VASKON: 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.
VASKON
Largest movements
- Tangible fixed assets +€591,314
up €591,314 (+22.9%), from €2.6m to €3.2m
of which Land and buildings: +€645,952
- Stocks and contracts -€501,029
down €501,029 (-17.7%), from €2.8m to €2.3m
of which Contracts in progress: -€658,530
- Receivables within one year +€209,369
up €209,369 (+4.3%), from €4.8m to €5.0m
of which Other amounts receivable: +€3.4m
- Cash -€134,710
down €134,710 (-99.8%), from €134,985 to €275
- Reserves +€1.6m
up €1.6m (+27.4%), from €5.8m to €7.4m
of which Distributable reserves: +€1.6m
- Trade debts -€846,242
down €846,242 (-69.0%), from €1.2m to €380,605
- Other debts -€464,086
down €464,086 (-77.3%), from €600,000 to €135,914
- Tax, wage and social debts -€436,361
down €436,361 (-57.6%), from €757,703 to €321,342
of which Taxes: -€325,122
- Advances received +€433,129
up €433,129 (+33.8%), from €1.3m to €1.7m
- Gross operating margin +€1.5m
up €1.5m (+32.5%), from €4.6m to €6.1m
- Staff costs +€1.1m
up €1.1m (+45.7%), from €2.4m to €3.4m
- Depreciation +€242,036
up €242,036 (+76.0%), from €318,357 to €560,394
- Provisions -€233,526
down €233,526, from €175,908 to -€57,617
- Taxes +€149,702
up €149,702 (+36.9%), from €405,738 to €555,440
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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,476,767 | €10,626,269 | +€149,502 | +1.4% |
| Fixed assets | 21/28 | €2,602,287 | €3,172,851 | +€570,564 | +21.9% |
| Tangible fixed assets | 22/27 | €2,581,537 | €3,172,851 | +€591,314 | +22.9% |
| Land and buildings | 22 | €2,108,623 | €2,754,575 | +€645,952 | +30.6% |
| Plant, machinery and equipment | 23 | €334,364 | €294,086 | -€40,277 | -12.0% |
| Furniture and vehicles | 24 | €138,550 | €124,190 | -€14,361 | -10.4% |
| Financial fixed assets | 28 | €20,750 | €0 | -€20,750 | -100.0% |
| Current assets | 29/58 | €7,874,480 | €7,453,418 | -€421,061 | -5.3% |
| Stocks and contracts in progress | 3 | €2,838,568 | €2,337,539 | -€501,029 | -17.7% |
| Stocks | 30/36 | - | €157,501 | +€157,501 | |
| Contracts in progress | 37 | €2,838,568 | €2,180,038 | -€658,530 | -23.2% |
| Amounts receivable within one year | 40/41 | €4,822,552 | €5,031,921 | +€209,369 | +4.3% |
| Trade receivables | 40 | €4,274,852 | €1,129,619 | -€3.1m | -73.6% |
| Other amounts receivable | 41 | €547,700 | €3,902,303 | +€3.4m | +612.5% |
| Cash at bank and in hand | 54/58 | €134,985 | €275 | -€134,710 | -99.8% |
| Deferred charges and accrued income | 490/1 | €78,374 | €83,683 | +€5,308 | +6.8% |
| Total equity and liabilities | 10/49 | €10,476,767 | €10,626,269 | +€149,502 | +1.4% |
| Equity | 10/15 | €6,177,582 | €7,827,351 | +€1.6m | +26.7% |
| Contributions | 10/11 | €340,095 | €392,158 | +€52,063 | +15.3% |
| Capital | 10 | €340,095 | €392,158 | +€52,063 | +15.3% |
| Issued capital | 100 | €392,158 | €392,158 | = | 0.0% |
| Uncalled capital | 101 | €52,063 | €0 | -€52,063 | -100.0% |
| Revaluation surpluses | 12 | €8,196 | €8,196 | = | 0.0% |
| Reserves | 13 | €5,829,291 | €7,426,997 | +€1.6m | +27.4% |
| Non-distributable reserves | 130/1 | €39,216 | €39,216 | = | 0.0% |
| Legal reserve | 130 | €39,216 | €39,216 | = | 0.0% |
| Tax-exempt reserves | 132 | €407,839 | €407,839 | = | 0.0% |
| Distributable reserves | 133 | €5,382,236 | €6,979,942 | +€1.6m | +29.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €304,726 | €247,109 | -€57,617 | -18.9% |
| Provisions for liabilities and charges | 160/5 | €304,726 | €247,109 | -€57,617 | -18.9% |
| Other liabilities and charges | 164/5 | €304,726 | €247,109 | -€57,617 | -18.9% |
| Amounts payable | 17/49 | €3,994,458 | €2,551,809 | -€1.4m | -36.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €3,940,296 | €2,551,736 | -€1.4m | -35.2% |
| Current portion of amounts payable after more than one year | 42 | €75,000 | €0 | -€75,000 | -100.0% |
| Trade debts | 44 | €1,226,847 | €380,605 | -€846,242 | -69.0% |
| Suppliers | 440/4 | €1,226,847 | €380,605 | -€846,242 | -69.0% |
| Advances received on contracts in progress | 46 | €1,280,746 | €1,713,875 | +€433,129 | +33.8% |
| Taxes, remuneration and social security | 45 | €757,703 | €321,342 | -€436,361 | -57.6% |
| Taxes | 450/3 | €332,605 | €7,483 | -€325,122 | -97.8% |
| Remuneration and social security | 454/9 | €425,098 | €313,860 | -€111,238 | -26.2% |
| Other amounts payable | 47/48 | €600,000 | €135,914 | -€464,086 | -77.3% |
| Accrued charges and deferred income | 492/3 | €54,162 | €73 | -€54,089 | -99.9% |
| Non-recurring operating income | 76A | - | €4,525 | +€4,525 | |
| Remuneration, social security and pensions | 62 | €2,357,506 | €3,433,839 | +€1.1m | +45.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €318,357 | €560,394 | +€242,036 | +76.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €15,509 | +€15,509 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €175,908 | -€57,617 | -€233,526 | |
| Other operating charges | 640/8 | €39,826 | €65,636 | +€25,810 | +64.8% |
| Non-recurring operating charges | 66A | - | €3,909 | +€3,909 | |
| Gross operating margin | 9900 | €4,596,084 | €6,092,076 | +€1.5m | +32.5% |
| Operating profit (loss) | 9901 | €1,704,486 | €2,070,407 | +€365,920 | +21.5% |
| Financial income | 75/76B | €28,288 | €100,258 | +€71,970 | +254.4% |
| Recurring financial income | 75 | €28,288 | €100,258 | +€71,970 | +254.4% |
| Financial charges | 65/66B | €8,919 | €17,519 | +€8,600 | +96.4% |
| Recurring financial charges | 65 | €8,919 | €17,519 | +€8,600 | +96.4% |
| Profit (loss) for the period before taxes | 9903 | €1,723,856 | €2,153,146 | +€429,290 | +24.9% |
| Income taxes | 67/77 | €405,738 | €555,440 | +€149,702 | +36.9% |
| Profit (loss) for the period | 9904 | €1,318,118 | €1,597,706 | +€279,588 | +21.2% |
| Transfer to tax-exempt reserves | 689 | €336,800 | €0 | -€336,800 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €981,318 | €1,597,706 | +€616,388 | +62.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 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.