VASTMA: 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.
VASTMA
Largest movements
- Stocks and contracts -€358,734
down €358,734 (-19.2%), from €1.9m to €1.5m
- Receivables within one year +€337,442
up €337,442 (+475.6%), from €70,958 to €408,400
of which Trade receivables: +€239,299
- Reserves -€212,198
down €212,198 (-52.3%), from €405,793 to €193,595
of which Distributable reserves: -€212,198
- Debts after one year +€75,212
up €75,212 (+9.1%), from €826,302 to €901,513
- Other debts +€51,716
up €51,716 (+7.5%), from €687,171 to €738,887
- Trade debts +€43,584
up €43,584 (+240.5%), from €18,121 to €61,704
- Gross operating margin -€194,520
down €194,520, from €61,706 to -€132,814
- Other operating charges -€66,138
down €66,138 (-82.5%), from €80,211 to €14,074
- Financial charges -€12,979
down €12,979 (-16.3%), from €79,749 to €66,770
- Financial income -€6,540
down €6,540 (-81.8%), from €7,999 to €1,459
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 | €2,320,517 | €2,287,859 | -€32,658 | -1.4% |
| Fixed assets | 21/28 | €350,000 | €350,000 | = | 0.0% |
| Financial fixed assets | 28 | €350,000 | €350,000 | = | 0.0% |
| Current assets | 29/58 | €1,970,517 | €1,937,859 | -€32,658 | -1.7% |
| Stocks and contracts in progress | 3 | €1,867,680 | €1,508,946 | -€358,734 | -19.2% |
| Stocks | 30/36 | €1,867,680 | €1,508,946 | -€358,734 | -19.2% |
| Amounts receivable within one year | 40/41 | €70,958 | €408,400 | +€337,442 | +475.6% |
| Trade receivables | 40 | €66,222 | €305,521 | +€239,299 | +361.4% |
| Other amounts receivable | 41 | €4,736 | €102,879 | +€98,143 | +2072.1% |
| Cash at bank and in hand | 54/58 | €31,273 | €20,453 | -€10,820 | -34.6% |
| Deferred charges and accrued income | 490/1 | €606 | €60 | -€546 | -90.1% |
| Total equity and liabilities | 10/49 | €2,320,517 | €2,287,859 | -€32,658 | -1.4% |
| Equity | 10/15 | €738,793 | €526,595 | -€212,198 | -28.7% |
| Contributions | 10/11 | €333,000 | €333,000 | = | 0.0% |
| Capital | 10 | €333,000 | €333,000 | = | 0.0% |
| Issued capital | 100 | €333,000 | €333,000 | = | 0.0% |
| Reserves | 13 | €405,793 | €193,595 | -€212,198 | -52.3% |
| Non-distributable reserves | 130/1 | €33,300 | €33,300 | = | 0.0% |
| Legal reserve | 130 | €33,300 | €33,300 | = | 0.0% |
| Distributable reserves | 133 | €372,493 | €160,295 | -€212,198 | -57.0% |
| Amounts payable | 17/49 | €1,581,724 | €1,761,264 | +€179,540 | +11.4% |
| Amounts payable after more than one year | 17 | €826,302 | €901,513 | +€75,212 | +9.1% |
| Financial debts | 170/4 | €826,302 | €901,513 | +€75,212 | +9.1% |
| Amounts payable within one year | 42/48 | €729,640 | €825,380 | +€95,740 | +13.1% |
| Current portion of amounts payable after more than one year | 42 | €24,349 | €24,788 | +€439 | +1.8% |
| Trade debts | 44 | €18,121 | €61,704 | +€43,584 | +240.5% |
| Suppliers | 440/4 | €18,121 | €61,704 | +€43,584 | +240.5% |
| Other amounts payable | 47/48 | €687,171 | €738,887 | +€51,716 | +7.5% |
| Accrued charges and deferred income | 492/3 | €25,782 | €34,371 | +€8,589 | +33.3% |
| Other operating charges | 640/8 | €80,211 | €14,074 | -€66,138 | -82.5% |
| Gross operating margin | 9900 | €61,706 | -€132,814 | -€194,520 | |
| Operating profit (loss) | 9901 | -€18,505 | -€146,888 | -€128,383 | -693.8% |
| Financial income | 75/76B | €7,999 | €1,459 | -€6,540 | -81.8% |
| Recurring financial income | 75 | €7,999 | €1,459 | -€6,540 | -81.8% |
| Financial charges | 65/66B | €79,749 | €66,770 | -€12,979 | -16.3% |
| Recurring financial charges | 65 | €79,749 | €66,770 | -€12,979 | -16.3% |
| Profit (loss) for the period before taxes | 9903 | -€90,255 | -€212,198 | -€121,943 | -135.1% |
| Profit (loss) for the period | 9904 | -€90,255 | -€212,198 | -€121,943 | -135.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€90,255 | -€212,198 | -€121,943 | -135.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 May 2024 and 31 May 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.