Vanadi: 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.
Vanadi
Largest movements
- Current investments +€53,997
new in 2025: €53,997
- Cash -€32,513
down €32,513 (-76.3%), from €42,590 to €10,077
mainly Current investments (-€53,997) and Tax, wage and social debts (-€10,854)
- Receivables within one year +€1,543
up €1,543 (+12.5%), from €12,342 to €13,885
- Deferred charges and accrued income -€1,262
down €1,262 (-100.0%), from €1,262 to €0
- Tangible fixed assets -€1,057
down €1,057 (-13.3%), from €7,931 to €6,874
of which Leasing and similar rights: -€1,818
- Reserves +€33,540
up €33,540 (+110.0%), from €30,480 to €64,019
- Tax, wage and social debts -€10,854
down €10,854 (-57.0%), from €19,033 to €8,179
- Trade debts -€1,978
down €1,978 (-75.7%), from €2,612 to €635
- Taxes -€6,221
down €6,221 (-53.8%), from €11,559 to €5,338
- Gross operating margin -€2,177
down €2,177 (-5.0%), from €43,403 to €41,227
- Depreciation +€738
up €738 (+63.6%), from €1,161 to €1,899
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 | €64,125 | €84,833 | +€20,708 | +32.3% |
| Fixed assets | 21/28 | €7,931 | €6,874 | -€1,057 | -13.3% |
| Tangible fixed assets | 22/27 | €7,931 | €6,874 | -€1,057 | -13.3% |
| Furniture and vehicles | 24 | - | €762 | +€762 | |
| Leasing and similar rights | 25 | €7,931 | €6,113 | -€1,818 | -22.9% |
| Current assets | 29/58 | €56,194 | €77,959 | +€21,765 | +38.7% |
| Amounts receivable within one year | 40/41 | €12,342 | €13,885 | +€1,543 | +12.5% |
| Trade receivables | 40 | €12,342 | €13,885 | +€1,543 | +12.5% |
| Current investments | 50/53 | - | €53,997 | +€53,997 | |
| Cash at bank and in hand | 54/58 | €42,590 | €10,077 | -€32,513 | -76.3% |
| Deferred charges and accrued income | 490/1 | €1,262 | €0 | -€1,262 | -100.0% |
| Total equity and liabilities | 10/49 | €64,125 | €84,833 | +€20,708 | +32.3% |
| Equity | 10/15 | €42,480 | €76,019 | +€33,540 | +79.0% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €30,480 | €64,019 | +€33,540 | +110.0% |
| Distributable reserves | 133 | €30,480 | €64,019 | +€33,540 | +110.0% |
| Amounts payable | 17/49 | €21,646 | €8,814 | -€12,832 | -59.3% |
| Amounts payable within one year | 42/48 | €21,646 | €8,814 | -€12,832 | -59.3% |
| Trade debts | 44 | €2,612 | €635 | -€1,978 | -75.7% |
| Suppliers | 440/4 | €2,612 | €635 | -€1,978 | -75.7% |
| Taxes, remuneration and social security | 45 | €19,033 | €8,179 | -€10,854 | -57.0% |
| Taxes | 450/3 | €19,033 | €8,179 | -€10,854 | -57.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,161 | €1,899 | +€738 | +63.6% |
| Other operating charges | 640/8 | €106 | €35 | -€71 | -66.8% |
| Gross operating margin | 9900 | €43,403 | €41,227 | -€2,177 | -5.0% |
| Operating profit (loss) | 9901 | €42,137 | €39,293 | -€2,844 | -6.7% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €98 | €415 | +€317 | +322.8% |
| Recurring financial charges | 65 | €98 | €415 | +€317 | +322.8% |
| Profit (loss) for the period before taxes | 9903 | €42,039 | €38,878 | -€3,161 | -7.5% |
| Income taxes | 67/77 | €11,559 | €5,338 | -€6,221 | -53.8% |
| Profit (loss) for the period | 9904 | €30,480 | €33,540 | +€3,060 | +10.0% |
| Profit (loss) for the period to be appropriated | 9905 | €30,480 | €33,540 | +€3,060 | +10.0% |
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.