Vanalu: 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.
Vanalu
Largest movements
- Deferred charges and accrued income +€53,563
up €53,563 (+18.8%), from €285,474 to €339,037
- Tangible fixed assets -€20,389
down €20,389 (-3.9%), from €518,911 to €498,522
of which Land and buildings: -€16,720
- Other debts +€51,426
up €51,426 (+11.0%), from €466,048 to €517,474
- Debts after one year -€27,874
down €27,874 (-13.6%), from €204,425 to €176,552
- Profit (loss) carried forward +€19,979
up €19,979 (+41.5%), from -€48,089 to -€28,109
- Gross operating margin -€21,785
down €21,785 (-30.1%), from €72,456 to €50,671
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 | €857,575 | €894,408 | +€36,832 | +4.3% |
| Fixed assets | 21/28 | €518,911 | €498,522 | -€20,389 | -3.9% |
| Tangible fixed assets | 22/27 | €518,911 | €498,522 | -€20,389 | -3.9% |
| Land and buildings | 22 | €515,242 | €498,522 | -€16,720 | -3.2% |
| Plant, machinery and equipment | 23 | €3,670 | €0 | -€3,670 | -100% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €338,664 | €395,886 | +€57,221 | +16.9% |
| Amounts receivable within one year | 40/41 | €53,000 | €56,848 | +€3,848 | +7.3% |
| Trade receivables | 40 | - | €3,848 | +€3,848 | |
| Other amounts receivable | 41 | €53,000 | €53,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €190 | €0 | -€190 | -100% |
| Deferred charges and accrued income | 490/1 | €285,474 | €339,037 | +€53,563 | +18.8% |
| Total equity and liabilities | 10/49 | €857,575 | €894,408 | +€36,832 | +4.3% |
| Equity | 10/15 | €151,911 | €171,891 | +€19,979 | +13.2% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€48,089 | -€28,109 | +€19,979 | +41.5% |
| Amounts payable | 17/49 | €705,664 | €722,517 | +€16,853 | +2.4% |
| Amounts payable after more than one year | 17 | €204,425 | €176,552 | -€27,874 | -13.6% |
| Financial debts | 170/4 | €204,425 | €176,552 | -€27,874 | -13.6% |
| Amounts payable within one year | 42/48 | €501,177 | €545,965 | +€44,788 | +8.9% |
| Current portion of amounts payable after more than one year | 42 | €33,761 | €27,940 | -€5,821 | -17.2% |
| Financial debts | 43 | - | €55 | +€55 | |
| Credit institutions | 430/8 | - | €55 | +€55 | |
| Trade debts | 44 | €1,369 | €496 | -€873 | -63.8% |
| Suppliers | 440/4 | €1,369 | €496 | -€873 | -63.8% |
| Other amounts payable | 47/48 | €466,048 | €517,474 | +€51,426 | +11.0% |
| Accrued charges and deferred income | 492/3 | €62 | €0 | -€62 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,389 | €20,389 | = | 0.0% |
| Other operating charges | 640/8 | €745 | €596 | -€150 | -20.1% |
| Gross operating margin | 9900 | €72,456 | €50,671 | -€21,785 | -30.1% |
| Operating profit (loss) | 9901 | €51,321 | €29,686 | -€21,635 | -42.2% |
| Financial charges | 65/66B | €9,664 | €9,707 | +€43 | +0.4% |
| Recurring financial charges | 65 | €9,664 | €9,707 | +€43 | +0.4% |
| Non-recurring financial charges | 66B | €9,664 | €9,707 | +€43 | +0.4% |
| Profit (loss) for the period before taxes | 9903 | €41,657 | €19,979 | -€21,678 | -52.0% |
| Profit (loss) for the period | 9904 | €41,657 | €19,979 | -€21,678 | -52.0% |
| Profit (loss) for the period to be appropriated | 9905 | €41,657 | €19,979 | -€21,678 | -52.0% |
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 13 October 2026 via checked.be.