VATORE: 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.
VATORE
Largest movements
- Cash +€47,785
up €47,785 (+121%), from €39,335 to €87,119
mainly Net result for the year (+€62,539) and Tax, wage and social debts (+€16,543)
- Receivables within one year +€45,869
up €45,869 (+296%), from €15,484 to €61,353
of which Trade receivables: +€44,895
- Tangible fixed assets +€4,390
up €4,390 (+43.7%), from €10,052 to €14,442
of which Furniture and vehicles: +€4,900
- Deferred charges and accrued income +€2,750
up €2,750 (+147%), from €1,876 to €4,625
- Current investments +€2,000
new in 2025: €2,000
- Reserves +€61,706
up €61,706 (+123%), from €50,082 to €111,788
- Tax, wage and social debts +€16,543
up €16,543 (+365%), from €4,536 to €21,079
of which Taxes: +€8,928
- Accrued charges and deferred income +€13,572
up €13,572 (+509%), from €2,665 to €16,237
- Other debts +€10,646
up €10,646 (+1,278%), from €833 to €11,479
- Trade debts +€2,050
up €2,050 (+112%), from €1,835 to €3,885
- Gross operating margin +€76,514
up €76,514 (+114%), from €66,854 to €143,368
- Staff costs +€55,031
new in 2025: €55,031
- Taxes +€3,687
up €3,687 (+27.2%), from €13,565 to €17,252
- Depreciation +€3,329
up €3,329 (+194%), from €1,714 to €5,044
- Financial charges +€2,314
up €2,314 (+765%), from €302 to €2,616
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 | €67,451 | €170,364 | +€102,913 | +153% |
| Fixed assets | 21/28 | €10,757 | €15,267 | +€4,510 | +41.9% |
| Tangible fixed assets | 22/27 | €10,052 | €14,442 | +€4,390 | +43.7% |
| Plant, machinery and equipment | 23 | €2,265 | €1,756 | -€510 | -22.5% |
| Furniture and vehicles | 24 | €7,786 | €12,686 | +€4,900 | +62.9% |
| Financial fixed assets | 28 | €705 | €825 | +€120 | +17.0% |
| Current assets | 29/58 | €56,694 | €155,097 | +€98,403 | +174% |
| Amounts receivable within one year | 40/41 | €15,484 | €61,353 | +€45,869 | +296% |
| Trade receivables | 40 | €13,049 | €57,944 | +€44,895 | +344% |
| Other amounts receivable | 41 | €2,435 | €3,409 | +€973 | +40.0% |
| Current investments | 50/53 | - | €2,000 | +€2,000 | |
| Cash at bank and in hand | 54/58 | €39,335 | €87,119 | +€47,785 | +121% |
| Deferred charges and accrued income | 490/1 | €1,876 | €4,625 | +€2,750 | +147% |
| Total equity and liabilities | 10/49 | €67,451 | €170,364 | +€102,913 | +153% |
| Equity | 10/15 | €52,582 | €114,288 | +€61,706 | +117% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €50,082 | €111,788 | +€61,706 | +123% |
| Distributable reserves | 133 | €50,082 | €111,788 | +€61,706 | +123% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €14,868 | €56,076 | +€41,207 | +277% |
| Amounts payable after more than one year | 17 | €3,396 | €1,730 | -€1,666 | -49.1% |
| Financial debts | 170/4 | €3,396 | €1,730 | -€1,666 | -49.1% |
| Amounts payable within one year | 42/48 | €8,808 | €38,109 | +€29,301 | +333% |
| Current portion of amounts payable after more than one year | 42 | €1,604 | €1,666 | +€62 | +3.8% |
| Trade debts | 44 | €1,835 | €3,885 | +€2,050 | +112% |
| Suppliers | 440/4 | €1,835 | €3,885 | +€2,050 | +112% |
| Taxes, remuneration and social security | 45 | €4,536 | €21,079 | +€16,543 | +365% |
| Taxes | 450/3 | €4,536 | €13,464 | +€8,928 | +197% |
| Remuneration and social security | 454/9 | - | €7,615 | +€7,615 | |
| Other amounts payable | 47/48 | €833 | €11,479 | +€10,646 | +1,278% |
| Accrued charges and deferred income | 492/3 | €2,665 | €16,237 | +€13,572 | +509% |
| Remuneration, social security and pensions | 62 | - | €55,031 | +€55,031 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,714 | €5,044 | +€3,329 | +194% |
| Other operating charges | 640/8 | €457 | €975 | +€518 | +113% |
| Gross operating margin | 9900 | €66,854 | €143,368 | +€76,514 | +114% |
| Operating profit (loss) | 9901 | €64,682 | €82,319 | +€17,636 | +27.3% |
| Financial income | 75/76B | €100 | €89 | -€11 | -10.8% |
| Recurring financial income | 75 | €100 | €89 | -€11 | -10.8% |
| Financial charges | 65/66B | €302 | €2,616 | +€2,314 | +765% |
| Recurring financial charges | 65 | €302 | €2,616 | +€2,314 | +765% |
| Profit (loss) for the period before taxes | 9903 | €64,480 | €79,791 | +€15,311 | +23.7% |
| Income taxes | 67/77 | €13,565 | €17,252 | +€3,687 | +27.2% |
| Profit (loss) for the period | 9904 | €50,915 | €62,539 | +€11,624 | +22.8% |
| Profit (loss) for the period to be appropriated | 9905 | €50,915 | €62,539 | +€11,624 | +22.8% |
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 17 October 2026 via checked.be.