Vesalu: 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.
What changed
Vesalu
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€780,827
2024 · €460,169+€320,658
Equity
€9.7m
2024 · €8.9m+€780,827
Cash
€304,978
2024 · €337,449-€32,471
Balance sheet total
€16.0m
2024 · €15.7m+€296,051
Largest movements
Assets
- Current investments +€1.2m
up €1.2m (+52.4%), from €2.4m to €3.6m
- Tangible fixed assets -€802,378
down €802,378 (-6.9%), from €11.7m to €10.9m
of which Land and buildings: -€784,164
- Financial fixed assets -€261,433
down €261,433 (-20.7%), from €1.3m to €1.0m
- Receivables within one year +€170,703
up €170,703 (+1534.5%), from €11,124 to €181,827
of which Other amounts receivable: +€171,347
Equity and liabilities
- Reserves +€780,827
up €780,827 (+9.6%), from €8.1m to €8.9m
of which Distributable reserves: +€685,606
- Debts after one year -€567,604
down €567,604 (-18.5%), from €3.1m to €2.5m
Income statement
- Gross operating margin +€555,101
up €555,101 (+33.0%), from €1.7m to €2.2m
- Financial charges +€119,641
up €119,641 (+67.2%), from €177,925 to €297,566
- Depreciation -€98,024
down €98,024 (-12.0%), from €820,277 to €722,253
- Taxes +€74,309
up €74,309 (+37.2%), from €199,860 to €274,169
- Other operating charges +€53,565
up €53,565 (+40.3%), from €132,799 to €186,364
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.
Result 2024
€460,169
Gross operating margin
+€555,101
Depreciation
+€98,024
Other operating charges
-€53,565
Other operating items
+€4,236
Financial income
-€6,342
Financial charges
-€119,641
Taxes
-€74,309
Deferred taxes and other
-€82,847
Result 2025
€780,827
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.
From operations
+€1.3m
Investment
-€892,328
Financing
-€453,908
Cash 2024
€337,449
From operations (derived)
+€1.3m
Net result for the year
+€780,827
Depreciation
+€722,253
Receivables within one year
-€170,703
Deferred charges and accrued income
+€12,255
Provisions
+€31,740
Trade debts
+€3,547
Tax, wage and social debts
+€4,308
Other debts
-€55,956
Accrued charges and deferred income
-€14,507
Investment (derived)
-€892,328
Investment in fixed assets (net)
+€341,558
Current investments
-€1.2m
Financing
-€453,908
Debts after one year
-€567,604
Current portion of long-term debt
+€21,551
Short-term financial debts
+€92,145
Cash 2025
€304,978
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,695,227 | €15,991,278 | +€296,051 | +1.9% |
| Fixed assets | 21/28 | €12,965,664 | €11,901,853 | -€1.1m | -8.2% |
| Tangible fixed assets | 22/27 | €11,704,231 | €10,901,853 | -€802,378 | -6.9% |
| Land and buildings | 22 | €11,667,844 | €10,883,680 | -€784,164 | -6.7% |
| Plant, machinery and equipment | 23 | €20,848 | €10,291 | -€10,557 | -50.6% |
| Furniture and vehicles | 24 | €15,539 | €7,882 | -€7,658 | -49.3% |
| Financial fixed assets | 28 | €1,261,433 | €1,000,000 | -€261,433 | -20.7% |
| Current assets | 29/58 | €2,729,563 | €4,089,425 | +€1.4m | +49.8% |
| Amounts receivable within one year | 40/41 | €11,124 | €181,827 | +€170,703 | +1534.5% |
| Trade receivables | 40 | €6,421 | €5,777 | -€644 | -10.0% |
| Other amounts receivable | 41 | €4,703 | €176,050 | +€171,347 | +3643.1% |
| Current investments | 50/53 | €2,354,487 | €3,588,372 | +€1.2m | +52.4% |
| Cash at bank and in hand | 54/58 | €337,449 | €304,978 | -€32,471 | -9.6% |
| Deferred charges and accrued income | 490/1 | €26,503 | €14,248 | -€12,255 | -46.2% |
| Total equity and liabilities | 10/49 | €15,695,227 | €15,991,278 | +€296,051 | +1.9% |
| Equity | 10/15 | €8,913,259 | €9,694,086 | +€780,827 | +8.8% |
| Contributions | 10/11 | €800,000 | €800,000 | = | 0.0% |
| Capital | 10 | €800,000 | €800,000 | = | 0.0% |
| Issued capital | 100 | €800,000 | €800,000 | = | 0.0% |
| Revaluation surpluses | 12 | €12,743 | €12,743 | = | 0.0% |
| Reserves | 13 | €8,100,516 | €8,881,343 | +€780,827 | +9.6% |
| Non-distributable reserves | 130/1 | €80,000 | €80,000 | = | 0.0% |
| Legal reserve | 130 | €80,000 | €80,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,562,910 | €2,658,131 | +€95,221 | +3.7% |
| Distributable reserves | 133 | €5,457,606 | €6,143,212 | +€685,606 | +12.6% |
| Provisions and deferred taxes | 16 | €847,617 | €879,358 | +€31,740 | +3.7% |
| Deferred taxes | 168 | €847,617 | €879,358 | +€31,740 | +3.7% |
| Amounts payable | 17/49 | €5,934,351 | €5,417,835 | -€516,516 | -8.7% |
| Amounts payable after more than one year | 17 | €3,061,900 | €2,494,296 | -€567,604 | -18.5% |
| Financial debts | 170/4 | €3,061,900 | €2,494,296 | -€567,604 | -18.5% |
| Amounts payable within one year | 42/48 | €2,671,115 | €2,736,710 | +€65,595 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €642,935 | €664,486 | +€21,551 | +3.4% |
| Financial debts | 43 | - | €92,145 | +€92,145 | |
| Credit institutions | 430/8 | - | €92,145 | +€92,145 | |
| Trade debts | 44 | €7,146 | €10,693 | +€3,547 | +49.6% |
| Suppliers | 440/4 | €7,146 | €10,693 | +€3,547 | +49.6% |
| Taxes, remuneration and social security | 45 | €10,561 | €14,869 | +€4,308 | +40.8% |
| Taxes | 450/3 | €10,561 | €14,869 | +€4,308 | +40.8% |
| Other amounts payable | 47/48 | €2,010,473 | €1,954,517 | -€55,956 | -2.8% |
| Accrued charges and deferred income | 492/3 | €201,337 | €186,829 | -€14,507 | -7.2% |
| Non-recurring operating income | 76A | €0 | €366,032 | +€366,032 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €820,277 | €722,253 | -€98,024 | -12.0% |
| Other operating charges | 640/8 | €132,799 | €186,364 | +€53,565 | +40.3% |
| Non-recurring operating charges | 66A | €4,236 | €0 | -€4,236 | -100.0% |
| Gross operating margin | 9900 | €1,682,136 | €2,237,237 | +€555,101 | +33.0% |
| Operating profit (loss) | 9901 | €724,824 | €1,328,621 | +€603,797 | +83.3% |
| Financial income | 75/76B | €62,023 | €55,681 | -€6,342 | -10.2% |
| Recurring financial income | 75 | €62,023 | €55,681 | -€6,342 | -10.2% |
| Financial charges | 65/66B | €177,925 | €297,566 | +€119,641 | +67.2% |
| Recurring financial charges | 65 | €177,925 | €297,566 | +€119,641 | +67.2% |
| Profit (loss) for the period before taxes | 9903 | €608,922 | €1,086,736 | +€477,814 | +78.5% |
| Transfer from deferred taxes | 780 | €51,107 | €59,768 | +€8,661 | +16.9% |
| Transfer to deferred taxes | 680 | €0 | €91,508 | +€91,508 | |
| Income taxes | 67/77 | €199,860 | €274,169 | +€74,309 | +37.2% |
| Profit (loss) for the period | 9904 | €460,169 | €780,827 | +€320,658 | +69.7% |
| Transfer from tax-exempt reserves | 789 | €153,320 | €179,303 | +€25,983 | +16.9% |
| Transfer to tax-exempt reserves | 689 | €0 | €274,524 | +€274,524 | |
| Profit (loss) for the period to be appropriated | 9905 | €613,489 | €685,606 | +€72,117 | +11.8% |
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 12 October 2026 via checked.be.