VATAN: 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.
VATAN
Largest movements
- Tangible fixed assets -€48,789
down €48,789 (-34.3%), from €142,377 to €93,588
of which Plant, machinery and equipment: -€24,402
- Cash +€38,371
up €38,371 (+26.5%), from €145,052 to €183,424
mainly Depreciation (+€48,789) and Net result for the year (+€23,673)
- Stocks and contracts +€18,940
up €18,940 (+439.2%), from €4,313 to €23,253
- Receivables within one year -€14,989
down €14,989 (-4.6%), from €325,668 to €310,678
of which Trade receivables: -€16,659
- Trade debts -€29,761
down €29,761 (-12.0%), from €248,114 to €218,353
- Debts after one year -€28,006
down €28,006 (-34.8%), from €80,485 to €52,479
- Profit (loss) carried forward +€23,673
up €23,673 (+16.9%), from €139,997 to €163,671
- Tax, wage and social debts +€20,159
up €20,159 (+24.9%), from €80,954 to €101,113
of which Remuneration and social security: +€14,737
- Other debts +€9,500
up €9,500 (+72.6%), from €13,078 to €22,578
- Staff costs +€75,165
up €75,165 (+32.9%), from €228,492 to €303,657
- Gross operating margin -€41,150
down €41,150 (-9.0%), from €456,809 to €415,659
- Taxes -€33,780
down €33,780 (-83.2%), from €40,613 to €6,833
- Other operating charges +€22,060
up €22,060 (+295.8%), from €7,457 to €29,517
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 | €622,068 | €617,550 | -€4,517 | -0.7% |
| Fixed assets | 21/28 | €146,833 | €99,993 | -€46,839 | -31.9% |
| Tangible fixed assets | 22/27 | €142,377 | €93,588 | -€48,789 | -34.3% |
| Land and buildings | 22 | €2,097 | €1,313 | -€784 | -37.4% |
| Plant, machinery and equipment | 23 | €71,954 | €47,552 | -€24,402 | -33.9% |
| Furniture and vehicles | 24 | €68,326 | €44,724 | -€23,603 | -34.5% |
| Financial fixed assets | 28 | €4,455 | €6,405 | +€1,950 | +43.8% |
| Current assets | 29/58 | €475,235 | €517,557 | +€42,322 | +8.9% |
| Stocks and contracts in progress | 3 | €4,313 | €23,253 | +€18,940 | +439.2% |
| Stocks | 30/36 | €4,313 | €23,253 | +€18,940 | +439.2% |
| Amounts receivable within one year | 40/41 | €325,668 | €310,678 | -€14,989 | -4.6% |
| Trade receivables | 40 | €322,345 | €305,686 | -€16,659 | -5.2% |
| Other amounts receivable | 41 | €3,323 | €4,993 | +€1,670 | +50.2% |
| Current investments | 50/53 | €203 | €203 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €145,052 | €183,424 | +€38,371 | +26.5% |
| Total equity and liabilities | 10/49 | €622,068 | €617,550 | -€4,517 | -0.7% |
| Equity | 10/15 | €170,675 | €194,348 | +€23,673 | +13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €12,078 | €12,078 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €10,218 | €10,218 | = | 0.0% |
| Profit (loss) carried forward | 14 | €139,997 | €163,671 | +€23,673 | +16.9% |
| Amounts payable | 17/49 | €451,393 | €423,202 | -€28,191 | -6.2% |
| Amounts payable after more than one year | 17 | €80,485 | €52,479 | -€28,006 | -34.8% |
| Financial debts | 170/4 | €80,485 | €52,479 | -€28,006 | -34.8% |
| Amounts payable within one year | 42/48 | €370,908 | €370,723 | -€185 | 0.0% |
| Current portion of amounts payable after more than one year | 42 | €28,088 | €28,006 | -€82 | -0.3% |
| Trade debts | 44 | €248,114 | €218,353 | -€29,761 | -12.0% |
| Suppliers | 440/4 | €248,114 | €218,353 | -€29,761 | -12.0% |
| Advances received on contracts in progress | 46 | €673 | €673 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €80,954 | €101,113 | +€20,159 | +24.9% |
| Taxes | 450/3 | €47,549 | €52,972 | +€5,422 | +11.4% |
| Remuneration and social security | 454/9 | €33,404 | €48,141 | +€14,737 | +44.1% |
| Other amounts payable | 47/48 | €13,078 | €22,578 | +€9,500 | +72.6% |
| Remuneration, social security and pensions | 62 | €228,492 | €303,657 | +€75,165 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,085 | €48,789 | -€296 | -0.6% |
| Other operating charges | 640/8 | €7,457 | €29,517 | +€22,060 | +295.8% |
| Gross operating margin | 9900 | €456,809 | €415,659 | -€41,150 | -9.0% |
| Operating profit (loss) | 9901 | €171,775 | €33,696 | -€138,079 | -80.4% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €5,547 | €3,190 | -€2,358 | -42.5% |
| Recurring financial charges | 65 | €5,547 | €3,190 | -€2,358 | -42.5% |
| Profit (loss) for the period before taxes | 9903 | €166,229 | €30,506 | -€135,722 | -81.6% |
| Income taxes | 67/77 | €40,613 | €6,833 | -€33,780 | -83.2% |
| Profit (loss) for the period | 9904 | €125,616 | €23,673 | -€101,942 | -81.2% |
| Profit (loss) for the period to be appropriated | 9905 | €125,616 | €23,673 | -€101,942 | -81.2% |
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 6 October 2026 via checked.be.