VESTABUILD: 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.
VESTABUILD
Largest movements
- Tangible fixed assets +€420,364
up €420,364 (+27.7%), from €1.5m to €1.9m
of which Land and buildings: +€420,843
- Receivables within one year -€132,258
down €132,258 (-98.0%), from €135,000 to €2,742
- Cash +€62,990
up €62,990 (+976.8%), from €6,448 to €69,438
mainly Net result for the year (+€474,083) and Receivables within one year (+€132,258)
- Reserves +€467,819
up €467,819 (+61.4%), from €761,481 to €1.2m
of which Tax-exempt reserves: +€467,819
- Trade debts -€96,747
down €96,747 (-92.3%), from €104,853 to €8,106
- Debts after one year -€29,870
down €29,870 (-5.7%), from €525,011 to €495,141
of which Financial debts: -€38,515
- Financial income +€394,649
up €394,649 (+299.9%), from €131,579 to €526,228
- Gross operating margin +€20,439
up €20,439 (+35.1%), from €58,299 to €78,738
- Depreciation +€10,031
up €10,031 (+10.1%), from €99,438 to €109,470
- Financial charges -€4,435
down €4,435 (-29.1%), from €15,220 to €10,786
- Other operating charges -€1,118
down €1,118 (-9.7%), from €11,545 to €10,427
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 | €1,686,468 | €2,037,692 | +€351,223 | +20.8% |
| Fixed assets | 21/28 | €1,516,750 | €1,937,114 | +€420,364 | +27.7% |
| Tangible fixed assets | 22/27 | €1,516,750 | €1,937,114 | +€420,364 | +27.7% |
| Land and buildings | 22 | €1,509,890 | €1,930,733 | +€420,843 | +27.9% |
| Plant, machinery and equipment | 23 | €1,387 | €1,087 | -€300 | -21.6% |
| Furniture and vehicles | 24 | €5,473 | €5,294 | -€179 | -3.3% |
| Current assets | 29/58 | €169,718 | €100,578 | -€69,140 | -40.7% |
| Stocks and contracts in progress | 3 | €27,888 | €27,888 | = | 0.0% |
| Stocks | 30/36 | €27,888 | €27,888 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €135,000 | €2,742 | -€132,258 | -98.0% |
| Trade receivables | 40 | €135,000 | €2,742 | -€132,258 | -98.0% |
| Cash at bank and in hand | 54/58 | €6,448 | €69,438 | +€62,990 | +976.8% |
| Deferred charges and accrued income | 490/1 | €382 | €510 | +€128 | +33.5% |
| Total equity and liabilities | 10/49 | €1,686,468 | €2,037,692 | +€351,223 | +20.8% |
| Equity | 10/15 | €1,015,052 | €1,489,135 | +€474,083 | +46.7% |
| Contributions | 10/11 | €310,000 | €310,000 | = | 0.0% |
| Reserves | 13 | €761,481 | €1,229,299 | +€467,819 | +61.4% |
| Non-distributable reserves | 130/1 | €31,000 | €31,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €31,000 | €31,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €728,788 | €1,196,607 | +€467,819 | +64.2% |
| Distributable reserves | 133 | €1,692 | €1,692 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,429 | -€50,164 | +€6,265 | +11.1% |
| Amounts payable | 17/49 | €671,416 | €548,556 | -€122,860 | -18.3% |
| Amounts payable after more than one year | 17 | €525,011 | €495,141 | -€29,870 | -5.7% |
| Financial debts | 170/4 | €323,734 | €285,219 | -€38,515 | -11.9% |
| Other amounts payable | 178/9 | €201,277 | €209,922 | +€8,644 | +4.3% |
| Amounts payable within one year | 42/48 | €142,154 | €46,993 | -€95,161 | -66.9% |
| Current portion of amounts payable after more than one year | 42 | €37,103 | €38,488 | +€1,385 | +3.7% |
| Trade debts | 44 | €104,853 | €8,106 | -€96,747 | -92.3% |
| Suppliers | 440/4 | €104,853 | €8,106 | -€96,747 | -92.3% |
| Taxes, remuneration and social security | 45 | €198 | €399 | +€201 | +101.6% |
| Taxes | 450/3 | €198 | €399 | +€201 | +101.6% |
| Accrued charges and deferred income | 492/3 | €4,251 | €6,422 | +€2,171 | +51.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €99,438 | €109,470 | +€10,031 | +10.1% |
| Other operating charges | 640/8 | €11,545 | €10,427 | -€1,118 | -9.7% |
| Non-recurring operating charges | 66A | €213 | - | -€213 | |
| Gross operating margin | 9900 | €58,299 | €78,738 | +€20,439 | +35.1% |
| Operating profit (loss) | 9901 | -€52,897 | -€41,158 | +€11,739 | +22.2% |
| Financial income | 75/76B | €131,579 | €526,228 | +€394,649 | +299.9% |
| Recurring financial income | 75 | €131,579 | €526,228 | +€394,649 | +299.9% |
| Financial charges | 65/66B | €15,220 | €10,786 | -€4,435 | -29.1% |
| Recurring financial charges | 65 | €15,220 | €10,786 | -€4,435 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €63,462 | €474,284 | +€410,822 | +647.3% |
| Income taxes | 67/77 | €205 | €201 | -€4 | -1.8% |
| Profit (loss) for the period | 9904 | €63,258 | €474,083 | +€410,826 | +649.4% |
| Transfer from tax-exempt reserves | 789 | €48,817 | €58,410 | +€9,593 | +19.7% |
| Transfer to tax-exempt reserves | 689 | €131,557 | €526,228 | +€394,671 | +300.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€19,482 | €6,265 | +€25,747 |
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 8 October 2026 via checked.be.