VASTHOUT: 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.
VASTHOUT
Largest movements
- Tangible fixed assets +€1.6m
up €1.6m (+50.7%), from €3.2m to €4.8m
- Debts after one year +€2.2m
up €2.2m (+101.6%), from €2.1m to €4.3m
of which Financial debts: +€1.2m
- Reserves -€578,027
down €578,027 (-99.4%), from €581,296 to €3,269
of which Distributable reserves: -€578,027
- Current portion of long-term debt +€72,402
up €72,402 (+139.2%), from €52,001 to €124,403
- Profit (loss) carried forward -€66,659
new in 2025: -€66,659
- Depreciation +€357,754
up €357,754 (+79.9%), from €447,966 to €805,720
- Financial charges +€68,699
up €68,699 (+181.1%), from €37,931 to €106,629
- Other operating charges +€6,254
up €6,254 (+16.8%), from €37,309 to €43,563
- Gross operating margin -€5,546
down €5,546 (-1.8%), from €316,772 to €311,226
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 | €3,282,619 | €4,881,200 | +€1.6m | +48.7% |
| Fixed assets | 21/28 | €3,156,456 | €4,756,098 | +€1.6m | +50.7% |
| Tangible fixed assets | 22/27 | €3,156,456 | €4,756,098 | +€1.6m | +50.7% |
| Land and buildings | 22 | €3,156,456 | €4,756,098 | +€1.6m | +50.7% |
| Current assets | 29/58 | €126,163 | €125,102 | -€1,060 | -0.8% |
| Amounts receivable within one year | 40/41 | €48,444 | €28,985 | -€19,459 | -40.2% |
| Trade receivables | 40 | €27,259 | €27,903 | +€645 | +2.4% |
| Other amounts receivable | 41 | €21,185 | €1,082 | -€20,103 | -94.9% |
| Cash at bank and in hand | 54/58 | €64,481 | €80,992 | +€16,511 | +25.6% |
| Deferred charges and accrued income | 490/1 | €13,238 | €15,125 | +€1,887 | +14.3% |
| Total equity and liabilities | 10/49 | €3,282,619 | €4,881,200 | +€1.6m | +48.7% |
| Equity | 10/15 | €1,093,499 | €448,813 | -€644,686 | -59.0% |
| Contributions | 10/11 | €512,203 | €512,203 | = | 0.0% |
| Reserves | 13 | €581,296 | €3,269 | -€578,027 | -99.4% |
| Tax-exempt reserves | 132 | €3,269 | €3,269 | = | 0.0% |
| Distributable reserves | 133 | €578,027 | €0 | -€578,027 | -100.0% |
| Profit (loss) carried forward | 14 | - | -€66,659 | -€66,659 | |
| Amounts payable | 17/49 | €2,189,120 | €4,432,387 | +€2.2m | +102.5% |
| Amounts payable after more than one year | 17 | €2,131,545 | €4,297,142 | +€2.2m | +101.6% |
| Financial debts | 170/4 | €2,131,545 | €3,297,142 | +€1.2m | +54.7% |
| Other amounts payable | 178/9 | - | €1,000,000 | +€1.0m | |
| Amounts payable within one year | 42/48 | €57,575 | €125,361 | +€67,787 | +117.7% |
| Current portion of amounts payable after more than one year | 42 | €52,001 | €124,403 | +€72,402 | +139.2% |
| Trade debts | 44 | €5,573 | €958 | -€4,616 | -82.8% |
| Suppliers | 440/4 | €5,573 | €958 | -€4,616 | -82.8% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | - | €9,884 | +€9,884 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €447,966 | €805,720 | +€357,754 | +79.9% |
| Other operating charges | 640/8 | €37,309 | €43,563 | +€6,254 | +16.8% |
| Gross operating margin | 9900 | €316,772 | €311,226 | -€5,546 | -1.8% |
| Operating profit (loss) | 9901 | -€168,502 | -€538,056 | -€369,554 | -219.3% |
| Financial charges | 65/66B | €37,931 | €106,629 | +€68,699 | +181.1% |
| Recurring financial charges | 65 | €37,931 | €106,629 | +€68,699 | +181.1% |
| Profit (loss) for the period before taxes | 9903 | -€206,433 | -€644,686 | -€438,253 | -212.3% |
| Income taxes | 67/77 | €342 | €0 | -€342 | -100.0% |
| Profit (loss) for the period | 9904 | -€206,775 | -€644,686 | -€437,911 | -211.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€206,775 | -€644,686 | -€437,911 | -211.8% |
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 7 October 2026 via checked.be.