VATE: what changed
VATE
Largest movements
- Tangible fixed assets +€239,499
up €239,499 (+43.6%), from €549,296 to €788,794
of which Land and buildings: +€369,106
- Cash -€130,186
down €130,186 (-88.3%), from €147,461 to €17,275
mainly Investment in fixed assets (net) (-€284,990) and Receivables within one year (-€77,375)
- Receivables within one year +€77,375
up €77,375 (+208%), from €37,151 to €114,526
of which Other amounts receivable: +€81,686
- Reserves +€127,180
up €127,180 (+36.7%), from €346,730 to €473,910
- Debts after one year +€116,155
up €116,155 (+53.5%), from €217,161 to €333,316
- Trade debts -€30,968
down €30,968 (-59.1%), from €52,441 to €21,473
- Other debts -€25,150
down €25,150 (-100%), from €25,150 to €0
- Tax, wage and social debts -€15,781
down €15,781 (-37.1%), from €42,513 to €26,732
of which Taxes: -€15,691
- Gross operating margin +€16,993
up €16,993 (+7.0%), from €243,804 to €260,797
- Other operating charges -€11,123
down €11,123 (-72.5%), from €15,346 to €4,222
- Depreciation +€5,924
up €5,924 (+15.0%), from €39,568 to €45,492
- Financial charges +€4,108
up €4,108 (+36.2%), from €11,362 to €15,470
- Taxes +€3,623
up €3,623 (+7.0%), from €51,920 to €55,543
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €744,057 | €932,398 | +€188,341 | +25.3% |
| Fixed assets | 21/28 | €549,659 | €789,157 | +€239,499 | +43.6% |
| Tangible fixed assets | 22/27 | €549,296 | €788,794 | +€239,499 | +43.6% |
| Land and buildings | 22 | €399,898 | €769,004 | +€369,106 | +92.3% |
| Furniture and vehicles | 24 | €820 | €287 | -€533 | -65.1% |
| Assets under construction and advance payments | 27 | €148,578 | €19,504 | -€129,074 | -86.9% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €194,398 | €143,240 | -€51,158 | -26.3% |
| Amounts receivable within one year | 40/41 | €37,151 | €114,526 | +€77,375 | +208% |
| Trade receivables | 40 | €37,151 | €32,840 | -€4,310 | -11.6% |
| Other amounts receivable | 41 | €0 | €81,686 | +€81,686 | |
| Cash at bank and in hand | 54/58 | €147,461 | €17,275 | -€130,186 | -88.3% |
| Deferred charges and accrued income | 490/1 | €9,787 | €11,439 | +€1,652 | +16.9% |
| Total equity and liabilities | 10/49 | €744,057 | €932,398 | +€188,341 | +25.3% |
| Equity | 10/15 | €357,008 | €484,198 | +€127,190 | +35.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €346,730 | €473,910 | +€127,180 | +36.7% |
| Distributable reserves | 133 | €346,730 | €473,910 | +€127,180 | +36.7% |
| Profit (loss) carried forward | 14 | €9,778 | €9,788 | +€10 | +0.1% |
| Amounts payable | 17/49 | €387,049 | €448,200 | +€61,150 | +15.8% |
| Amounts payable after more than one year | 17 | €217,161 | €333,316 | +€116,155 | +53.5% |
| Financial debts | 170/4 | €217,161 | €333,316 | +€116,155 | +53.5% |
| Amounts payable within one year | 42/48 | €164,494 | €113,378 | -€51,117 | -31.1% |
| Current portion of amounts payable after more than one year | 42 | €44,391 | €53,878 | +€9,487 | +21.4% |
| Financial debts | 43 | - | €11,295 | +€11,295 | |
| Credit institutions | 430/8 | - | €11,295 | +€11,295 | |
| Trade debts | 44 | €52,441 | €21,473 | -€30,968 | -59.1% |
| Suppliers | 440/4 | €52,441 | €21,473 | -€30,968 | -59.1% |
| Taxes, remuneration and social security | 45 | €42,513 | €26,732 | -€15,781 | -37.1% |
| Taxes | 450/3 | €41,806 | €26,116 | -€15,691 | -37.5% |
| Remuneration and social security | 454/9 | €707 | €617 | -€90 | -12.7% |
| Other amounts payable | 47/48 | €25,150 | €0 | -€25,150 | -100% |
| Accrued charges and deferred income | 492/3 | €5,394 | €1,506 | -€3,888 | -72.1% |
| Remuneration, social security and pensions | 62 | €13,895 | €12,882 | -€1,013 | -7.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,568 | €45,492 | +€5,924 | +15.0% |
| Other operating charges | 640/8 | €15,346 | €4,222 | -€11,123 | -72.5% |
| Gross operating margin | 9900 | €243,804 | €260,797 | +€16,993 | +7.0% |
| Operating profit (loss) | 9901 | €174,995 | €198,201 | +€23,205 | +13.3% |
| Financial income | 75/76B | €1 | €3 | +€2 | +174% |
| Recurring financial income | 75 | €1 | €3 | +€2 | +174% |
| Financial charges | 65/66B | €11,362 | €15,470 | +€4,108 | +36.2% |
| Recurring financial charges | 65 | €11,362 | €15,470 | +€4,108 | +36.2% |
| Profit (loss) for the period before taxes | 9903 | €163,634 | €182,733 | +€19,099 | +11.7% |
| Income taxes | 67/77 | €51,920 | €55,543 | +€3,623 | +7.0% |
| Profit (loss) for the period | 9904 | €111,714 | €127,190 | +€15,476 | +13.9% |
| Profit (loss) for the period to be appropriated | 9905 | €111,714 | €127,190 | +€15,476 | +13.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.