VASO Constructions: what changed
VASO Constructions
Largest movements
- Financial fixed assets +€2.5m
up €2.5m (+403%), from €616,748 to €3.1m
- Cash +€1.4m
up €1.4m (+306%), from €443,629 to €1.8m
mainly Other debts (+€1.9m) and Advances received (+€969,522)
- Receivables within one year -€510,322
down €510,322 (-8.2%), from €6.2m to €5.7m
of which Other amounts receivable: -€891,270
- Deferred charges and accrued income -€300,207
down €300,207 (-73.1%), from €410,607 to €110,400
- Stocks and contracts +€233,993
up €233,993 (+4.1%), from €5.7m to €5.9m
- Other debts +€1.9m
up €1.9m (+21.7%), from €8.8m to €10.7m
- Advances received +€969,522
new in 2025: €969,522
- Trade debts +€293,774
up €293,774 (+2,213%), from €13,277 to €307,051
- Short-term financial debts -€223,740
down €223,740 (-22.9%), from €976,245 to €752,505
- Accrued charges and deferred income +€189,230
up €189,230 (+33.7%), from €561,000 to €750,230
- Financial charges +€133,215
up €133,215 (+133%), from €100,235 to €233,450
of which Non-recurring financial charges: +€143,995
- Gross operating margin +€107,286
up €107,286 (+53.4%), from €201,059 to €308,344
- Other operating charges -€72,676
down €72,676 (-93.2%), from €78,010 to €5,334
- Financial income +€32,029
up €32,029 (+127%), from €25,221 to €57,250
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 | €13,385,457 | €16,648,119 | +€3.3m | +24.4% |
| Fixed assets | 21/28 | €616,748 | €3,099,917 | +€2.5m | +403% |
| Financial fixed assets | 28 | €616,748 | €3,099,917 | +€2.5m | +403% |
| Current assets | 29/58 | €12,768,709 | €13,548,202 | +€779,493 | +6.1% |
| Stocks and contracts in progress | 3 | €5,665,658 | €5,899,651 | +€233,993 | +4.1% |
| Stocks | 30/36 | €5,665,658 | €5,899,651 | +€233,993 | +4.1% |
| Amounts receivable within one year | 40/41 | €6,248,814 | €5,738,492 | -€510,322 | -8.2% |
| Trade receivables | 40 | €535,432 | €916,380 | +€380,948 | +71.1% |
| Other amounts receivable | 41 | €5,713,382 | €4,822,112 | -€891,270 | -15.6% |
| Cash at bank and in hand | 54/58 | €443,629 | €1,799,658 | +€1.4m | +306% |
| Deferred charges and accrued income | 490/1 | €410,607 | €110,400 | -€300,207 | -73.1% |
| Total equity and liabilities | 10/49 | €13,385,457 | €16,648,119 | +€3.3m | +24.4% |
| Equity | 10/15 | €3,048,585 | €3,172,608 | +€124,022 | +4.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,028,125 | €3,152,148 | +€124,022 | +4.1% |
| Amounts payable | 17/49 | €10,336,871 | €13,475,511 | +€3.1m | +30.4% |
| Amounts payable within one year | 42/48 | €9,775,871 | €12,725,281 | +€2.9m | +30.2% |
| Financial debts | 43 | €976,245 | €752,505 | -€223,740 | -22.9% |
| Credit institutions | 430/8 | €976,245 | €752,505 | -€223,740 | -22.9% |
| Trade debts | 44 | €13,277 | €307,051 | +€293,774 | +2,213% |
| Suppliers | 440/4 | €13,277 | €307,051 | +€293,774 | +2,213% |
| Advances received on contracts in progress | 46 | - | €969,522 | +€969,522 | |
| Other amounts payable | 47/48 | €8,786,349 | €10,696,203 | +€1.9m | +21.7% |
| Accrued charges and deferred income | 492/3 | €561,000 | €750,230 | +€189,230 | +33.7% |
| Other operating charges | 640/8 | €78,010 | €5,334 | -€72,676 | -93.2% |
| Gross operating margin | 9900 | €201,059 | €308,344 | +€107,286 | +53.4% |
| Operating profit (loss) | 9901 | €123,049 | €303,011 | +€179,962 | +146% |
| Financial income | 75/76B | €25,221 | €57,250 | +€32,029 | +127% |
| Recurring financial income | 75 | €25,221 | €57,250 | +€32,029 | +127% |
| Financial charges | 65/66B | €100,235 | €233,450 | +€133,215 | +133% |
| Recurring financial charges | 65 | €100,235 | €89,455 | -€10,780 | -10.8% |
| Non-recurring financial charges | 66B | - | €143,995 | +€143,995 | |
| Profit (loss) for the period before taxes | 9903 | €48,035 | €126,811 | +€78,775 | +164% |
| Income taxes | 67/77 | - | €2,788 | +€2,788 | |
| Profit (loss) for the period | 9904 | €48,035 | €124,022 | +€75,987 | +158% |
| Profit (loss) for the period to be appropriated | 9905 | €48,035 | €124,022 | +€75,987 | +158% |
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 6 November 2026 via checked.be.