Vesalius: 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.
Vesalius
Largest movements
- Stocks and contracts -€288,022
down €288,022 (-62.7%), from €459,437 to €171,416
- Receivables within one year -€99,804
no longer reported in 2025 (was €99,804)
- Tangible fixed assets -€31,485
down €31,485 (-3.2%), from €984,831 to €953,347
- Deferred charges and accrued income -€19,023
down €19,023 (-67.0%), from €28,412 to €9,389
- Other debts -€389,971
down €389,971 (-53.6%), from €727,637 to €337,666
- Debts after one year -€46,332
down €46,332 (-6.2%), from €752,260 to €705,928
- Gross operating margin -€13,416
down €13,416 (-13.3%), from €100,787 to €87,371
- Other operating charges +€5,370
up €5,370 (+28.1%), from €19,101 to €24,471
- Financial charges -€1,479
down €1,479 (-4.5%), from €32,609 to €31,130
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 | €1,574,621 | €1,134,152 | -€440,469 | -28.0% |
| Fixed assets | 21/28 | €984,831 | €953,347 | -€31,485 | -3.2% |
| Tangible fixed assets | 22/27 | €984,831 | €953,347 | -€31,485 | -3.2% |
| Land and buildings | 22 | €984,831 | €953,347 | -€31,485 | -3.2% |
| Current assets | 29/58 | €589,789 | €180,805 | -€408,985 | -69.3% |
| Stocks and contracts in progress | 3 | €459,437 | €171,416 | -€288,022 | -62.7% |
| Stocks | 30/36 | €459,437 | €171,416 | -€288,022 | -62.7% |
| Amounts receivable within one year | 40/41 | €99,804 | - | -€99,804 | |
| Other amounts receivable | 41 | €99,804 | - | -€99,804 | |
| Cash at bank and in hand | 54/58 | €2,136 | - | -€2,136 | |
| Deferred charges and accrued income | 490/1 | €28,412 | €9,389 | -€19,023 | -67.0% |
| Total equity and liabilities | 10/49 | €1,574,621 | €1,134,152 | -€440,469 | -28.0% |
| Equity | 10/15 | €33,265 | €29,523 | -€3,742 | -11.2% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€16,735 | -€20,477 | -€3,742 | -22.4% |
| Amounts payable | 17/49 | €1,541,356 | €1,104,629 | -€436,727 | -28.3% |
| Amounts payable after more than one year | 17 | €752,260 | €705,928 | -€46,332 | -6.2% |
| Financial debts | 170/4 | €752,260 | €705,928 | -€46,332 | -6.2% |
| Amounts payable within one year | 42/48 | €786,837 | €397,091 | -€389,746 | -49.5% |
| Current portion of amounts payable after more than one year | 42 | €44,542 | €50,145 | +€5,603 | +12.6% |
| Financial debts | 43 | - | €58 | +€58 | |
| Credit institutions | 430/8 | - | €58 | +€58 | |
| Trade debts | 44 | €1,119 | €2,028 | +€909 | +81.2% |
| Suppliers | 440/4 | €1,119 | €2,028 | +€909 | +81.2% |
| Advances received on contracts in progress | 46 | €13,540 | €7,194 | -€6,346 | -46.9% |
| Other amounts payable | 47/48 | €727,637 | €337,666 | -€389,971 | -53.6% |
| Accrued charges and deferred income | 492/3 | €2,258 | €1,609 | -€649 | -28.7% |
| Non-recurring operating income | 76A | €2,805 | €3,920 | +€1,116 | +39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,193 | €35,513 | +€319 | +0.9% |
| Other operating charges | 640/8 | €19,101 | €24,471 | +€5,370 | +28.1% |
| Gross operating margin | 9900 | €100,787 | €87,371 | -€13,416 | -13.3% |
| Operating profit (loss) | 9901 | €46,493 | €27,388 | -€19,105 | -41.1% |
| Financial charges | 65/66B | €32,609 | €31,130 | -€1,479 | -4.5% |
| Recurring financial charges | 65 | €32,609 | €31,130 | -€1,479 | -4.5% |
| Profit (loss) for the period before taxes | 9903 | €13,884 | -€3,742 | -€17,626 | |
| Profit (loss) for the period | 9904 | €13,884 | -€3,742 | -€17,626 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,884 | -€3,742 | -€17,626 |
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.