Vancamps: 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.
Vancamps
Largest movements
- Tangible fixed assets -€203,281
down €203,281 (-12.0%), from €1.7m to €1.5m
of which Land and buildings: -€115,276
- Receivables within one year -€158,512
down €158,512 (-31.1%), from €509,643 to €351,131
of which Other amounts receivable: -€224,016
- Stocks and contracts -€109,064
down €109,064 (-28.0%), from €389,830 to €280,766
- Cash +€42,506
up €42,506 (+92.6%), from €45,897 to €88,403
mainly Depreciation (+€219,718) and Receivables within one year (+€158,512)
- Debts after one year -€151,261
down €151,261 (-13.2%), from €1.1m to €994,199
- Short-term financial debts -€125,000
down €125,000 (-20.8%), from €600,000 to €475,000
- Other debts -€103,685
down €103,685 (-83.3%), from €124,454 to €20,769
- Trade debts -€82,063
down €82,063 (-24.6%), from €333,313 to €251,250
- Gross operating margin -€59,799
down €59,799 (-7.3%), from €815,711 to €755,912
- Financial charges -€18,103
down €18,103 (-23.5%), from €76,941 to €58,839
- Financial income -€11,123
down €11,123 (-66.1%), from €16,822 to €5,699
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 | €2,669,915 | €2,220,178 | -€449,737 | -16.8% |
| Fixed assets | 21/28 | €1,702,927 | €1,497,578 | -€205,350 | -12.1% |
| Intangible fixed assets | 21 | €4,936 | €3,002 | -€1,933 | -39.2% |
| Tangible fixed assets | 22/27 | €1,695,357 | €1,492,075 | -€203,281 | -12.0% |
| Land and buildings | 22 | €1,078,174 | €962,898 | -€115,276 | -10.7% |
| Plant, machinery and equipment | 23 | €517,961 | €456,732 | -€61,229 | -11.8% |
| Furniture and vehicles | 24 | €99,222 | €72,445 | -€26,777 | -27.0% |
| Financial fixed assets | 28 | €2,635 | €2,500 | -€135 | -5.1% |
| Current assets | 29/58 | €966,988 | €722,600 | -€244,387 | -25.3% |
| Stocks and contracts in progress | 3 | €389,830 | €280,766 | -€109,064 | -28.0% |
| Stocks | 30/36 | €389,830 | €280,766 | -€109,064 | -28.0% |
| Amounts receivable within one year | 40/41 | €509,643 | €351,131 | -€158,512 | -31.1% |
| Trade receivables | 40 | €261,813 | €327,317 | +€65,504 | +25.0% |
| Other amounts receivable | 41 | €247,831 | €23,814 | -€224,016 | -90.4% |
| Cash at bank and in hand | 54/58 | €45,897 | €88,403 | +€42,506 | +92.6% |
| Deferred charges and accrued income | 490/1 | €21,617 | €2,300 | -€19,317 | -89.4% |
| Total equity and liabilities | 10/49 | €2,669,915 | €2,220,178 | -€449,737 | -16.8% |
| Equity | 10/15 | €199,384 | €198,468 | -€915 | -0.5% |
| Contributions | 10/11 | €31,212 | €31,212 | = | 0.0% |
| Reserves | 13 | €168,172 | €167,256 | -€915 | -0.5% |
| Tax-exempt reserves | 132 | €156,908 | €142,644 | -€14,264 | -9.1% |
| Distributable reserves | 133 | €11,264 | €24,613 | +€13,349 | +119% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €52,303 | €47,548 | -€4,755 | -9.1% |
| Deferred taxes | 168 | €52,303 | €47,548 | -€4,755 | -9.1% |
| Amounts payable | 17/49 | €2,418,229 | €1,974,162 | -€444,067 | -18.4% |
| Amounts payable after more than one year | 17 | €1,145,460 | €994,199 | -€151,261 | -13.2% |
| Financial debts | 170/4 | €1,145,460 | €994,199 | -€151,261 | -13.2% |
| Amounts payable within one year | 42/48 | €1,268,229 | €977,449 | -€290,780 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €145,153 | €150,322 | +€5,169 | +3.6% |
| Financial debts | 43 | €600,000 | €475,000 | -€125,000 | -20.8% |
| Credit institutions | 430/8 | €600,000 | €475,000 | -€125,000 | -20.8% |
| Trade debts | 44 | €333,313 | €251,250 | -€82,063 | -24.6% |
| Suppliers | 440/4 | €333,313 | €251,250 | -€82,063 | -24.6% |
| Taxes, remuneration and social security | 45 | €65,308 | €80,108 | +€14,800 | +22.7% |
| Taxes | 450/3 | €4,203 | €16,160 | +€11,956 | +284% |
| Remuneration and social security | 454/9 | €61,105 | €63,948 | +€2,844 | +4.7% |
| Other amounts payable | 47/48 | €124,454 | €20,769 | -€103,685 | -83.3% |
| Accrued charges and deferred income | 492/3 | €4,540 | €2,514 | -€2,026 | -44.6% |
| Non-recurring operating income | 76A | €5,644 | €157,814 | +€152,170 | +2,696% |
| Remuneration, social security and pensions | 62 | €457,518 | €451,285 | -€6,234 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €216,529 | €219,718 | +€3,189 | +1.5% |
| Other operating charges | 640/8 | €18,075 | €10,977 | -€7,098 | -39.3% |
| Non-recurring operating charges | 66A | €4,722 | €0 | -€4,722 | -100% |
| Gross operating margin | 9900 | €815,711 | €755,912 | -€59,799 | -7.3% |
| Operating profit (loss) | 9901 | €118,867 | €73,933 | -€44,935 | -37.8% |
| Financial income | 75/76B | €16,822 | €5,699 | -€11,123 | -66.1% |
| Recurring financial income | 75 | €16,822 | €5,699 | -€11,123 | -66.1% |
| Financial charges | 65/66B | €76,941 | €58,839 | -€18,103 | -23.5% |
| Recurring financial charges | 65 | €76,941 | €58,839 | -€18,103 | -23.5% |
| Profit (loss) for the period before taxes | 9903 | €58,748 | €20,793 | -€37,955 | -64.6% |
| Transfer from deferred taxes | 780 | €4,755 | €4,755 | = | 0.0% |
| Income taxes | 67/77 | €18,962 | €26,463 | +€7,501 | +39.6% |
| Profit (loss) for the period | 9904 | €44,541 | -€915 | -€45,456 | |
| Transfer from tax-exempt reserves | 789 | €14,264 | €14,264 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,805 | €13,349 | -€45,456 | -77.3% |
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 17 October 2026 via checked.be.