VANCO: 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.
VANCO
Largest movements
- Stocks and contracts -€33,219
down €33,219 (-65.4%), from €50,792 to €17,573
of which Contracts in progress: -€24,201
- Tangible fixed assets +€19,725
up €19,725 (+19.3%), from €102,345 to €122,070
of which Furniture and vehicles: +€25,685
- Receivables within one year -€15,320
down €15,320 (-20.1%), from €76,169 to €60,850
of which Trade receivables: -€16,542
- Cash -€13,611
down €13,611 (-5.3%), from €255,573 to €241,962
mainly Other debts (-€65,447) and Contributions, distributions and other (-€65,000)
- Other debts -€65,447
down €65,447 (-17.4%), from €376,765 to €311,318
- Reserves +€23,696
up €23,696 (+149.2%), from €15,881 to €39,577
of which Distributable reserves: +€23,696
- Current portion of long-term debt -€5,566
down €5,566 (-67.4%), from €8,259 to €2,693
- Gross operating margin +€43,706
up €43,706 (+50.5%), from €86,608 to €130,314
- Financial charges +€8,536
up €8,536 (+195.3%), from €4,371 to €12,907
- Taxes +€2,738
up €2,738 (+43.1%), from €6,349 to €9,086
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 | €490,279 | €447,294 | -€42,984 | -8.8% |
| Fixed assets | 21/28 | €102,458 | €122,183 | +€19,725 | +19.3% |
| Tangible fixed assets | 22/27 | €102,345 | €122,070 | +€19,725 | +19.3% |
| Land and buildings | 22 | €87,761 | €87,761 | = | 0.0% |
| Plant, machinery and equipment | 23 | €11,074 | €5,114 | -€5,960 | -53.8% |
| Furniture and vehicles | 24 | €3,509 | €29,195 | +€25,685 | +731.9% |
| Financial fixed assets | 28 | €113 | €113 | = | 0.0% |
| Current assets | 29/58 | €387,821 | €325,111 | -€62,709 | -16.2% |
| Stocks and contracts in progress | 3 | €50,792 | €17,573 | -€33,219 | -65.4% |
| Stocks | 30/36 | €24,572 | €15,554 | -€9,017 | -36.7% |
| Contracts in progress | 37 | €26,220 | €2,018 | -€24,201 | -92.3% |
| Amounts receivable within one year | 40/41 | €76,169 | €60,850 | -€15,320 | -20.1% |
| Trade receivables | 40 | €71,524 | €54,982 | -€16,542 | -23.1% |
| Other amounts receivable | 41 | €4,645 | €5,867 | +€1,222 | +26.3% |
| Cash at bank and in hand | 54/58 | €255,573 | €241,962 | -€13,611 | -5.3% |
| Deferred charges and accrued income | 490/1 | €5,287 | €4,727 | -€560 | -10.6% |
| Total equity and liabilities | 10/49 | €490,279 | €447,294 | -€42,984 | -8.8% |
| Equity | 10/15 | €77,854 | €101,550 | +€23,696 | +30.4% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €15,881 | €39,577 | +€23,696 | +149.2% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Distributable reserves | 133 | €9,683 | €33,379 | +€23,696 | +244.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €412,425 | €345,744 | -€66,681 | -16.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €410,779 | €344,587 | -€66,192 | -16.1% |
| Current portion of amounts payable after more than one year | 42 | €8,259 | €2,693 | -€5,566 | -67.4% |
| Trade debts | 44 | €25,041 | €26,071 | +€1,030 | +4.1% |
| Suppliers | 440/4 | €25,041 | €26,071 | +€1,030 | +4.1% |
| Taxes, remuneration and social security | 45 | €714 | €4,505 | +€3,791 | +531.0% |
| Taxes | 450/3 | €681 | €1,744 | +€1,063 | +156.2% |
| Remuneration and social security | 454/9 | €33 | €2,761 | +€2,728 | +8248.1% |
| Other amounts payable | 47/48 | €376,765 | €311,318 | -€65,447 | -17.4% |
| Accrued charges and deferred income | 492/3 | €1,646 | €1,157 | -€488 | -29.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,998 | €14,868 | -€130 | -0.9% |
| Other operating charges | 640/8 | €5,600 | €4,943 | -€657 | -11.7% |
| Gross operating margin | 9900 | €86,608 | €130,314 | +€43,706 | +50.5% |
| Operating profit (loss) | 9901 | €66,010 | €110,503 | +€44,492 | +67.4% |
| Financial income | 75/76B | €180 | €187 | +€8 | +4.2% |
| Recurring financial income | 75 | €180 | €187 | +€8 | +4.2% |
| Financial charges | 65/66B | €4,371 | €12,907 | +€8,536 | +195.3% |
| Recurring financial charges | 65 | €4,371 | €12,907 | +€8,536 | +195.3% |
| Profit (loss) for the period before taxes | 9903 | €61,819 | €97,783 | +€35,963 | +58.2% |
| Income taxes | 67/77 | €6,349 | €9,086 | +€2,738 | +43.1% |
| Profit (loss) for the period | 9904 | €55,470 | €88,696 | +€33,226 | +59.9% |
| Profit (loss) for the period to be appropriated | 9905 | €55,470 | €88,696 | +€33,226 | +59.9% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.