VESTECO: 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.
VESTECO
Largest movements
- Stocks and contracts -€79,608
no longer reported in 2025 (was €79,608)
- Tangible fixed assets +€42,260
up €42,260 (+5.8%), from €726,100 to €768,360
of which Land and buildings: +€52,812
- Receivables within one year -€25,998
down €25,998 (-8.2%), from €318,350 to €292,352
of which Trade receivables: -€15,344
- Deferred charges and accrued income +€25,526
up €25,526 (+367%), from €6,948 to €32,474
- Debts after one year -€34,695
down €34,695 (-11.0%), from €314,943 to €280,248
- Trade debts +€30,978
up €30,978 (+151%), from €20,449 to €51,428
- Profit (loss) carried forward -€27,018
down €27,018 (-33.6%), from -€80,388 to -€107,406
- Gross operating margin +€66,926
up €66,926 (+223%), from €30,056 to €96,982
- Taxes +€12,047
up €12,047 (+2,918%), from €413 to €12,460
- Other operating charges +€11,585
up €11,585 (+672%), from €1,725 to €13,310
- Depreciation +€10,401
up €10,401 (+15.9%), from €65,488 to €75,890
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 | €1,131,686 | €1,095,355 | -€36,331 | -3.2% |
| Fixed assets | 21/28 | €726,350 | €768,610 | +€42,260 | +5.8% |
| Tangible fixed assets | 22/27 | €726,100 | €768,360 | +€42,260 | +5.8% |
| Land and buildings | 22 | €497,387 | €550,199 | +€52,812 | +10.6% |
| Plant, machinery and equipment | 23 | €97,119 | €103,605 | +€6,486 | +6.7% |
| Furniture and vehicles | 24 | €127,510 | €111,301 | -€16,209 | -12.7% |
| Leasing and similar rights | 25 | €4,084 | €3,255 | -€829 | -20.3% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €405,336 | €326,745 | -€78,591 | -19.4% |
| Stocks and contracts in progress | 3 | €79,608 | - | -€79,608 | |
| Stocks | 30/36 | €79,608 | - | -€79,608 | |
| Amounts receivable within one year | 40/41 | €318,350 | €292,352 | -€25,998 | -8.2% |
| Trade receivables | 40 | €115,175 | €99,831 | -€15,344 | -13.3% |
| Other amounts receivable | 41 | €203,174 | €192,521 | -€10,653 | -5.2% |
| Cash at bank and in hand | 54/58 | €431 | €1,919 | +€1,488 | +345% |
| Deferred charges and accrued income | 490/1 | €6,948 | €32,474 | +€25,526 | +367% |
| Total equity and liabilities | 10/49 | €1,131,686 | €1,095,355 | -€36,331 | -3.2% |
| Equity | 10/15 | €113,984 | €86,966 | -€27,018 | -23.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €188,172 | €188,172 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €31,508 | €31,508 | = | 0.0% |
| Distributable reserves | 133 | €154,804 | €154,804 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€80,388 | -€107,406 | -€27,018 | -33.6% |
| Amounts payable | 17/49 | €1,017,703 | €1,008,389 | -€9,313 | -0.9% |
| Amounts payable after more than one year | 17 | €314,943 | €280,248 | -€34,695 | -11.0% |
| Financial debts | 170/4 | €314,943 | €280,248 | -€34,695 | -11.0% |
| Amounts payable within one year | 42/48 | €702,759 | €728,141 | +€25,382 | +3.6% |
| Current portion of amounts payable after more than one year | 42 | €35,618 | €34,695 | -€923 | -2.6% |
| Financial debts | 43 | €49,899 | €48,964 | -€936 | -1.9% |
| Credit institutions | 430/8 | €49,899 | €48,964 | -€936 | -1.9% |
| Trade debts | 44 | €20,449 | €51,428 | +€30,978 | +151% |
| Suppliers | 440/4 | €20,449 | €51,428 | +€30,978 | +151% |
| Advances received on contracts in progress | 46 | - | €4,000 | +€4,000 | |
| Taxes, remuneration and social security | 45 | €19,986 | €15,095 | -€4,891 | -24.5% |
| Taxes | 450/3 | €19,986 | €15,095 | -€4,891 | -24.5% |
| Other amounts payable | 47/48 | €576,807 | €573,960 | -€2,847 | -0.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,488 | €75,890 | +€10,401 | +15.9% |
| Other operating charges | 640/8 | €1,725 | €13,310 | +€11,585 | +672% |
| Non-recurring operating charges | 66A | €10,299 | - | -€10,299 | |
| Gross operating margin | 9900 | €30,056 | €96,982 | +€66,926 | +223% |
| Operating profit (loss) | 9901 | -€47,456 | €7,783 | +€55,239 | |
| Financial income | 75/76B | €0 | €0 | -€0 | -92.9% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -92.9% |
| Financial charges | 65/66B | €22,936 | €22,341 | -€594 | -2.6% |
| Recurring financial charges | 65 | €22,936 | €22,341 | -€594 | -2.6% |
| Profit (loss) for the period before taxes | 9903 | -€70,391 | -€14,559 | +€55,833 | +79.3% |
| Income taxes | 67/77 | €413 | €12,460 | +€12,047 | +2,918% |
| Profit (loss) for the period | 9904 | -€70,804 | -€27,018 | +€43,786 | +61.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€70,804 | -€27,018 | +€43,786 | +61.8% |
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 16 October 2026 via checked.be.