VAN NECK: 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 NECK
Largest movements
- Current investments +€25,046
new in 2025: €25,046
- Cash +€18,671
up €18,671 (+54.1%), from €34,540 to €53,211
mainly Net result for the year (+€19,286) and Depreciation (+€13,098)
- Tangible fixed assets -€12,316
down €12,316 (-27.8%), from €44,279 to €31,963
of which Furniture and vehicles: -€11,849
- Receivables within one year -€8,219
down €8,219 (-31.6%), from €25,968 to €17,749
of which Trade receivables: -€5,000
- Profit (loss) carried forward +€19,286
up €19,286 (+98.3%), from -€19,628 to -€342
- Other debts +€1,589
up €1,589 (+25.7%), from €6,192 to €7,781
- Trade debts +€1,308
up €1,308 (+76.7%), from €1,705 to €3,013
- Gross operating margin +€39,056
up €39,056, from -€2,263 to €36,793
- Depreciation +€11,238
up €11,238 (+604.3%), from €1,860 to €13,098
- Taxes +€3,536
up €3,536, from -€40 to €3,496
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 | €108,080 | €130,431 | +€22,351 | +20.7% |
| Fixed assets | 21/28 | €44,329 | €32,013 | -€12,316 | -27.8% |
| Tangible fixed assets | 22/27 | €44,279 | €31,963 | -€12,316 | -27.8% |
| Land and buildings | 22 | €1,401 | €934 | -€467 | -33.3% |
| Furniture and vehicles | 24 | €42,878 | €31,029 | -€11,849 | -27.6% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €63,751 | €98,418 | +€34,667 | +54.4% |
| Amounts receivable within one year | 40/41 | €25,968 | €17,749 | -€8,219 | -31.6% |
| Trade receivables | 40 | €11,000 | €6,000 | -€5,000 | -45.5% |
| Other amounts receivable | 41 | €14,968 | €11,749 | -€3,219 | -21.5% |
| Current investments | 50/53 | - | €25,046 | +€25,046 | |
| Cash at bank and in hand | 54/58 | €34,540 | €53,211 | +€18,671 | +54.1% |
| Deferred charges and accrued income | 490/1 | €3,243 | €2,413 | -€830 | -25.6% |
| Total equity and liabilities | 10/49 | €108,080 | €130,431 | +€22,351 | +20.7% |
| Equity | 10/15 | €100,183 | €119,469 | +€19,286 | +19.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €101,211 | €101,211 | = | 0.0% |
| Distributable reserves | 133 | €101,211 | €101,211 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,628 | -€342 | +€19,286 | +98.3% |
| Amounts payable | 17/49 | €7,896 | €10,961 | +€3,065 | +38.8% |
| Amounts payable within one year | 42/48 | €7,896 | €10,961 | +€3,065 | +38.8% |
| Financial debts | 43 | - | €168 | +€168 | |
| Credit institutions | 430/8 | - | €168 | +€168 | |
| Trade debts | 44 | €1,705 | €3,013 | +€1,308 | +76.7% |
| Suppliers | 440/4 | €1,705 | €3,013 | +€1,308 | +76.7% |
| Other amounts payable | 47/48 | €6,192 | €7,781 | +€1,589 | +25.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,860 | €13,098 | +€11,238 | +604.3% |
| Other operating charges | 640/8 | €933 | €903 | -€30 | -3.3% |
| Gross operating margin | 9900 | -€2,263 | €36,793 | +€39,056 | |
| Operating profit (loss) | 9901 | -€5,056 | €22,792 | +€27,848 | |
| Financial income | 75/76B | €326 | €46 | -€280 | -86.0% |
| Recurring financial income | 75 | €326 | €46 | -€280 | -86.0% |
| Financial charges | 65/66B | €54 | €55 | +€1 | +2.5% |
| Recurring financial charges | 65 | €54 | €55 | +€1 | +2.5% |
| Profit (loss) for the period before taxes | 9903 | -€4,784 | €22,782 | +€27,567 | |
| Income taxes | 67/77 | -€40 | €3,496 | +€3,536 | |
| Profit (loss) for the period | 9904 | -€4,744 | €19,286 | +€24,030 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,744 | €19,286 | +€24,030 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.