VANCAUWENBERG: 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.
VANCAUWENBERG
Largest movements
- Cash -€116,278
down €116,278 (-41.8%), from €278,014 to €161,736
mainly Contributions, distributions and other (-€304,788) and Tax, wage and social debts (-€15,295)
- Tangible fixed assets -€51,920
down €51,920 (-21.1%), from €245,532 to €193,611
of which Land and buildings: -€47,991
- Receivables within one year -€27,169
down €27,169 (-93.4%), from €29,084 to €1,915
- Reserves -€257,923
down €257,923 (-32.1%), from €803,343 to €545,420
of which Distributable reserves: -€235,528
- Other debts +€89,625
up €89,625 (+190%), from €47,250 to €136,875
- Tax, wage and social debts -€15,295
down €15,295 (-49.1%), from €31,167 to €15,872
- Gross operating margin -€222,416
down €222,416 (-60.9%), from €365,299 to €142,883
- Taxes -€31,914
down €31,914 (-35.2%), from €90,765 to €58,851
- Financial income -€11,556
down €11,556 (-91.7%), from €12,603 to €1,047
- Depreciation -€9,347
down €9,347 (-23.4%), from €39,878 to €30,531
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 | €920,022 | €721,039 | -€198,983 | -21.6% |
| Fixed assets | 21/28 | €245,532 | €193,611 | -€51,920 | -21.1% |
| Tangible fixed assets | 22/27 | €245,532 | €193,611 | -€51,920 | -21.1% |
| Land and buildings | 22 | €217,915 | €169,924 | -€47,991 | -22.0% |
| Plant, machinery and equipment | 23 | €1,870 | €0 | -€1,870 | -100% |
| Furniture and vehicles | 24 | €413 | €10,340 | +€9,927 | +2,403% |
| Leasing and similar rights | 25 | €637 | €0 | -€637 | -100% |
| Other tangible fixed assets | 26 | €24,697 | €13,348 | -€11,350 | -46.0% |
| Current assets | 29/58 | €674,490 | €527,428 | -€147,063 | -21.8% |
| Amounts receivable within one year | 40/41 | €29,084 | €1,915 | -€27,169 | -93.4% |
| Other amounts receivable | 41 | €29,084 | €1,915 | -€27,169 | -93.4% |
| Current investments | 50/53 | €362,618 | €362,618 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €278,014 | €161,736 | -€116,278 | -41.8% |
| Deferred charges and accrued income | 490/1 | €4,775 | €1,159 | -€3,616 | -75.7% |
| Total equity and liabilities | 10/49 | €920,022 | €721,039 | -€198,983 | -21.6% |
| Equity | 10/15 | €821,943 | €564,020 | -€257,923 | -31.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €803,343 | €545,420 | -€257,923 | -32.1% |
| Tax-exempt reserves | 132 | €22,395 | €0 | -€22,395 | -100% |
| Distributable reserves | 133 | €780,948 | €545,420 | -€235,528 | -30.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €7,465 | €0 | -€7,465 | -100% |
| Deferred taxes | 168 | €7,465 | €0 | -€7,465 | -100% |
| Amounts payable | 17/49 | €90,614 | €157,019 | +€66,405 | +73.3% |
| Amounts payable within one year | 42/48 | €90,614 | €157,019 | +€66,405 | +73.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | - | €433 | +€433 | |
| Credit institutions | 430/8 | - | €433 | +€433 | |
| Trade debts | 44 | €12,197 | €3,839 | -€8,358 | -68.5% |
| Suppliers | 440/4 | €12,197 | €3,839 | -€8,358 | -68.5% |
| Taxes, remuneration and social security | 45 | €31,167 | €15,872 | -€15,295 | -49.1% |
| Taxes | 450/3 | €31,167 | €15,872 | -€15,295 | -49.1% |
| Other amounts payable | 47/48 | €47,250 | €136,875 | +€89,625 | +190% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €24,281 | €33,368 | +€9,088 | +37.4% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,878 | €30,531 | -€9,347 | -23.4% |
| Other operating charges | 640/8 | €3,334 | €3,210 | -€124 | -3.7% |
| Non-recurring operating charges | 66A | - | €10,890 | +€10,890 | |
| Gross operating margin | 9900 | €365,299 | €142,883 | -€222,416 | -60.9% |
| Operating profit (loss) | 9901 | €322,088 | €98,251 | -€223,837 | -69.5% |
| Financial income | 75/76B | €12,603 | €1,047 | -€11,556 | -91.7% |
| Recurring financial income | 75 | €12,603 | €1,047 | -€11,556 | -91.7% |
| Financial charges | 65/66B | €1,437 | €1,048 | -€390 | -27.1% |
| Recurring financial charges | 65 | €1,437 | €1,048 | -€390 | -27.1% |
| Profit (loss) for the period before taxes | 9903 | €333,254 | €98,251 | -€235,003 | -70.5% |
| Transfer from deferred taxes | 780 | €1,334 | €7,465 | +€6,130 | +459% |
| Income taxes | 67/77 | €90,765 | €58,851 | -€31,914 | -35.2% |
| Profit (loss) for the period | 9904 | €243,823 | €46,864 | -€196,959 | -80.8% |
| Transfer from tax-exempt reserves | 789 | €4,003 | €22,395 | +€18,391 | +459% |
| Profit (loss) for the period to be appropriated | 9905 | €247,826 | €69,259 | -€178,567 | -72.1% |
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 28 October 2026 via checked.be.