VATHY: what changed
Two financial 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.
VATHY
Largest movements
- Tangible fixed assets +€58,102
up €58,102 (+1,348%), from €4,310 to €62,412
of which Other tangible fixed assets: +€58,440
- Receivables after one year -€22,574
no longer reported in 2025 (was €22,574)
- Cash -€21,640
down €21,640 (-37.6%), from €57,605 to €35,965
mainly Investment in fixed assets (net) (-€64,311) and Other debts (-€46,747)
- Stocks and contracts -€9,835
down €9,835 (-51.1%), from €19,229 to €9,394
- Financial fixed assets +€3,900
up €3,900 (+1,560%), from €250 to €4,150
- Other debts -€46,747
no longer reported in 2025 (was €46,747)
- Reserves +€30,000
up €30,000 (+75.0%), from €40,000 to €70,000
- Profit (loss) carried forward +€20,250
new in 2025: €20,250
- Trade debts +€5,467
up €5,467 (+30.9%), from €17,682 to €23,149
- Gross operating margin +€23,770
up €23,770 (+45.8%), from €51,897 to €75,667
- Taxes +€6,766
up €6,766 (+54.3%), from €12,465 to €19,231
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.
Derived cash bridge
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 | €123,403 | €131,557 | +€8,155 | +6.6% |
| Fixed assets | 21/28 | €4,560 | €66,562 | +€62,002 | +1,360% |
| Tangible fixed assets | 22/27 | €4,310 | €62,412 | +€58,102 | +1,348% |
| Plant, machinery and equipment | 23 | €2,365 | €1,705 | -€660 | -27.9% |
| Furniture and vehicles | 24 | €83 | €405 | +€322 | +386% |
| Other tangible fixed assets | 26 | €1,862 | €60,302 | +€58,440 | +3,139% |
| Financial fixed assets | 28 | €250 | €4,150 | +€3,900 | +1,560% |
| Current assets | 29/58 | €118,842 | €64,995 | -€53,847 | -45.3% |
| Amounts receivable after more than one year | 29 | €22,574 | - | -€22,574 | |
| Other amounts receivable | 291 | €22,574 | - | -€22,574 | |
| Stocks and contracts in progress | 3 | €19,229 | €9,394 | -€9,835 | -51.1% |
| Stocks | 30/36 | €19,229 | €9,394 | -€9,835 | -51.1% |
| Amounts receivable within one year | 40/41 | €18,381 | €18,582 | +€202 | +1.1% |
| Trade receivables | 40 | €10,756 | €9,521 | -€1,236 | -11.5% |
| Other amounts receivable | 41 | €7,624 | €9,062 | +€1,437 | +18.9% |
| Cash at bank and in hand | 54/58 | €57,605 | €35,965 | -€21,640 | -37.6% |
| Deferred charges and accrued income | 490/1 | €1,053 | €1,053 | = | 0.0% |
| Total equity and liabilities | 10/49 | €123,403 | €131,557 | +€8,155 | +6.6% |
| Equity | 10/15 | €46,250 | €96,500 | +€50,250 | +109% |
| Contributions | 10/11 | €6,250 | €6,250 | = | 0.0% |
| Reserves | 13 | €40,000 | €70,000 | +€30,000 | +75.0% |
| Distributable reserves | 133 | €40,000 | €70,000 | +€30,000 | +75.0% |
| Profit (loss) carried forward | 14 | - | €20,250 | +€20,250 | |
| Amounts payable | 17/49 | €77,153 | €35,057 | -€42,096 | -54.6% |
| Amounts payable within one year | 42/48 | €77,153 | €35,057 | -€42,096 | -54.6% |
| Current portion of amounts payable after more than one year | 42 | €2,500 | €2,500 | = | 0.0% |
| Trade debts | 44 | €17,682 | €23,149 | +€5,467 | +30.9% |
| Suppliers | 440/4 | €17,682 | €23,149 | +€5,467 | +30.9% |
| Taxes, remuneration and social security | 45 | €10,224 | €9,408 | -€816 | -8.0% |
| Taxes | 450/3 | €9,524 | €8,708 | -€816 | -8.6% |
| Remuneration and social security | 454/9 | €700 | €700 | = | 0.0% |
| Other amounts payable | 47/48 | €46,747 | - | -€46,747 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,898 | €2,310 | +€412 | +21.7% |
| Other operating charges | 640/8 | €1,187 | €1,539 | +€352 | +29.6% |
| Gross operating margin | 9900 | €51,897 | €75,667 | +€23,770 | +45.8% |
| Operating profit (loss) | 9901 | €48,813 | €71,819 | +€23,006 | +47.1% |
| Financial income | 75/76B | €983 | €498 | -€484 | -49.3% |
| Recurring financial income | 75 | €983 | €498 | -€484 | -49.3% |
| Financial charges | 65/66B | €3,266 | €2,836 | -€430 | -13.2% |
| Recurring financial charges | 65 | €3,266 | €2,836 | -€430 | -13.2% |
| Profit (loss) for the period before taxes | 9903 | €46,529 | €69,481 | +€22,952 | +49.3% |
| Income taxes | 67/77 | €12,465 | €19,231 | +€6,766 | +54.3% |
| Profit (loss) for the period | 9904 | €34,064 | €50,250 | +€16,186 | +47.5% |
| Profit (loss) for the period to be appropriated | 9905 | €34,064 | €50,250 | +€16,186 | +47.5% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.