VESTA: 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.
VESTA
Largest movements
- Receivables within one year -€107,676
down €107,676 (-57.9%), from €186,000 to €78,324
of which Other amounts receivable: -€123,685
- Debts after one year -€210,060
down €210,060 (-31.2%), from €673,507 to €463,446
of which Other amounts payable: -€176,346
- Reserves +€134,459
up €134,459 (+18.5%), from €727,261 to €861,720
of which Distributable reserves: +€134,459
- Short-term financial debts -€40,431
down €40,431 (-15.5%), from €260,952 to €220,521
- Tax, wage and social debts -€26,916
down €26,916 (-43.5%), from €61,902 to €34,987
of which Taxes: -€25,460
- Gross operating margin +€94,862
up €94,862 (+34.0%), from €278,812 to €373,674
- Taxes +€27,773
up €27,773 (+45.0%), from €61,707 to €89,480
- Financial charges -€8,231
down €8,231 (-16.0%), from €51,566 to €43,335
- Depreciation -€7,221
down €7,221 (-18.3%), from €39,490 to €32,269
- Financial income -€6,261
down €6,261 (-99.8%), from €6,275 to €15
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 | €2,386,655 | €2,233,505 | -€153,150 | -6.4% |
| Fixed assets | 21/28 | €2,170,453 | €2,148,988 | -€21,466 | -1.0% |
| Tangible fixed assets | 22/27 | €1,027,667 | €1,006,202 | -€21,466 | -2.1% |
| Land and buildings | 22 | €379,577 | €353,308 | -€26,269 | -6.9% |
| Furniture and vehicles | 24 | €4,744 | €5,692 | +€948 | +20.0% |
| Other tangible fixed assets | 26 | €151,704 | €155,560 | +€3,856 | +2.5% |
| Assets under construction and advance payments | 27 | €491,642 | €491,642 | = | 0.0% |
| Financial fixed assets | 28 | €1,142,786 | €1,142,786 | = | 0.0% |
| Current assets | 29/58 | €216,202 | €84,517 | -€131,685 | -60.9% |
| Amounts receivable within one year | 40/41 | €186,000 | €78,324 | -€107,676 | -57.9% |
| Trade receivables | 40 | €41,640 | €57,649 | +€16,009 | +38.4% |
| Other amounts receivable | 41 | €144,360 | €20,675 | -€123,685 | -85.7% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €24,047 | €2,811 | -€21,236 | -88.3% |
| Deferred charges and accrued income | 490/1 | €6,154 | €3,381 | -€2,773 | -45.1% |
| Total equity and liabilities | 10/49 | €2,386,655 | €2,233,505 | -€153,150 | -6.4% |
| Equity | 10/15 | €1,107,261 | €1,241,720 | +€134,459 | +12.1% |
| Contributions | 10/11 | €380,000 | €380,000 | = | 0.0% |
| Reserves | 13 | €727,261 | €861,720 | +€134,459 | +18.5% |
| Tax-exempt reserves | 132 | €61,450 | €61,450 | = | 0.0% |
| Distributable reserves | 133 | €665,811 | €800,270 | +€134,459 | +20.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,279,394 | €991,785 | -€287,609 | -22.5% |
| Amounts payable after more than one year | 17 | €673,507 | €463,446 | -€210,060 | -31.2% |
| Financial debts | 170/4 | €347,161 | €313,446 | -€33,715 | -9.7% |
| Other amounts payable | 178/9 | €326,346 | €150,000 | -€176,346 | -54.0% |
| Amounts payable within one year | 42/48 | €604,527 | €527,311 | -€77,216 | -12.8% |
| Current portion of amounts payable after more than one year | 42 | €59,395 | €54,239 | -€5,157 | -8.7% |
| Financial debts | 43 | €260,952 | €220,521 | -€40,431 | -15.5% |
| Credit institutions | 430/8 | €260,952 | €220,521 | -€40,431 | -15.5% |
| Trade debts | 44 | €30,528 | €47,600 | +€17,072 | +55.9% |
| Suppliers | 440/4 | €30,528 | €47,600 | +€17,072 | +55.9% |
| Taxes, remuneration and social security | 45 | €61,902 | €34,987 | -€26,916 | -43.5% |
| Taxes | 450/3 | €60,447 | €34,987 | -€25,460 | -42.1% |
| Remuneration and social security | 454/9 | €1,455 | €0 | -€1,455 | -100.0% |
| Other amounts payable | 47/48 | €191,750 | €169,965 | -€21,785 | -11.4% |
| Accrued charges and deferred income | 492/3 | €1,360 | €1,028 | -€333 | -24.5% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,490 | €32,269 | -€7,221 | -18.3% |
| Other operating charges | 640/8 | €6,882 | €4,912 | -€1,970 | -28.6% |
| Gross operating margin | 9900 | €278,812 | €373,674 | +€94,862 | +34.0% |
| Operating profit (loss) | 9901 | €232,440 | €336,492 | +€104,053 | +44.8% |
| Financial income | 75/76B | €6,275 | €15 | -€6,261 | -99.8% |
| Recurring financial income | 75 | €6,275 | €15 | -€6,261 | -99.8% |
| Financial charges | 65/66B | €51,566 | €43,335 | -€8,231 | -16.0% |
| Recurring financial charges | 65 | €51,566 | €43,335 | -€8,231 | -16.0% |
| Profit (loss) for the period before taxes | 9903 | €187,149 | €293,172 | +€106,023 | +56.7% |
| Income taxes | 67/77 | €61,707 | €89,480 | +€27,773 | +45.0% |
| Profit (loss) for the period | 9904 | €125,442 | €203,692 | +€78,250 | +62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €125,442 | €203,692 | +€78,250 | +62.4% |
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 6 October 2026 via checked.be.