VAN: 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.
VAN
Largest movements
- Tangible fixed assets -€49,719
down €49,719 (-4.1%), from €1.2m to €1.2m
- Reserves -€30,910
down €30,910 (-8.6%), from €360,715 to €329,805
of which Tax-exempt reserves: -€27,484
- Debts after one year -€27,544
down €27,544 (-6.6%), from €418,989 to €391,445
- Depreciation +€8,379
up €8,379 (+20.3%), from €41,340 to €49,719
- Gross operating margin +€4,990
up €4,990 (+22.3%), from €22,360 to €27,350
- Other operating charges +€803
up €803 (+34.7%), from €2,312 to €3,115
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 | €1,237,394 | €1,186,510 | -€50,884 | -4.1% |
| Fixed assets | 21/28 | €1,207,379 | €1,157,660 | -€49,719 | -4.1% |
| Tangible fixed assets | 22/27 | €1,207,330 | €1,157,611 | -€49,719 | -4.1% |
| Land and buildings | 22 | €1,207,330 | €1,157,611 | -€49,719 | -4.1% |
| Financial fixed assets | 28 | €49 | €49 | = | 0.0% |
| Current assets | 29/58 | €30,015 | €28,850 | -€1,165 | -3.9% |
| Amounts receivable within one year | 40/41 | €26,287 | €26,286 | -€1 | 0.0% |
| Other amounts receivable | 41 | €26,287 | €26,286 | -€1 | 0.0% |
| Cash at bank and in hand | 54/58 | €3,728 | €2,564 | -€1,164 | -31.2% |
| Total equity and liabilities | 10/49 | €1,237,394 | €1,186,510 | -€50,884 | -4.1% |
| Equity | 10/15 | €423,346 | €398,407 | -€24,939 | -5.9% |
| Contributions | 10/11 | €60,000 | €63,426 | +€3,426 | +5.7% |
| Capital | 10 | €60,000 | €63,426 | +€3,426 | +5.7% |
| Issued capital | 100 | €60,000 | €63,426 | +€3,426 | +5.7% |
| Reserves | 13 | €360,715 | €329,805 | -€30,910 | -8.6% |
| Tax-exempt reserves | 132 | €357,289 | €329,805 | -€27,484 | -7.7% |
| Distributable reserves | 133 | €3,426 | - | -€3,426 | |
| Profit (loss) carried forward | 14 | €2,631 | €5,176 | +€2,545 | +96.7% |
| Provisions and deferred taxes | 16 | €118,953 | €109,803 | -€9,150 | -7.7% |
| Deferred taxes | 168 | €118,953 | €109,803 | -€9,150 | -7.7% |
| Amounts payable | 17/49 | €695,095 | €678,300 | -€16,795 | -2.4% |
| Amounts payable after more than one year | 17 | €418,989 | €391,445 | -€27,544 | -6.6% |
| Financial debts | 170/4 | €418,989 | €391,445 | -€27,544 | -6.6% |
| Amounts payable within one year | 42/48 | €276,106 | €286,855 | +€10,749 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €27,063 | €27,544 | +€481 | +1.8% |
| Trade debts | 44 | €1,981 | €748 | -€1,233 | -62.2% |
| Suppliers | 440/4 | €1,981 | €748 | -€1,233 | -62.2% |
| Other amounts payable | 47/48 | €247,062 | €258,563 | +€11,501 | +4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,340 | €49,719 | +€8,379 | +20.3% |
| Other operating charges | 640/8 | €2,312 | €3,115 | +€803 | +34.7% |
| Non-recurring operating charges | 66A | €25 | - | -€25 | |
| Gross operating margin | 9900 | €22,360 | €27,350 | +€4,990 | +22.3% |
| Operating profit (loss) | 9901 | -€21,317 | -€25,484 | -€4,167 | -19.5% |
| Financial charges | 65/66B | €8,786 | €8,605 | -€181 | -2.1% |
| Recurring financial charges | 65 | €8,786 | €8,605 | -€181 | -2.1% |
| Profit (loss) for the period before taxes | 9903 | -€30,103 | -€34,089 | -€3,986 | -13.2% |
| Transfer from deferred taxes | 780 | €9,150 | €9,150 | = | 0.0% |
| Income taxes | 67/77 | €149 | - | -€149 | |
| Profit (loss) for the period | 9904 | -€21,102 | -€24,939 | -€3,837 | -18.2% |
| Transfer from tax-exempt reserves | 789 | €27,484 | €27,484 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,382 | €2,545 | -€3,837 | -60.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.