VANALSEM: 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
VANALSEM
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3,042
2024 · €11,201-€8,159
Equity
€843,949
2024 · €840,907+€3,042
Cash
€304
2024 · €4,782-€4,478
Balance sheet total
€2.1m
2024 · €2.1m-€35,269
Largest movements
Assets
- Tangible fixed assets -€32,667
down €32,667 (-3.6%), from €901,736 to €869,070
Equity and liabilities
- Debts after one year -€52,446
down €52,446 (-7.0%), from €751,676 to €699,229
of which Financial debts: -€53,946
Income statement
- Financial charges -€6,972
down €6,972 (-19.9%), from €35,108 to €28,136
- Gross operating margin -€6,214
down €6,214 (-7.9%), from €78,738 to €72,524
- Depreciation +€5,758
up €5,758 (+21.4%), from €26,909 to €32,667
- Financial income -€5,000
down €5,000 (-100.0%), from €5,000 to €0
of which Non-recurring financial income: -€5,000
- Taxes -€2,024
down €2,024 (-20.4%), from €9,919 to €7,894
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
€11,201
Gross operating margin
-€6,214
Depreciation
-€5,758
Other operating charges
-€144
Financial income
-€5,000
Financial charges
+€6,972
Taxes
+€2,024
Deferred taxes and other
-€40
Result 2025
€3,042
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
+€51,639
Investment
€0
Financing
-€56,117
Cash 2024
€4,782
From operations (derived)
+€51,639
Net result for the year
+€3,042
Depreciation
+€32,667
Receivables within one year
-€8,947
Deferred charges and accrued income
+€7,071
Provisions
-€6,145
Trade debts
+€8,750
Tax, wage and social debts
+€3,558
Other debts
+€9,105
Accrued charges and deferred income
+€2,537
Financing
-€56,117
Debts after one year
-€52,446
Current portion of long-term debt
-€3,670
Cash 2025
€304
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,099,590 | €2,064,321 | -€35,269 | -1.7% |
| Fixed assets | 21/28 | €1,552,660 | €1,519,994 | -€32,667 | -2.1% |
| Tangible fixed assets | 22/27 | €901,736 | €869,070 | -€32,667 | -3.6% |
| Land and buildings | 22 | €901,736 | €869,070 | -€32,667 | -3.6% |
| Financial fixed assets | 28 | €650,924 | €650,924 | = | 0.0% |
| Current assets | 29/58 | €546,930 | €544,328 | -€2,602 | -0.5% |
| Amounts receivable within one year | 40/41 | €535,077 | €544,024 | +€8,947 | +1.7% |
| Other amounts receivable | 41 | €535,077 | €544,024 | +€8,947 | +1.7% |
| Cash at bank and in hand | 54/58 | €4,782 | €304 | -€4,478 | -93.6% |
| Deferred charges and accrued income | 490/1 | €7,071 | €0 | -€7,071 | -100.0% |
| Total equity and liabilities | 10/49 | €2,099,590 | €2,064,321 | -€35,269 | -1.7% |
| Equity | 10/15 | €840,907 | €843,949 | +€3,042 | +0.4% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €779,407 | €782,449 | +€3,042 | +0.4% |
| Non-distributable reserves | 130/1 | €10,828 | €10,828 | = | 0.0% |
| Legal reserve | 130 | €10,828 | €10,828 | = | 0.0% |
| Tax-exempt reserves | 132 | €532,387 | €513,951 | -€18,436 | -3.5% |
| Distributable reserves | 133 | €236,192 | €257,670 | +€21,478 | +9.1% |
| Provisions and deferred taxes | 16 | €177,462 | €171,317 | -€6,145 | -3.5% |
| Deferred taxes | 168 | €177,462 | €171,317 | -€6,145 | -3.5% |
| Amounts payable | 17/49 | €1,081,220 | €1,049,055 | -€32,165 | -3.0% |
| Amounts payable after more than one year | 17 | €751,676 | €699,229 | -€52,446 | -7.0% |
| Financial debts | 170/4 | €643,262 | €589,316 | -€53,946 | -8.4% |
| Other amounts payable | 178/9 | €108,414 | €109,914 | +€1,500 | +1.4% |
| Amounts payable within one year | 42/48 | €327,307 | €345,051 | +€17,744 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €57,617 | €53,946 | -€3,670 | -6.4% |
| Financial debts | 43 | €200,000 | €200,000 | = | 0.0% |
| Credit institutions | 430/8 | €200,000 | €200,000 | = | 0.0% |
| Trade debts | 44 | €17,033 | €25,784 | +€8,750 | +51.4% |
| Suppliers | 440/4 | €17,033 | €25,784 | +€8,750 | +51.4% |
| Taxes, remuneration and social security | 45 | €4,336 | €7,894 | +€3,558 | +82.1% |
| Taxes | 450/3 | €4,336 | €7,894 | +€3,558 | +82.1% |
| Other amounts payable | 47/48 | €48,321 | €57,426 | +€9,105 | +18.8% |
| Accrued charges and deferred income | 492/3 | €2,238 | €4,775 | +€2,537 | +113.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,909 | €32,667 | +€5,758 | +21.4% |
| Other operating charges | 640/8 | €6,788 | €6,931 | +€144 | +2.1% |
| Gross operating margin | 9900 | €78,738 | €72,524 | -€6,214 | -7.9% |
| Operating profit (loss) | 9901 | €45,042 | €32,927 | -€12,115 | -26.9% |
| Financial income | 75/76B | €5,000 | €0 | -€5,000 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -9.5% |
| Non-recurring financial income | 76B | €5,000 | €0 | -€5,000 | -100.0% |
| Financial charges | 65/66B | €35,108 | €28,136 | -€6,972 | -19.9% |
| Recurring financial charges | 65 | €35,108 | €28,136 | -€6,972 | -19.9% |
| Profit (loss) for the period before taxes | 9903 | €14,935 | €4,791 | -€10,144 | -67.9% |
| Transfer from deferred taxes | 780 | €6,185 | €6,145 | -€40 | -0.6% |
| Income taxes | 67/77 | €9,919 | €7,894 | -€2,024 | -20.4% |
| Profit (loss) for the period | 9904 | €11,201 | €3,042 | -€8,159 | -72.8% |
| Transfer from tax-exempt reserves | 789 | €18,555 | €18,436 | -€120 | -0.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,756 | €21,478 | -€8,279 | -27.8% |
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 30 September 2026 via checked.be.