Vatcon: 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.
Vatcon
Largest movements
- Receivables within one year -€210,628
down €210,628 (-90.8%), from €232,091 to €21,463
of which Other amounts receivable: -€191,969
- Cash +€139,740
up €139,740 (+182.1%), from €76,748 to €216,489
mainly Receivables within one year (+€210,628) and Net result for the year (+€34,795)
- Tangible fixed assets -€17,625
down €17,625 (-21.2%), from €83,143 to €65,518
of which Furniture and vehicles: -€12,026
- Deferred charges and accrued income -€16,015
down €16,015 (-75.4%), from €21,245 to €5,230
- Reserves -€65,856
down €65,856 (-20.3%), from €324,468 to €258,612
of which Distributable reserves: -€63,996
- Other debts -€15,161
down €15,161 (-74.7%), from €20,308 to €5,148
- Debts after one year -€11,146
down €11,146 (-70.4%), from €15,822 to €4,677
- Tax, wage and social debts -€10,298
down €10,298 (-55.4%), from €18,594 to €8,296
- Gross operating margin -€52,791
down €52,791 (-42.3%), from €124,813 to €72,022
- Other operating charges -€40,374
down €40,374 (-98.0%), from €41,212 to €838
- Financial income -€15,018
down €15,018 (-100.0%), from €15,018 to €0
- Taxes -€4,632
down €4,632 (-20.3%), from €22,818 to €18,185
- Financial charges -€1,592
down €1,592 (-76.9%), from €2,071 to €479
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 | €413,725 | €309,197 | -€104,527 | -25.3% |
| Fixed assets | 21/28 | €83,641 | €66,016 | -€17,625 | -21.1% |
| Tangible fixed assets | 22/27 | €83,143 | €65,518 | -€17,625 | -21.2% |
| Furniture and vehicles | 24 | €28,304 | €16,279 | -€12,026 | -42.5% |
| Other tangible fixed assets | 26 | €54,838 | €49,239 | -€5,599 | -10.2% |
| Financial fixed assets | 28 | €498 | €498 | = | 0.0% |
| Current assets | 29/58 | €330,084 | €243,182 | -€86,902 | -26.3% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €232,091 | €21,463 | -€210,628 | -90.8% |
| Trade receivables | 40 | €32,054 | €13,395 | -€18,659 | -58.2% |
| Other amounts receivable | 41 | €200,037 | €8,068 | -€191,969 | -96.0% |
| Cash at bank and in hand | 54/58 | €76,748 | €216,489 | +€139,740 | +182.1% |
| Deferred charges and accrued income | 490/1 | €21,245 | €5,230 | -€16,015 | -75.4% |
| Total equity and liabilities | 10/49 | €413,725 | €309,197 | -€104,527 | -25.3% |
| Equity | 10/15 | €343,068 | €277,212 | -€65,856 | -19.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €324,468 | €258,612 | -€65,856 | -20.3% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €322,608 | €258,612 | -€63,996 | -19.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €70,657 | €31,986 | -€38,672 | -54.7% |
| Amounts payable after more than one year | 17 | €15,822 | €4,677 | -€11,146 | -70.4% |
| Financial debts | 170/4 | €15,822 | €4,677 | -€11,146 | -70.4% |
| Amounts payable within one year | 42/48 | €50,760 | €26,075 | -€24,685 | -48.6% |
| Current portion of amounts payable after more than one year | 42 | €11,036 | €11,146 | +€110 | +1.0% |
| Trade debts | 44 | €822 | €1,486 | +€664 | +80.8% |
| Suppliers | 440/4 | €822 | €1,486 | +€664 | +80.8% |
| Taxes, remuneration and social security | 45 | €18,594 | €8,296 | -€10,298 | -55.4% |
| Taxes | 450/3 | €18,594 | €8,296 | -€10,298 | -55.4% |
| Other amounts payable | 47/48 | €20,308 | €5,148 | -€15,161 | -74.7% |
| Accrued charges and deferred income | 492/3 | €4,075 | €1,234 | -€2,841 | -69.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,725 | €17,725 | = | 0.0% |
| Other operating charges | 640/8 | €41,212 | €838 | -€40,374 | -98.0% |
| Gross operating margin | 9900 | €124,813 | €72,022 | -€52,791 | -42.3% |
| Operating profit (loss) | 9901 | €65,876 | €53,459 | -€12,417 | -18.8% |
| Financial income | 75/76B | €15,018 | €0 | -€15,018 | -100.0% |
| Recurring financial income | 75 | €15,018 | €0 | -€15,018 | -100.0% |
| Financial charges | 65/66B | €2,071 | €479 | -€1,592 | -76.9% |
| Recurring financial charges | 65 | €2,071 | €479 | -€1,592 | -76.9% |
| Profit (loss) for the period before taxes | 9903 | €78,823 | €52,980 | -€25,842 | -32.8% |
| Income taxes | 67/77 | €22,818 | €18,185 | -€4,632 | -20.3% |
| Profit (loss) for the period | 9904 | €56,005 | €34,795 | -€21,210 | -37.9% |
| Profit (loss) for the period to be appropriated | 9905 | €56,005 | €34,795 | -€21,210 | -37.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.