VANCI: 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.
What changed
VANCI
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€84,890
2024 · €77,339+€7,551
Equity
€6.8m
2024 · €6.7m+€48,890
Cash
€731,242
2024 · €676,929+€54,314
Balance sheet total
€6.8m
2024 · €6.8m+€6,467
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
No liability line moved by more than 1% of the balance sheet total.
Income statement
- Staff costs -€8,207
down €8,207 (-21.3%), from €38,509 to €30,302
- Taxes +€3,558
up €3,558 (+13.0%), from €27,349 to €30,907
- Gross operating margin +€2,364
up €2,364 (+1.6%), from €152,455 to €154,818
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.
Result 2024
€77,339
Gross operating margin
+€2,364
Staff costs
+€8,207
Other operating charges
+€84
Financial income
+€0
Financial charges
+€454
Taxes
-€3,558
Result 2025
€84,890
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.
From operations
+€139,957
Investment
€0
Financing
-€85,644
Cash 2024
€676,929
From operations (derived)
+€139,957
Net result for the year
+€84,890
Depreciation
+€5,885
Receivables within one year
+€42,882
Deferred charges and accrued income
-€920
Trade debts
+€422
Tax, wage and social debts
-€332
Other debts
+€6,644
Accrued charges and deferred income
+€486
Financing
-€85,644
Current portion of long-term debt
-€49,644
Contributions, distributions and other
-€36,000
Cash 2025
€731,242
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,791,629 | €6,798,095 | +€6,467 | +0.1% |
| Fixed assets | 21/28 | €6,049,067 | €6,043,182 | -€5,885 | -0.1% |
| Tangible fixed assets | 22/27 | €5,901 | €16 | -€5,885 | -99.7% |
| Furniture and vehicles | 24 | €5,901 | €16 | -€5,885 | -99.7% |
| Financial fixed assets | 28 | €6,043,166 | €6,043,166 | = | 0.0% |
| Current assets | 29/58 | €742,562 | €754,913 | +€12,352 | +1.7% |
| Amounts receivable within one year | 40/41 | €65,238 | €22,357 | -€42,882 | -65.7% |
| Trade receivables | 40 | €54,587 | €22,357 | -€32,230 | -59.0% |
| Other amounts receivable | 41 | €10,652 | €0 | -€10,652 | -100.0% |
| Cash at bank and in hand | 54/58 | €676,929 | €731,242 | +€54,314 | +8.0% |
| Deferred charges and accrued income | 490/1 | €395 | €1,314 | +€920 | +233.0% |
| Total equity and liabilities | 10/49 | €6,791,629 | €6,798,095 | +€6,467 | +0.1% |
| Equity | 10/15 | €6,728,991 | €6,777,881 | +€48,890 | +0.7% |
| Contributions | 10/11 | €4,521,600 | €4,521,600 | = | 0.0% |
| Reserves | 13 | €2,207,391 | €2,256,281 | +€48,890 | +2.2% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €58,600 | €33,680 | -€24,920 | -42.5% |
| Distributable reserves | 133 | €2,148,791 | €2,222,601 | +€73,810 | +3.4% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €62,638 | €20,215 | -€42,423 | -67.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €62,638 | €19,729 | -€42,909 | -68.5% |
| Current portion of amounts payable after more than one year | 42 | €49,644 | €0 | -€49,644 | -100.0% |
| Trade debts | 44 | €1,413 | €1,835 | +€422 | +29.8% |
| Suppliers | 440/4 | €1,413 | €1,835 | +€422 | +29.8% |
| Taxes, remuneration and social security | 45 | €7,981 | €7,650 | -€332 | -4.2% |
| Taxes | 450/3 | €5,019 | €7,650 | +€2,631 | +52.4% |
| Remuneration and social security | 454/9 | €2,962 | €0 | -€2,962 | -100.0% |
| Other amounts payable | 47/48 | €3,600 | €10,244 | +€6,644 | +184.6% |
| Accrued charges and deferred income | 492/3 | - | €486 | +€486 | |
| Remuneration, social security and pensions | 62 | €38,509 | €30,302 | -€8,207 | -21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,885 | €5,885 | = | 0.0% |
| Other operating charges | 640/8 | €1,802 | €1,718 | -€84 | -4.7% |
| Gross operating margin | 9900 | €152,455 | €154,818 | +€2,364 | +1.6% |
| Operating profit (loss) | 9901 | €106,258 | €116,913 | +€10,655 | +10.0% |
| Financial income | 75/76B | €0 | €0 | +€0 | |
| Recurring financial income | 75 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €1,571 | €1,117 | -€454 | -28.9% |
| Recurring financial charges | 65 | €1,571 | €1,117 | -€454 | -28.9% |
| Profit (loss) for the period before taxes | 9903 | €104,687 | €115,796 | +€11,109 | +10.6% |
| Income taxes | 67/77 | €27,349 | €30,907 | +€3,558 | +13.0% |
| Profit (loss) for the period | 9904 | €77,339 | €84,890 | +€7,551 | +9.8% |
| Transfer from tax-exempt reserves | 789 | €0 | €24,920 | +€24,920 | |
| Transfer to tax-exempt reserves | 689 | €33,680 | €0 | -€33,680 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €43,659 | €109,810 | +€66,151 | +151.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.