VASPE: 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.
VASPE
Largest movements
- Current investments +€35,261
up €35,261 (+63.9%), from €55,217 to €90,478
- Cash -€25,322
down €25,322 (-64.0%), from €39,567 to €14,245
mainly Current investments (-€35,261) and Investment in fixed assets (net) (-€27,169)
- Tangible fixed assets +€16,294
up €16,294 (+12.7%), from €128,360 to €144,654
of which Plant, machinery and equipment: +€16,294
- Deferred charges and accrued income +€5,291
up €5,291, from €0 to €5,291
- Reserves +€26,585
up €26,585 (+20.0%), from €132,960 to €159,546
of which Distributable reserves: +€26,585
- Trade debts +€9,492
up €9,492 (+128.9%), from €7,365 to €16,857
- Accrued charges and deferred income -€3,687
down €3,687 (-55.4%), from €6,649 to €2,962
- Gross operating margin +€2,179
up €2,179 (+3.8%), from €56,677 to €58,856
- Financial income +€1,954
up €1,954 (+916.4%), from €213 to €2,168
- Other operating charges +€1,789
up €1,789 (+17.1%), from €10,482 to €12,271
- Depreciation -€792
down €792 (-6.8%), from €11,668 to €10,876
- Taxes +€687
up €687 (+7.9%), from €8,736 to €9,423
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 | €223,145 | €254,668 | +€31,523 | +14.1% |
| Fixed assets | 21/28 | €128,360 | €144,654 | +€16,294 | +12.7% |
| Tangible fixed assets | 22/27 | €128,360 | €144,654 | +€16,294 | +12.7% |
| Land and buildings | 22 | €87,382 | €87,382 | = | 0.0% |
| Plant, machinery and equipment | 23 | €40,978 | €57,272 | +€16,294 | +39.8% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €94,785 | €110,014 | +€15,229 | +16.1% |
| Current investments | 50/53 | €55,217 | €90,478 | +€35,261 | +63.9% |
| Cash at bank and in hand | 54/58 | €39,567 | €14,245 | -€25,322 | -64.0% |
| Deferred charges and accrued income | 490/1 | €0 | €5,291 | +€5,291 | |
| Total equity and liabilities | 10/49 | €223,145 | €254,668 | +€31,523 | +14.1% |
| Equity | 10/15 | €207,960 | €234,546 | +€26,585 | +12.8% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €132,960 | €159,546 | +€26,585 | +20.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Distributable reserves | 133 | €125,460 | €152,046 | +€26,585 | +21.2% |
| Amounts payable | 17/49 | €15,185 | €20,123 | +€4,938 | +32.5% |
| Amounts payable within one year | 42/48 | €8,536 | €17,161 | +€8,624 | +101.0% |
| Trade debts | 44 | €7,365 | €16,857 | +€9,492 | +128.9% |
| Suppliers | 440/4 | €7,365 | €16,857 | +€9,492 | +128.9% |
| Taxes, remuneration and social security | 45 | €1,172 | €304 | -€868 | -74.1% |
| Taxes | 450/3 | €1,172 | €304 | -€868 | -74.1% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €6,649 | €2,962 | -€3,687 | -55.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,668 | €10,876 | -€792 | -6.8% |
| Other operating charges | 640/8 | €10,482 | €12,271 | +€1,789 | +17.1% |
| Non-recurring operating charges | 66A | - | €1,016 | +€1,016 | |
| Gross operating margin | 9900 | €56,677 | €58,856 | +€2,179 | +3.8% |
| Operating profit (loss) | 9901 | €34,527 | €34,693 | +€166 | +0.5% |
| Financial income | 75/76B | €213 | €2,168 | +€1,954 | +916.4% |
| Recurring financial income | 75 | €213 | €2,168 | +€1,954 | +916.4% |
| Financial charges | 65/66B | €409 | €853 | +€443 | +108.3% |
| Recurring financial charges | 65 | €409 | €853 | +€443 | +108.3% |
| Profit (loss) for the period before taxes | 9903 | €34,331 | €36,008 | +€1,677 | +4.9% |
| Income taxes | 67/77 | €8,736 | €9,423 | +€687 | +7.9% |
| Profit (loss) for the period | 9904 | €25,595 | €26,585 | +€990 | +3.9% |
| Profit (loss) for the period to be appropriated | 9905 | €25,595 | €26,585 | +€990 | +3.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.