VEST Management: 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.
VEST Management
Largest movements
- Receivables within one year +€115,106
up €115,106 (+263%), from €43,685 to €158,791
of which Other amounts receivable: +€58,767
- Tangible fixed assets -€54,915
down €54,915 (-45.8%), from €119,943 to €65,028
of which Furniture and vehicles: -€37,394
- Cash -€4,611
down €4,611 (-68.1%), from €6,768 to €2,158
mainly Receivables within one year (-€115,106) and Debts after one year (-€29,950)
- Reserves +€71,416
up €71,416 (+79.1%), from €90,316 to €161,732
- Debts after one year -€29,950
down €29,950 (-33.0%), from €90,627 to €60,677
- Short-term financial debts +€25,000
new in 2025: €25,000
- Other debts -€19,234
no longer reported in 2025 (was €19,234)
- Current portion of long-term debt +€15,450
up €15,450 (+54.2%), from €28,500 to €43,950
- Gross operating margin +€71,336
up €71,336 (+108%), from €66,115 to €137,452
- Taxes +€21,694
up €21,694 (+314%), from €6,904 to €28,597
- Depreciation -€11,601
down €11,601 (-37.5%), from €30,941 to €19,341
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 | €263,649 | €316,458 | +€52,809 | +20.0% |
| Fixed assets | 21/28 | €120,688 | €65,400 | -€55,288 | -45.8% |
| Intangible fixed assets | 21 | €745 | €372 | -€373 | -50.1% |
| Tangible fixed assets | 22/27 | €119,943 | €65,028 | -€54,915 | -45.8% |
| Plant, machinery and equipment | 23 | €32,360 | €22,350 | -€10,010 | -30.9% |
| Furniture and vehicles | 24 | €37,915 | €521 | -€37,394 | -98.6% |
| Other tangible fixed assets | 26 | €49,668 | €42,156 | -€7,511 | -15.1% |
| Current assets | 29/58 | €142,961 | €251,058 | +€108,097 | +75.6% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Other amounts receivable | 291 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €40,468 | €38,286 | -€2,183 | -5.4% |
| Stocks | 30/36 | €40,468 | €38,286 | -€2,183 | -5.4% |
| Amounts receivable within one year | 40/41 | €43,685 | €158,791 | +€115,106 | +263% |
| Trade receivables | 40 | €40,558 | €96,897 | +€56,339 | +139% |
| Other amounts receivable | 41 | €3,127 | €61,895 | +€58,767 | +1,879% |
| Cash at bank and in hand | 54/58 | €6,768 | €2,158 | -€4,611 | -68.1% |
| Deferred charges and accrued income | 490/1 | €2,040 | €1,824 | -€216 | -10.6% |
| Total equity and liabilities | 10/49 | €263,649 | €316,458 | +€52,809 | +20.0% |
| Equity | 10/15 | €100,316 | €171,732 | +€71,416 | +71.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €90,316 | €161,732 | +€71,416 | +79.1% |
| Distributable reserves | 133 | €90,316 | €161,732 | +€71,416 | +79.1% |
| Amounts payable | 17/49 | €163,333 | €144,726 | -€18,608 | -11.4% |
| Amounts payable after more than one year | 17 | €90,627 | €60,677 | -€29,950 | -33.0% |
| Financial debts | 170/4 | €90,627 | €60,677 | -€29,950 | -33.0% |
| Amounts payable within one year | 42/48 | €72,706 | €83,349 | +€10,642 | +14.6% |
| Current portion of amounts payable after more than one year | 42 | €28,500 | €43,950 | +€15,450 | +54.2% |
| Financial debts | 43 | - | €25,000 | +€25,000 | |
| Credit institutions | 430/8 | - | €25,000 | +€25,000 | |
| Trade debts | 44 | €1,200 | €1,210 | +€10 | +0.8% |
| Suppliers | 440/4 | €1,200 | €1,210 | +€10 | +0.8% |
| Taxes, remuneration and social security | 45 | €23,773 | €13,189 | -€10,584 | -44.5% |
| Taxes | 450/3 | €23,773 | €13,189 | -€10,584 | -44.5% |
| Other amounts payable | 47/48 | €19,234 | - | -€19,234 | |
| Accrued charges and deferred income | 492/3 | - | €700 | +€700 | |
| Non-recurring operating income | 76A | - | €2,251 | +€2,251 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,941 | €19,341 | -€11,601 | -37.5% |
| Other operating charges | 640/8 | €880 | €584 | -€295 | -33.6% |
| Non-recurring operating charges | 66A | €694 | €14,271 | +€13,577 | +1,956% |
| Gross operating margin | 9900 | €66,115 | €137,452 | +€71,336 | +108% |
| Operating profit (loss) | 9901 | €33,600 | €103,256 | +€69,655 | +207% |
| Financial income | 75/76B | €1,382 | €2,103 | +€720 | +52.1% |
| Recurring financial income | 75 | €1,382 | €2,103 | +€720 | +52.1% |
| Financial charges | 65/66B | €6,585 | €5,345 | -€1,240 | -18.8% |
| Recurring financial charges | 65 | €6,585 | €5,345 | -€1,240 | -18.8% |
| Profit (loss) for the period before taxes | 9903 | €28,398 | €100,014 | +€71,616 | +252% |
| Income taxes | 67/77 | €6,904 | €28,597 | +€21,694 | +314% |
| Profit (loss) for the period | 9904 | €21,494 | €71,416 | +€49,922 | +232% |
| Profit (loss) for the period to be appropriated | 9905 | €21,494 | €71,416 | +€49,922 | +232% |
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 25 October 2026 via checked.be.