VESP: 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.
VESP
Largest movements
- Cash +€9,488
up €9,488 (+122%), from €7,755 to €17,243
mainly Trade debts (+€18,451) and Other debts (+€4,564)
- Tangible fixed assets +€2,469
up €2,469 (+32.5%), from €7,606 to €10,076
of which Furniture and vehicles: +€3,101
- Receivables within one year +€2,352
up €2,352 (+5.5%), from €43,048 to €45,399
of which Other amounts receivable: +€5,220
- Profit (loss) carried forward -€19,386
no longer reported in 2025 (was €19,386)
- Trade debts +€18,451
up €18,451 (+360%), from €5,122 to €23,573
- Reserves +€13,315
up €13,315 (+15.8%), from €84,463 to €97,778
of which Distributable reserves: +€13,315
- Current portion of long-term debt -€6,029
down €6,029 (-60.0%), from €10,056 to €4,026
- Other debts +€4,564
new in 2025: €4,564
- Turnover +€174,328
new in 2025: €174,328
- Purchases and services +€169,147
new in 2025: €169,147
- Gross operating margin -€36,655
down €36,655 (-87.6%), from €41,835 to €5,181
- Taxes -€10,016
down €10,016 (-87.4%), from €11,456 to €1,439
- Depreciation +€2,452
up €2,452 (+148%), from €1,654 to €4,106
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 | €171,974 | €187,652 | +€15,678 | +9.1% |
| Fixed assets | 21/28 | €7,905 | €10,375 | +€2,469 | +31.2% |
| Tangible fixed assets | 22/27 | €7,606 | €10,076 | +€2,469 | +32.5% |
| Land and buildings | 22 | €2,037 | €1,886 | -€150 | -7.4% |
| Plant, machinery and equipment | 23 | €729 | €247 | -€482 | -66.1% |
| Furniture and vehicles | 24 | €4,841 | €7,942 | +€3,101 | +64.1% |
| Financial fixed assets | 28 | €299 | €299 | = | 0.0% |
| Current assets | 29/58 | €164,069 | €177,278 | +€13,209 | +8.1% |
| Amounts receivable after more than one year | 29 | €111,201 | €111,201 | = | 0.0% |
| Trade receivables | 290 | - | €111,201 | +€111,201 | |
| Other amounts receivable | 291 | €111,201 | - | -€111,201 | |
| Amounts receivable within one year | 40/41 | €43,048 | €45,399 | +€2,352 | +5.5% |
| Trade receivables | 40 | €18,162 | €15,294 | -€2,868 | -15.8% |
| Other amounts receivable | 41 | €24,885 | €30,105 | +€5,220 | +21.0% |
| Cash at bank and in hand | 54/58 | €7,755 | €17,243 | +€9,488 | +122% |
| Deferred charges and accrued income | 490/1 | €2,066 | €3,435 | +€1,369 | +66.3% |
| Total equity and liabilities | 10/49 | €171,974 | €187,652 | +€15,678 | +9.1% |
| Equity | 10/15 | €122,449 | €116,378 | -€6,071 | -5.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €84,463 | €97,778 | +€13,315 | +15.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €82,603 | €95,918 | +€13,315 | +16.1% |
| Profit (loss) carried forward | 14 | €19,386 | - | -€19,386 | |
| Amounts payable | 17/49 | €49,525 | €71,275 | +€21,749 | +43.9% |
| Amounts payable after more than one year | 17 | €19,682 | €19,682 | = | 0.0% |
| Financial debts | 170/4 | €19,682 | €19,682 | = | 0.0% |
| Amounts payable within one year | 42/48 | €29,843 | €51,593 | +€21,749 | +72.9% |
| Current portion of amounts payable after more than one year | 42 | €10,056 | €4,026 | -€6,029 | -60.0% |
| Financial debts | 43 | €3,376 | €4,658 | +€1,282 | +38.0% |
| Credit institutions | 430/8 | €3,376 | €4,658 | +€1,282 | +38.0% |
| Trade debts | 44 | €5,122 | €23,573 | +€18,451 | +360% |
| Suppliers | 440/4 | €5,122 | €23,573 | +€18,451 | +360% |
| Taxes, remuneration and social security | 45 | €11,290 | €14,772 | +€3,482 | +30.8% |
| Taxes | 450/3 | €11,290 | €14,772 | +€3,482 | +30.8% |
| Other amounts payable | 47/48 | - | €4,564 | +€4,564 | |
| Turnover | 70 | - | €174,328 | +€174,328 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €169,147 | +€169,147 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,654 | €4,106 | +€2,452 | +148% |
| Other operating charges | 640/8 | €1,103 | €2,699 | +€1,596 | +145% |
| Gross operating margin | 9900 | €41,835 | €5,181 | -€36,655 | -87.6% |
| Operating profit (loss) | 9901 | €39,079 | -€1,624 | -€40,703 | |
| Financial income | 75/76B | €3 | €65 | +€62 | +2,363% |
| Recurring financial income | 75 | €3 | €65 | +€62 | +2,363% |
| Financial charges | 65/66B | €2,496 | €3,072 | +€576 | +23.1% |
| Recurring financial charges | 65 | €2,496 | €3,072 | +€576 | +23.1% |
| Profit (loss) for the period before taxes | 9903 | €36,585 | -€4,632 | -€41,217 | |
| Income taxes | 67/77 | €11,456 | €1,439 | -€10,016 | -87.4% |
| Profit (loss) for the period | 9904 | €25,130 | -€6,071 | -€31,201 | |
| Profit (loss) for the period to be appropriated | 9905 | €25,130 | -€6,071 | -€31,201 |
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 16 October 2026 via checked.be.