VST-Baeken: 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.
VST-Baeken
Largest movements
- Cash +€90,251
up €90,251 (+444.7%), from €20,294 to €110,545
mainly Net result for the year (+€214,632) and Tax, wage and social debts (+€72,071)
- Receivables within one year +€77,955
up €77,955 (+184.1%), from €42,350 to €120,305
of which Other amounts receivable: +€53,255
- Reserves +€214,632
up €214,632 (+17.2%), from €1.2m to €1.5m
- Debts after one year -€121,131
down €121,131 (-20.4%), from €594,643 to €473,512
- Tax, wage and social debts +€72,071
up €72,071 (+55.1%), from €130,789 to €202,860
of which Taxes: +€76,027
- Financial income -€1.1m
down €1.1m (-99.9%), from €1.1m to €1,230
- Financial charges -€83,031
down €83,031 (-75.8%), from €109,587 to €26,556
- Gross operating margin -€33,661
down €33,661 (-9.3%), from €361,651 to €327,990
- Taxes -€23,462
down €23,462 (-23.6%), from €99,489 to €76,027
- Depreciation -€5,745
down €5,745 (-33.5%), from €17,142 to €11,397
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 | €3,382,194 | €3,539,973 | +€157,779 | +4.7% |
| Fixed assets | 21/28 | €3,319,550 | €3,308,153 | -€11,397 | -0.3% |
| Intangible fixed assets | 21 | €39,842 | €28,445 | -€11,397 | -28.6% |
| Financial fixed assets | 28 | €3,279,708 | €3,279,708 | = | 0.0% |
| Current assets | 29/58 | €62,644 | €231,820 | +€169,176 | +270.1% |
| Amounts receivable within one year | 40/41 | €42,350 | €120,305 | +€77,955 | +184.1% |
| Trade receivables | 40 | €42,350 | €67,050 | +€24,700 | +58.3% |
| Other amounts receivable | 41 | - | €53,255 | +€53,255 | |
| Cash at bank and in hand | 54/58 | €20,294 | €110,545 | +€90,251 | +444.7% |
| Deferred charges and accrued income | 490/1 | - | €970 | +€970 | |
| Total equity and liabilities | 10/49 | €3,382,194 | €3,539,973 | +€157,779 | +4.7% |
| Equity | 10/15 | €2,477,952 | €2,692,583 | +€214,632 | +8.7% |
| Contributions | 10/11 | €1,230,659 | €1,230,659 | = | 0.0% |
| Reserves | 13 | €1,247,292 | €1,461,924 | +€214,632 | +17.2% |
| Distributable reserves | 133 | €1,247,292 | €1,461,924 | +€214,632 | +17.2% |
| Amounts payable | 17/49 | €904,243 | €847,390 | -€56,853 | -6.3% |
| Amounts payable after more than one year | 17 | €594,643 | €473,512 | -€121,131 | -20.4% |
| Financial debts | 170/4 | €594,643 | €473,512 | -€121,131 | -20.4% |
| Amounts payable within one year | 42/48 | €309,600 | €373,878 | +€64,278 | +20.8% |
| Current portion of amounts payable after more than one year | 42 | €132,143 | €121,131 | -€11,012 | -8.3% |
| Taxes, remuneration and social security | 45 | €130,789 | €202,860 | +€72,071 | +55.1% |
| Taxes | 450/3 | €121,744 | €197,770 | +€76,027 | +62.4% |
| Remuneration and social security | 454/9 | €9,045 | €5,090 | -€3,956 | -43.7% |
| Other amounts payable | 47/48 | €46,668 | €49,887 | +€3,219 | +6.9% |
| Remuneration, social security and pensions | 62 | -€2,548 | €0 | +€2,548 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,142 | €11,397 | -€5,745 | -33.5% |
| Other operating charges | 640/8 | €1,000 | €610 | -€390 | -39.0% |
| Gross operating margin | 9900 | €361,651 | €327,990 | -€33,661 | -9.3% |
| Operating profit (loss) | 9901 | €346,056 | €315,983 | -€30,073 | -8.7% |
| Financial income | 75/76B | €1,110,311 | €1,230 | -€1.1m | -99.9% |
| Recurring financial income | 75 | €1,110,311 | €1,230 | -€1.1m | -99.9% |
| Financial charges | 65/66B | €109,587 | €26,556 | -€83,031 | -75.8% |
| Recurring financial charges | 65 | €109,587 | €26,556 | -€83,031 | -75.8% |
| Profit (loss) for the period before taxes | 9903 | €1,346,781 | €290,658 | -€1.1m | -78.4% |
| Income taxes | 67/77 | €99,489 | €76,027 | -€23,462 | -23.6% |
| Profit (loss) for the period | 9904 | €1,247,292 | €214,632 | -€1.0m | -82.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,247,292 | €214,632 | -€1.0m | -82.8% |
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 9 October 2026 via checked.be.