VESCO: 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.
VESCO
Largest movements
- Current investments +€213,675
up €213,675 (+35.1%), from €608,447 to €822,122
- Cash +€52,011
up €52,011 (+36.7%), from €141,807 to €193,818
mainly Net result for the year (+€218,465) and Tax, wage and social debts (+€30,115)
- Profit (loss) carried forward +€218,465
up €218,465 (+14.2%), from €1.5m to €1.8m
- Tax, wage and social debts +€30,115
up €30,115 (+67.5%), from €44,644 to €74,760
of which Taxes: +€30,115
- Financial income -€3.6m
down €3.6m (-99.5%), from €3.6m to €17,772
- Taxes -€17,359
down €17,359 (-19.4%), from €89,628 to €72,268
of which Taxes: -€17,341
- Other operating charges -€5,319
down €5,319 (-72.0%), from €7,385 to €2,066
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 | €1,726,392 | €1,973,929 | +€247,537 | +14.3% |
| Fixed assets | 21/28 | €759,838 | €759,838 | = | 0.0% |
| Financial fixed assets | 28 | €759,838 | €759,838 | = | 0.0% |
| Affiliated companies | 280/1 | €759,838 | €759,838 | = | 0.0% |
| Participating interests | 280 | €759,838 | €759,838 | = | 0.0% |
| Current assets | 29/58 | €966,554 | €1,214,090 | +€247,537 | +25.6% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €216,300 | €198,150 | -€18,150 | -8.4% |
| Trade receivables | 40 | €216,300 | €198,150 | -€18,150 | -8.4% |
| Current investments | 50/53 | €608,447 | €822,122 | +€213,675 | +35.1% |
| Other investments | 51/53 | €608,447 | €822,122 | +€213,675 | +35.1% |
| Cash at bank and in hand | 54/58 | €141,807 | €193,818 | +€52,011 | +36.7% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,726,392 | €1,973,929 | +€247,537 | +14.3% |
| Equity | 10/15 | €1,675,573 | €1,894,038 | +€218,465 | +13.0% |
| Contributions | 10/11 | €125,000 | €125,000 | = | 0.0% |
| Reserves | 13 | €12,500 | €12,500 | = | 0.0% |
| Distributable reserves | 133 | €12,500 | €12,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,538,073 | €1,756,538 | +€218,465 | +14.2% |
| Amounts payable | 17/49 | €50,820 | €79,891 | +€29,071 | +57.2% |
| Amounts payable within one year | 42/48 | €50,820 | €79,891 | +€29,071 | +57.2% |
| Trade debts | 44 | €556 | €598 | +€42 | +7.5% |
| Suppliers | 440/4 | €556 | €598 | +€42 | +7.5% |
| Taxes, remuneration and social security | 45 | €44,644 | €74,760 | +€30,115 | +67.5% |
| Taxes | 450/3 | €44,644 | €74,760 | +€30,115 | +67.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €5,619 | €4,533 | -€1,086 | -19.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Operating income | 70/76A | €360,000 | €360,000 | = | 0.0% |
| Turnover | 70 | €360,000 | €360,000 | = | 0.0% |
| Other operating income | 74 | €0 | - | = | |
| Operating charges | 60/66A | €94,160 | €86,936 | -€7,225 | -7.7% |
| Services and other goods | 61 | €86,775 | €84,870 | -€1,905 | -2.2% |
| Other operating charges | 640/8 | €7,385 | €2,066 | -€5,319 | -72.0% |
| Operating profit (loss) | 9901 | €265,840 | €273,064 | +€7,225 | +2.7% |
| Financial income | 75/76B | €3,624,376 | €17,772 | -€3.6m | -99.5% |
| Recurring financial income | 75 | €3,624,376 | €17,772 | -€3.6m | -99.5% |
| Income from financial fixed assets | 750 | €2,999,660 | €0 | -€3.0m | -100% |
| Income from current assets | 751 | €30,614 | €11,621 | -€18,993 | -62.0% |
| Other financial income | 752/9 | €594,102 | €6,151 | -€587,951 | -99.0% |
| Financial charges | 65/66B | €68 | €102 | +€35 | +51.1% |
| Recurring financial charges | 65 | €68 | €102 | +€35 | +51.1% |
| Write-downs on current assets other than stocks, contracts in progress and trade receivables: additions (reversals) | 651 | €0 | - | = | |
| Other financial charges | 652/9 | €68 | €102 | +€35 | +51.1% |
| Profit (loss) for the period before taxes | 9903 | €3,890,148 | €290,734 | -€3.6m | -92.5% |
| Income taxes | 67/77 | €89,628 | €72,268 | -€17,359 | -19.4% |
| Taxes | 670/3 | €89,628 | €72,286 | -€17,341 | -19.3% |
| Tax adjustments and reversals of tax provisions | 77 | - | €18 | +€18 | |
| Profit (loss) for the period | 9904 | €3,800,520 | €218,465 | -€3.6m | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €3,800,520 | €218,465 | -€3.6m | -94.3% |
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.