VaTcO: 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.
VaTcO
Largest movements
- Tangible fixed assets -€87,141
down €87,141 (-10.3%), from €849,741 to €762,600
of which Land and buildings: -€86,641
- Receivables within one year +€66,977
up €66,977 (+301.2%), from €22,240 to €89,217
of which Other amounts receivable: +€64,888
- Cash -€42,909
down €42,909 (-51.6%), from €83,142 to €40,233
mainly Debts after one year (-€76,158) and Receivables within one year (-€66,977)
- Debts after one year -€76,158
down €76,158 (-10.6%), from €716,235 to €640,076
- Profit (loss) carried forward +€13,316
up €13,316 (+5.2%), from -€256,498 to -€243,182
- Gross operating margin -€11,943
down €11,943 (-8.1%), from €146,969 to €135,026
- Financial income +€6,249
up €6,249 (+674.9%), from €926 to €7,175
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 | €1,077,219 | €1,014,574 | -€62,646 | -5.8% |
| Fixed assets | 21/28 | €849,741 | €762,600 | -€87,141 | -10.3% |
| Tangible fixed assets | 22/27 | €849,741 | €762,600 | -€87,141 | -10.3% |
| Land and buildings | 22 | €847,930 | €761,289 | -€86,641 | -10.2% |
| Furniture and vehicles | 24 | €1,811 | €1,311 | -€500 | -27.6% |
| Current assets | 29/58 | €227,478 | €251,974 | +€24,496 | +10.8% |
| Amounts receivable after more than one year | 29 | €115,000 | €115,000 | = | 0.0% |
| Other amounts receivable | 291 | €115,000 | €115,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,240 | €89,217 | +€66,977 | +301.2% |
| Trade receivables | 40 | €750 | €2,839 | +€2,089 | +278.5% |
| Other amounts receivable | 41 | €21,490 | €86,378 | +€64,888 | +301.9% |
| Cash at bank and in hand | 54/58 | €83,142 | €40,233 | -€42,909 | -51.6% |
| Deferred charges and accrued income | 490/1 | €7,096 | €7,525 | +€428 | +6.0% |
| Total equity and liabilities | 10/49 | €1,077,219 | €1,014,574 | -€62,646 | -5.8% |
| Equity | 10/15 | €276,022 | €289,338 | +€13,316 | +4.8% |
| Contributions | 10/11 | €532,520 | €532,520 | = | 0.0% |
| Capital | 10 | €532,520 | €532,520 | = | 0.0% |
| Issued capital | 100 | €562,960 | €562,960 | = | 0.0% |
| Uncalled capital | 101 | €30,440 | €30,440 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€256,498 | -€243,182 | +€13,316 | +5.2% |
| Amounts payable | 17/49 | €801,197 | €725,235 | -€75,962 | -9.5% |
| Amounts payable after more than one year | 17 | €716,235 | €640,076 | -€76,158 | -10.6% |
| Financial debts | 170/4 | €716,235 | €640,076 | -€76,158 | -10.6% |
| Amounts payable within one year | 42/48 | €80,393 | €82,637 | +€2,245 | +2.8% |
| Current portion of amounts payable after more than one year | 42 | €73,632 | €76,158 | +€2,526 | +3.4% |
| Trade debts | 44 | €1,400 | €1,119 | -€282 | -20.1% |
| Suppliers | 440/4 | €1,400 | €1,119 | -€282 | -20.1% |
| Other amounts payable | 47/48 | €5,360 | €5,360 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,570 | €2,522 | -€2,048 | -44.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,597 | €88,641 | +€44 | +0.1% |
| Other operating charges | 640/8 | €14,087 | €14,526 | +€440 | +3.1% |
| Gross operating margin | 9900 | €146,969 | €135,026 | -€11,943 | -8.1% |
| Operating profit (loss) | 9901 | €44,286 | €31,858 | -€12,427 | -28.1% |
| Financial income | 75/76B | €926 | €7,175 | +€6,249 | +674.9% |
| Recurring financial income | 75 | €926 | €7,175 | +€6,249 | +674.9% |
| Financial charges | 65/66B | €25,854 | €25,671 | -€183 | -0.7% |
| Recurring financial charges | 65 | €25,854 | €25,671 | -€183 | -0.7% |
| Profit (loss) for the period before taxes | 9903 | €19,358 | €13,361 | -€5,996 | -31.0% |
| Income taxes | 67/77 | €8 | €45 | +€37 | +447.8% |
| Profit (loss) for the period | 9904 | €19,349 | €13,316 | -€6,033 | -31.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,349 | €13,316 | -€6,033 | -31.2% |
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 8 October 2026 via checked.be.