VAVO: 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.
VAVO
Largest movements
- Tangible fixed assets -€16,215
down €16,215 (-16.9%), from €95,747 to €79,532
- Reserves -€10,880
down €10,880 (-16.2%), from €67,091 to €56,211
of which Tax-exempt reserves: -€10,880
- Provisions -€3,627
down €3,627 (-17.4%), from €20,818 to €17,191
- Gross operating margin -€4,064
down €4,064 (-65.9%), from €6,163 to €2,099
- Other operating charges -€512
down €512 (-55.3%), from €926 to €414
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 | €114,824 | €99,608 | -€15,217 | -13.3% |
| Fixed assets | 21/28 | €95,747 | €79,532 | -€16,215 | -16.9% |
| Tangible fixed assets | 22/27 | €95,747 | €79,532 | -€16,215 | -16.9% |
| Land and buildings | 22 | €95,747 | €79,532 | -€16,215 | -16.9% |
| Current assets | 29/58 | €19,077 | €20,076 | +€998 | +5.2% |
| Amounts receivable within one year | 40/41 | €8,734 | €9,562 | +€828 | +9.5% |
| Other amounts receivable | 41 | €8,734 | €9,562 | +€828 | +9.5% |
| Cash at bank and in hand | 54/58 | €10,343 | €10,514 | +€171 | +1.7% |
| Total equity and liabilities | 10/49 | €114,824 | €99,608 | -€15,217 | -13.3% |
| Equity | 10/15 | €92,901 | €82,385 | -€10,516 | -11.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Outside capital | 11 | €18,592 | €18,592 | = | 0.0% |
| Other | 1109/19 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €67,091 | €56,211 | -€10,880 | -16.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €65,083 | €54,203 | -€10,880 | -16.7% |
| Distributable reserves | 133 | €149 | €149 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,218 | €7,582 | +€363 | +5.0% |
| Provisions and deferred taxes | 16 | €20,818 | €17,191 | -€3,627 | -17.4% |
| Deferred taxes | 168 | €20,818 | €17,191 | -€3,627 | -17.4% |
| Amounts payable | 17/49 | €1,105 | €32 | -€1,074 | -97.1% |
| Amounts payable within one year | 42/48 | €1,105 | €32 | -€1,074 | -97.1% |
| Trade debts | 44 | €1,007 | €32 | -€975 | -96.8% |
| Suppliers | 440/4 | €1,007 | €32 | -€975 | -96.8% |
| Taxes, remuneration and social security | 45 | €98 | - | -€98 | |
| Taxes | 450/3 | €98 | - | -€98 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,215 | €16,215 | = | 0.0% |
| Other operating charges | 640/8 | €926 | €414 | -€512 | -55.3% |
| Gross operating margin | 9900 | €6,163 | €2,099 | -€4,064 | -65.9% |
| Operating profit (loss) | 9901 | -€10,979 | -€14,530 | -€3,552 | -32.3% |
| Financial income | 75/76B | €515 | €489 | -€25 | -4.9% |
| Recurring financial income | 75 | €515 | €489 | -€25 | -4.9% |
| Financial charges | 65/66B | €105 | €102 | -€3 | -2.5% |
| Recurring financial charges | 65 | €105 | €102 | -€3 | -2.5% |
| Profit (loss) for the period before taxes | 9903 | -€10,569 | -€14,143 | -€3,574 | -33.8% |
| Transfer from deferred taxes | 780 | €3,627 | €3,627 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€6,942 | -€10,516 | -€3,574 | -51.5% |
| Transfer from tax-exempt reserves | 789 | €10,880 | €10,880 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €3,938 | €363 | -€3,574 | -90.8% |
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 6 October 2026 via checked.be.