VASEA CONSTRUCT: 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.
VASEA CONSTRUCT
Largest movements
- Receivables within one year +€119,908
up €119,908 (+491.5%), from €24,397 to €144,305
of which Trade receivables: +€119,545
- Tangible fixed assets -€16,582
down €16,582 (-64.2%), from €25,841 to €9,259
of which Furniture and vehicles: -€14,795
- Cash +€12,730
up €12,730 (+137.2%), from €9,277 to €22,007
mainly Net result for the year (+€52,215) and Trade debts (+€52,208)
- Trade debts +€52,208
up €52,208 (+193.2%), from €27,019 to €79,227
- Reserves +€30,000
new in 2025: €30,000
- Profit (loss) carried forward +€22,215
up €22,215 (+97.0%), from €22,894 to €45,108
- Tax, wage and social debts +€12,260
up €12,260 (+191.5%), from €6,403 to €18,663
of which Taxes: +€14,260
- Gross operating margin +€63,889
up €63,889 (+190.9%), from €33,471 to €97,360
- Taxes +€14,261
up €14,261 (+323.9%), from €4,403 to €18,664
- Depreciation +€9,293
up €9,293 (+127.5%), from €7,289 to €16,582
- Financial charges +€2,100
up €2,100 (+42.9%), from €4,896 to €6,996
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 | €60,244 | €176,166 | +€115,922 | +192.4% |
| Fixed assets | 21/28 | €25,841 | €9,259 | -€16,582 | -64.2% |
| Tangible fixed assets | 22/27 | €25,841 | €9,259 | -€16,582 | -64.2% |
| Plant, machinery and equipment | 23 | €2,318 | €532 | -€1,786 | -77.1% |
| Furniture and vehicles | 24 | €23,523 | €8,727 | -€14,795 | -62.9% |
| Current assets | 29/58 | €34,403 | €166,907 | +€132,504 | +385.2% |
| Amounts receivable within one year | 40/41 | €24,397 | €144,305 | +€119,908 | +491.5% |
| Trade receivables | 40 | €16,583 | €136,128 | +€119,545 | +720.9% |
| Other amounts receivable | 41 | €7,814 | €8,177 | +€363 | +4.6% |
| Cash at bank and in hand | 54/58 | €9,277 | €22,007 | +€12,730 | +137.2% |
| Deferred charges and accrued income | 490/1 | €729 | €595 | -€134 | -18.4% |
| Total equity and liabilities | 10/49 | €60,244 | €176,166 | +€115,922 | +192.4% |
| Equity | 10/15 | €22,894 | €75,108 | +€52,215 | +228.1% |
| Reserves | 13 | - | €30,000 | +€30,000 | |
| Distributable reserves | 133 | - | €30,000 | +€30,000 | |
| Profit (loss) carried forward | 14 | €22,894 | €45,108 | +€22,215 | +97.0% |
| Amounts payable | 17/49 | €37,350 | €101,057 | +€63,707 | +170.6% |
| Amounts payable within one year | 42/48 | €37,350 | €101,057 | +€63,707 | +170.6% |
| Trade debts | 44 | €27,019 | €79,227 | +€52,208 | +193.2% |
| Suppliers | 440/4 | €27,019 | €79,227 | +€52,208 | +193.2% |
| Taxes, remuneration and social security | 45 | €6,403 | €18,663 | +€12,260 | +191.5% |
| Taxes | 450/3 | €4,403 | €18,663 | +€14,260 | +323.9% |
| Remuneration and social security | 454/9 | €2,000 | - | -€2,000 | |
| Other amounts payable | 47/48 | €3,928 | €3,167 | -€761 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,289 | €16,582 | +€9,293 | +127.5% |
| Other operating charges | 640/8 | €2,285 | €2,920 | +€635 | +27.8% |
| Gross operating margin | 9900 | €33,471 | €97,360 | +€63,889 | +190.9% |
| Operating profit (loss) | 9901 | €23,897 | €77,858 | +€53,961 | +225.8% |
| Financial income | 75/76B | €3 | €17 | +€14 | +449.0% |
| Recurring financial income | 75 | €3 | €17 | +€14 | +449.0% |
| Financial charges | 65/66B | €4,896 | €6,996 | +€2,100 | +42.9% |
| Recurring financial charges | 65 | €4,896 | €6,996 | +€2,100 | +42.9% |
| Profit (loss) for the period before taxes | 9903 | €19,004 | €70,879 | +€51,875 | +273.0% |
| Income taxes | 67/77 | €4,403 | €18,664 | +€14,261 | +323.9% |
| Profit (loss) for the period | 9904 | €14,601 | €52,215 | +€37,614 | +257.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,601 | €52,215 | +€37,614 | +257.6% |
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 10 October 2026 via checked.be.