VANADIS: 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.
VANADIS
Largest movements
- Cash +€21,971
up €21,971 (+18.0%), from €122,119 to €144,090
mainly Other debts (+€222,997) and Net result for the year (+€178,691)
- Deferred charges and accrued income +€11,188
up €11,188 (+350%), from €3,199 to €14,387
- Tangible fixed assets -€5,849
down €5,849 (-55.5%), from €10,539 to €4,690
of which Furniture and vehicles: -€5,696
- Other debts +€222,997
new in 2025: €222,997
- Profit (loss) carried forward -€145,000
down €145,000 (-58.0%), from €249,860 to €104,860
- Reserves -€64,172
down €64,172 (-32.9%), from €194,863 to €130,691
- Tax, wage and social debts +€8,151
up €8,151 (+10.7%), from €75,863 to €84,014
- Gross operating margin -€81,327
down €81,327 (-25.0%), from €325,884 to €244,557
- Taxes -€7,034
down €7,034 (-8.8%), from €80,054 to €73,020
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.
Derived cash bridge
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 | €531,742 | €554,423 | +€22,681 | +4.3% |
| Fixed assets | 21/28 | €19,539 | €13,690 | -€5,849 | -29.9% |
| Tangible fixed assets | 22/27 | €10,539 | €4,690 | -€5,849 | -55.5% |
| Plant, machinery and equipment | 23 | €153 | €0 | -€153 | -100% |
| Furniture and vehicles | 24 | €10,385 | €4,690 | -€5,696 | -54.8% |
| Financial fixed assets | 28 | €9,000 | €9,000 | = | 0.0% |
| Current assets | 29/58 | €512,203 | €540,733 | +€28,530 | +5.6% |
| Amounts receivable after more than one year | 29 | €330,000 | €330,000 | = | 0.0% |
| Trade receivables | 290 | €0 | - | = | |
| Other amounts receivable | 291 | €330,000 | €330,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €56,885 | €52,257 | -€4,629 | -8.1% |
| Trade receivables | 40 | €30,875 | €37,359 | +€6,484 | +21.0% |
| Other amounts receivable | 41 | €26,010 | €14,898 | -€11,112 | -42.7% |
| Cash at bank and in hand | 54/58 | €122,119 | €144,090 | +€21,971 | +18.0% |
| Deferred charges and accrued income | 490/1 | €3,199 | €14,387 | +€11,188 | +350% |
| Total equity and liabilities | 10/49 | €531,742 | €554,423 | +€22,681 | +4.3% |
| Equity | 10/15 | €454,723 | €245,551 | -€209,172 | -46.0% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €194,863 | €130,691 | -€64,172 | -32.9% |
| Distributable reserves | 133 | €194,863 | €130,691 | -€64,172 | -32.9% |
| Profit (loss) carried forward | 14 | €249,860 | €104,860 | -€145,000 | -58.0% |
| Amounts payable | 17/49 | €77,019 | €308,872 | +€231,853 | +301% |
| Amounts payable within one year | 42/48 | €77,019 | €308,872 | +€231,853 | +301% |
| Trade debts | 44 | €1,155 | €1,861 | +€706 | +61.1% |
| Suppliers | 440/4 | €1,155 | €1,861 | +€706 | +61.1% |
| Taxes, remuneration and social security | 45 | €75,863 | €84,014 | +€8,151 | +10.7% |
| Taxes | 450/3 | €75,863 | €84,014 | +€8,151 | +10.7% |
| Other amounts payable | 47/48 | - | €222,997 | +€222,997 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,934 | €6,873 | -€2,061 | -23.1% |
| Other operating charges | 640/8 | €1,310 | €1,243 | -€68 | -5.2% |
| Non-recurring operating charges | 66A | €423 | €775 | +€351 | +83.0% |
| Gross operating margin | 9900 | €325,884 | €244,557 | -€81,327 | -25.0% |
| Operating profit (loss) | 9901 | €315,217 | €235,667 | -€79,550 | -25.2% |
| Financial income | 75/76B | €14,800 | €16,182 | +€1,382 | +9.3% |
| Recurring financial income | 75 | €14,800 | €16,182 | +€1,382 | +9.3% |
| Financial charges | 65/66B | €102 | €137 | +€35 | +34.5% |
| Recurring financial charges | 65 | €102 | €137 | +€35 | +34.5% |
| Profit (loss) for the period before taxes | 9903 | €329,914 | €251,711 | -€78,203 | -23.7% |
| Income taxes | 67/77 | €80,054 | €73,020 | -€7,034 | -8.8% |
| Profit (loss) for the period | 9904 | €249,860 | €178,691 | -€71,169 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €249,860 | €178,691 | -€71,169 | -28.5% |
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 14 October 2026 via checked.be.