | +27.5% |
| Trade receivables | 40 | €137,200 | €169,871 | +€32,671 | +23.8% |
| Other amounts receivable | 41 | €22,039 | €33,223 | +€11,184 | +50.7% |
| Cash at bank and in hand | 54/58 | €84,297 | €122,632 | +€38,335 | +45.5% |
| Deferred charges and accrued income | 490/1 | €1,195 | €2,020 | +€825 | +69.0% |
| Total equity and liabilities | 10/49 | €297,522 | €366,240 | +€68,718 | +23.1% |
| Equity | 10/15 | €115,173 | €168,785 | +€53,613 | +46.6% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €114,173 | €167,785 | +€53,613 | +47.0% |
| Amounts payable | 17/49 | €182,349 | €197,454 | +€15,105 | +8.3% |
| Amounts payable within one year | 42/48 | €182,349 | €197,454 | +€15,105 | +8.3% |
| Trade debts | 44 | €92,427 | €115,185 | +€22,758 | +24.6% |
| Suppliers | 440/4 | €92,427 | €115,185 | +€22,758 | +24.6% |
| Taxes, remuneration and social security | 45 | €46,753 | €54,662 | +€7,908 | +16.9% |
| Taxes | 450/3 | €29,092 | €34,870 | +€5,777 | +19.9% |
| Remuneration and social security | 454/9 | €17,661 | €19,792 | +€2,131 | +12.1% |
| Other amounts payable | 47/48 | €43,168 | €27,607 | -€15,561 | -36.0% |
| Remuneration, social security and pensions | 62 | - | €34,580 | +€34,580 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,806 | €14,297 | +€3,491 | +32.3% |
| Other operating charges | 640/8 | €527 | €4,293 | +€3,765 | +714% |
| Gross operating margin | 9900 | €74,581 | €124,609 | +€50,027 | +67.1% |
| Operating profit (loss) | 9901 | €63,248 | €71,438 | +€8,190 | +12.9% |
| Financial income | 75/76B | - | €266 | +€266 | |
| Recurring financial income | 75 | - | €266 | +€266 | |
| Financial charges | 65/66B | €146 | €1,263 | +€1,117 | +765% |
| Recurring financial charges | 65 | €146 | €1,263 | +€1,117 | +765% |
| Profit (loss) for the period before taxes | 9903 | €63,102 | €70,441 | +€7,339 | +11.6% |
| Income taxes | 67/77 | €14,338 | €16,828 | +€2,491 | +17.4% |
| Profit (loss) for the period | 9904 | €48,764 | €53,613 | +€4,849 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €48,764 | €53,613 | +€4,849 | +9.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.