VATE: 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.
VATE
Largest movements
- Tangible fixed assets +€239,499
up €239,499 (+43.6%), from €549,296 to €788,794
of which Land and buildings: +€369,106
- Cash -€130,186
down €130,186 (-88.3%), from €147,461 to €17,275
mainly Investment in fixed assets (net) (-€284,990) and Receivables within one year (-€77,375)
- Receivables within one year +€77,375
up €77,375 (+208.3%), from €37,151 to €114,526
of which Other amounts receivable: +€81,686
- Reserves +€127,180
up €127,180 (+36.7%), from €346,730 to €473,910
- Debts after one year +€116,155
up €116,155 (+53.5%), from €217,161 to €333,316
- Trade debts -€30,968
down €30,968 (-59.1%), from €52,441 to €21,473
- Other debts -€25,150
down €25,150 (-100.0%), from €25,150 to €0
- Tax, wage and social debts -€15,781
down €15,781 (-37.1%), from €42,513 to €26,732
of which Taxes: -€15,691
- Gross operating margin +€16,993
up €16,993 (+7.0%), from €243,804 to €260,797
- Other operating charges -€11,123
down €11,123 (-72.5%), from €15,346 to €4,222
- Depreciation +€5,924
up €5,924 (+15.0%), from €39,568 to €45,492
- Financial charges +€4,108
up €4,108 (+36.2%), from €11,362 to €15,470
- Taxes +€3,623
up €3,623 (+7.0%), from €51,920 to €55,543
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 | €744,057 | €932,398 | +€188,341 | +25.3% |
| Fixed assets | 21/28 | €549,659 | €789,157 | +€239,499 | +43.6% |
| Tangible fixed assets | 22/27 | €549,296 | €788,794 | +€239,499 | +43.6% |
| Land and buildings | 22 | €399,898 | €769,004 | +€369,106 | +92.3% |
| Furniture and vehicles | 24 | €820 | €287 | -€533 | -65.1% |
| Assets under construction and advance payments | 27 | €148,578 | €19,504 | -€129,074 | -86.9% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €194,398 | €143,240 | -€51,158 | -26.3% |
| Amounts receivable within one year | 40/41 | €37,151 | €114,526 | +€77,375 | +208.3% |
| Trade receivables | 40 | €37,151 | €32,840 | -€4,310 | -11.6% |
| Other amounts receivable | 41 | €0 | €81,686 | +€81,686 | |
| Cash at bank and in hand | 54/58 | €147,461 | €17,275 | -€130,186 | -88.3% |
| Deferred charges and accrued income | 490/1 | €9,787 | €11,439 | +€1,652 | +16.9% |
| Total equity and liabilities | 10/49 | €744,057 | €932,398 | +€188,341 | +25.3% |
| Equity | 10/15 | €357,008 | €484,198 | +€127,190 | +35.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €346,730 | €473,910 | +€127,180 | +36.7% |
| Distributable reserves | 133 | €346,730 | €473,910 | +€127,180 | +36.7% |
| Profit (loss) carried forward | 14 | €9,778 | €9,788 | +€10 | +0.1% |
| Amounts payable | 17/49 | €387,049 | €448,200 | +€61,150 | +15.8% |
| Amounts payable after more than one year | 17 | €217,161 | €333,316 | +€116,155 | +53.5% |
| Financial debts | 170/4 | €217,161 | €333,316 | +€116,155 | +53.5% |
| Amounts payable within one year | 42/48 | €164,494 | €113,378 | -€51,117 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €44,391 | €53,878 | +€9,487 | +21.4% |
| Financial debts | 43 | - | €11,295 | +€11,295 | |
| Credit institutions | 430/8 | - | €11,295 | +€11,295 | |
| Trade debts | 44 | €52,441 | €21,473 | -€30,968 | -59.1% |
| Suppliers | 440/4 | €52,441 | €21,473 | -€30,968 | -59.1% |
| Taxes, remuneration and social security | 45 | €42,513 | €26,732 | -€15,781 | -37.1% |
| Taxes | 450/3 | €41,806 | €26,116 | -€15,691 | -37.5% |
| Remuneration and social security | 454/9 | €707 | €617 | -€90 | -12.7% |
| Other amounts payable | 47/48 | €25,150 | €0 | -€25,150 | -100.0% |
| Accrued charges and deferred income | 492/3 | €5,394 | €1,506 | -€3,888 | -72.1% |
| Remuneration, social security and pensions | 62 | €13,895 | €12,882 | -€1,013 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,568 | €45,492 | +€5,924 | +15.0% |
| Other operating charges | 640/8 | €15,346 | €4,222 | -€11,123 | -72.5% |
| Gross operating margin | 9900 | €243,804 | €260,797 | +€16,993 | +7.0% |
| Operating profit (loss) | 9901 | €174,995 | €198,201 | +€23,205 | +13.3% |
| Financial income | 75/76B | €1 | €3 | +€2 | +174.5% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +174.5% |
| Financial charges | 65/66B | €11,362 | €15,470 | +€4,108 | +36.2% |
| Recurring financial charges | 65 | €11,362 | €15,470 | +€4,108 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | €163,634 | €182,733 | +€19,099 | +11.7% |
| Income taxes | 67/77 | €51,920 | €55,543 | +€3,623 | +7.0% |
| Profit (loss) for the period | 9904 | €111,714 | €127,190 | +€15,476 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €111,714 | €127,190 | +€15,476 | +13.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.