VAUBAN: 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.
VAUBAN
Largest movements
- Receivables within one year +€2.0m
up €2.0m (+69.3%), from €2.9m to €5.0m
of which Other amounts receivable: +€2.1m
- Tangible fixed assets -€179,633
down €179,633 (-3.3%), from €5.4m to €5.2m
of which Land and buildings: -€201,427
- Other debts +€1.7m
up €1.7m (+330.0%), from €500,000 to €2.2m
- Trade debts +€206,351
up €206,351 (+54.4%), from €379,496 to €585,848
- Gross operating margin -€238,751
down €238,751 (-30.9%), from €771,818 to €533,067
- Depreciation +€22,751
up €22,751 (+11.1%), from €204,133 to €226,883
- Financial income -€20,848
down €20,848 (-12.5%), from €166,844 to €145,996
- Taxes -€11,629
down €11,629 (-23.8%), from €48,801 to €37,172
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 | €8,668,791 | €10,502,727 | +€1.8m | +21.2% |
| Fixed assets | 21/28 | €5,490,808 | €5,311,175 | -€179,633 | -3.3% |
| Tangible fixed assets | 22/27 | €5,391,808 | €5,212,175 | -€179,633 | -3.3% |
| Land and buildings | 22 | €5,310,388 | €5,108,961 | -€201,427 | -3.8% |
| Plant, machinery and equipment | 23 | €322 | - | -€322 | |
| Furniture and vehicles | 24 | €81,097 | €55,964 | -€25,134 | -31.0% |
| Other tangible fixed assets | 26 | - | €47,250 | +€47,250 | |
| Financial fixed assets | 28 | €99,000 | €99,000 | = | 0.0% |
| Current assets | 29/58 | €3,177,983 | €5,191,553 | +€2.0m | +63.4% |
| Amounts receivable within one year | 40/41 | €2,944,820 | €4,985,978 | +€2.0m | +69.3% |
| Trade receivables | 40 | €56,386 | €23,584 | -€32,801 | -58.2% |
| Other amounts receivable | 41 | €2,888,434 | €4,962,393 | +€2.1m | +71.8% |
| Cash at bank and in hand | 54/58 | €63,869 | €58,156 | -€5,713 | -8.9% |
| Deferred charges and accrued income | 490/1 | €169,294 | €147,419 | -€21,875 | -12.9% |
| Total equity and liabilities | 10/49 | €8,668,791 | €10,502,727 | +€1.8m | +21.2% |
| Equity | 10/15 | €7,733,656 | €7,688,104 | -€45,551 | -0.6% |
| Contributions | 10/11 | €7,000,000 | €7,000,000 | = | 0.0% |
| Capital | 10 | €7,000,000 | €7,000,000 | = | 0.0% |
| Issued capital | 100 | €7,000,000 | €7,000,000 | = | 0.0% |
| Reserves | 13 | €138,609 | €153,831 | +€15,222 | +11.0% |
| Non-distributable reserves | 130/1 | €138,160 | €153,383 | +€15,222 | +11.0% |
| Legal reserve | 130 | €138,160 | €153,383 | +€15,222 | +11.0% |
| Tax-exempt reserves | 132 | €449 | €449 | = | 0.0% |
| Profit (loss) carried forward | 14 | €595,047 | €534,273 | -€60,774 | -10.2% |
| Amounts payable | 17/49 | €935,135 | €2,814,623 | +€1.9m | +201.0% |
| Amounts payable after more than one year | 17 | €2,806 | €2,806 | = | 0.0% |
| Financial debts | 170/4 | €2,806 | €2,806 | = | 0.0% |
| Amounts payable within one year | 42/48 | €932,329 | €2,811,817 | +€1.9m | +201.6% |
| Trade debts | 44 | €379,496 | €585,848 | +€206,351 | +54.4% |
| Suppliers | 440/4 | €379,496 | €585,848 | +€206,351 | +54.4% |
| Taxes, remuneration and social security | 45 | €52,833 | €75,970 | +€23,137 | +43.8% |
| Taxes | 450/3 | €52,833 | €75,970 | +€23,137 | +43.8% |
| Other amounts payable | 47/48 | €500,000 | €2,150,000 | +€1.7m | +330.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204,133 | €226,883 | +€22,751 | +11.1% |
| Other operating charges | 640/8 | €107,812 | €110,204 | +€2,392 | +2.2% |
| Gross operating margin | 9900 | €771,818 | €533,067 | -€238,751 | -30.9% |
| Operating profit (loss) | 9901 | €459,874 | €195,980 | -€263,894 | -57.4% |
| Financial income | 75/76B | €166,844 | €145,996 | -€20,848 | -12.5% |
| Recurring financial income | 75 | €166,844 | €145,996 | -€20,848 | -12.5% |
| Financial charges | 65/66B | €242 | €355 | +€113 | +46.9% |
| Recurring financial charges | 65 | €242 | €355 | +€113 | +46.9% |
| Profit (loss) for the period before taxes | 9903 | €626,476 | €341,621 | -€284,856 | -45.5% |
| Income taxes | 67/77 | €48,801 | €37,172 | -€11,629 | -23.8% |
| Profit (loss) for the period | 9904 | €577,676 | €304,449 | -€273,227 | -47.3% |
| Profit (loss) for the period to be appropriated | 9905 | €577,676 | €304,449 | -€273,227 | -47.3% |
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 6 October 2026 via checked.be.