VAVAKO: 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.
VAVAKO
Largest movements
- Receivables after one year -€9,813
down €9,813 (-1.7%), from €580,298 to €570,485
- Cash -€7,364
down €7,364 (-57.3%), from €12,860 to €5,496
mainly Contributions, distributions and other (-€145,916) and Tax, wage and social debts (-€12,529)
- Other debts +€108,148
up €108,148 (+286.3%), from €37,768 to €145,916
- Reserves -€102,749
down €102,749 (-38.4%), from €267,613 to €164,864
of which Distributable reserves: -€102,749
- Tax, wage and social debts -€12,529
down €12,529 (-24.1%), from €51,984 to €39,455
- Debts after one year -€8,850
down €8,850 (-12.5%), from €70,814 to €61,964
- Gross operating margin -€29,789
down €29,789 (-32.1%), from €92,891 to €63,103
- Taxes -€9,643
down €9,643 (-30.5%), from €31,602 to €21,959
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 | €645,106 | €626,012 | -€19,094 | -3.0% |
| Fixed assets | 21/28 | €314 | €1,170 | +€856 | +272.6% |
| Tangible fixed assets | 22/27 | €314 | €1,170 | +€856 | +272.6% |
| Furniture and vehicles | 24 | €314 | €1,170 | +€856 | +272.6% |
| Current assets | 29/58 | €644,792 | €624,842 | -€19,950 | -3.1% |
| Amounts receivable after more than one year | 29 | €580,298 | €570,485 | -€9,813 | -1.7% |
| Other amounts receivable | 291 | €580,298 | €570,485 | -€9,813 | -1.7% |
| Stocks and contracts in progress | 3 | €1,938 | €0 | -€1,938 | -100.0% |
| Stocks | 30/36 | €1,938 | €0 | -€1,938 | -100.0% |
| Amounts receivable within one year | 40/41 | €34,697 | €38,861 | +€4,164 | +12.0% |
| Trade receivables | 40 | €14,772 | €19,637 | +€4,865 | +32.9% |
| Other amounts receivable | 41 | €19,924 | €19,224 | -€701 | -3.5% |
| Cash at bank and in hand | 54/58 | €12,860 | €5,496 | -€7,364 | -57.3% |
| Deferred charges and accrued income | 490/1 | €15,000 | €10,000 | -€5,000 | -33.3% |
| Total equity and liabilities | 10/49 | €645,106 | €626,012 | -€19,094 | -3.0% |
| Equity | 10/15 | €412,636 | €309,886 | -€102,749 | -24.9% |
| Contributions | 10/11 | €16,677 | €16,677 | = | 0.0% |
| Reserves | 13 | €267,613 | €164,864 | -€102,749 | -38.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €267,613 | €164,864 | -€102,749 | -38.4% |
| Profit (loss) carried forward | 14 | €128,345 | €128,345 | = | 0.0% |
| Provisions and deferred taxes | 16 | €48,000 | €48,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €48,000 | €48,000 | = | 0.0% |
| Pensions and similar obligations | 160 | €48,000 | €48,000 | = | 0.0% |
| Amounts payable | 17/49 | €184,471 | €268,126 | +€83,655 | +45.3% |
| Amounts payable after more than one year | 17 | €70,814 | €61,964 | -€8,850 | -12.5% |
| Financial debts | 170/4 | €70,814 | €61,964 | -€8,850 | -12.5% |
| Amounts payable within one year | 42/48 | €113,530 | €206,161 | +€92,631 | +81.6% |
| Current portion of amounts payable after more than one year | 42 | €8,232 | €8,850 | +€617 | +7.5% |
| Financial debts | 43 | €7,358 | €3,258 | -€4,101 | -55.7% |
| Credit institutions | 430/8 | €7,358 | €3,258 | -€4,101 | -55.7% |
| Trade debts | 44 | €8,187 | €8,682 | +€495 | +6.0% |
| Suppliers | 440/4 | €8,187 | €8,682 | +€495 | +6.0% |
| Taxes, remuneration and social security | 45 | €51,984 | €39,455 | -€12,529 | -24.1% |
| Taxes | 450/3 | €51,984 | €39,455 | -€12,529 | -24.1% |
| Other amounts payable | 47/48 | €37,768 | €145,916 | +€108,148 | +286.3% |
| Accrued charges and deferred income | 492/3 | €126 | €0 | -€126 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €448 | €333 | -€115 | -25.7% |
| Other operating charges | 640/8 | €435 | €509 | +€74 | +17.0% |
| Gross operating margin | 9900 | €92,891 | €63,103 | -€29,789 | -32.1% |
| Operating profit (loss) | 9901 | €92,008 | €62,260 | -€29,748 | -32.3% |
| Financial income | 75/76B | €10,128 | €9,745 | -€383 | -3.8% |
| Recurring financial income | 75 | €10,128 | €9,745 | -€383 | -3.8% |
| Financial charges | 65/66B | €7,408 | €6,880 | -€528 | -7.1% |
| Recurring financial charges | 65 | €7,408 | €6,880 | -€528 | -7.1% |
| Profit (loss) for the period before taxes | 9903 | €94,728 | €65,126 | -€29,602 | -31.2% |
| Income taxes | 67/77 | €31,602 | €21,959 | -€9,643 | -30.5% |
| Profit (loss) for the period | 9904 | €63,126 | €43,167 | -€19,959 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €63,126 | €43,167 | -€19,959 | -31.6% |
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 8 October 2026 via checked.be.