VESAN: 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.
VESAN
Largest movements
- Receivables within one year -€15,800
down €15,800 (-1.9%), from €827,260 to €811,460
of which Other amounts receivable: -€12,064
- Trade debts -€25,686
no longer reported in 2025 (was €25,686)
- Gross operating margin -€614,109
down €614,109, from €607,311 to -€6,799
- Financial charges -€21,529
down €21,529 (-96.2%), from €22,382 to €853
- Financial income -€9,096
down €9,096 (-32.6%), from €27,920 to €18,824
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 | €1,327,268 | €1,311,462 | -€15,806 | -1.2% |
| Current assets | 29/58 | €1,327,268 | €1,311,462 | -€15,806 | -1.2% |
| Amounts receivable after more than one year | 29 | €500,000 | €500,000 | = | 0.0% |
| Other amounts receivable | 291 | €500,000 | €500,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €827,260 | €811,460 | -€15,800 | -1.9% |
| Trade receivables | 40 | €4,114 | €378 | -€3,736 | -90.8% |
| Other amounts receivable | 41 | €823,146 | €811,082 | -€12,064 | -1.5% |
| Cash at bank and in hand | 54/58 | €9 | €3 | -€6 | -67.9% |
| Total equity and liabilities | 10/49 | €1,327,268 | €1,311,462 | -€15,806 | -1.2% |
| Equity | 10/15 | €1,146,943 | €1,156,824 | +€9,880 | +0.9% |
| Contributions | 10/11 | €247,894 | €247,894 | = | 0.0% |
| Capital | 10 | €247,894 | €247,894 | = | 0.0% |
| Issued capital | 100 | €247,894 | €247,894 | = | 0.0% |
| Reserves | 13 | €899,050 | €908,930 | +€9,880 | +1.1% |
| Non-distributable reserves | 130/1 | €24,789 | €24,789 | = | 0.0% |
| Legal reserve | 130 | €24,789 | €24,789 | = | 0.0% |
| Tax-exempt reserves | 132 | €463,916 | €463,916 | = | 0.0% |
| Distributable reserves | 133 | €410,344 | €420,225 | +€9,880 | +2.4% |
| Provisions and deferred taxes | 16 | €154,639 | €154,639 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €154,639 | - | -€154,639 | |
| Taxes | 161 | €154,639 | - | -€154,639 | |
| Deferred taxes | 168 | - | €154,639 | +€154,639 | |
| Amounts payable | 17/49 | €25,686 | - | -€25,686 | |
| Amounts payable within one year | 42/48 | €25,686 | - | -€25,686 | |
| Trade debts | 44 | €25,686 | - | -€25,686 | |
| Suppliers | 440/4 | €25,686 | - | -€25,686 | |
| Non-recurring operating income | 76A | €618,555 | - | -€618,555 | |
| Other operating charges | 640/8 | €5,442 | €1,293 | -€4,149 | -76.2% |
| Gross operating margin | 9900 | €607,311 | -€6,799 | -€614,109 | |
| Operating profit (loss) | 9901 | €601,869 | -€8,091 | -€609,960 | |
| Financial income | 75/76B | €27,920 | €18,824 | -€9,096 | -32.6% |
| Recurring financial income | 75 | €27,920 | €18,824 | -€9,096 | -32.6% |
| Financial charges | 65/66B | €22,382 | €853 | -€21,529 | -96.2% |
| Recurring financial charges | 65 | €22,382 | €853 | -€21,529 | -96.2% |
| Profit (loss) for the period before taxes | 9903 | €607,408 | €9,880 | -€597,527 | -98.4% |
| Transfer to deferred taxes | 680 | €154,639 | - | -€154,639 | |
| Profit (loss) for the period | 9904 | €452,769 | €9,880 | -€442,889 | -97.8% |
| Transfer to tax-exempt reserves | 689 | €463,916 | - | -€463,916 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,147 | €9,880 | +€21,028 |
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 2 October 2026 via checked.be.