VANAFISH: 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
VANAFISH
NACE 10.200, Manufacture of food products
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€1.1m
2024 · €1.2m-€113,076
Equity
€3.5m
2024 · €3.4m+€90,035
Cash
€261,108
2024 · €330,377-€69,270
Balance sheet total
€5.4m
2024 · €5.5m-€81,974
Largest movements
Assets
- Receivables within one year -€278,939
down €278,939 (-8.6%), from €3.3m to €3.0m
of which Other amounts receivable: -€302,388
- Stocks and contracts +€198,472
up €198,472 (+36.6%), from €541,950 to €740,422
- Cash -€69,270
down €69,270 (-21.0%), from €330,377 to €261,108
mainly Contributions, distributions and other (-€1.0m) and Investment in fixed assets (net) (-€303,909)
Equity and liabilities
- Other debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Reserves +€90,035
up €90,035 (+2.7%), from €3.4m to €3.4m
of which Distributable reserves: +€90,035
- Short-term financial debts -€66,551
down €66,551 (-83.2%), from €80,000 to €13,449
Income statement
- Gross operating margin -€114,790
down €114,790 (-4.5%), from €2.6m to €2.5m
- Depreciation +€46,712
up €46,712 (+21.2%), from €219,892 to €266,604
- Staff costs -€26,537
down €26,537 (-3.1%), from €846,070 to €819,533
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
€1.2m
Gross operating margin
-€114,790
Staff costs
+€26,537
Depreciation
-€46,712
Write-downs
-€22,295
Other operating charges
+€4,222
Other operating items
+€41,092
Financial income
-€12,735
Financial charges
-€4,099
Taxes
+€15,703
Result 2025
€1.1m
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
+€1.2m
Investment
-€303,909
Financing
-€1.0m
Cash 2024
€330,377
From operations (derived)
+€1.2m
Net result for the year
+€1.1m
Depreciation
+€266,604
Stocks and contracts
-€198,472
Receivables within one year
+€278,939
Deferred charges and accrued income
-€30,456
Trade debts
-€37,915
Tax, wage and social debts
-€26,477
Other debts
-€100,000
Investment (derived)
-€303,909
Investment in fixed assets (net)
-€303,909
Financing
-€1.0m
Debts after one year
+€24,366
Current portion of long-term debt
+€34,568
Short-term financial debts
-€66,551
Contributions, distributions and other
-€1.0m
Cash 2025
€261,108
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,499,321 | €5,417,347 | -€81,974 | -1.5% |
| Fixed assets | 21/28 | €1,249,197 | €1,286,502 | +€37,306 | +3.0% |
| Intangible fixed assets | 21 | €7,016 | €8,550 | +€1,534 | +21.9% |
| Tangible fixed assets | 22/27 | €1,232,271 | €1,268,043 | +€35,772 | +2.9% |
| Land and buildings | 22 | €395,051 | €386,256 | -€8,795 | -2.2% |
| Plant, machinery and equipment | 23 | €823,623 | €856,009 | +€32,386 | +3.9% |
| Furniture and vehicles | 24 | €13,596 | €25,778 | +€12,181 | +89.6% |
| Financial fixed assets | 28 | €9,910 | €9,910 | = | 0.0% |
| Current assets | 29/58 | €4,250,125 | €4,130,845 | -€119,280 | -2.8% |
| Stocks and contracts in progress | 3 | €541,950 | €740,422 | +€198,472 | +36.6% |
| Stocks | 30/36 | €541,950 | €740,422 | +€198,472 | +36.6% |
| Amounts receivable within one year | 40/41 | €3,262,077 | €2,983,138 | -€278,939 | -8.6% |
| Trade receivables | 40 | €1,494,428 | €1,517,877 | +€23,449 | +1.6% |
| Other amounts receivable | 41 | €1,767,649 | €1,465,262 | -€302,388 | -17.1% |
| Cash at bank and in hand | 54/58 | €330,377 | €261,108 | -€69,270 | -21.0% |
| Deferred charges and accrued income | 490/1 | €115,720 | €146,177 | +€30,456 | +26.3% |
| Total equity and liabilities | 10/49 | €5,499,321 | €5,417,347 | -€81,974 | -1.5% |
| Equity | 10/15 | €3,421,853 | €3,511,888 | +€90,035 | +2.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €3,359,853 | €3,449,888 | +€90,035 | +2.7% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €16,113 | €16,113 | = | 0.0% |
| Distributable reserves | 133 | €3,337,540 | €3,427,575 | +€90,035 | +2.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,077,468 | €1,905,459 | -€172,009 | -8.3% |
| Amounts payable after more than one year | 17 | €415,816 | €440,183 | +€24,366 | +5.9% |
| Financial debts | 170/4 | €415,816 | €440,183 | +€24,366 | +5.9% |
| Amounts payable within one year | 42/48 | €1,661,652 | €1,465,277 | -€196,375 | -11.8% |
| Current portion of amounts payable after more than one year | 42 | €138,480 | €173,049 | +€34,568 | +25.0% |
| Financial debts | 43 | €80,000 | €13,449 | -€66,551 | -83.2% |
| Credit institutions | 430/8 | €80,000 | €13,449 | -€66,551 | -83.2% |
| Trade debts | 44 | €1,128,912 | €1,090,997 | -€37,915 | -3.4% |
| Suppliers | 440/4 | €1,128,912 | €1,090,997 | -€37,915 | -3.4% |
| Taxes, remuneration and social security | 45 | €214,260 | €187,782 | -€26,477 | -12.4% |
| Taxes | 450/3 | €91,579 | €60,097 | -€31,482 | -34.4% |
| Remuneration and social security | 454/9 | €122,681 | €127,686 | +€5,004 | +4.1% |
| Other amounts payable | 47/48 | €100,000 | €0 | -€100,000 | -100.0% |
| Non-recurring operating income | 76A | €3,000 | €0 | -€3,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €846,070 | €819,533 | -€26,537 | -3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €219,892 | €266,604 | +€46,712 | +21.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €22,295 | +€22,295 | |
| Other operating charges | 640/8 | €20,352 | €16,131 | -€4,222 | -20.7% |
| Non-recurring operating charges | 66A | €41,686 | €594 | -€41,092 | -98.6% |
| Gross operating margin | 9900 | €2,576,495 | €2,461,705 | -€114,790 | -4.5% |
| Operating profit (loss) | 9901 | €1,448,495 | €1,336,549 | -€111,946 | -7.7% |
| Financial income | 75/76B | €40,010 | €27,275 | -€12,735 | -31.8% |
| Recurring financial income | 75 | €40,010 | €27,275 | -€12,735 | -31.8% |
| Financial charges | 65/66B | €79,894 | €83,993 | +€4,099 | +5.1% |
| Recurring financial charges | 65 | €79,894 | €83,993 | +€4,099 | +5.1% |
| Profit (loss) for the period before taxes | 9903 | €1,408,611 | €1,279,832 | -€128,779 | -9.1% |
| Income taxes | 67/77 | €205,500 | €189,797 | -€15,703 | -7.6% |
| Profit (loss) for the period | 9904 | €1,203,111 | €1,090,035 | -€113,076 | -9.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,203,111 | €1,090,035 | -€113,076 | -9.4% |
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 7 October 2026 via checked.be.