VAST & ZEKER: 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.
VAST & ZEKER
Largest movements
- Cash +€605,386
up €605,386 (+640%), from €94,580 to €699,966
mainly Net result for the year (+€414,407) and Current investments (+€400,000)
- Current investments -€400,000
down €400,000 (-56.8%), from €703,860 to €303,860
- Reserves +€178,724
up €178,724 (+10.4%), from €1.7m to €1.9m
of which Distributable reserves: +€220,824
- Gross operating margin +€58,185
up €58,185 (+16.3%), from €356,027 to €414,212
- Taxes +€45,736
up €45,736 (+40.3%), from €113,458 to €159,194
- Financial income +€7,068
up €7,068 (+4.1%), from €170,894 to €177,962
- Depreciation -€4,239
down €4,239 (-23.4%), from €18,103 to €13,864
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.
Derived cash bridge
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 | €1,797,979 | €1,987,609 | +€189,630 | +10.5% |
| Fixed assets | 21/28 | €990,850 | €976,986 | -€13,864 | -1.4% |
| Tangible fixed assets | 22/27 | €82,953 | €69,088 | -€13,864 | -16.7% |
| Land and buildings | 22 | €64,715 | €56,279 | -€8,436 | -13.0% |
| Furniture and vehicles | 24 | €18,238 | €12,810 | -€5,428 | -29.8% |
| Financial fixed assets | 28 | €907,897 | €907,897 | = | 0.0% |
| Current assets | 29/58 | €807,129 | €1,010,623 | +€203,494 | +25.2% |
| Amounts receivable within one year | 40/41 | €531 | €1,143 | +€612 | +115% |
| Other amounts receivable | 41 | €531 | €1,143 | +€612 | +115% |
| Current investments | 50/53 | €703,860 | €303,860 | -€400,000 | -56.8% |
| Cash at bank and in hand | 54/58 | €94,580 | €699,966 | +€605,386 | +640% |
| Deferred charges and accrued income | 490/1 | €8,158 | €5,654 | -€2,504 | -30.7% |
| Total equity and liabilities | 10/49 | €1,797,979 | €1,987,609 | +€189,630 | +10.5% |
| Equity | 10/15 | €1,745,832 | €1,924,556 | +€178,724 | +10.2% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Reserves | 13 | €1,720,832 | €1,899,556 | +€178,724 | +10.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €208,905 | €166,805 | -€42,100 | -20.2% |
| Distributable reserves | 133 | €1,511,926 | €1,732,751 | +€220,824 | +14.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €52,148 | €63,054 | +€10,906 | +20.9% |
| Amounts payable within one year | 42/48 | €51,423 | €62,307 | +€10,883 | +21.2% |
| Trade debts | 44 | €5,166 | €3,099 | -€2,067 | -40.0% |
| Suppliers | 440/4 | €5,166 | €3,099 | -€2,067 | -40.0% |
| Taxes, remuneration and social security | 45 | €46,234 | €59,208 | +€12,973 | +28.1% |
| Taxes | 450/3 | €46,234 | €59,208 | +€12,973 | +28.1% |
| Other amounts payable | 47/48 | €23 | €0 | -€23 | -100% |
| Accrued charges and deferred income | 492/3 | €724 | €747 | +€22 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,103 | €13,864 | -€4,239 | -23.4% |
| Other operating charges | 640/8 | €4,273 | €4,292 | +€19 | +0.4% |
| Gross operating margin | 9900 | €356,027 | €414,212 | +€58,185 | +16.3% |
| Operating profit (loss) | 9901 | €333,650 | €396,056 | +€62,406 | +18.7% |
| Financial income | 75/76B | €170,894 | €177,962 | +€7,068 | +4.1% |
| Recurring financial income | 75 | €170,894 | €177,962 | +€7,068 | +4.1% |
| Financial charges | 65/66B | -€3,134 | €417 | +€3,551 | |
| Recurring financial charges | 65 | -€3,134 | €417 | +€3,551 | |
| Profit (loss) for the period before taxes | 9903 | €507,678 | €573,601 | +€65,923 | +13.0% |
| Income taxes | 67/77 | €113,458 | €159,194 | +€45,736 | +40.3% |
| Profit (loss) for the period | 9904 | €394,220 | €414,407 | +€20,187 | +5.1% |
| Transfer from tax-exempt reserves | 789 | - | €42,100 | +€42,100 | |
| Transfer to tax-exempt reserves | 689 | €84,200 | €0 | -€84,200 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €310,020 | €456,507 | +€146,487 | +47.3% |
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 25 October 2026 via checked.be.