VestaTech: 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.
VestaTech
Largest movements
- Tangible fixed assets +€317,427
up €317,427 (+156.3%), from €203,145 to €520,572
of which Land and buildings: +€367,148
- Receivables within one year +€78,607
up €78,607 (+61.0%), from €128,926 to €207,533
of which Trade receivables: +€76,260
- Stocks and contracts +€32,289
up €32,289 (+476.3%), from €6,779 to €39,068
- Cash -€15,629
down €15,629 (-47.1%), from €33,173 to €17,544
mainly Investment in fixed assets (net) (-€388,286) and Receivables within one year (-€78,607)
- Deferred charges and accrued income +€8,991
up €8,991 (+489.7%), from €1,836 to €10,827
- Debts after one year +€232,121
up €232,121 (+186.6%), from €124,401 to €356,522
- Short-term financial debts +€128,047
new in 2025: €128,047
- Trade debts +€59,283
up €59,283 (+117.7%), from €50,354 to €109,636
- Current portion of long-term debt -€10,316
down €10,316 (-19.3%), from €53,362 to €43,047
- Gross operating margin +€83,682
up €83,682 (+27.0%), from €310,389 to €394,070
- Other operating charges +€49,090
up €49,090 (+1724.8%), from €2,846 to €51,936
- Staff costs +€25,588
up €25,588 (+11.9%), from €215,364 to €240,952
- Depreciation +€23,636
up €23,636 (+47.5%), from €49,773 to €73,409
- Financial charges +€13,462
up €13,462 (+188.6%), from €7,137 to €20,599
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 | €376,409 | €795,543 | +€419,134 | +111.4% |
| Fixed assets | 21/28 | €205,695 | €520,572 | +€314,877 | +153.1% |
| Tangible fixed assets | 22/27 | €203,145 | €520,572 | +€317,427 | +156.3% |
| Land and buildings | 22 | - | €367,148 | +€367,148 | |
| Furniture and vehicles | 24 | €62,089 | €59,471 | -€2,618 | -4.2% |
| Leasing and similar rights | 25 | €141,055 | €93,953 | -€47,103 | -33.4% |
| Financial fixed assets | 28 | €2,550 | - | -€2,550 | |
| Current assets | 29/58 | €170,714 | €274,972 | +€104,258 | +61.1% |
| Stocks and contracts in progress | 3 | €6,779 | €39,068 | +€32,289 | +476.3% |
| Stocks | 30/36 | €6,779 | €39,068 | +€32,289 | +476.3% |
| Amounts receivable within one year | 40/41 | €128,926 | €207,533 | +€78,607 | +61.0% |
| Trade receivables | 40 | €118,865 | €195,125 | +€76,260 | +64.2% |
| Other amounts receivable | 41 | €10,060 | €12,408 | +€2,347 | +23.3% |
| Cash at bank and in hand | 54/58 | €33,173 | €17,544 | -€15,629 | -47.1% |
| Deferred charges and accrued income | 490/1 | €1,836 | €10,827 | +€8,991 | +489.7% |
| Total equity and liabilities | 10/49 | €376,409 | €795,543 | +€419,134 | +111.4% |
| Equity | 10/15 | €120,094 | €123,201 | +€3,107 | +2.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €117,094 | €120,201 | +€3,107 | +2.7% |
| Distributable reserves | 133 | €117,094 | €120,201 | +€3,107 | +2.7% |
| Amounts payable | 17/49 | €256,315 | €672,342 | +€416,027 | +162.3% |
| Amounts payable after more than one year | 17 | €124,401 | €356,522 | +€232,121 | +186.6% |
| Financial debts | 170/4 | €124,401 | €356,522 | +€232,121 | +186.6% |
| Amounts payable within one year | 42/48 | €131,827 | €315,820 | +€183,994 | +139.6% |
| Current portion of amounts payable after more than one year | 42 | €53,362 | €43,047 | -€10,316 | -19.3% |
| Financial debts | 43 | - | €128,047 | +€128,047 | |
| Credit institutions | 430/8 | - | €128,047 | +€128,047 | |
| Trade debts | 44 | €50,354 | €109,636 | +€59,283 | +117.7% |
| Suppliers | 440/4 | €50,354 | €109,636 | +€59,283 | +117.7% |
| Taxes, remuneration and social security | 45 | €28,111 | €35,090 | +€6,980 | +24.8% |
| Taxes | 450/3 | €5,495 | €14,678 | +€9,182 | +167.1% |
| Remuneration and social security | 454/9 | €22,615 | €20,413 | -€2,203 | -9.7% |
| Accrued charges and deferred income | 492/3 | €88 | - | -€88 | |
| Remuneration, social security and pensions | 62 | €215,364 | €240,952 | +€25,588 | +11.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49,773 | €73,409 | +€23,636 | +47.5% |
| Other operating charges | 640/8 | €2,846 | €51,936 | +€49,090 | +1724.8% |
| Gross operating margin | 9900 | €310,389 | €394,070 | +€83,682 | +27.0% |
| Operating profit (loss) | 9901 | €42,405 | €27,772 | -€14,632 | -34.5% |
| Financial income | 75/76B | €9,639 | €932 | -€8,707 | -90.3% |
| Recurring financial income | 75 | €9,639 | €932 | -€8,707 | -90.3% |
| Financial charges | 65/66B | €7,137 | €20,599 | +€13,462 | +188.6% |
| Recurring financial charges | 65 | €7,137 | €20,599 | +€13,462 | +188.6% |
| Profit (loss) for the period before taxes | 9903 | €44,907 | €8,106 | -€36,802 | -82.0% |
| Income taxes | 67/77 | €13,465 | €4,998 | -€8,467 | -62.9% |
| Profit (loss) for the period | 9904 | €31,442 | €3,107 | -€28,335 | -90.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,442 | €3,107 | -€28,335 | -90.1% |
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.