VASM: 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.
VASM
Largest movements
- Cash +€29,471
up €29,471 (+57.2%), from €51,535 to €81,006
mainly Net result for the year (+€18,695) and Receivables within one year (+€6,050)
- Receivables within one year -€6,050
down €6,050 (-100.0%), from €6,050 to €0
- Tangible fixed assets -€2,164
down €2,164 (-25.2%), from €8,575 to €6,412
of which Plant, machinery and equipment: -€1,420
- Reserves +€18,695
up €18,695 (+30.6%), from €61,083 to €79,778
- Tax, wage and social debts +€2,623
up €2,623 (+79.8%), from €3,288 to €5,911
- Gross operating margin +€5,733
up €5,733 (+23.3%), from €24,565 to €30,298
- Taxes +€2,434
up €2,434 (+38.3%), from €6,360 to €8,794
- Depreciation +€1,408
up €1,408 (+186.1%), from €756 to €2,164
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 | €68,548 | €89,805 | +€21,257 | +31.0% |
| Fixed assets | 21/28 | €10,962 | €8,799 | -€2,164 | -19.7% |
| Tangible fixed assets | 22/27 | €8,575 | €6,412 | -€2,164 | -25.2% |
| Plant, machinery and equipment | 23 | €6,561 | €5,141 | -€1,420 | -21.6% |
| Furniture and vehicles | 24 | €2,015 | €1,271 | -€744 | -36.9% |
| Financial fixed assets | 28 | €2,387 | €2,387 | = | 0.0% |
| Current assets | 29/58 | €57,585 | €81,006 | +€23,421 | +40.7% |
| Amounts receivable within one year | 40/41 | €6,050 | €0 | -€6,050 | -100.0% |
| Trade receivables | 40 | €6,050 | €0 | -€6,050 | -100.0% |
| Cash at bank and in hand | 54/58 | €51,535 | €81,006 | +€29,471 | +57.2% |
| Total equity and liabilities | 10/49 | €68,548 | €89,805 | +€21,257 | +31.0% |
| Equity | 10/15 | €62,083 | €80,778 | +€18,695 | +30.1% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €61,083 | €79,778 | +€18,695 | +30.6% |
| Distributable reserves | 133 | €61,083 | €79,778 | +€18,695 | +30.6% |
| Amounts payable | 17/49 | €6,465 | €9,027 | +€2,562 | +39.6% |
| Amounts payable within one year | 42/48 | €6,465 | €9,027 | +€2,562 | +39.6% |
| Trade debts | 44 | €1,790 | €1,729 | -€61 | -3.4% |
| Suppliers | 440/4 | €1,790 | €1,729 | -€61 | -3.4% |
| Taxes, remuneration and social security | 45 | €3,288 | €5,911 | +€2,623 | +79.8% |
| Taxes | 450/3 | €3,288 | €5,911 | +€2,623 | +79.8% |
| Other amounts payable | 47/48 | €1,387 | €1,387 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €756 | €2,164 | +€1,408 | +186.1% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €24,565 | €30,298 | +€5,733 | +23.3% |
| Operating profit (loss) | 9901 | €23,422 | €27,735 | +€4,313 | +18.4% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €234 | €246 | +€12 | +4.9% |
| Recurring financial charges | 65 | €234 | €246 | +€12 | +4.9% |
| Profit (loss) for the period before taxes | 9903 | €23,188 | €27,489 | +€4,301 | +18.6% |
| Income taxes | 67/77 | €6,360 | €8,794 | +€2,434 | +38.3% |
| Profit (loss) for the period | 9904 | €16,828 | €18,695 | +€1,868 | +11.1% |
| Profit (loss) for the period to be appropriated | 9905 | €16,828 | €18,695 | +€1,868 | +11.1% |
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 5 October 2026 via checked.be.