VATI: 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.
What changed
VATI
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€17,782
2024 · €31,636-€13,855
Equity
€3.2m
2024 · €3.2m+€12,942
Cash
€1,300
2024 · €41,608-€40,308
Balance sheet total
€8.9m
2024 · €8.8m+€153,642
Largest movements
Assets
- Tangible fixed assets +€1.6m
up €1.6m (+28.9%), from €5.5m to €7.1m
of which Land and buildings: +€1.5m
- Receivables within one year -€1.4m
down €1.4m (-76.0%), from €1.9m to €450,371
of which Other amounts receivable: -€1.5m
Equity and liabilities
- Debts after one year -€334,680
down €334,680 (-13.9%), from €2.4m to €2.1m
- Other debts +€258,689
up €258,689 (+10.3%), from €2.5m to €2.8m
- Trade debts +€133,125
up €133,125 (+5,323%), from €2,501 to €135,626
of which Suppliers: +€133,125
Income statement
- Financial income -€191,365
down €191,365 (-78.0%), from €245,343 to €53,978
- Financial charges -€190,066
down €190,066 (-54.6%), from €348,138 to €158,073
- Depreciation +€84,937
up €84,937 (+20.4%), from €417,195 to €502,132
- Gross operating margin +€58,367
up €58,367 (+9.0%), from €646,716 to €705,083
- Taxes -€17,779
down €17,779, from €17,726 to -€53
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.
Result 2024
€31,636
Gross operating margin
+€58,367
Staff costs
-€3,081
Depreciation
-€84,937
Other operating charges
-€684
Financial income
-€191,365
Financial charges
+€190,066
Taxes
+€17,779
Result 2025
€17,782
raises the resultlowers the result
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.
From operations
+€2.4m
Investment
-€2.1m
Financing
-€333,480
Cash 2024
€41,608
From operations (derived)
+€2.4m
Net result for the year
+€17,782
Depreciation
+€502,132
Receivables within one year
+€1.4m
Deferred charges and accrued income
-€28,027
Smaller working-capital items
+€713
Trade debts
+€133,125
Other debts
+€258,689
Accrued charges and deferred income
+€76,813
Investment (derived)
-€2.1m
Investment in fixed assets (net)
-€2.1m
Financing
-€333,480
Debts after one year
-€334,680
Current portion of long-term debt
+€6,040
Contributions, distributions and other
-€4,839
Cash 2025
€1,300
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,757,623 | €8,911,265 | +€153,642 | +1.8% |
| Fixed assets | 21/28 | €6,826,989 | €8,416,764 | +€1.6m | +23.3% |
| Tangible fixed assets | 22/27 | €5,502,232 | €7,092,007 | +€1.6m | +28.9% |
| Land and buildings | 22 | €5,464,555 | €7,001,674 | +€1.5m | +28.1% |
| Plant, machinery and equipment | 23 | €10,201 | €26,769 | +€16,567 | +162% |
| Furniture and vehicles | 24 | €27,476 | €63,564 | +€36,088 | +131% |
| Financial fixed assets | 28 | €1,324,757 | €1,324,757 | = | 0.0% |
| Current assets | 29/58 | €1,930,634 | €494,501 | -€1.4m | -74.4% |
| Amounts receivable within one year | 40/41 | €1,874,223 | €450,371 | -€1.4m | -76.0% |
| Trade receivables | 40 | €237,423 | €304,348 | +€66,924 | +28.2% |
| Other amounts receivable | 41 | €1,636,799 | €146,023 | -€1.5m | -91.1% |
| Cash at bank and in hand | 54/58 | €41,608 | €1,300 | -€40,308 | -96.9% |
| Deferred charges and accrued income | 490/1 | €14,803 | €42,830 | +€28,027 | +189% |
| Total equity and liabilities | 10/49 | €8,757,623 | €8,911,265 | +€153,642 | +1.8% |
| Equity | 10/15 | €3,186,374 | €3,199,316 | +€12,942 | +0.4% |
| Contributions | 10/11 | €136,695 | €136,695 | = | 0.0% |
| Capital | 10 | €136,695 | €136,695 | = | 0.0% |
| Issued capital | 100 | €136,695 | €136,695 | = | 0.0% |
| Reserves | 13 | €3,049,679 | €3,062,621 | +€12,942 | +0.4% |
| Non-distributable reserves | 130/1 | €145,124 | €145,124 | = | 0.0% |
| Legal reserve | 130 | €145,124 | €145,124 | = | 0.0% |
| Tax-exempt reserves | 132 | €64,407 | €57,148 | -€7,259 | -11.3% |
| Distributable reserves | 133 | €2,840,148 | €2,860,350 | +€20,202 | +0.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €21,452 | €19,032 | -€2,420 | -11.3% |
| Deferred taxes | 168 | €21,452 | €19,032 | -€2,420 | -11.3% |
| Amounts payable | 17/49 | €5,549,796 | €5,692,916 | +€143,120 | +2.6% |
| Amounts payable after more than one year | 17 | €2,404,845 | €2,070,164 | -€334,680 | -13.9% |
| Financial debts | 170/4 | €2,404,845 | €2,070,164 | -€334,680 | -13.9% |
| Amounts payable within one year | 42/48 | €3,115,144 | €3,516,131 | +€400,987 | +12.9% |
| Current portion of amounts payable after more than one year | 42 | €598,512 | €604,552 | +€6,040 | +1.0% |
| Trade debts | 44 | €2,501 | €135,626 | +€133,125 | +5,323% |
| Suppliers | 440/4 | €2,501 | €135,626 | +€133,125 | +5,323% |
| Bills of exchange payable | 441 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €7,761 | €10,893 | +€3,132 | +40.4% |
| Remuneration and social security | 454/9 | €7,761 | €10,893 | +€3,132 | +40.4% |
| Other amounts payable | 47/48 | €2,506,370 | €2,765,060 | +€258,689 | +10.3% |
| Accrued charges and deferred income | 492/3 | €29,808 | €106,621 | +€76,813 | +258% |
| Remuneration, social security and pensions | 62 | €58,702 | €61,784 | +€3,081 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €417,195 | €502,132 | +€84,937 | +20.4% |
| Other operating charges | 640/8 | €25,920 | €26,604 | +€684 | +2.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €646,716 | €705,083 | +€58,367 | +9.0% |
| Operating profit (loss) | 9901 | €144,899 | €114,564 | -€30,335 | -20.9% |
| Financial income | 75/76B | €245,343 | €53,978 | -€191,365 | -78.0% |
| Recurring financial income | 75 | €245,343 | €53,978 | -€191,365 | -78.0% |
| Financial charges | 65/66B | €348,138 | €158,073 | -€190,066 | -54.6% |
| Recurring financial charges | 65 | €348,138 | €158,073 | -€190,066 | -54.6% |
| Profit (loss) for the period before taxes | 9903 | €42,103 | €10,469 | -€31,634 | -75.1% |
| Transfer from deferred taxes | 780 | €7,259 | €7,259 | = | 0.0% |
| Income taxes | 67/77 | €17,726 | -€53 | -€17,779 | |
| Profit (loss) for the period | 9904 | €31,636 | €17,782 | -€13,855 | -43.8% |
| Transfer from tax-exempt reserves | 789 | €2,420 | €2,420 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34,056 | €20,202 | -€13,855 | -40.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.