Vesper Management: 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.
Vesper Management
Largest movements
- Deferred charges and accrued income -€28,743
no longer reported in 2025 (was €28,743)
- Financial fixed assets +€25,000
up €25,000 (+100.0%), from €25,000 to €50,000
- Tangible fixed assets -€9,038
down €9,038 (-22.9%), from €39,442 to €30,404
- Cash -€7,525
down €7,525 (-81.3%), from €9,257 to €1,732
mainly Investment in fixed assets (net) (-€28,557) and Debts after one year (-€11,577)
- Receivables within one year -€6,324
down €6,324 (-15.0%), from €42,039 to €35,714
- Debts after one year -€11,577
down €11,577 (-41.5%), from €27,882 to €16,305
- Trade debts -€11,511
down €11,511 (-31.5%), from €36,559 to €25,048
- Tax, wage and social debts -€2,567
down €2,567 (-12.9%), from €19,899 to €17,332
- Gross operating margin -€4,606
down €4,606 (-17.8%), from €25,901 to €21,295
- Taxes -€1,747
down €1,747 (-25.4%), from €6,876 to €5,129
- Depreciation +€1,327
up €1,327 (+11.8%), from €11,268 to €12,595
- Financial charges +€1,010
up €1,010 (+53.4%), from €1,892 to €2,902
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 | €144,481 | €117,851 | -€26,630 | -18.4% |
| Fixed assets | 21/28 | €64,442 | €80,404 | +€15,962 | +24.8% |
| Tangible fixed assets | 22/27 | €39,442 | €30,404 | -€9,038 | -22.9% |
| Furniture and vehicles | 24 | €39,442 | €30,404 | -€9,038 | -22.9% |
| Financial fixed assets | 28 | €25,000 | €50,000 | +€25,000 | +100.0% |
| Current assets | 29/58 | €80,039 | €37,447 | -€42,592 | -53.2% |
| Amounts receivable within one year | 40/41 | €42,039 | €35,714 | -€6,324 | -15.0% |
| Trade receivables | 40 | €42,039 | €35,714 | -€6,324 | -15.0% |
| Cash at bank and in hand | 54/58 | €9,257 | €1,732 | -€7,525 | -81.3% |
| Deferred charges and accrued income | 490/1 | €28,743 | - | -€28,743 | |
| Total equity and liabilities | 10/49 | €144,481 | €117,851 | -€26,630 | -18.4% |
| Equity | 10/15 | €47,571 | €47,989 | +€418 | +0.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €46,571 | €46,989 | +€418 | +0.9% |
| Distributable reserves | 133 | €46,571 | €46,989 | +€418 | +0.9% |
| Amounts payable | 17/49 | €96,909 | €69,862 | -€27,047 | -27.9% |
| Amounts payable after more than one year | 17 | €27,882 | €16,305 | -€11,577 | -41.5% |
| Financial debts | 170/4 | €27,882 | €16,305 | -€11,577 | -41.5% |
| Amounts payable within one year | 42/48 | €69,027 | €53,557 | -€15,470 | -22.4% |
| Current portion of amounts payable after more than one year | 42 | €11,128 | €10,920 | -€208 | -1.9% |
| Trade debts | 44 | €36,559 | €25,048 | -€11,511 | -31.5% |
| Suppliers | 440/4 | €36,559 | €25,048 | -€11,511 | -31.5% |
| Taxes, remuneration and social security | 45 | €19,899 | €17,332 | -€2,567 | -12.9% |
| Taxes | 450/3 | €19,899 | €17,332 | -€2,567 | -12.9% |
| Other amounts payable | 47/48 | €1,441 | €257 | -€1,184 | -82.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,268 | €12,595 | +€1,327 | +11.8% |
| Other operating charges | 640/8 | €321 | €269 | -€52 | -16.3% |
| Gross operating margin | 9900 | €25,901 | €21,295 | -€4,606 | -17.8% |
| Operating profit (loss) | 9901 | €14,312 | €8,431 | -€5,881 | -41.1% |
| Financial income | 75/76B | €1 | €17 | +€17 | +3317.6% |
| Recurring financial income | 75 | €1 | €17 | +€17 | +3317.6% |
| Financial charges | 65/66B | €1,892 | €2,902 | +€1,010 | +53.4% |
| Recurring financial charges | 65 | €1,892 | €2,902 | +€1,010 | +53.4% |
| Profit (loss) for the period before taxes | 9903 | €12,421 | €5,547 | -€6,874 | -55.3% |
| Income taxes | 67/77 | €6,876 | €5,129 | -€1,747 | -25.4% |
| Profit (loss) for the period | 9904 | €5,545 | €418 | -€5,127 | -92.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,545 | €418 | -€5,127 | -92.5% |
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 7 October 2026 via checked.be.