VANAS: 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.
VANAS
Largest movements
- Current investments -€1.0m
no longer reported in 2025 (was €1.0m)
- Cash +€755,979
up €755,979 (+3359.4%), from €22,504 to €778,482
mainly Current investments (+€1.0m) and Depreciation (+€192,360)
- Tangible fixed assets -€155,930
down €155,930 (-5.7%), from €2.7m to €2.6m
of which Land and buildings: -€167,023
- Receivables within one year +€48,392
up €48,392 (+6602.2%), from €733 to €49,125
of which Trade receivables: +€44,288
- Reserves -€798,264
down €798,264 (-37.9%), from €2.1m to €1.3m
of which Distributable reserves: -€802,825
- Profit (loss) carried forward +€714,846
no longer reported in 2025 (was -€714,846)
- Debts after one year -€172,249
down €172,249 (-31.3%), from €550,374 to €378,125
of which Other amounts payable: -€89,749
- Revaluation surpluses -€120,974
down €120,974 (-12.8%), from €948,581 to €827,607
- Gross operating margin -€1.0m
down €1.0m (-79.3%), from €1.3m to €268,111
- Taxes -€180,805
down €180,805 (-75.9%), from €238,290 to €57,486
- Other operating charges -€46,679
down €46,679 (-97.7%), from €47,796 to €1,118
- Financial income +€31,867
up €31,867 (+517.6%), from €6,156 to €38,023
- Financial charges -€31,817
down €31,817 (-76.9%), from €41,380 to €9,563
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,768,393 | €3,417,668 | -€350,725 | -9.3% |
| Fixed assets | 21/28 | €2,744,825 | €2,588,895 | -€155,930 | -5.7% |
| Tangible fixed assets | 22/27 | €2,744,625 | €2,588,695 | -€155,930 | -5.7% |
| Land and buildings | 22 | €2,672,217 | €2,505,194 | -€167,023 | -6.3% |
| Plant, machinery and equipment | 23 | €117 | - | -€117 | |
| Furniture and vehicles | 24 | €24,390 | €15,937 | -€8,453 | -34.7% |
| Other tangible fixed assets | 26 | €47,901 | €67,565 | +€19,663 | +41.0% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €1,023,568 | €828,772 | -€194,795 | -19.0% |
| Amounts receivable within one year | 40/41 | €733 | €49,125 | +€48,392 | +6602.2% |
| Trade receivables | 40 | €0 | €44,288 | +€44,288 | |
| Other amounts receivable | 41 | €733 | €4,837 | +€4,104 | +559.9% |
| Current investments | 50/53 | €1,000,000 | - | -€1.0m | |
| Cash at bank and in hand | 54/58 | €22,504 | €778,482 | +€755,979 | +3359.4% |
| Deferred charges and accrued income | 490/1 | €331 | €1,166 | +€834 | +251.8% |
| Total equity and liabilities | 10/49 | €3,768,393 | €3,417,668 | -€350,725 | -9.3% |
| Equity | 10/15 | €3,091,512 | €2,887,119 | -€204,393 | -6.6% |
| Contributions | 10/11 | €750,000 | €750,000 | = | 0.0% |
| Capital | 10 | €750,000 | €750,000 | = | 0.0% |
| Issued capital | 100 | €750,000 | €750,000 | = | 0.0% |
| Revaluation surpluses | 12 | €948,581 | €827,607 | -€120,974 | -12.8% |
| Reserves | 13 | €2,107,776 | €1,309,512 | -€798,264 | -37.9% |
| Non-distributable reserves | 130/1 | €15,936 | €20,496 | +€4,561 | +28.6% |
| Legal reserve | 130 | €11,804 | €16,365 | +€4,561 | +38.6% |
| Reserves not available under the articles | 1311 | €4,132 | €4,132 | = | 0.0% |
| Distributable reserves | 133 | €2,091,841 | €1,289,016 | -€802,825 | -38.4% |
| Profit (loss) carried forward | 14 | -€714,846 | - | +€714,846 | |
| Amounts payable | 17/49 | €676,881 | €530,548 | -€146,333 | -21.6% |
| Amounts payable after more than one year | 17 | €550,374 | €378,125 | -€172,249 | -31.3% |
| Financial debts | 170/4 | €460,625 | €378,125 | -€82,500 | -17.9% |
| Other amounts payable | 178/9 | €89,749 | - | -€89,749 | |
| Amounts payable within one year | 42/48 | €122,682 | €125,150 | +€2,468 | +2.0% |
| Current portion of amounts payable after more than one year | 42 | €82,500 | €82,500 | = | 0.0% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €1,098 | €8,191 | +€7,093 | +646.0% |
| Suppliers | 440/4 | €1,098 | €8,191 | +€7,093 | +646.0% |
| Taxes, remuneration and social security | 45 | €39,084 | €33,832 | -€5,252 | -13.4% |
| Taxes | 450/3 | €39,084 | €33,832 | -€5,252 | -13.4% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €626 | +€626 | |
| Accrued charges and deferred income | 492/3 | €3,825 | €27,273 | +€23,448 | +613.0% |
| Non-recurring operating income | 76A | €1,107,748 | - | -€1.1m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €178,737 | €192,360 | +€13,623 | +7.6% |
| Other operating charges | 640/8 | €47,796 | €1,118 | -€46,679 | -97.7% |
| Gross operating margin | 9900 | €1,297,317 | €268,111 | -€1.0m | -79.3% |
| Operating profit (loss) | 9901 | €1,070,784 | €74,633 | -€996,150 | -93.0% |
| Financial income | 75/76B | €6,156 | €38,023 | +€31,867 | +517.6% |
| Recurring financial income | 75 | €6,156 | €38,023 | +€31,867 | +517.6% |
| Financial charges | 65/66B | €41,380 | €9,563 | -€31,817 | -76.9% |
| Recurring financial charges | 65 | €41,380 | €9,563 | -€31,817 | -76.9% |
| Profit (loss) for the period before taxes | 9903 | €1,035,560 | €103,093 | -€932,467 | -90.0% |
| Income taxes | 67/77 | €238,290 | €57,486 | -€180,805 | -75.9% |
| Profit (loss) for the period | 9904 | €797,270 | €45,607 | -€751,662 | -94.3% |
| Profit (loss) for the period to be appropriated | 9905 | €797,270 | €45,607 | -€751,662 | -94.3% |
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 8 October 2026 via checked.be.