VESALIUS: what changed
Two financial 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.
VESALIUS
Largest movements
- Cash -€73,504
down €73,504 (-34.0%), from €216,020 to €142,516
mainly Other debts (-€141,583) and Tax, wage and social debts (-€6,519)
- Other debts -€141,583
down €141,583 (-36.9%), from €383,418 to €241,834
- Reserves +€62,300
up €62,300 (+16.7%), from €371,947 to €434,247
of which Distributable reserves: +€71,300
- Financial charges -€3,243
down €3,243 (-20.8%), from €15,616 to €12,373
- Financial income -€3,079
down €3,079 (-45.5%), from €6,773 to €3,694
- Gross operating margin -€2,893
down €2,893 (-2.8%), from €101,556 to €98,663
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.
Derived cash bridge
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 | €1,545,019 | €1,459,039 | -€85,980 | -5.6% |
| Fixed assets | 21/28 | €1,296,087 | €1,295,425 | -€661 | -0.1% |
| Tangible fixed assets | 22/27 | €361,673 | €361,011 | -€661 | -0.2% |
| Land and buildings | 22 | €358,455 | €358,455 | = | 0.0% |
| Furniture and vehicles | 24 | €3,218 | €2,556 | -€661 | -20.6% |
| Financial fixed assets | 28 | €934,414 | €934,414 | = | 0.0% |
| Current assets | 29/58 | €248,932 | €163,614 | -€85,319 | -34.3% |
| Amounts receivable within one year | 40/41 | €32,913 | €21,098 | -€11,815 | -35.9% |
| Trade receivables | 40 | €15,609 | €15,609 | = | 0.0% |
| Other amounts receivable | 41 | €17,304 | €5,489 | -€11,815 | -68.3% |
| Cash at bank and in hand | 54/58 | €216,020 | €142,516 | -€73,504 | -34.0% |
| Total equity and liabilities | 10/49 | €1,545,019 | €1,459,039 | -€85,980 | -5.6% |
| Equity | 10/15 | €1,143,390 | €1,205,690 | +€62,300 | +5.4% |
| Contributions | 10/11 | €770,000 | €770,000 | = | 0.0% |
| Reserves | 13 | €371,947 | €434,247 | +€62,300 | +16.7% |
| Non-distributable reserves | 130/1 | €9,000 | €0 | -€9,000 | -100% |
| Reserves not available under the articles | 1311 | €9,000 | €0 | -€9,000 | -100% |
| Tax-exempt reserves | 132 | €13,477 | €13,477 | = | 0.0% |
| Distributable reserves | 133 | €349,470 | €420,770 | +€71,300 | +20.4% |
| Profit (loss) carried forward | 14 | €1,443 | €1,443 | = | 0.0% |
| Amounts payable | 17/49 | €401,629 | €253,349 | -€148,280 | -36.9% |
| Amounts payable within one year | 42/48 | €401,629 | €253,349 | -€148,280 | -36.9% |
| Trade debts | 44 | €1,237 | €1,060 | -€177 | -14.3% |
| Suppliers | 440/4 | €1,237 | €1,060 | -€177 | -14.3% |
| Taxes, remuneration and social security | 45 | €16,974 | €10,454 | -€6,519 | -38.4% |
| Taxes | 450/3 | €16,974 | €10,454 | -€6,519 | -38.4% |
| Other amounts payable | 47/48 | €383,418 | €241,834 | -€141,583 | -36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €242 | €661 | +€419 | +173% |
| Other operating charges | 640/8 | €3,411 | €3,661 | +€250 | +7.3% |
| Gross operating margin | 9900 | €101,556 | €98,663 | -€2,893 | -2.8% |
| Operating profit (loss) | 9901 | €97,903 | €94,341 | -€3,562 | -3.6% |
| Financial income | 75/76B | €6,773 | €3,694 | -€3,079 | -45.5% |
| Recurring financial income | 75 | €6,773 | €3,694 | -€3,079 | -45.5% |
| Financial charges | 65/66B | €15,616 | €12,373 | -€3,243 | -20.8% |
| Recurring financial charges | 65 | €15,616 | €12,373 | -€3,243 | -20.8% |
| Profit (loss) for the period before taxes | 9903 | €89,060 | €85,663 | -€3,397 | -3.8% |
| Income taxes | 67/77 | €24,289 | €23,363 | -€927 | -3.8% |
| Profit (loss) for the period | 9904 | €64,771 | €62,300 | -€2,471 | -3.8% |
| Profit (loss) for the period to be appropriated | 9905 | €64,771 | €62,300 | -€2,471 | -3.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.