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
- Cash -€80,641
down €80,641 (-72.0%), from €112,048 to €31,407
mainly Contributions, distributions and other (-€192,954) and Other debts (-€5,555)
- Receivables within one year -€18,800
down €18,800 (-4.1%), from €461,200 to €442,400
- Reserves -€96,967
down €96,967 (-21.1%), from €460,484 to €363,517
- Gross operating margin +€3,323
up €3,323 (+2.6%), from €129,028 to €132,351
- Taxes +€2,044
up €2,044 (+4.7%), from €43,811 to €45,855
- Depreciation -€1,988
down €1,988 (-50.5%), from €3,934 to €1,945
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 | €575,193 | €473,807 | -€101,386 | -17.6% |
| Fixed assets | 21/28 | €1,945 | €0 | -€1,945 | -100.0% |
| Tangible fixed assets | 22/27 | €1,945 | €0 | -€1,945 | -100.0% |
| Furniture and vehicles | 24 | €1,945 | €0 | -€1,945 | -100.0% |
| Current assets | 29/58 | €573,248 | €473,807 | -€99,441 | -17.3% |
| Amounts receivable within one year | 40/41 | €461,200 | €442,400 | -€18,800 | -4.1% |
| Other amounts receivable | 41 | €461,200 | €442,400 | -€18,800 | -4.1% |
| Cash at bank and in hand | 54/58 | €112,048 | €31,407 | -€80,641 | -72.0% |
| Total equity and liabilities | 10/49 | €575,193 | €473,807 | -€101,386 | -17.6% |
| Equity | 10/15 | €466,684 | €369,717 | -€96,967 | -20.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €460,484 | €363,517 | -€96,967 | -21.1% |
| Distributable reserves | 133 | €460,484 | €363,517 | -€96,967 | -21.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €108,509 | €104,090 | -€4,419 | -4.1% |
| Amounts payable within one year | 42/48 | €102,302 | €98,682 | -€3,620 | -3.5% |
| Taxes, remuneration and social security | 45 | €23,140 | €25,075 | +€1,935 | +8.4% |
| Taxes | 450/3 | €23,140 | €25,075 | +€1,935 | +8.4% |
| Other amounts payable | 47/48 | €79,162 | €73,607 | -€5,555 | -7.0% |
| Accrued charges and deferred income | 492/3 | €6,207 | €5,408 | -€799 | -12.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,934 | €1,945 | -€1,988 | -50.5% |
| Other operating charges | 640/8 | €479 | €519 | +€40 | +8.3% |
| Gross operating margin | 9900 | €129,028 | €132,351 | +€3,323 | +2.6% |
| Operating profit (loss) | 9901 | €124,615 | €129,887 | +€5,271 | +4.2% |
| Financial income | 75/76B | €16,200 | €17,400 | +€1,200 | +7.4% |
| Recurring financial income | 75 | €16,200 | €17,400 | +€1,200 | +7.4% |
| Financial charges | 65/66B | €6,289 | €5,445 | -€844 | -13.4% |
| Recurring financial charges | 65 | €6,289 | €5,445 | -€844 | -13.4% |
| Profit (loss) for the period before taxes | 9903 | €134,526 | €141,842 | +€7,315 | +5.4% |
| Income taxes | 67/77 | €43,811 | €45,855 | +€2,044 | +4.7% |
| Profit (loss) for the period | 9904 | €90,716 | €95,987 | +€5,271 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €90,716 | €95,987 | +€5,271 | +5.8% |
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 9 October 2026 via checked.be.