VESCO77: 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.
VESCO77
Largest movements
- Receivables within one year +€55,404
up €55,404 (+60.0%), from €92,384 to €147,788
of which Trade receivables: +€31,147
- Cash -€32,310
down €32,310 (-72.3%), from €44,715 to €12,404
mainly Receivables within one year (-€55,404) and Investment in fixed assets (net) (-€40,290)
- Tangible fixed assets +€25,283
up €25,283 (+58.1%), from €43,505 to €68,788
of which Furniture and vehicles: +€25,840
- Debts after one year +€27,845
up €27,845 (+923.7%), from €3,015 to €30,859
- Reserves +€21,200
up €21,200 (+15.6%), from €135,650 to €156,850
- Tax, wage and social debts -€11,527
down €11,527 (-57.2%), from €20,147 to €8,620
of which Taxes: -€10,480
- Trade debts +€7,173
up €7,173 (+44.2%), from €16,217 to €23,390
- Current portion of long-term debt +€3,380
up €3,380 (+33.2%), from €10,190 to €13,570
- Gross operating margin -€33,844
down €33,844 (-37.3%), from €90,650 to €56,806
- Taxes -€11,619
down €11,619 (-61.2%), from €18,986 to €7,368
- Depreciation +€3,731
up €3,731 (+32.5%), from €11,476 to €15,207
- Other operating charges +€967
up €967 (+72.4%), from €1,335 to €2,303
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 | €191,310 | €239,384 | +€48,074 | +25.1% |
| Fixed assets | 21/28 | €50,027 | €75,110 | +€25,083 | +50.1% |
| Intangible fixed assets | 21 | €3,462 | €2,962 | -€500 | -14.4% |
| Tangible fixed assets | 22/27 | €43,505 | €68,788 | +€25,283 | +58.1% |
| Plant, machinery and equipment | 23 | €10,852 | €10,413 | -€439 | -4.0% |
| Furniture and vehicles | 24 | €32,110 | €57,950 | +€25,840 | +80.5% |
| Other tangible fixed assets | 26 | €542 | €425 | -€117 | -21.6% |
| Financial fixed assets | 28 | €3,060 | €3,360 | +€300 | +9.8% |
| Current assets | 29/58 | €141,283 | €164,274 | +€22,991 | +16.3% |
| Amounts receivable within one year | 40/41 | €92,384 | €147,788 | +€55,404 | +60.0% |
| Trade receivables | 40 | €21,900 | €53,047 | +€31,147 | +142.2% |
| Other amounts receivable | 41 | €70,484 | €94,741 | +€24,257 | +34.4% |
| Cash at bank and in hand | 54/58 | €44,715 | €12,404 | -€32,310 | -72.3% |
| Deferred charges and accrued income | 490/1 | €4,185 | €4,082 | -€103 | -2.5% |
| Total equity and liabilities | 10/49 | €191,310 | €239,384 | +€48,074 | +25.1% |
| Equity | 10/15 | €141,741 | €162,945 | +€21,204 | +15.0% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €135,650 | €156,850 | +€21,200 | +15.6% |
| Distributable reserves | 133 | €135,650 | €156,850 | +€21,200 | +15.6% |
| Profit (loss) carried forward | 14 | €91 | €95 | +€4 | +3.9% |
| Amounts payable | 17/49 | €49,569 | €76,439 | +€26,870 | +54.2% |
| Amounts payable after more than one year | 17 | €3,015 | €30,859 | +€27,845 | +923.7% |
| Financial debts | 170/4 | €3,015 | €30,859 | +€27,845 | +923.7% |
| Amounts payable within one year | 42/48 | €46,554 | €45,580 | -€974 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €10,190 | €13,570 | +€3,380 | +33.2% |
| Trade debts | 44 | €16,217 | €23,390 | +€7,173 | +44.2% |
| Suppliers | 440/4 | €16,217 | €23,390 | +€7,173 | +44.2% |
| Taxes, remuneration and social security | 45 | €20,147 | €8,620 | -€11,527 | -57.2% |
| Taxes | 450/3 | €19,100 | €8,620 | -€10,480 | -54.9% |
| Remuneration and social security | 454/9 | €1,047 | - | -€1,047 | |
| Remuneration, social security and pensions | 62 | €13,739 | €13,186 | -€553 | -4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,476 | €15,207 | +€3,731 | +32.5% |
| Other operating charges | 640/8 | €1,335 | €2,303 | +€967 | +72.4% |
| Gross operating margin | 9900 | €90,650 | €56,806 | -€33,844 | -37.3% |
| Operating profit (loss) | 9901 | €64,099 | €26,110 | -€37,990 | -59.3% |
| Financial income | 75/76B | €3,531 | €3,822 | +€291 | +8.3% |
| Recurring financial income | 75 | €3,531 | €3,822 | +€291 | +8.3% |
| Financial charges | 65/66B | €1,610 | €1,361 | -€249 | -15.4% |
| Recurring financial charges | 65 | €1,610 | €1,361 | -€249 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €66,021 | €28,571 | -€37,450 | -56.7% |
| Income taxes | 67/77 | €18,986 | €7,368 | -€11,619 | -61.2% |
| Profit (loss) for the period | 9904 | €47,035 | €21,204 | -€25,831 | -54.9% |
| Profit (loss) for the period to be appropriated | 9905 | €47,035 | €21,204 | -€25,831 | -54.9% |
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 3 October 2026 via checked.be.