VASS: 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.
VASS
Largest movements
- Stocks and contracts +€351,482
up €351,482 (+88.0%), from €399,267 to €750,749
of which Contracts in progress: +€351,482
- Receivables within one year -€79,100
down €79,100 (-99.1%), from €79,837 to €737
of which Other amounts receivable: -€67,623
- Cash -€10,322
down €10,322 (-81.4%), from €12,685 to €2,364
mainly Stocks and contracts (-€351,482) and Trade debts (-€34,221)
- Current portion of long-term debt +€279,000
new in 2025: €279,000
- Trade debts -€34,221
down €34,221 (-14.9%), from €230,173 to €195,952
- Other debts +€19,182
new in 2025: €19,182
- Gross operating margin -€7,093
down €7,093 (-22.0%), from €32,195 to €25,102
- Other operating charges -€2,287
down €2,287 (-81.1%), from €2,821 to €534
- Financial charges -€1,681
down €1,681 (-8.1%), from €20,649 to €18,968
- Taxes -€730
down €730 (-57.0%), from €1,279 to €549
- Depreciation +€575
up €575 (+13.5%), from €4,263 to €4,839
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 | €511,048 | €770,921 | +€259,873 | +50.9% |
| Fixed assets | 21/28 | €19,258 | €17,071 | -€2,187 | -11.4% |
| Tangible fixed assets | 22/27 | €19,258 | €17,071 | -€2,187 | -11.4% |
| Plant, machinery and equipment | 23 | €2,289 | €3,966 | +€1,678 | +73.3% |
| Furniture and vehicles | 24 | €16,970 | €13,105 | -€3,865 | -22.8% |
| Current assets | 29/58 | €491,789 | €753,850 | +€262,061 | +53.3% |
| Stocks and contracts in progress | 3 | €399,267 | €750,749 | +€351,482 | +88.0% |
| Stocks | 30/36 | €301,419 | €301,419 | = | 0.0% |
| Contracts in progress | 37 | €97,848 | €449,330 | +€351,482 | +359.2% |
| Amounts receivable within one year | 40/41 | €79,837 | €737 | -€79,100 | -99.1% |
| Trade receivables | 40 | €11,477 | - | -€11,477 | |
| Other amounts receivable | 41 | €68,360 | €737 | -€67,623 | -98.9% |
| Cash at bank and in hand | 54/58 | €12,685 | €2,364 | -€10,322 | -81.4% |
| Total equity and liabilities | 10/49 | €511,048 | €770,921 | +€259,873 | +50.9% |
| Equity | 10/15 | €136,021 | €136,233 | +€212 | +0.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €86,021 | €86,233 | +€212 | +0.2% |
| Non-distributable reserves | 130/1 | €5,000 | - | -€5,000 | |
| Reserves not available under the articles | 1311 | €5,000 | - | -€5,000 | |
| Distributable reserves | 133 | €81,021 | €86,233 | +€5,212 | +6.4% |
| Amounts payable | 17/49 | €375,027 | €634,688 | +€259,661 | +69.2% |
| Amounts payable after more than one year | 17 | €140,000 | €140,000 | = | 0.0% |
| Financial debts | 170/4 | €140,000 | €140,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €235,027 | €494,688 | +€259,661 | +110.5% |
| Current portion of amounts payable after more than one year | 42 | - | €279,000 | +€279,000 | |
| Trade debts | 44 | €230,173 | €195,952 | -€34,221 | -14.9% |
| Suppliers | 440/4 | €230,173 | €195,952 | -€34,221 | -14.9% |
| Taxes, remuneration and social security | 45 | €4,854 | €554 | -€4,301 | -88.6% |
| Taxes | 450/3 | €4,854 | €554 | -€4,301 | -88.6% |
| Other amounts payable | 47/48 | - | €19,182 | +€19,182 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,263 | €4,839 | +€575 | +13.5% |
| Other operating charges | 640/8 | €2,821 | €534 | -€2,287 | -81.1% |
| Non-recurring operating charges | 66A | €1,467 | - | -€1,467 | |
| Gross operating margin | 9900 | €32,195 | €25,102 | -€7,093 | -22.0% |
| Operating profit (loss) | 9901 | €23,644 | €19,729 | -€3,914 | -16.6% |
| Financial income | 75/76B | €0 | €0 | -€0 | -66.7% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -66.7% |
| Financial charges | 65/66B | €20,649 | €18,968 | -€1,681 | -8.1% |
| Recurring financial charges | 65 | €20,649 | €18,968 | -€1,681 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €2,995 | €762 | -€2,233 | -74.6% |
| Income taxes | 67/77 | €1,279 | €549 | -€730 | -57.0% |
| Profit (loss) for the period | 9904 | €1,716 | €212 | -€1,504 | -87.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,716 | €212 | -€1,504 | -87.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.