VAUT: 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.
VAUT
Largest movements
- Cash +€25,547
up €25,547 (+20.0%), from €127,482 to €153,030
mainly Net result for the year (+€39,001) and Depreciation (+€8,207)
- Receivables within one year +€15,669
up €15,669 (+132.9%), from €11,793 to €27,462
of which Trade receivables: +€17,367
- Tangible fixed assets -€8,207
down €8,207 (-8.2%), from €99,929 to €91,722
of which Other tangible fixed assets: -€7,534
- Reserves +€39,001
up €39,001 (+28.7%), from €135,986 to €174,987
- Debts after one year -€13,828
down €13,828 (-40.8%), from €33,871 to €20,043
- Tax, wage and social debts +€5,595
up €5,595 (+54.0%), from €10,358 to €15,953
- Gross operating margin +€20,496
up €20,496 (+42.9%), from €47,810 to €68,306
- Taxes +€5,814
up €5,814 (+59.9%), from €9,712 to €15,526
- Financial charges -€1,078
down €1,078 (-20.3%), from €5,308 to €4,229
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €245,581 | €276,167 | +€30,586 | +12.5% |
| Fixed assets | 21/28 | €99,929 | €91,722 | -€8,207 | -8.2% |
| Tangible fixed assets | 22/27 | €99,929 | €91,722 | -€8,207 | -8.2% |
| Furniture and vehicles | 24 | €1,983 | €1,311 | -€672 | -33.9% |
| Other tangible fixed assets | 26 | €97,945 | €90,411 | -€7,534 | -7.7% |
| Current assets | 29/58 | €145,652 | €184,445 | +€38,792 | +26.6% |
| Stocks and contracts in progress | 3 | €5,299 | €3,044 | -€2,255 | -42.6% |
| Stocks | 30/36 | €5,299 | €3,044 | -€2,255 | -42.6% |
| Amounts receivable within one year | 40/41 | €11,793 | €27,462 | +€15,669 | +132.9% |
| Trade receivables | 40 | €10,096 | €27,462 | +€17,367 | +172.0% |
| Other amounts receivable | 41 | €1,697 | €0 | -€1,697 | -100.0% |
| Cash at bank and in hand | 54/58 | €127,482 | €153,030 | +€25,547 | +20.0% |
| Deferred charges and accrued income | 490/1 | €1,078 | €909 | -€169 | -15.7% |
| Total equity and liabilities | 10/49 | €245,581 | €276,167 | +€30,586 | +12.5% |
| Equity | 10/15 | €148,386 | €187,387 | +€39,001 | +26.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €135,986 | €174,987 | +€39,001 | +28.7% |
| Distributable reserves | 133 | €135,986 | €174,987 | +€39,001 | +28.7% |
| Amounts payable | 17/49 | €97,195 | €88,779 | -€8,416 | -8.7% |
| Amounts payable after more than one year | 17 | €33,871 | €20,043 | -€13,828 | -40.8% |
| Financial debts | 170/4 | €33,871 | €20,043 | -€13,828 | -40.8% |
| Amounts payable within one year | 42/48 | €62,509 | €67,921 | +€5,413 | +8.7% |
| Current portion of amounts payable after more than one year | 42 | €13,569 | €13,828 | +€259 | +1.9% |
| Financial debts | 43 | €109 | €0 | -€109 | -100.0% |
| Credit institutions | 430/8 | €109 | €0 | -€109 | -100.0% |
| Trade debts | 44 | €2,473 | €1,676 | -€797 | -32.2% |
| Suppliers | 440/4 | €2,473 | €1,676 | -€797 | -32.2% |
| Taxes, remuneration and social security | 45 | €10,358 | €15,953 | +€5,595 | +54.0% |
| Taxes | 450/3 | €10,358 | €15,953 | +€5,595 | +54.0% |
| Other amounts payable | 47/48 | €35,999 | €36,464 | +€465 | +1.3% |
| Accrued charges and deferred income | 492/3 | €815 | €815 | = | 0.0% |
| Non-recurring operating income | 76A | €7,500 | €0 | -€7,500 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,156 | €8,207 | +€50 | +0.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €1,677 | €1,873 | +€197 | +11.7% |
| Gross operating margin | 9900 | €47,810 | €68,306 | +€20,496 | +42.9% |
| Operating profit (loss) | 9901 | €37,977 | €58,226 | +€20,249 | +53.3% |
| Financial income | 75/76B | €387 | €531 | +€144 | +37.3% |
| Recurring financial income | 75 | €387 | €531 | +€144 | +37.3% |
| Financial charges | 65/66B | €5,308 | €4,229 | -€1,078 | -20.3% |
| Recurring financial charges | 65 | €5,308 | €4,229 | -€1,078 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €33,056 | €54,528 | +€21,471 | +65.0% |
| Income taxes | 67/77 | €9,712 | €15,526 | +€5,814 | +59.9% |
| Profit (loss) for the period | 9904 | €23,344 | €39,001 | +€15,657 | +67.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,344 | €39,001 | +€15,657 | +67.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.