VATB: 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.
VATB
Largest movements
- Tangible fixed assets +€459,206
up €459,206 (+15.0%), from €3.1m to €3.5m
of which Land and buildings: +€459,592
- Stocks and contracts +€233,661
up €233,661 (+4.9%), from €4.8m to €5.0m
- Receivables within one year -€159,995
down €159,995 (-96.6%), from €165,652 to €5,657
of which Other amounts receivable: -€159,598
- Debts after one year +€3.6m
up €3.6m (+303.3%), from €1.2m to €4.8m
- Current portion of long-term debt -€3.3m
down €3.3m (-55.4%), from €6.0m to €2.7m
- Other debts +€633,780
up €633,780 (+35.6%), from €1.8m to €2.4m
- Profit (loss) carried forward -€334,123
down €334,123 (-27.9%), from -€1.2m to -€1.5m
- Other operating charges +€366,027
up €366,027 (+2569.3%), from €14,246 to €380,273
- Gross operating margin +€357,929
up €357,929 (+296.8%), from €120,576 to €478,506
- Financial charges +€145,655
up €145,655 (+118.8%), from €122,578 to €268,232
- Depreciation +€32,815
up €32,815 (+25.0%), from €131,308 to €164,123
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 | €8,045,606 | €8,609,762 | +€564,156 | +7.0% |
| Fixed assets | 21/28 | €3,068,030 | €3,527,237 | +€459,206 | +15.0% |
| Tangible fixed assets | 22/27 | €3,068,030 | €3,527,237 | +€459,206 | +15.0% |
| Land and buildings | 22 | €3,067,644 | €3,527,237 | +€459,592 | +15.0% |
| Plant, machinery and equipment | 23 | €386 | €0 | -€386 | -100.0% |
| Current assets | 29/58 | €4,977,576 | €5,082,526 | +€104,949 | +2.1% |
| Stocks and contracts in progress | 3 | €4,795,995 | €5,029,656 | +€233,661 | +4.9% |
| Stocks | 30/36 | €4,795,995 | €5,029,656 | +€233,661 | +4.9% |
| Amounts receivable within one year | 40/41 | €165,652 | €5,657 | -€159,995 | -96.6% |
| Trade receivables | 40 | €397 | €0 | -€397 | -100.0% |
| Other amounts receivable | 41 | €165,255 | €5,657 | -€159,598 | -96.6% |
| Cash at bank and in hand | 54/58 | €12,817 | €45,321 | +€32,504 | +253.6% |
| Deferred charges and accrued income | 490/1 | €3,112 | €1,892 | -€1,221 | -39.2% |
| Total equity and liabilities | 10/49 | €8,045,606 | €8,609,762 | +€564,156 | +7.0% |
| Equity | 10/15 | -€1,161,270 | -€1,495,393 | -€334,123 | -28.8% |
| Contributions | 10/11 | €36,000 | €36,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,197,270 | -€1,531,393 | -€334,123 | -27.9% |
| Amounts payable | 17/49 | €9,206,877 | €10,105,155 | +€898,279 | +9.8% |
| Amounts payable after more than one year | 17 | €1,179,406 | €4,756,434 | +€3.6m | +303.3% |
| Financial debts | 170/4 | €1,179,406 | €4,756,434 | +€3.6m | +303.3% |
| Amounts payable within one year | 42/48 | €8,023,901 | €5,320,648 | -€2.7m | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €5,994,999 | €2,671,586 | -€3.3m | -55.4% |
| Trade debts | 44 | €219,941 | €225,746 | +€5,805 | +2.6% |
| Suppliers | 440/4 | €219,941 | €225,746 | +€5,805 | +2.6% |
| Taxes, remuneration and social security | 45 | €30,485 | €11,059 | -€19,426 | -63.7% |
| Taxes | 450/3 | €30,485 | €11,059 | -€19,426 | -63.7% |
| Other amounts payable | 47/48 | €1,778,475 | €2,412,256 | +€633,780 | +35.6% |
| Accrued charges and deferred income | 492/3 | €3,570 | €28,074 | +€24,504 | +686.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,308 | €164,123 | +€32,815 | +25.0% |
| Other operating charges | 640/8 | €14,246 | €380,273 | +€366,027 | +2569.3% |
| Gross operating margin | 9900 | €120,576 | €478,506 | +€357,929 | +296.8% |
| Operating profit (loss) | 9901 | -€24,978 | -€65,890 | -€40,913 | -163.8% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €122,578 | €268,232 | +€145,655 | +118.8% |
| Recurring financial charges | 65 | €122,578 | €268,232 | +€145,655 | +118.8% |
| Profit (loss) for the period before taxes | 9903 | -€147,555 | -€334,123 | -€186,567 | -126.4% |
| Profit (loss) for the period | 9904 | -€147,555 | -€334,123 | -€186,567 | -126.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€147,555 | -€334,123 | -€186,567 | -126.4% |
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 5 October 2026 via checked.be.