VAULET: 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.
VAULET
Largest movements
- Receivables within one year +€139,801
up €139,801 (+29.3%), from €477,554 to €617,356
of which Trade receivables: +€127,535
- Cash -€100,966
down €100,966 (-21.8%), from €463,842 to €362,877
mainly Receivables within one year (-€139,801) and Investment in fixed assets (net) (-€123,556)
- Receivables after one year -€54,749
no longer reported in 2025 (was €54,749)
- Tangible fixed assets -€32,591
down €32,591 (-6.0%), from €541,869 to €509,278
of which Plant, machinery and equipment: -€39,913
- Stocks and contracts +€21,997
up €21,997 (+317%), from €6,930 to €28,927
- Other debts -€49,781
down €49,781 (-99.6%), from €50,000 to €219
- Trade debts +€46,245
up €46,245 (+13.8%), from €336,304 to €382,549
- Profit (loss) carried forward +€46,022
up €46,022 (+8.1%), from €569,569 to €615,590
- Debts after one year -€38,265
down €38,265 (-15.6%), from €245,128 to €206,863
- Gross operating margin -€160,303
down €160,303 (-27.7%), from €578,514 to €418,211
- Taxes -€50,359
down €50,359 (-93.1%), from €54,104 to €3,746
- Depreciation +€29,148
up €29,148 (+23.3%), from €124,922 to €154,070
- Financial income +€20,535
up €20,535 (+204%), from €10,066 to €30,601
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 | €1,573,866 | €1,556,728 | -€17,139 | -1.1% |
| Fixed assets | 21/28 | €551,391 | €520,877 | -€30,514 | -5.5% |
| Intangible fixed assets | 21 | - | €2,077 | +€2,077 | |
| Tangible fixed assets | 22/27 | €541,869 | €509,278 | -€32,591 | -6.0% |
| Land and buildings | 22 | €174,069 | €198,189 | +€24,119 | +13.9% |
| Plant, machinery and equipment | 23 | €184,978 | €145,065 | -€39,913 | -21.6% |
| Furniture and vehicles | 24 | €182,822 | €166,025 | -€16,797 | -9.2% |
| Financial fixed assets | 28 | €9,522 | €9,522 | = | 0.0% |
| Current assets | 29/58 | €1,022,476 | €1,035,851 | +€13,376 | +1.3% |
| Amounts receivable after more than one year | 29 | €54,749 | - | -€54,749 | |
| Other amounts receivable | 291 | €54,749 | - | -€54,749 | |
| Stocks and contracts in progress | 3 | €6,930 | €28,927 | +€21,997 | +317% |
| Stocks | 30/36 | €6,930 | €28,927 | +€21,997 | +317% |
| Amounts receivable within one year | 40/41 | €477,554 | €617,356 | +€139,801 | +29.3% |
| Trade receivables | 40 | €396,073 | €523,608 | +€127,535 | +32.2% |
| Other amounts receivable | 41 | €81,481 | €93,748 | +€12,267 | +15.1% |
| Cash at bank and in hand | 54/58 | €463,842 | €362,877 | -€100,966 | -21.8% |
| Deferred charges and accrued income | 490/1 | €19,400 | €26,692 | +€7,292 | +37.6% |
| Total equity and liabilities | 10/49 | €1,573,866 | €1,556,728 | -€17,139 | -1.1% |
| Equity | 10/15 | €813,819 | €860,308 | +€46,489 | +5.7% |
| Contributions | 10/11 | €75,600 | €75,600 | = | 0.0% |
| Reserves | 13 | €168,650 | €161,600 | -€7,050 | -4.2% |
| Tax-exempt reserves | 132 | €157,749 | €150,699 | -€7,050 | -4.5% |
| Distributable reserves | 133 | €10,902 | €10,902 | = | 0.0% |
| Profit (loss) carried forward | 14 | €569,569 | €615,590 | +€46,022 | +8.1% |
| Investment grants | 15 | - | €7,517 | +€7,517 | |
| Provisions and deferred taxes | 16 | €3,466 | €1,116 | -€2,350 | -67.8% |
| Deferred taxes | 168 | €3,466 | €1,116 | -€2,350 | -67.8% |
| Amounts payable | 17/49 | €756,581 | €695,303 | -€61,278 | -8.1% |
| Amounts payable after more than one year | 17 | €245,128 | €206,863 | -€38,265 | -15.6% |
| Financial debts | 170/4 | €245,128 | €206,863 | -€38,265 | -15.6% |
| Amounts payable within one year | 42/48 | €505,238 | €488,440 | -€16,798 | -3.3% |
| Current portion of amounts payable after more than one year | 42 | €118,565 | €105,418 | -€13,147 | -11.1% |
| Trade debts | 44 | €336,304 | €382,549 | +€46,245 | +13.8% |
| Suppliers | 440/4 | €336,304 | €382,549 | +€46,245 | +13.8% |
| Taxes, remuneration and social security | 45 | €368 | €254 | -€115 | -31.1% |
| Taxes | 450/3 | €368 | €16 | -€352 | -95.6% |
| Remuneration and social security | 454/9 | - | €238 | +€238 | |
| Other amounts payable | 47/48 | €50,000 | €219 | -€49,781 | -99.6% |
| Accrued charges and deferred income | 492/3 | €6,216 | - | -€6,216 | |
| Remuneration, social security and pensions | 62 | €228,355 | €229,941 | +€1,586 | +0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,922 | €154,070 | +€29,148 | +23.3% |
| Other operating charges | 640/8 | €12,474 | €11,659 | -€816 | -6.5% |
| Non-recurring operating charges | 66A | - | €1,541 | +€1,541 | |
| Gross operating margin | 9900 | €578,514 | €418,211 | -€160,303 | -27.7% |
| Operating profit (loss) | 9901 | €212,763 | €21,001 | -€191,762 | -90.1% |
| Financial income | 75/76B | €10,066 | €30,601 | +€20,535 | +204% |
| Recurring financial income | 75 | €10,066 | €30,601 | +€20,535 | +204% |
| Financial charges | 65/66B | €10,217 | €11,234 | +€1,017 | +10.0% |
| Recurring financial charges | 65 | €10,217 | €11,234 | +€1,017 | +10.0% |
| Profit (loss) for the period before taxes | 9903 | €212,612 | €40,367 | -€172,244 | -81.0% |
| Transfer from deferred taxes | 780 | €2,350 | €2,350 | = | 0.0% |
| Income taxes | 67/77 | €54,104 | €3,746 | -€50,359 | -93.1% |
| Profit (loss) for the period | 9904 | €160,858 | €38,972 | -€121,886 | -75.8% |
| Transfer from tax-exempt reserves | 789 | €7,050 | €7,050 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €167,908 | €46,022 | -€121,886 | -72.6% |
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 15 October 2026 via checked.be.