Vesta Group: 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.
What changed
Vesta Group
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€567,684
2024 · €113,956-€681,640
Equity
€58.2m
2024 · €58.8m-€567,684
Cash
€1.4m
2024 · €81,131+€1.3m
Balance sheet total
€85.6m
2024 · €83.4m+€2.2m
Largest movements
Assets
- Financial fixed assets +€2.7m
up €2.7m (+3.6%), from €76.7m to €79.5m
- Cash +€1.3m
up €1.3m (+1,584%), from €81,131 to €1.4m
mainly Debts after one year (+€2.9m) and Receivables within one year (+€936,765)
- Receivables within one year -€936,765
down €936,765 (-58.6%), from €1.6m to €662,864
of which Trade receivables: -€1.0m
Equity and liabilities
- Debts after one year +€2.9m
up €2.9m (+12.8%), from €22.8m to €25.7m
Income statement
- Gross operating margin -€1.6m
down €1.6m (-80.7%), from €1.9m to €373,923
- Staff costs -€425,593
down €425,593 (-49.1%), from €866,767 to €441,174
- Financial charges -€249,906
down €249,906 (-13.3%), from €1.9m to €1.6m
of which Financial charges: -€367,048
- Taxes -€127,127
down €127,127, from €125,000 to -€2,127
- Depreciation -€119,443
down €119,443 (-42.6%), from €280,686 to €161,243
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.
Result 2024
€113,956
Gross operating margin
-€1.6m
Staff costs
+€425,593
Depreciation
+€119,443
Write-downs
-€58,466
Other operating charges
+€25,189
Financial income
-€3,996
Financial charges
+€249,906
Taxes
+€127,127
Result 2025
-€567,684
raises the resultlowers the result
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.
From operations
+€1.2m
Investment
-€2.8m
Financing
+€2.9m
Cash 2024
€81,131
From operations (derived)
+€1.2m
Net result for the year
-€567,684
Depreciation
+€161,243
Receivables after one year
+€617,484
Receivables within one year
+€936,765
Deferred charges and accrued income
+€235,614
Trade debts
+€32,840
Tax, wage and social debts
-€118,366
Accrued charges and deferred income
-€96,515
Investment (derived)
-€2.8m
Investment in fixed assets (net)
-€2.8m
Financing
+€2.9m
Debts after one year
+€2.9m
Current portion of long-term debt
+€1,674
Cash 2025
€1.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €83,447,423 | €85,626,512 | +€2.2m | +2.6% |
| Fixed assets | 21/28 | €77,573,591 | €80,257,323 | +€2.7m | +3.5% |
| Intangible fixed assets | 21 | €25,140 | €103,888 | +€78,748 | +313% |
| Tangible fixed assets | 22/27 | €831,486 | €693,105 | -€138,380 | -16.6% |
| Land and buildings | 22 | €383,367 | €313,686 | -€69,681 | -18.2% |
| Furniture and vehicles | 24 | €414,426 | €342,675 | -€71,750 | -17.3% |
| Assets under construction and advance payments | 27 | €33,693 | €36,744 | +€3,051 | +9.1% |
| Financial fixed assets | 28 | €76,716,965 | €79,460,329 | +€2.7m | +3.6% |
| Current assets | 29/58 | €5,873,832 | €5,369,189 | -€504,643 | -8.6% |
| Amounts receivable after more than one year | 29 | €3,927,939 | €3,310,455 | -€617,484 | -15.7% |
| Other amounts receivable | 291 | €3,927,939 | €3,310,455 | -€617,484 | -15.7% |
| Amounts receivable within one year | 40/41 | €1,599,629 | €662,864 | -€936,765 | -58.6% |
| Trade receivables | 40 | €1,575,678 | €527,501 | -€1.0m | -66.5% |
| Other amounts receivable | 41 | €23,951 | €135,363 | +€111,412 | +465% |
| Cash at bank and in hand | 54/58 | €81,131 | €1,366,351 | +€1.3m | +1,584% |
| Deferred charges and accrued income | 490/1 | €265,133 | €29,519 | -€235,614 | -88.9% |
| Total equity and liabilities | 10/49 | €83,447,423 | €85,626,512 | +€2.2m | +2.6% |
| Equity | 10/15 | €58,793,956 | €58,226,272 | -€567,684 | -1.0% |
| Contributions | 10/11 | €58,680,000 | €58,680,000 | = | 0.0% |
| Capital | 10 | €58,680,000 | €58,680,000 | = | 0.0% |
| Issued capital | 100 | €58,680,000 | €58,680,000 | = | 0.0% |
| Reserves | 13 | €113,956 | €5,698 | -€108,258 | -95.0% |
| Non-distributable reserves | 130/1 | €5,698 | €5,698 | = | 0.0% |
| Legal reserve | 130 | €5,698 | €5,698 | = | 0.0% |
| Distributable reserves | 133 | €108,258 | - | -€108,258 | |
| Profit (loss) carried forward | 14 | - | -€459,426 | -€459,426 | |
| Amounts payable | 17/49 | €24,653,468 | €27,400,241 | +€2.7m | +11.1% |
| Amounts payable after more than one year | 17 | €22,809,973 | €25,737,114 | +€2.9m | +12.8% |
| Financial debts | 170/4 | €22,809,973 | €25,737,114 | +€2.9m | +12.8% |
| Amounts payable within one year | 42/48 | €1,495,942 | €1,412,090 | -€83,853 | -5.6% |
| Current portion of amounts payable after more than one year | 42 | €96,999 | €98,673 | +€1,674 | +1.7% |
| Financial debts | 43 | €850,000 | €850,000 | = | 0.0% |
| Other loans | 439 | €850,000 | €850,000 | = | 0.0% |
| Trade debts | 44 | €343,882 | €376,722 | +€32,840 | +9.5% |
| Suppliers | 440/4 | €343,882 | €376,722 | +€32,840 | +9.5% |
| Taxes, remuneration and social security | 45 | €205,062 | €86,695 | -€118,366 | -57.7% |
| Taxes | 450/3 | €130,669 | €5,772 | -€124,897 | -95.6% |
| Remuneration and social security | 454/9 | €74,392 | €80,923 | +€6,530 | +8.8% |
| Accrued charges and deferred income | 492/3 | €347,552 | €251,037 | -€96,515 | -27.8% |
| Remuneration, social security and pensions | 62 | €866,767 | €441,174 | -€425,593 | -49.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €280,686 | €161,243 | -€119,443 | -42.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €58,466 | +€58,466 | |
| Other operating charges | 640/8 | €47,803 | €22,614 | -€25,189 | -52.7% |
| Gross operating margin | 9900 | €1,940,358 | €373,923 | -€1.6m | -80.7% |
| Operating profit (loss) | 9901 | €745,102 | -€309,575 | -€1.1m | |
| Financial income | 75/76B | €1,374,917 | €1,370,921 | -€3,996 | -0.3% |
| Recurring financial income | 75 | €1,374,917 | €1,370,921 | -€3,996 | -0.3% |
| Financial charges | 65/66B | €1,881,063 | €1,631,157 | -€249,906 | -13.3% |
| Recurring financial charges | 65 | €1,590,313 | €1,223,265 | -€367,048 | -23.1% |
| Non-recurring financial charges | 66B | €290,750 | €407,892 | +€117,142 | +40.3% |
| Profit (loss) for the period before taxes | 9903 | €238,956 | -€569,811 | -€808,767 | |
| Income taxes | 67/77 | €125,000 | -€2,127 | -€127,127 | |
| Profit (loss) for the period | 9904 | €113,956 | -€567,684 | -€681,640 | |
| Profit (loss) for the period to be appropriated | 9905 | €113,956 | -€567,684 | -€681,640 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.