VAULT ENGINEERING: 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.
VAULT ENGINEERING
Largest movements
- Intangible fixed assets -€21,098
down €21,098 (-20.8%), from €101,206 to €80,108
- Receivables within one year +€20,077
up €20,077 (+65.4%), from €30,683 to €50,760
of which Trade receivables: +€25,077
- Stocks and contracts +€11,656
new in 2025: €11,656
- Deferred charges and accrued income -€5,682
down €5,682 (-45.3%), from €12,544 to €6,862
- Cash +€3,802
up €3,802 (+17.4%), from €21,845 to €25,647
mainly Net result for the year (+€24,785) and Depreciation (+€24,167)
- Profit (loss) carried forward +€24,785
up €24,785 (+34.5%), from €71,902 to €96,687
- Debts after one year -€13,347
down €13,347 (-9.5%), from €140,598 to €127,251
- Current portion of long-term debt -€10,530
down €10,530 (-44.1%), from €23,877 to €13,347
- Other debts -€7,955
down €7,955 (-8.9%), from €89,004 to €81,048
- Tax, wage and social debts +€6,882
up €6,882 (+114.3%), from €6,019 to €12,901
of which Taxes: +€6,615
- Gross operating margin +€18,426
up €18,426 (+22.0%), from €83,706 to €102,132
- Staff costs +€5,297
up €5,297 (+12.4%), from €42,659 to €47,956
- Financial charges +€2,265
up €2,265 (+133.2%), from €1,701 to €3,965
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 | €366,231 | €371,916 | +€5,685 | +1.6% |
| Fixed assets | 21/28 | €301,158 | €276,991 | -€24,167 | -8.0% |
| Intangible fixed assets | 21 | €101,206 | €80,108 | -€21,098 | -20.8% |
| Tangible fixed assets | 22/27 | €6,137 | €3,069 | -€3,069 | -50.0% |
| Plant, machinery and equipment | 23 | €1,671 | €1,150 | -€521 | -31.2% |
| Furniture and vehicles | 24 | €4,466 | €1,919 | -€2,547 | -57.0% |
| Financial fixed assets | 28 | €193,815 | €193,815 | = | 0.0% |
| Current assets | 29/58 | €65,073 | €94,925 | +€29,852 | +45.9% |
| Stocks and contracts in progress | 3 | - | €11,656 | +€11,656 | |
| Stocks | 30/36 | - | €11,656 | +€11,656 | |
| Amounts receivable within one year | 40/41 | €30,683 | €50,760 | +€20,077 | +65.4% |
| Trade receivables | 40 | €25,683 | €50,760 | +€25,077 | +97.6% |
| Other amounts receivable | 41 | €5,000 | €0 | -€5,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €21,845 | €25,647 | +€3,802 | +17.4% |
| Deferred charges and accrued income | 490/1 | €12,544 | €6,862 | -€5,682 | -45.3% |
| Total equity and liabilities | 10/49 | €366,231 | €371,916 | +€5,685 | +1.6% |
| Equity | 10/15 | €90,494 | €115,279 | +€24,785 | +27.4% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,902 | €96,687 | +€24,785 | +34.5% |
| Amounts payable | 17/49 | €275,737 | €256,637 | -€19,100 | -6.9% |
| Amounts payable after more than one year | 17 | €140,598 | €127,251 | -€13,347 | -9.5% |
| Financial debts | 170/4 | €140,598 | €127,251 | -€13,347 | -9.5% |
| Amounts payable within one year | 42/48 | €132,723 | €126,794 | -€5,929 | -4.5% |
| Current portion of amounts payable after more than one year | 42 | €23,877 | €13,347 | -€10,530 | -44.1% |
| Trade debts | 44 | €13,823 | €19,497 | +€5,674 | +41.0% |
| Suppliers | 440/4 | €13,823 | €19,497 | +€5,674 | +41.0% |
| Taxes, remuneration and social security | 45 | €6,019 | €12,901 | +€6,882 | +114.3% |
| Taxes | 450/3 | €359 | €6,975 | +€6,615 | +1840.3% |
| Remuneration and social security | 454/9 | €5,660 | €5,927 | +€267 | +4.7% |
| Other amounts payable | 47/48 | €89,004 | €81,048 | -€7,955 | -8.9% |
| Accrued charges and deferred income | 492/3 | €2,416 | €2,592 | +€176 | +7.3% |
| Remuneration, social security and pensions | 62 | €42,659 | €47,956 | +€5,297 | +12.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €24,259 | €24,167 | -€92 | -0.4% |
| Other operating charges | 640/8 | €1,146 | €1,144 | -€2 | -0.2% |
| Gross operating margin | 9900 | €83,706 | €102,132 | +€18,426 | +22.0% |
| Operating profit (loss) | 9901 | €15,642 | €28,865 | +€13,224 | +84.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Non-recurring financial income | 76B | €0 | - | = | |
| Financial charges | 65/66B | €1,701 | €3,965 | +€2,265 | +133.2% |
| Recurring financial charges | 65 | €1,701 | €3,965 | +€2,265 | +133.2% |
| Profit (loss) for the period before taxes | 9903 | €13,941 | €24,900 | +€10,959 | +78.6% |
| Income taxes | 67/77 | - | €115 | +€115 | |
| Profit (loss) for the period | 9904 | €13,941 | €24,785 | +€10,844 | +77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €13,941 | €24,785 | +€10,844 | +77.8% |
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 7 October 2026 via checked.be.