VANAMA: 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.
VANAMA
Largest movements
- Tangible fixed assets -€36,412
down €36,412 (-21.0%), from €173,794 to €137,382
of which Leasing and similar rights: -€26,341
- Cash -€23,695
down €23,695 (-50.5%), from €46,913 to €23,218
mainly Debts after one year (-€21,938) and Other debts (-€19,568)
- Receivables within one year +€5,228
new in 2025: €5,228
- Deferred charges and accrued income -€4,502
down €4,502 (-87.7%), from €5,134 to €632
- Debts after one year -€21,938
down €21,938 (-100%), from €21,938 to €0
- Other debts -€19,568
down €19,568 (-100%), from €19,568 to €0
- Profit (loss) carried forward -€10,195
down €10,195 (-42.7%), from €23,865 to €13,669
- Tax, wage and social debts -€6,294
down €6,294 (-100%), from €6,294 to €0
- Current portion of long-term debt -€4,609
down €4,609 (-100%), from €4,609 to €0
- Gross operating margin -€23,441
down €23,441 (-64.9%), from €36,103 to €12,662
- Taxes -€5,513
down €5,513 (-99.3%), from €5,551 to €39
- Depreciation -€2,523
down €2,523 (-20.0%), from €12,594 to €10,071
- Financial charges -€2,101
down €2,101 (-69.3%), from €3,031 to €930
- Other operating charges +€566
up €566 (+11.6%), from €4,892 to €5,458
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 | €225,890 | €166,510 | -€59,381 | -26.3% |
| Fixed assets | 21/28 | €173,844 | €137,432 | -€36,412 | -20.9% |
| Tangible fixed assets | 22/27 | €173,794 | €137,382 | -€36,412 | -21.0% |
| Land and buildings | 22 | €147,453 | €137,382 | -€10,071 | -6.8% |
| Leasing and similar rights | 25 | €26,341 | €0 | -€26,341 | -100% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €52,046 | €29,077 | -€22,969 | -44.1% |
| Amounts receivable within one year | 40/41 | - | €5,228 | +€5,228 | |
| Other amounts receivable | 41 | - | €5,228 | +€5,228 | |
| Cash at bank and in hand | 54/58 | €46,913 | €23,218 | -€23,695 | -50.5% |
| Deferred charges and accrued income | 490/1 | €5,134 | €632 | -€4,502 | -87.7% |
| Total equity and liabilities | 10/49 | €225,890 | €166,510 | -€59,381 | -26.3% |
| Equity | 10/15 | €171,220 | €160,817 | -€10,402 | -6.1% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €27,355 | €27,148 | -€207 | -0.8% |
| Tax-exempt reserves | 132 | €2,073 | €1,866 | -€207 | -10.0% |
| Distributable reserves | 133 | €25,282 | €25,282 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,865 | €13,669 | -€10,195 | -42.7% |
| Provisions and deferred taxes | 16 | €468 | €399 | -€69 | -14.7% |
| Deferred taxes | 168 | €468 | €399 | -€69 | -14.7% |
| Amounts payable | 17/49 | €54,202 | €5,293 | -€48,909 | -90.2% |
| Amounts payable after more than one year | 17 | €21,938 | €0 | -€21,938 | -100% |
| Financial debts | 170/4 | €21,938 | €0 | -€21,938 | -100% |
| Amounts payable within one year | 42/48 | €32,264 | €5,293 | -€26,972 | -83.6% |
| Current portion of amounts payable after more than one year | 42 | €4,609 | €0 | -€4,609 | -100% |
| Trade debts | 44 | €1,794 | €5,293 | +€3,499 | +195% |
| Suppliers | 440/4 | €1,794 | €5,293 | +€3,499 | +195% |
| Taxes, remuneration and social security | 45 | €6,294 | €0 | -€6,294 | -100% |
| Taxes | 450/3 | €6,294 | €0 | -€6,294 | -100% |
| Other amounts payable | 47/48 | €19,568 | €0 | -€19,568 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,594 | €10,071 | -€2,523 | -20.0% |
| Other operating charges | 640/8 | €4,892 | €5,458 | +€566 | +11.6% |
| Non-recurring operating charges | 66A | - | €6,636 | +€6,636 | |
| Gross operating margin | 9900 | €36,103 | €12,662 | -€23,441 | -64.9% |
| Operating profit (loss) | 9901 | €18,618 | -€9,503 | -€28,121 | |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €3,031 | €930 | -€2,101 | -69.3% |
| Recurring financial charges | 65 | €3,031 | €930 | -€2,101 | -69.3% |
| Profit (loss) for the period before taxes | 9903 | €15,587 | -€10,433 | -€26,020 | |
| Transfer from deferred taxes | 780 | €69 | €69 | = | 0.0% |
| Income taxes | 67/77 | €5,551 | €39 | -€5,513 | -99.3% |
| Profit (loss) for the period | 9904 | €10,105 | -€10,403 | -€20,508 | |
| Transfer from tax-exempt reserves | 789 | €207 | €207 | +€0 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,312 | -€10,195 | -€20,508 |
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.