VAERT: 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.
What changed
VAERT
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€58,870
2024 · €148,382-€89,512
Equity
€1.6m
2024 · €1.5m+€58,870
Cash
€3,294
2024 · €763+€2,531
Balance sheet total
€1.6m
2024 · €1.5m+€87,394
Largest movements
Assets
- Financial fixed assets +€94,036
up €94,036 (+9.1%), from €1.0m to €1.1m
- Tangible fixed assets -€43,036
down €43,036 (-11.1%), from €388,641 to €345,604
- Receivables within one year +€28,645
up €28,645 (+55.3%), from €51,766 to €80,411
Equity and liabilities
- Profit (loss) carried forward +€58,870
up €58,870 (+5.2%), from €1.1m to €1.2m
- Trade debts +€28,524
up €28,524 (+1,132%), from €2,520 to €31,044
Income statement
- Turnover -€1.6m
down €1.6m (-94.2%), from €1.7m to €100,000
- Staff costs -€1.5m
no longer reported in 2025 (was €1.5m)
- Other operating income -€369,128
down €369,128 (-94.9%), from €388,792 to €19,664
- Services and other goods -€267,711
down €267,711 (-95.6%), from €280,169 to €12,457
- Goods and materials -€145,914
no longer reported in 2025 (was €145,914)
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.
Result 2024
€148,382
Turnover
-€1.6m
Other operating income
-€369,128
Goods and materials
+€145,914
Services and other goods
+€267,711
Staff costs
+€1.5m
Depreciation
+€14,747
Provisions
-€18,550
Other operating charges
+€6,399
Financial income
-€20,140
Financial charges
+€2,232
Taxes
-€42,455
Result 2025
€58,870
raises the resultlowers the result
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.
From operations
+€96,566
Investment
-€94,036
Financing
€0
Cash 2024
€763
From operations (derived)
+€96,566
Net result for the year
+€58,870
Depreciation
+€43,036
Receivables within one year
-€28,645
Deferred charges and accrued income
-€5,219
Trade debts
+€28,524
Investment (derived)
-€94,036
Investment in fixed assets (net)
-€94,036
Cash 2025
€3,294
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,532,245 | €1,619,640 | +€87,394 | +5.7% |
| Fixed assets | 21/28 | €1,421,969 | €1,472,968 | +€50,999 | +3.6% |
| Tangible fixed assets | 22/27 | €388,641 | €345,604 | -€43,036 | -11.1% |
| Land and buildings | 22 | €388,641 | €345,604 | -€43,036 | -11.1% |
| Financial fixed assets | 28 | €1,033,328 | €1,127,364 | +€94,036 | +9.1% |
| Affiliated companies | 280/1 | €1,033,328 | €1,127,364 | +€94,036 | +9.1% |
| Amounts receivable | 281 | €1,033,328 | €1,127,364 | +€94,036 | +9.1% |
| Current assets | 29/58 | €110,276 | €146,672 | +€36,395 | +33.0% |
| Stocks and contracts in progress | 3 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €51,766 | €80,411 | +€28,645 | +55.3% |
| Trade receivables | 40 | €51,766 | €80,411 | +€28,645 | +55.3% |
| Cash at bank and in hand | 54/58 | €763 | €3,294 | +€2,531 | +332% |
| Deferred charges and accrued income | 490/1 | €57,747 | €62,967 | +€5,219 | +9.0% |
| Total equity and liabilities | 10/49 | €1,532,245 | €1,619,640 | +€87,394 | +5.7% |
| Equity | 10/15 | €1,529,725 | €1,588,595 | +€58,870 | +3.8% |
| Contributions | 10/11 | €33,466 | €33,466 | = | 0.0% |
| Revaluation surpluses | 12 | €220,443 | €209,602 | -€10,841 | -4.9% |
| Reserves | 13 | €140,939 | €151,781 | +€10,841 | +7.7% |
| Non-distributable reserves | 130/1 | €140,939 | €151,781 | +€10,841 | +7.7% |
| Reserves not available under the articles | 1311 | €140,939 | - | -€140,939 | |
| Other | 1319 | - | €151,781 | +€151,781 | |
| Profit (loss) carried forward | 14 | €1,134,877 | €1,193,747 | +€58,870 | +5.2% |
| Amounts payable | 17/49 | €2,520 | €31,044 | +€28,524 | +1,132% |
| Amounts payable within one year | 42/48 | €2,520 | €31,044 | +€28,524 | +1,132% |
| Trade debts | 44 | €2,520 | €31,044 | +€28,524 | +1,132% |
| Suppliers | 440/4 | €2,520 | €31,044 | +€28,524 | +1,132% |
| Operating income | 70/76A | €2,108,054 | €119,664 | -€2.0m | -94.3% |
| Turnover | 70 | €1,719,262 | €100,000 | -€1.6m | -94.2% |
| Other operating income | 74 | €388,792 | €19,664 | -€369,128 | -94.9% |
| Operating charges | 60/66A | €2,015,733 | €56,492 | -€2.0m | -97.2% |
| Goods for resale, raw materials and consumables | 60 | €145,914 | - | -€145,914 | |
| Purchases | 600/8 | €145,914 | - | -€145,914 | |
| Services and other goods | 61 | €280,169 | €12,457 | -€267,711 | -95.6% |
| Remuneration, social security and pensions | 62 | €1,543,019 | - | -€1.5m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57,784 | €43,036 | -€14,747 | -25.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€18,550 | - | +€18,550 | |
| Other operating charges | 640/8 | €7,397 | €998 | -€6,399 | -86.5% |
| Operating profit (loss) | 9901 | €92,321 | €63,171 | -€29,149 | -31.6% |
| Financial income | 75/76B | €56,953 | €36,813 | -€20,140 | -35.4% |
| Recurring financial income | 75 | €56,953 | €36,813 | -€20,140 | -35.4% |
| Income from financial fixed assets | 750 | €56,642 | €36,813 | -€19,829 | -35.0% |
| Other financial income | 752/9 | €311 | - | -€311 | |
| Financial charges | 65/66B | €2,604 | €372 | -€2,232 | -85.7% |
| Recurring financial charges | 65 | €2,604 | €372 | -€2,232 | -85.7% |
| Debt charges | 650 | €1,804 | - | -€1,804 | |
| Other financial charges | 652/9 | €800 | €372 | -€428 | -53.5% |
| Profit (loss) for the period before taxes | 9903 | €146,670 | €99,613 | -€47,057 | -32.1% |
| Income taxes | 67/77 | -€1,712 | €40,743 | +€42,455 | |
| Taxes | 670/3 | €263 | €40,743 | +€40,480 | +15,385% |
| Tax adjustments and reversals of tax provisions | 77 | €1,975 | - | -€1,975 | |
| Profit (loss) for the period | 9904 | €148,382 | €58,870 | -€89,512 | -60.3% |
| Profit (loss) for the period to be appropriated | 9905 | €148,382 | €58,870 | -€89,512 | -60.3% |
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.