VESTERO: 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.
VESTERO
Largest movements
- Receivables within one year -€80,056
down €80,056 (-68.7%), from €116,495 to €36,439
of which Trade receivables: -€78,180
- Tangible fixed assets -€25,666
down €25,666 (-2.2%), from €1.2m to €1.2m
of which Land and buildings: -€29,101
- Trade debts -€75,660
down €75,660 (-66.5%), from €113,738 to €38,078
- Provisions -€49,507
down €49,507 (-21.2%), from €233,116 to €183,608
of which Provisions for liabilities and charges: -€39,144
- Other debts +€40,279
up €40,279 (+154.0%), from €26,162 to €66,441
- Debts after one year -€38,402
down €38,402 (-10.7%), from €358,188 to €319,786
- Provisions +€39,030
up €39,030 (+49.9%), from -€78,174 to -€39,144
- Financial income +€11,794
up €11,794 (+127.0%), from €9,290 to €21,084
- Taxes +€5,487
up €5,487 (+248.1%), from €2,212 to €7,698
- Other operating charges +€2,154
up €2,154 (+34.7%), from €6,213 to €8,367
- Gross operating margin -€1,738
down €1,738 (-54.9%), from -€3,163 to -€4,901
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 | €2,168,307 | €2,042,037 | -€126,270 | -5.8% |
| Fixed assets | 21/28 | €1,191,556 | €1,165,889 | -€25,666 | -2.2% |
| Tangible fixed assets | 22/27 | €1,191,556 | €1,165,889 | -€25,666 | -2.2% |
| Land and buildings | 22 | €1,123,825 | €1,094,725 | -€29,101 | -2.6% |
| Furniture and vehicles | 24 | €22,730 | €10,165 | -€12,566 | -55.3% |
| Other tangible fixed assets | 26 | €45,000 | €61,000 | +€16,000 | +35.6% |
| Current assets | 29/58 | €976,752 | €876,147 | -€100,604 | -10.3% |
| Amounts receivable after more than one year | 29 | €365,000 | €365,000 | = | 0.0% |
| Other amounts receivable | 291 | €365,000 | €365,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €116,495 | €36,439 | -€80,056 | -68.7% |
| Trade receivables | 40 | €114,459 | €36,280 | -€78,180 | -68.3% |
| Other amounts receivable | 41 | €2,035 | €159 | -€1,876 | -92.2% |
| Current investments | 50/53 | €439,845 | €439,845 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €55,412 | €34,864 | -€20,548 | -37.1% |
| Total equity and liabilities | 10/49 | €2,168,307 | €2,042,037 | -€126,270 | -5.8% |
| Equity | 10/15 | €1,401,256 | €1,395,722 | -€5,534 | -0.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,382,656 | €1,377,122 | -€5,534 | -0.4% |
| Non-distributable reserves | 130/1 | €38,176 | €0 | -€38,176 | -100.0% |
| Reserves not available under the articles | 1311 | €38,176 | €0 | -€38,176 | -100.0% |
| Tax-exempt reserves | 132 | €438,314 | €407,226 | -€31,088 | -7.1% |
| Distributable reserves | 133 | €906,166 | €969,896 | +€63,729 | +7.0% |
| Provisions and deferred taxes | 16 | €233,116 | €183,608 | -€49,507 | -21.2% |
| Provisions for liabilities and charges | 160/5 | €57,146 | €18,001 | -€39,144 | -68.5% |
| Major repairs and maintenance | 162 | €57,146 | €18,001 | -€39,144 | -68.5% |
| Deferred taxes | 168 | €175,970 | €165,607 | -€10,363 | -5.9% |
| Amounts payable | 17/49 | €533,935 | €462,707 | -€71,229 | -13.3% |
| Amounts payable after more than one year | 17 | €358,188 | €319,786 | -€38,402 | -10.7% |
| Financial debts | 170/4 | €358,188 | €319,786 | -€38,402 | -10.7% |
| Amounts payable within one year | 42/48 | €175,747 | €142,920 | -€32,827 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €35,848 | €38,402 | +€2,554 | +7.1% |
| Trade debts | 44 | €113,738 | €38,078 | -€75,660 | -66.5% |
| Suppliers | 440/4 | €113,738 | €38,078 | -€75,660 | -66.5% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €26,162 | €66,441 | +€40,279 | +154.0% |
| Non-recurring operating income | 76A | €55,095 | €0 | -€55,095 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,254 | €41,666 | -€1,588 | -3.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€78,174 | -€39,144 | +€39,030 | +49.9% |
| Other operating charges | 640/8 | €6,213 | €8,367 | +€2,154 | +34.7% |
| Gross operating margin | 9900 | -€3,163 | -€4,901 | -€1,738 | -54.9% |
| Operating profit (loss) | 9901 | €25,544 | -€15,789 | -€41,333 | |
| Financial income | 75/76B | €9,290 | €21,084 | +€11,794 | +127.0% |
| Recurring financial income | 75 | €9,290 | €21,084 | +€11,794 | +127.0% |
| Financial charges | 65/66B | €14,552 | €13,494 | -€1,058 | -7.3% |
| Recurring financial charges | 65 | €14,552 | €13,494 | -€1,058 | -7.3% |
| Profit (loss) for the period before taxes | 9903 | €20,283 | -€8,199 | -€28,482 | |
| Transfer from deferred taxes | 780 | €10,363 | €10,363 | = | 0.0% |
| Income taxes | 67/77 | €2,212 | €7,698 | +€5,487 | +248.1% |
| Profit (loss) for the period | 9904 | €28,434 | -€5,534 | -€33,968 | |
| Transfer from tax-exempt reserves | 789 | €31,088 | €31,088 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €59,522 | €25,554 | -€33,968 | -57.1% |
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 1 October 2026 via checked.be.