VESTIUM: 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.
VESTIUM
Largest movements
- Stocks and contracts +€242,869
up €242,869 (+22.0%), from €1.1m to €1.3m
- Receivables within one year -€230,000
down €230,000 (-100.0%), from €230,000 to €0
- Cash +€43,538
up €43,538 (+462.7%), from €9,410 to €52,948
mainly Short-term financial debts (+€234,251) and Receivables within one year (+€230,000)
- Short-term financial debts +€234,251
up €234,251 (+35.7%), from €655,455 to €889,706
- Other debts -€233,900
down €233,900 (-48.1%), from €486,282 to €252,381
- Reserves +€86,105
up €86,105 (+41.5%), from €207,709 to €293,814
- Trade debts -€18,497
down €18,497 (-86.4%), from €21,407 to €2,911
- Gross operating margin +€128,545
up €128,545 (+511.7%), from €25,122 to €153,667
- Taxes +€40,160
up €40,160 (+124992.1%), from €32 to €40,192
- Other operating charges +€5,683
up €5,683 (+75.8%), from €7,497 to €13,181
- Financial charges -€5,021
down €5,021 (-37.6%), from €13,341 to €8,320
- Depreciation -€3,568
down €3,568 (-45.7%), from €7,804 to €4,236
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 | €1,562,305 | €1,614,477 | +€52,171 | +3.3% |
| Fixed assets | 21/28 | €219,441 | €215,205 | -€4,236 | -1.9% |
| Tangible fixed assets | 22/27 | €219,441 | €215,205 | -€4,236 | -1.9% |
| Land and buildings | 22 | €219,441 | €215,205 | -€4,236 | -1.9% |
| Current assets | 29/58 | €1,342,864 | €1,399,272 | +€56,407 | +4.2% |
| Stocks and contracts in progress | 3 | €1,103,455 | €1,346,324 | +€242,869 | +22.0% |
| Stocks | 30/36 | €1,103,455 | €1,346,324 | +€242,869 | +22.0% |
| Amounts receivable within one year | 40/41 | €230,000 | €0 | -€230,000 | -100.0% |
| Other amounts receivable | 41 | €230,000 | €0 | -€230,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €9,410 | €52,948 | +€43,538 | +462.7% |
| Total equity and liabilities | 10/49 | €1,562,305 | €1,614,477 | +€52,171 | +3.3% |
| Equity | 10/15 | €225,297 | €313,814 | +€88,517 | +39.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €207,709 | €293,814 | +€86,105 | +41.5% |
| Distributable reserves | 133 | €207,709 | €293,814 | +€86,105 | +41.5% |
| Profit (loss) carried forward | 14 | -€2,412 | €0 | +€2,412 | |
| Amounts payable | 17/49 | €1,337,009 | €1,300,663 | -€36,346 | -2.7% |
| Amounts payable after more than one year | 17 | €155,473 | €143,413 | -€12,061 | -7.8% |
| Financial debts | 170/4 | €155,473 | €143,413 | -€12,061 | -7.8% |
| Amounts payable within one year | 42/48 | €1,181,536 | €1,157,251 | -€24,285 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €11,783 | €12,061 | +€278 | +2.4% |
| Financial debts | 43 | €655,455 | €889,706 | +€234,251 | +35.7% |
| Credit institutions | 430/8 | €655,455 | €889,706 | +€234,251 | +35.7% |
| Trade debts | 44 | €21,407 | €2,911 | -€18,497 | -86.4% |
| Suppliers | 440/4 | €21,407 | €2,911 | -€18,497 | -86.4% |
| Taxes, remuneration and social security | 45 | €6,609 | €192 | -€6,416 | -97.1% |
| Taxes | 450/3 | €6,609 | €192 | -€6,416 | -97.1% |
| Other amounts payable | 47/48 | €486,282 | €252,381 | -€233,900 | -48.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,804 | €4,236 | -€3,568 | -45.7% |
| Other operating charges | 640/8 | €7,497 | €13,181 | +€5,683 | +75.8% |
| Gross operating margin | 9900 | €25,122 | €153,667 | +€128,545 | +511.7% |
| Operating profit (loss) | 9901 | €9,821 | €136,251 | +€126,430 | +1287.4% |
| Financial income | 75/76B | €1,141 | €779 | -€362 | -31.7% |
| Recurring financial income | 75 | €1,141 | €779 | -€362 | -31.7% |
| Financial charges | 65/66B | €13,341 | €8,320 | -€5,021 | -37.6% |
| Recurring financial charges | 65 | €13,341 | €8,320 | -€5,021 | -37.6% |
| Profit (loss) for the period before taxes | 9903 | -€2,380 | €128,709 | +€131,089 | |
| Income taxes | 67/77 | €32 | €40,192 | +€40,160 | +124992.1% |
| Profit (loss) for the period | 9904 | -€2,412 | €88,517 | +€90,929 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,412 | €88,517 | +€90,929 |
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 6 October 2026 via checked.be.