VATEX: 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.
VATEX
Largest movements
- Receivables within one year -€1.4m
down €1.4m (-95.8%), from €1.4m to €60,332
of which Other amounts receivable: -€1.4m
- Tangible fixed assets -€173,447
down €173,447 (-4.8%), from €3.6m to €3.5m
of which Land and buildings: -€162,747
- Cash +€63,552
up €63,552 (+29.2%), from €217,713 to €281,265
mainly Receivables within one year (+€1.4m) and Depreciation (+€173,447)
- Other debts -€1.4m
down €1.4m (-100.0%), from €1.4m to €0
- Debts after one year -€258,682
down €258,682 (-14.5%), from €1.8m to €1.5m
- Reserves +€137,800
up €137,800 (+9.1%), from €1.5m to €1.6m
of which Distributable reserves: +€171,105
- Accrued charges and deferred income +€54,074
up €54,074 (+4402.9%), from €1,228 to €55,302
- Trade debts +€53,788
up €53,788 (+2356.9%), from €2,282 to €56,070
- Financial income -€43,699
down €43,699 (-43.6%), from €100,301 to €56,601
- Gross operating margin -€24,475
down €24,475 (-6.1%), from €402,823 to €378,348
- Taxes -€15,793
down €15,793 (-21.7%), from €72,828 to €57,035
- Financial charges -€8,541
down €8,541 (-25.8%), from €33,151 to €24,610
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 | €5,286,553 | €3,847,753 | -€1.4m | -27.2% |
| Fixed assets | 21/28 | €3,626,980 | €3,453,533 | -€173,447 | -4.8% |
| Tangible fixed assets | 22/27 | €3,626,980 | €3,453,533 | -€173,447 | -4.8% |
| Land and buildings | 22 | €3,564,388 | €3,401,641 | -€162,747 | -4.6% |
| Plant, machinery and equipment | 23 | €62,592 | €51,892 | -€10,700 | -17.1% |
| Current assets | 29/58 | €1,659,573 | €394,220 | -€1.3m | -76.2% |
| Amounts receivable within one year | 40/41 | €1,439,051 | €60,332 | -€1.4m | -95.8% |
| Trade receivables | 40 | €39,049 | €53,786 | +€14,737 | +37.7% |
| Other amounts receivable | 41 | €1,400,001 | €6,546 | -€1.4m | -99.5% |
| Cash at bank and in hand | 54/58 | €217,713 | €281,265 | +€63,552 | +29.2% |
| Deferred charges and accrued income | 490/1 | €2,809 | €52,623 | +€49,813 | +1773.0% |
| Total equity and liabilities | 10/49 | €5,286,553 | €3,847,753 | -€1.4m | -27.2% |
| Equity | 10/15 | €1,633,844 | €1,771,644 | +€137,800 | +8.4% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €1,509,898 | €1,647,697 | +€137,800 | +9.1% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Tax-exempt reserves | 132 | €587,073 | €553,767 | -€33,305 | -5.7% |
| Distributable reserves | 133 | €910,430 | €1,081,535 | +€171,105 | +18.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €195,360 | €184,259 | -€11,102 | -5.7% |
| Deferred taxes | 168 | €195,360 | €184,259 | -€11,102 | -5.7% |
| Amounts payable | 17/49 | €3,457,348 | €1,891,850 | -€1.6m | -45.3% |
| Amounts payable after more than one year | 17 | €1,778,694 | €1,520,012 | -€258,682 | -14.5% |
| Financial debts | 170/4 | €1,778,694 | €1,520,012 | -€258,682 | -14.5% |
| Amounts payable within one year | 42/48 | €1,677,426 | €316,536 | -€1.4m | -81.1% |
| Current portion of amounts payable after more than one year | 42 | €255,404 | €260,466 | +€5,061 | +2.0% |
| Financial debts | 43 | €16,911 | €0 | -€16,911 | -100.0% |
| Credit institutions | 430/8 | €16,911 | €0 | -€16,911 | -100.0% |
| Trade debts | 44 | €2,282 | €56,070 | +€53,788 | +2356.9% |
| Suppliers | 440/4 | €2,282 | €56,070 | +€53,788 | +2356.9% |
| Taxes, remuneration and social security | 45 | €2,828 | €0 | -€2,828 | -100.0% |
| Taxes | 450/3 | €2,828 | €0 | -€2,828 | -100.0% |
| Other amounts payable | 47/48 | €1,400,000 | €0 | -€1.4m | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,228 | €55,302 | +€54,074 | +4402.9% |
| Non-recurring operating income | 76A | €5,963 | €0 | -€5,963 | -100.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €173,288 | €173,447 | +€159 | +0.1% |
| Other operating charges | 640/8 | €49,779 | €53,159 | +€3,380 | +6.8% |
| Gross operating margin | 9900 | €402,823 | €378,348 | -€24,475 | -6.1% |
| Operating profit (loss) | 9901 | €179,756 | €151,742 | -€28,014 | -15.6% |
| Financial income | 75/76B | €100,301 | €56,601 | -€43,699 | -43.6% |
| Recurring financial income | 75 | €100,301 | €56,601 | -€43,699 | -43.6% |
| Financial charges | 65/66B | €33,151 | €24,610 | -€8,541 | -25.8% |
| Recurring financial charges | 65 | €33,151 | €24,610 | -€8,541 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €246,906 | €183,733 | -€63,173 | -25.6% |
| Transfer from deferred taxes | 780 | €11,102 | €11,102 | = | 0.0% |
| Income taxes | 67/77 | €72,828 | €57,035 | -€15,793 | -21.7% |
| Profit (loss) for the period | 9904 | €185,179 | €137,800 | -€47,379 | -25.6% |
| Transfer from tax-exempt reserves | 789 | €33,305 | €33,305 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €218,484 | €171,105 | -€47,379 | -21.7% |
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 6 October 2026 via checked.be.