VANALKO: 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.
VANALKO
Largest movements
- Receivables within one year -€46,871
down €46,871 (-27.0%), from €173,334 to €126,462
of which Trade receivables: -€64,935
- Cash -€12,740
down €12,740 (-26.9%), from €47,431 to €34,691
mainly Trade debts (-€57,263) and Other debts (-€15,687)
- Tangible fixed assets -€5,694
down €5,694 (-28.9%), from €19,719 to €14,025
- Stocks and contracts -€4,783
down €4,783 (-5.9%), from €81,161 to €76,378
- Trade debts -€57,263
down €57,263 (-54.1%), from €105,820 to €48,556
- Other debts -€15,687
no longer reported in 2025 (was €15,687)
- Reserves +€7,065
up €7,065 (+5.0%), from €141,772 to €148,837
of which Distributable reserves: +€7,065
- Tax, wage and social debts +€5,686
up €5,686 (+41.4%), from €13,741 to €19,427
of which Taxes: +€12,887
- Debts after one year -€5,578
down €5,578 (-35.8%), from €15,564 to €9,986
- Gross operating margin -€45,047
down €45,047 (-30.8%), from €146,450 to €101,403
- Staff costs -€39,245
down €39,245 (-35.2%), from €111,595 to €72,350
- Write-downs +€6,852
no longer reported in 2025 (was -€6,852)
- Other operating charges -€5,088
down €5,088 (-28.2%), from €18,021 to €12,933
- Depreciation +€2,653
up €2,653 (+45.7%), from €5,803 to €8,456
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 | €323,220 | €252,384 | -€70,836 | -21.9% |
| Fixed assets | 21/28 | €19,719 | €14,025 | -€5,694 | -28.9% |
| Tangible fixed assets | 22/27 | €19,719 | €14,025 | -€5,694 | -28.9% |
| Furniture and vehicles | 24 | €19,719 | €14,025 | -€5,694 | -28.9% |
| Current assets | 29/58 | €303,501 | €238,359 | -€65,142 | -21.5% |
| Stocks and contracts in progress | 3 | €81,161 | €76,378 | -€4,783 | -5.9% |
| Stocks | 30/36 | €81,161 | €76,378 | -€4,783 | -5.9% |
| Amounts receivable within one year | 40/41 | €173,334 | €126,462 | -€46,871 | -27.0% |
| Trade receivables | 40 | €159,768 | €94,833 | -€64,935 | -40.6% |
| Other amounts receivable | 41 | €13,566 | €31,630 | +€18,064 | +133% |
| Cash at bank and in hand | 54/58 | €47,431 | €34,691 | -€12,740 | -26.9% |
| Deferred charges and accrued income | 490/1 | €1,576 | €828 | -€748 | -47.5% |
| Total equity and liabilities | 10/49 | €323,220 | €252,384 | -€70,836 | -21.9% |
| Equity | 10/15 | €161,772 | €168,837 | +€7,065 | +4.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €141,772 | €148,837 | +€7,065 | +5.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €681 | €681 | = | 0.0% |
| Distributable reserves | 133 | €139,091 | €146,155 | +€7,065 | +5.1% |
| Amounts payable | 17/49 | €161,449 | €83,547 | -€77,901 | -48.3% |
| Amounts payable after more than one year | 17 | €15,564 | €9,986 | -€5,578 | -35.8% |
| Financial debts | 170/4 | €15,564 | €9,986 | -€5,578 | -35.8% |
| Amounts payable within one year | 42/48 | €143,839 | €73,562 | -€70,277 | -48.9% |
| Current portion of amounts payable after more than one year | 42 | €8,591 | €5,578 | -€3,013 | -35.1% |
| Trade debts | 44 | €105,820 | €48,556 | -€57,263 | -54.1% |
| Suppliers | 440/4 | €105,820 | €48,556 | -€57,263 | -54.1% |
| Taxes, remuneration and social security | 45 | €13,741 | €19,427 | +€5,686 | +41.4% |
| Taxes | 450/3 | €1,335 | €14,222 | +€12,887 | +965% |
| Remuneration and social security | 454/9 | €12,407 | €5,205 | -€7,202 | -58.0% |
| Other amounts payable | 47/48 | €15,687 | - | -€15,687 | |
| Accrued charges and deferred income | 492/3 | €2,045 | - | -€2,045 | |
| Remuneration, social security and pensions | 62 | €111,595 | €72,350 | -€39,245 | -35.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,803 | €8,456 | +€2,653 | +45.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€6,852 | - | +€6,852 | |
| Other operating charges | 640/8 | €18,021 | €12,933 | -€5,088 | -28.2% |
| Gross operating margin | 9900 | €146,450 | €101,403 | -€45,047 | -30.8% |
| Operating profit (loss) | 9901 | €17,883 | €7,664 | -€10,219 | -57.1% |
| Financial income | 75/76B | €110 | €1,449 | +€1,340 | +1,218% |
| Recurring financial income | 75 | €110 | €449 | +€340 | +309% |
| Non-recurring financial income | 76B | - | €1,000 | +€1,000 | |
| Financial charges | 65/66B | €2,885 | €1,745 | -€1,140 | -39.5% |
| Recurring financial charges | 65 | €2,885 | €1,745 | -€1,140 | -39.5% |
| Profit (loss) for the period before taxes | 9903 | €15,108 | €7,368 | -€7,740 | -51.2% |
| Income taxes | 67/77 | €2,440 | €303 | -€2,136 | -87.6% |
| Profit (loss) for the period | 9904 | €12,668 | €7,065 | -€5,604 | -44.2% |
| Profit (loss) for the period to be appropriated | 9905 | €12,668 | €7,065 | -€5,604 | -44.2% |
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 13 October 2026 via checked.be.