VATRACO: 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.
VATRACO
Largest movements
- Receivables within one year +€81,837
up €81,837 (+157%), from €52,094 to €133,930
of which Trade receivables: +€88,483
- Cash +€15,521
up €15,521 (+3.2%), from €482,624 to €498,145
mainly Net result for the year (+€104,462) and Depreciation (+€12,475)
- Reserves +€104,462
up €104,462 (+20.4%), from €513,286 to €617,748
- Trade debts -€7,175
down €7,175 (-50.6%), from €14,166 to €6,991
- Gross operating margin +€120,304
up €120,304 (+256%), from €46,986 to €167,291
- Taxes +€37,666
up €37,666 (+316%), from €11,903 to €49,570
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 | €558,364 | €653,614 | +€95,250 | +17.1% |
| Fixed assets | 21/28 | €22,537 | €20,326 | -€2,211 | -9.8% |
| Tangible fixed assets | 22/27 | €22,537 | €20,326 | -€2,211 | -9.8% |
| Plant, machinery and equipment | 23 | €3,090 | €3,341 | +€251 | +8.1% |
| Furniture and vehicles | 24 | €19,447 | €16,985 | -€2,462 | -12.7% |
| Current assets | 29/58 | €535,827 | €633,288 | +€97,461 | +18.2% |
| Amounts receivable within one year | 40/41 | €52,094 | €133,930 | +€81,837 | +157% |
| Trade receivables | 40 | €45,017 | €133,500 | +€88,483 | +197% |
| Other amounts receivable | 41 | €7,077 | €430 | -€6,646 | -93.9% |
| Cash at bank and in hand | 54/58 | €482,624 | €498,145 | +€15,521 | +3.2% |
| Deferred charges and accrued income | 490/1 | €1,110 | €1,212 | +€103 | +9.3% |
| Total equity and liabilities | 10/49 | €558,364 | €653,614 | +€95,250 | +17.1% |
| Equity | 10/15 | €519,486 | €623,948 | +€104,462 | +20.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €513,286 | €617,748 | +€104,462 | +20.4% |
| Distributable reserves | 133 | €513,286 | €617,748 | +€104,462 | +20.4% |
| Amounts payable | 17/49 | €38,878 | €29,665 | -€9,213 | -23.7% |
| Amounts payable within one year | 42/48 | €38,878 | €29,665 | -€9,213 | -23.7% |
| Trade debts | 44 | €14,166 | €6,991 | -€7,175 | -50.6% |
| Suppliers | 440/4 | €14,166 | €6,991 | -€7,175 | -50.6% |
| Taxes, remuneration and social security | 45 | €15,899 | €13,144 | -€2,756 | -17.3% |
| Taxes | 450/3 | €15,899 | €13,144 | -€2,756 | -17.3% |
| Other amounts payable | 47/48 | €8,813 | €9,531 | +€718 | +8.1% |
| Non-recurring operating income | 76A | - | €1,003 | +€1,003 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,883 | €12,475 | -€408 | -3.2% |
| Other operating charges | 640/8 | €1,180 | €1,317 | +€137 | +11.6% |
| Gross operating margin | 9900 | €46,986 | €167,291 | +€120,304 | +256% |
| Operating profit (loss) | 9901 | €32,923 | €153,498 | +€120,575 | +366% |
| Financial income | 75/76B | - | €606 | +€606 | |
| Recurring financial income | 75 | - | €606 | +€606 | |
| Financial charges | 65/66B | €61 | €72 | +€11 | +18.2% |
| Recurring financial charges | 65 | €61 | €72 | +€11 | +18.2% |
| Profit (loss) for the period before taxes | 9903 | €32,862 | €154,032 | +€121,170 | +369% |
| Income taxes | 67/77 | €11,903 | €49,570 | +€37,666 | +316% |
| Profit (loss) for the period | 9904 | €20,959 | €104,462 | +€83,503 | +398% |
| Profit (loss) for the period to be appropriated | 9905 | €20,959 | €104,462 | +€83,503 | +398% |
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.