VASPI: 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.
VASPI
Largest movements
- Receivables within one year +€22,497
up €22,497 (+876.8%), from €2,566 to €25,063
of which Other amounts receivable: +€20,208
- Tangible fixed assets -€19,536
down €19,536 (-11.8%), from €165,359 to €145,823
of which Other tangible fixed assets: -€18,139
- Cash -€15,307
down €15,307 (-26.8%), from €57,024 to €41,716
mainly Other debts (-€146,151) and Net result for the year (-€29,082)
- Deferred charges and accrued income +€12,302
up €12,302 (+131.1%), from €9,381 to €21,684
- Stocks and contracts -€7,040
down €7,040 (-7.3%), from €96,907 to €89,867
- Other debts -€146,151
down €146,151 (-91.4%), from €159,890 to €13,739
- Contributions +€125,000
up €125,000 (+2016.1%), from €6,200 to €131,200
- Short-term financial debts +€39,349
up €39,349 (+429.1%), from €9,170 to €48,520
of which Other loans: +€48,520
- Profit (loss) carried forward -€29,082
down €29,082 (-26.7%), from -€108,868 to -€137,951
- Debts after one year -€25,585
down €25,585 (-50.6%), from €50,585 to €25,000
- Gross operating margin +€35,392
up €35,392 (+7.4%), from €475,788 to €511,180
- Staff costs +€29,193
up €29,193 (+6.3%), from €466,957 to €496,150
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 | €331,387 | €324,303 | -€7,084 | -2.1% |
| Fixed assets | 21/28 | €165,509 | €145,973 | -€19,536 | -11.8% |
| Tangible fixed assets | 22/27 | €165,359 | €145,823 | -€19,536 | -11.8% |
| Plant, machinery and equipment | 23 | €31,160 | €24,701 | -€6,459 | -20.7% |
| Furniture and vehicles | 24 | - | €5,061 | +€5,061 | |
| Other tangible fixed assets | 26 | €134,200 | €116,061 | -€18,139 | -13.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €165,878 | €178,330 | +€12,452 | +7.5% |
| Stocks and contracts in progress | 3 | €96,907 | €89,867 | -€7,040 | -7.3% |
| Stocks | 30/36 | €96,907 | €89,867 | -€7,040 | -7.3% |
| Amounts receivable within one year | 40/41 | €2,566 | €25,063 | +€22,497 | +876.8% |
| Trade receivables | 40 | €0 | €2,289 | +€2,289 | |
| Other amounts receivable | 41 | €2,566 | €22,774 | +€20,208 | +787.6% |
| Cash at bank and in hand | 54/58 | €57,024 | €41,716 | -€15,307 | -26.8% |
| Deferred charges and accrued income | 490/1 | €9,381 | €21,684 | +€12,302 | +131.1% |
| Total equity and liabilities | 10/49 | €331,387 | €324,303 | -€7,084 | -2.1% |
| Equity | 10/15 | -€102,668 | -€6,751 | +€95,918 | +93.4% |
| Contributions | 10/11 | €6,200 | €131,200 | +€125,000 | +2016.1% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€108,868 | -€137,951 | -€29,082 | -26.7% |
| Amounts payable | 17/49 | €434,055 | €331,053 | -€103,002 | -23.7% |
| Amounts payable after more than one year | 17 | €50,585 | €25,000 | -€25,585 | -50.6% |
| Financial debts | 170/4 | €50,585 | €25,000 | -€25,585 | -50.6% |
| Amounts payable within one year | 42/48 | €383,470 | €296,802 | -€86,669 | -22.6% |
| Current portion of amounts payable after more than one year | 42 | €30,390 | €34,720 | +€4,331 | +14.3% |
| Financial debts | 43 | €9,170 | €48,520 | +€39,349 | +429.1% |
| Credit institutions | 430/8 | €9,170 | €0 | -€9,170 | -100.0% |
| Other loans | 439 | - | €48,520 | +€48,520 | |
| Trade debts | 44 | €120,630 | €123,852 | +€3,223 | +2.7% |
| Suppliers | 440/4 | €120,630 | €123,852 | +€3,223 | +2.7% |
| Advances received on contracts in progress | 46 | €10,450 | €7,980 | -€2,470 | -23.6% |
| Taxes, remuneration and social security | 45 | €52,941 | €67,990 | +€15,049 | +28.4% |
| Taxes | 450/3 | €7,932 | €17,153 | +€9,220 | +116.2% |
| Remuneration and social security | 454/9 | €45,009 | €50,838 | +€5,829 | +13.0% |
| Other amounts payable | 47/48 | €159,890 | €13,739 | -€146,151 | -91.4% |
| Accrued charges and deferred income | 492/3 | €0 | €9,252 | +€9,252 | |
| Non-recurring operating income | 76A | - | €800 | +€800 | |
| Remuneration, social security and pensions | 62 | €466,957 | €496,150 | +€29,193 | +6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,611 | €30,552 | -€1,060 | -3.4% |
| Other operating charges | 640/8 | €2,585 | €5,851 | +€3,266 | +126.3% |
| Non-recurring operating charges | 66A | €26,469 | €0 | -€26,469 | -100.0% |
| Gross operating margin | 9900 | €475,788 | €511,180 | +€35,392 | +7.4% |
| Operating profit (loss) | 9901 | -€51,835 | -€21,372 | +€30,462 | +58.8% |
| Financial income | 75/76B | €339 | €147 | -€192 | -56.6% |
| Recurring financial income | 75 | €339 | €147 | -€192 | -56.6% |
| Financial charges | 65/66B | €5,675 | €7,599 | +€1,925 | +33.9% |
| Recurring financial charges | 65 | €5,675 | €7,599 | +€1,925 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | -€57,171 | -€28,825 | +€28,346 | +49.6% |
| Income taxes | 67/77 | - | €257 | +€257 | |
| Profit (loss) for the period | 9904 | -€57,171 | -€29,082 | +€28,088 | +49.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,171 | -€29,082 | +€28,088 | +49.1% |
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 3 October 2026 via checked.be.