VASTRO: 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.
VASTRO
Largest movements
- Tangible fixed assets +€414,611
up €414,611 (+54.9%), from €755,452 to €1.2m
of which Other tangible fixed assets: +€429,774
- Financial fixed assets -€309,959
down €309,959 (-82.4%), from €376,057 to €66,098
- Cash -€58,370
down €58,370 (-58.7%), from €99,405 to €41,034
mainly Investment in fixed assets (net) (-€143,930) and Deferred charges and accrued income (-€3,162)
- Receivables within one year -€17,534
down €17,534 (-65.5%), from €26,756 to €9,222
- Profit (loss) carried forward +€32,485
up €32,485 (+6.4%), from €508,429 to €540,914
- Financial income +€15,505
new in 2025: €15,505
of which Non-recurring financial income: +€8,012
- Gross operating margin -€7,554
down €7,554 (-7.7%), from €98,145 to €90,591
- Other operating charges +€4,066
up €4,066 (+19.6%), from €20,740 to €24,805
- Taxes -€3,237
down €3,237 (-27.9%), from €11,600 to €8,363
- Depreciation +€2,833
up €2,833 (+7.8%), from €36,444 to €39,278
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 | €1,264,297 | €1,296,207 | +€31,909 | +2.5% |
| Fixed assets | 21/28 | €1,131,509 | €1,236,161 | +€104,652 | +9.2% |
| Tangible fixed assets | 22/27 | €755,452 | €1,170,063 | +€414,611 | +54.9% |
| Land and buildings | 22 | €722,849 | €720,670 | -€2,178 | -0.3% |
| Plant, machinery and equipment | 23 | €1,803 | €1,210 | -€593 | -32.9% |
| Furniture and vehicles | 24 | €30,800 | €18,408 | -€12,392 | -40.2% |
| Other tangible fixed assets | 26 | - | €429,774 | +€429,774 | |
| Financial fixed assets | 28 | €376,057 | €66,098 | -€309,959 | -82.4% |
| Current assets | 29/58 | €132,788 | €60,045 | -€72,743 | -54.8% |
| Amounts receivable within one year | 40/41 | €26,756 | €9,222 | -€17,534 | -65.5% |
| Other amounts receivable | 41 | €26,756 | €9,222 | -€17,534 | -65.5% |
| Cash at bank and in hand | 54/58 | €99,405 | €41,034 | -€58,370 | -58.7% |
| Deferred charges and accrued income | 490/1 | €6,628 | €9,789 | +€3,162 | +47.7% |
| Total equity and liabilities | 10/49 | €1,264,297 | €1,296,207 | +€31,909 | +2.5% |
| Equity | 10/15 | €1,248,541 | €1,281,027 | +€32,485 | +2.6% |
| Contributions | 10/11 | €145,000 | €145,000 | = | 0.0% |
| Reserves | 13 | €595,113 | €595,113 | = | 0.0% |
| Non-distributable reserves | 130/1 | €14,500 | €14,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €14,500 | €14,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,282 | €20,282 | = | 0.0% |
| Distributable reserves | 133 | €560,330 | €560,330 | = | 0.0% |
| Profit (loss) carried forward | 14 | €508,429 | €540,914 | +€32,485 | +6.4% |
| Amounts payable | 17/49 | €15,756 | €15,180 | -€576 | -3.7% |
| Amounts payable after more than one year | 17 | €5,108 | €5,108 | = | 0.0% |
| Other amounts payable | 178/9 | €5,108 | €5,108 | = | 0.0% |
| Amounts payable within one year | 42/48 | €8,699 | €8,123 | -€576 | -6.6% |
| Trade debts | 44 | €236 | €929 | +€693 | +294.2% |
| Suppliers | 440/4 | €236 | €929 | +€693 | +294.2% |
| Other amounts payable | 47/48 | €8,463 | €7,194 | -€1,269 | -15.0% |
| Accrued charges and deferred income | 492/3 | €1,949 | €1,949 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,444 | €39,278 | +€2,833 | +7.8% |
| Other operating charges | 640/8 | €20,740 | €24,805 | +€4,066 | +19.6% |
| Gross operating margin | 9900 | €98,145 | €90,591 | -€7,554 | -7.7% |
| Operating profit (loss) | 9901 | €40,961 | €26,508 | -€14,453 | -35.3% |
| Financial income | 75/76B | - | €15,505 | +€15,505 | |
| Recurring financial income | 75 | - | €7,493 | +€7,493 | |
| Non-recurring financial income | 76B | - | €8,012 | +€8,012 | |
| Financial charges | 65/66B | €558 | €1,165 | +€607 | +108.8% |
| Recurring financial charges | 65 | €558 | €1,165 | +€607 | +108.8% |
| Profit (loss) for the period before taxes | 9903 | €40,403 | €40,848 | +€445 | +1.1% |
| Income taxes | 67/77 | €11,600 | €8,363 | -€3,237 | -27.9% |
| Profit (loss) for the period | 9904 | €28,803 | €32,485 | +€3,682 | +12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €28,803 | €32,485 | +€3,682 | +12.8% |
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 2 October 2026 via checked.be.