VAYU: 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.
VAYU
Largest movements
- Receivables within one year -€96,030
down €96,030 (-31.3%), from €306,764 to €210,733
of which Trade receivables: -€155,208
- Cash +€73,420
up €73,420 (+202.3%), from €36,292 to €109,712
mainly Receivables within one year (+€96,030) and Depreciation (+€28,284)
- Tangible fixed assets -€28,284
down €28,284 (-11.8%), from €239,429 to €211,145
- Debts after one year -€77,306
down €77,306 (-88.9%), from €86,980 to €9,674
- Reserves +€14,558
up €14,558 (+3.1%), from €468,662 to €483,220
- Tax, wage and social debts +€7,547
up €7,547 (+353.9%), from €2,132 to €9,679
- Staff costs -€85,501
no longer reported in 2025 (was €85,501)
- Gross operating margin -€67,507
down €67,507 (-47.7%), from €141,424 to €73,918
- Other operating charges +€4,143
up €4,143 (+75.4%), from €5,493 to €9,636
- Taxes +€2,999
up €2,999 (+65.3%), from €4,590 to €7,589
- Depreciation +€2,993
up €2,993 (+11.8%), from €25,292 to €28,284
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 | €587,233 | €531,879 | -€55,354 | -9.4% |
| Fixed assets | 21/28 | €239,429 | €211,145 | -€28,284 | -11.8% |
| Tangible fixed assets | 22/27 | €239,429 | €211,145 | -€28,284 | -11.8% |
| Land and buildings | 22 | €195,798 | €184,246 | -€11,552 | -5.9% |
| Plant, machinery and equipment | 23 | €14,804 | €10,347 | -€4,457 | -30.1% |
| Furniture and vehicles | 24 | €28,826 | €16,552 | -€12,274 | -42.6% |
| Current assets | 29/58 | €347,804 | €320,734 | -€27,070 | -7.8% |
| Amounts receivable within one year | 40/41 | €306,764 | €210,733 | -€96,030 | -31.3% |
| Trade receivables | 40 | €279,919 | €124,710 | -€155,208 | -55.4% |
| Other amounts receivable | 41 | €26,845 | €86,023 | +€59,178 | +220.4% |
| Cash at bank and in hand | 54/58 | €36,292 | €109,712 | +€73,420 | +202.3% |
| Deferred charges and accrued income | 490/1 | €4,749 | €289 | -€4,459 | -93.9% |
| Total equity and liabilities | 10/49 | €587,233 | €531,879 | -€55,354 | -9.4% |
| Equity | 10/15 | €487,212 | €501,770 | +€14,558 | +3.0% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €468,662 | €483,220 | +€14,558 | +3.1% |
| Distributable reserves | 133 | €468,662 | €483,220 | +€14,558 | +3.1% |
| Amounts payable | 17/49 | €100,020 | €30,109 | -€69,911 | -69.9% |
| Amounts payable after more than one year | 17 | €86,980 | €9,674 | -€77,306 | -88.9% |
| Financial debts | 170/4 | €86,980 | €9,674 | -€77,306 | -88.9% |
| Amounts payable within one year | 42/48 | €13,040 | €20,435 | +€7,395 | +56.7% |
| Current portion of amounts payable after more than one year | 42 | €7,009 | €7,306 | +€297 | +4.2% |
| Trade debts | 44 | €3,663 | €3,450 | -€213 | -5.8% |
| Suppliers | 440/4 | €3,663 | €3,450 | -€213 | -5.8% |
| Taxes, remuneration and social security | 45 | €2,132 | €9,679 | +€7,547 | +353.9% |
| Taxes | 450/3 | €2,132 | €9,679 | +€7,547 | +353.9% |
| Other amounts payable | 47/48 | €236 | - | -€236 | |
| Non-recurring operating income | 76A | €8,441 | - | -€8,441 | |
| Remuneration, social security and pensions | 62 | €85,501 | - | -€85,501 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,292 | €28,284 | +€2,993 | +11.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €210 | €1,450 | +€1,240 | +590.5% |
| Other operating charges | 640/8 | €5,493 | €9,636 | +€4,143 | +75.4% |
| Gross operating margin | 9900 | €141,424 | €73,918 | -€67,507 | -47.7% |
| Operating profit (loss) | 9901 | €24,929 | €34,548 | +€9,619 | +38.6% |
| Financial income | 75/76B | €1,202 | €946 | -€256 | -21.3% |
| Recurring financial income | 75 | €1,202 | €946 | -€256 | -21.3% |
| Financial charges | 65/66B | €14,791 | €13,347 | -€1,444 | -9.8% |
| Recurring financial charges | 65 | €14,791 | €13,347 | -€1,444 | -9.8% |
| Profit (loss) for the period before taxes | 9903 | €11,340 | €22,147 | +€10,807 | +95.3% |
| Income taxes | 67/77 | €4,590 | €7,589 | +€2,999 | +65.3% |
| Profit (loss) for the period | 9904 | €6,749 | €14,558 | +€7,808 | +115.7% |
| Profit (loss) for the period to be appropriated | 9905 | €6,749 | €14,558 | +€7,808 | +115.7% |
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 4 October 2026 via checked.be.