VAN-VER: 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.
VAN-VER
Largest movements
- Intangible fixed assets +€35,402
new in 2025: €35,402
- Stocks and contracts +€20,432
up €20,432 (+39.8%), from €51,325 to €71,757
- Tangible fixed assets -€12,860
down €12,860 (-1.5%), from €876,156 to €863,297
of which Land and buildings: -€22,416
- Cash +€12,592
up €12,592 (+25.9%), from €48,647 to €61,239
mainly Depreciation (+€54,460) and Other debts (+€21,008)
- Other debts +€21,008
up €21,008 (+133.5%), from €15,736 to €36,744
- Trade debts +€18,396
up €18,396 (+77.0%), from €23,893 to €42,288
- Gross operating margin +€6,220
up €6,220 (+6.4%), from €97,078 to €103,297
- Staff costs +€2,321
up €2,321 (+9.1%), from €25,390 to €27,711
- Depreciation +€2,268
up €2,268 (+4.3%), from €52,192 to €54,460
- Other operating charges +€2,086
up €2,086 (+26.3%), from €7,938 to €10,025
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 | €995,055 | €1,047,869 | +€52,814 | +5.3% |
| Fixed assets | 21/28 | €876,656 | €899,198 | +€22,542 | +2.6% |
| Intangible fixed assets | 21 | - | €35,402 | +€35,402 | |
| Tangible fixed assets | 22/27 | €876,156 | €863,297 | -€12,860 | -1.5% |
| Land and buildings | 22 | €825,620 | €803,203 | -€22,416 | -2.7% |
| Plant, machinery and equipment | 23 | €11,456 | €27,962 | +€16,506 | +144.1% |
| Furniture and vehicles | 24 | €39,081 | €32,131 | -€6,950 | -17.8% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €118,399 | €148,670 | +€30,272 | +25.6% |
| Stocks and contracts in progress | 3 | €51,325 | €71,757 | +€20,432 | +39.8% |
| Stocks | 30/36 | €51,325 | €71,757 | +€20,432 | +39.8% |
| Amounts receivable within one year | 40/41 | €9,482 | €7,829 | -€1,653 | -17.4% |
| Trade receivables | 40 | €6,476 | €6,247 | -€229 | -3.5% |
| Other amounts receivable | 41 | €3,006 | €1,582 | -€1,423 | -47.4% |
| Cash at bank and in hand | 54/58 | €48,647 | €61,239 | +€12,592 | +25.9% |
| Deferred charges and accrued income | 490/1 | €8,944 | €7,845 | -€1,099 | -12.3% |
| Total equity and liabilities | 10/49 | €995,055 | €1,047,869 | +€52,814 | +5.3% |
| Equity | 10/15 | €80,755 | €82,291 | +€1,536 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €53,718 | €56,778 | +€3,060 | +5.7% |
| Distributable reserves | 133 | €53,718 | €56,778 | +€3,060 | +5.7% |
| Profit (loss) carried forward | 14 | €8,437 | €6,913 | -€1,524 | -18.1% |
| Amounts payable | 17/49 | €914,300 | €965,577 | +€51,278 | +5.6% |
| Amounts payable after more than one year | 17 | €834,918 | €844,337 | +€9,418 | +1.1% |
| Financial debts | 170/4 | €689,918 | €699,337 | +€9,418 | +1.4% |
| Other amounts payable | 178/9 | €145,000 | €145,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €77,909 | €121,241 | +€43,332 | +55.6% |
| Current portion of amounts payable after more than one year | 42 | €28,000 | €37,650 | +€9,650 | +34.5% |
| Trade debts | 44 | €23,893 | €42,288 | +€18,396 | +77.0% |
| Suppliers | 440/4 | €23,893 | €42,288 | +€18,396 | +77.0% |
| Taxes, remuneration and social security | 45 | €10,280 | €4,559 | -€5,721 | -55.7% |
| Taxes | 450/3 | €6,125 | €295 | -€5,831 | -95.2% |
| Remuneration and social security | 454/9 | €4,154 | €4,264 | +€110 | +2.6% |
| Other amounts payable | 47/48 | €15,736 | €36,744 | +€21,008 | +133.5% |
| Accrued charges and deferred income | 492/3 | €1,473 | €0 | -€1,473 | -100.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €25,390 | €27,711 | +€2,321 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,192 | €54,460 | +€2,268 | +4.3% |
| Other operating charges | 640/8 | €7,938 | €10,025 | +€2,086 | +26.3% |
| Gross operating margin | 9900 | €97,078 | €103,297 | +€6,220 | +6.4% |
| Operating profit (loss) | 9901 | €11,558 | €11,102 | -€455 | -3.9% |
| Financial income | 75/76B | €733 | €243 | -€490 | -66.9% |
| Recurring financial income | 75 | €733 | €243 | -€490 | -66.9% |
| Financial charges | 65/66B | €6,278 | €6,064 | -€214 | -3.4% |
| Recurring financial charges | 65 | €6,278 | €6,064 | -€214 | -3.4% |
| Profit (loss) for the period before taxes | 9903 | €6,013 | €5,281 | -€732 | -12.2% |
| Income taxes | 67/77 | €3,011 | €2,079 | -€932 | -31.0% |
| Profit (loss) for the period | 9904 | €3,002 | €3,202 | +€200 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,002 | €3,202 | +€200 | +6.7% |
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 11 October 2026 via checked.be.