VATO: 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.
VATO
Largest movements
- Cash +€163,770
up €163,770 (+70.7%), from €231,701 to €395,472
mainly Net result for the year (+€238,185) and Tax, wage and social debts (+€21,752)
- Receivables within one year +€125,421
up €125,421 (+12.8%), from €981,098 to €1.1m
of which Other amounts receivable: +€140,008
- Tangible fixed assets -€21,242
down €21,242 (-100.0%), from €21,242 to €0
- Reserves +€238,185
up €238,185 (+28.0%), from €849,565 to €1.1m
- Tax, wage and social debts +€21,752
up €21,752 (+104.8%), from €20,761 to €42,513
of which Taxes: +€23,302
- Other debts +€15,731
up €15,731 (+5.7%), from €276,993 to €292,724
- Gross operating margin +€95,923
up €95,923 (+110.3%), from €86,937 to €182,860
- Taxes +€30,334
up €30,334 (+80.6%), from €37,632 to €67,967
- Financial income +€12,109
up €12,109 (+9.1%), from €132,897 to €145,006
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 | €1,255,715 | €1,523,665 | +€267,950 | +21.3% |
| Fixed assets | 21/28 | €42,916 | €21,674 | -€21,242 | -49.5% |
| Tangible fixed assets | 22/27 | €21,242 | €0 | -€21,242 | -100.0% |
| Furniture and vehicles | 24 | €21,242 | €0 | -€21,242 | -100.0% |
| Financial fixed assets | 28 | €21,674 | €21,674 | = | 0.0% |
| Current assets | 29/58 | €1,212,799 | €1,501,991 | +€289,192 | +23.8% |
| Amounts receivable within one year | 40/41 | €981,098 | €1,106,519 | +€125,421 | +12.8% |
| Trade receivables | 40 | €30,921 | €16,335 | -€14,586 | -47.2% |
| Other amounts receivable | 41 | €950,177 | €1,090,184 | +€140,008 | +14.7% |
| Cash at bank and in hand | 54/58 | €231,701 | €395,472 | +€163,770 | +70.7% |
| Total equity and liabilities | 10/49 | €1,255,715 | €1,523,665 | +€267,950 | +21.3% |
| Equity | 10/15 | €949,565 | €1,187,750 | +€238,185 | +25.1% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €849,565 | €1,087,750 | +€238,185 | +28.0% |
| Distributable reserves | 133 | €849,565 | €1,087,750 | +€238,185 | +28.0% |
| Amounts payable | 17/49 | €306,150 | €335,915 | +€29,765 | +9.7% |
| Amounts payable within one year | 42/48 | €304,650 | €335,915 | +€31,265 | +10.3% |
| Trade debts | 44 | €6,896 | €678 | -€6,218 | -90.2% |
| Suppliers | 440/4 | €6,896 | €678 | -€6,218 | -90.2% |
| Taxes, remuneration and social security | 45 | €20,761 | €42,513 | +€21,752 | +104.8% |
| Taxes | 450/3 | €17,161 | €40,463 | +€23,302 | +135.8% |
| Remuneration and social security | 454/9 | €3,600 | €2,050 | -€1,550 | -43.1% |
| Other amounts payable | 47/48 | €276,993 | €292,724 | +€15,731 | +5.7% |
| Accrued charges and deferred income | 492/3 | €1,500 | €0 | -€1,500 | -100.0% |
| Non-recurring operating income | 76A | - | €13,758 | +€13,758 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,358 | €0 | -€1,358 | -100.0% |
| Other operating charges | 640/8 | €992 | €904 | -€88 | -8.9% |
| Gross operating margin | 9900 | €86,937 | €182,860 | +€95,923 | +110.3% |
| Operating profit (loss) | 9901 | €84,587 | €181,957 | +€97,370 | +115.1% |
| Financial income | 75/76B | €132,897 | €145,006 | +€12,109 | +9.1% |
| Recurring financial income | 75 | €132,897 | €145,006 | +€12,109 | +9.1% |
| Financial charges | 65/66B | €22,086 | €20,811 | -€1,275 | -5.8% |
| Recurring financial charges | 65 | €22,086 | €20,811 | -€1,275 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €195,398 | €306,151 | +€110,753 | +56.7% |
| Income taxes | 67/77 | €37,632 | €67,967 | +€30,334 | +80.6% |
| Profit (loss) for the period | 9904 | €157,766 | €238,185 | +€80,419 | +51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €157,766 | €238,185 | +€80,419 | +51.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.