VAN - O - BEL: 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.
What changed
VAN - O - BEL
NACE 10.120, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€19.0m
2024 · €10.4m+€8.6m
Equity
€59.9m
2024 · €49.0m+€11.0m
Cash
€2.4m
2024 · €2.9m-€437,066
Balance sheet total
€79.9m
2024 · €64.6m+€15.3m
Largest movements
Assets
- Receivables within one year +€9.9m
up €9.9m (+19.8%), from €49.7m to €59.6m
of which Other amounts receivable: +€9.6m
- Tangible fixed assets +€7.1m
up €7.1m (+84.8%), from €8.3m to €15.4m
of which Plant, machinery and equipment: +€3.9m
- Stocks and contracts -€1.2m
down €1.2m (-41.7%), from €2.9m to €1.7m
Equity and liabilities
- Profit (loss) carried forward +€11.0m
up €11.0m (+60.3%), from €18.2m to €29.1m
- Other debts +€4.0m
up €4.0m (+96.0%), from €4.2m to €8.2m
Income statement
- Turnover +€28.5m
up €28.5m (+14.4%), from €198.1m to €226.6m
- Goods and materials +€11.8m
up €11.8m (+8.0%), from €148.0m to €159.9m
- Taxes +€3.0m
up €3.0m (+86.2%), from €3.4m to €6.4m
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
€10.4m
Turnover
+€28.5m
Other operating income
-€16,598
Goods and materials
-€11.8m
Services and other goods
-€1.1m
Staff costs
-€349,487
Depreciation
-€237,858
Write-downs
-€394,763
Other operating charges
-€22,664
Other operating items
-€2.8m
Financial income
-€176,832
Financial charges
-€14,721
Taxes
-€3.0m
Deferred taxes and other
+€11
Result 2025
€19.0m
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.
From operations
+€15.6m
Investment
-€8.0m
Financing
-€8.0m
Cash 2024
€2.9m
From operations (derived)
+€15.6m
Net result for the year
+€19.0m
Depreciation
+€938,894
Stocks and contracts
+€1.2m
Receivables within one year
-€9.9m
Smaller working-capital items
+€5,417
Trade debts
+€181,028
Tax, wage and social debts
+€136,028
Other debts
+€4.0m
Investment (derived)
-€8.0m
Investment in fixed assets (net)
-€8.0m
Financing
-€8.0m
Contributions, distributions and other
-€8.0m
Cash 2025
€2.4m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €64,623,713 | €79,901,923 | +€15.3m | +23.6% |
| Fixed assets | 21/28 | €8,336,839 | €15,385,732 | +€7.0m | +84.6% |
| Intangible fixed assets | 21 | €12,666 | €5,075 | -€7,591 | -59.9% |
| Tangible fixed assets | 22/27 | €8,322,470 | €15,378,954 | +€7.1m | +84.8% |
| Land and buildings | 22 | €5,998,644 | €9,037,476 | +€3.0m | +50.7% |
| Plant, machinery and equipment | 23 | €1,947,666 | €5,883,816 | +€3.9m | +202.1% |
| Furniture and vehicles | 24 | €252,777 | €334,278 | +€81,501 | +32.2% |
| Other tangible fixed assets | 26 | €123,383 | €123,383 | = | 0.0% |
| Financial fixed assets | 28 | €1,703 | €1,703 | = | 0.0% |
| Other financial fixed assets | 284/8 | €1,703 | €1,703 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €1,703 | €1,703 | = | 0.0% |
| Current assets | 29/58 | €56,286,874 | €64,516,192 | +€8.2m | +14.6% |
| Amounts receivable after more than one year | 29 | €200,000 | €200,000 | = | 0.0% |
| Other amounts receivable | 291 | €200,000 | €200,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,871,566 | €1,674,291 | -€1.2m | -41.7% |
| Stocks | 30/36 | €2,871,566 | €1,674,291 | -€1.2m | -41.7% |
| Finished goods | 33 | €2,871,566 | €1,674,291 | -€1.2m | -41.7% |
| Amounts receivable within one year | 40/41 | €49,736,528 | €59,603,949 | +€9.9m | +19.8% |
| Trade receivables | 40 | €20,909,896 | €21,148,960 | +€239,064 | +1.1% |
| Other amounts receivable | 41 | €28,826,632 | €38,454,989 | +€9.6m | +33.4% |
| Cash at bank and in hand | 54/58 | €2,855,668 | €2,418,602 | -€437,066 | -15.3% |
| Deferred charges and accrued income | 490/1 | €623,112 | €619,350 | -€3,761 | -0.6% |
| Total equity and liabilities | 10/49 | €64,623,713 | €79,901,923 | +€15.3m | +23.6% |
| Equity | 10/15 | €48,986,010 | €59,945,026 | +€11.0m | +22.4% |
| Contributions | 10/11 | €5,500,000 | €5,500,000 | = | 0.0% |
| Capital | 10 | €5,500,000 | €5,500,000 | = | 0.0% |
| Issued capital | 100 | €5,500,000 | €5,500,000 | = | 0.0% |
| Reserves | 13 | €25,310,466 | €25,310,466 | = | 0.0% |
| Non-distributable reserves | 130/1 | €550,511 | €550,511 | = | 0.0% |
| Legal reserve | 130 | €550,000 | €550,000 | = | 0.0% |
| Other | 1319 | €511 | €511 | = | 0.0% |
| Tax-exempt reserves | 132 | €20,765,956 | €20,765,956 | = | 0.0% |
| Distributable reserves | 133 | €3,994,000 | €3,994,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,174,613 | €29,134,407 | +€11.0m | +60.3% |
| Investment grants | 15 | €931 | €153 | -€778 | -83.6% |
| Provisions and deferred taxes | 16 | €479 | €79 | -€401 | -83.6% |
| Deferred taxes | 168 | €479 | €79 | -€401 | -83.6% |
| Amounts payable | 17/49 | €15,637,223 | €19,956,819 | +€4.3m | +27.6% |
| Amounts payable within one year | 42/48 | €15,636,689 | €19,954,229 | +€4.3m | +27.6% |
| Trade debts | 44 | €10,639,851 | €10,820,879 | +€181,028 | +1.7% |
| Suppliers | 440/4 | €10,639,851 | €10,820,879 | +€181,028 | +1.7% |
| Taxes, remuneration and social security | 45 | €828,247 | €964,275 | +€136,028 | +16.4% |
| Taxes | 450/3 | €120,002 | €135,704 | +€15,702 | +13.1% |
| Remuneration and social security | 454/9 | €708,245 | €828,571 | +€120,326 | +17.0% |
| Other amounts payable | 47/48 | €4,168,592 | €8,169,075 | +€4.0m | +96.0% |
| Accrued charges and deferred income | 492/3 | €533 | €2,590 | +€2,056 | +385.5% |
| Operating income | 70/76A | €199,979,188 | €225,523,530 | +€25.5m | +12.8% |
| Turnover | 70 | €198,117,443 | €226,574,630 | +€28.5m | +14.4% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | €1,698,971 | -€1,197,276 | -€2.9m | |
| Other operating income | 74 | €162,774 | €146,175 | -€16,598 | -10.2% |
| Operating charges | 60/66A | €187,388,842 | €201,206,600 | +€13.8m | +7.4% |
| Goods for resale, raw materials and consumables | 60 | €148,022,330 | €159,860,540 | +€11.8m | +8.0% |
| Purchases | 600/8 | €148,022,330 | €159,860,540 | +€11.8m | +8.0% |
| Services and other goods | 61 | €32,943,259 | €34,037,376 | +€1.1m | +3.3% |
| Remuneration, social security and pensions | 62 | €5,693,334 | €6,042,821 | +€349,487 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €701,036 | €938,894 | +€237,858 | +33.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€240,020 | €154,743 | +€394,763 | |
| Other operating charges | 640/8 | €149,363 | €172,027 | +€22,664 | +15.2% |
| Non-recurring operating charges | 66A | €119,540 | €200 | -€119,340 | -99.8% |
| Operating profit (loss) | 9901 | €12,590,347 | €24,316,930 | +€11.7m | +93.1% |
| Financial income | 75/76B | €1,244,343 | €1,067,512 | -€176,832 | -14.2% |
| Recurring financial income | 75 | €1,244,343 | €1,067,512 | -€176,832 | -14.2% |
| Income from current assets | 751 | €1,168,046 | €991,051 | -€176,996 | -15.2% |
| Other financial income | 752/9 | €76,297 | €76,461 | +€164 | +0.2% |
| Financial charges | 65/66B | €20,775 | €35,497 | +€14,721 | +70.9% |
| Recurring financial charges | 65 | €20,775 | €35,497 | +€14,721 | +70.9% |
| Debt charges | 650 | €1,004 | €3,495 | +€2,490 | +247.9% |
| Other financial charges | 652/9 | €19,771 | €32,002 | +€12,231 | +61.9% |
| Profit (loss) for the period before taxes | 9903 | €13,813,914 | €25,348,945 | +€11.5m | +83.5% |
| Transfer from deferred taxes | 780 | €389 | €401 | +€11 | +2.9% |
| Income taxes | 67/77 | €3,430,206 | €6,387,682 | +€3.0m | +86.2% |
| Taxes | 670/3 | €3,430,206 | €6,387,682 | +€3.0m | +86.2% |
| Profit (loss) for the period | 9904 | €10,384,098 | €18,961,663 | +€8.6m | +82.6% |
| Profit (loss) for the period to be appropriated | 9905 | €10,384,098 | €18,961,663 | +€8.6m | +82.6% |
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 5 October 2026 via checked.be.