VANCO: 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.
VANCO
Largest movements
- Receivables within one year -€18,770
down €18,770 (-42.8%), from €43,900 to €25,130
of which Trade receivables: -€41,290
- Cash -€3,366
down €3,366 (-4.8%), from €70,742 to €67,376
mainly Tax, wage and social debts (-€16,345) and Other debts (-€11,866)
- Tangible fixed assets -€3,058
down €3,058 (-35.8%), from €8,551 to €5,493
of which Other tangible fixed assets: -€1,984
- Tax, wage and social debts -€16,345
down €16,345 (-71.0%), from €23,031 to €6,686
- Other debts -€11,866
down €11,866 (-100%), from €11,866 to €0
- Profit (loss) carried forward +€2,398
up €2,398 (+0.7%), from -€326,654 to -€324,256
- Other operating charges -€129,848
down €129,848 (-98.9%), from €131,310 to €1,462
- Gross operating margin -€92,481
down €92,481 (-84.9%), from €108,940 to €16,460
- Provisions +€75,000
up €75,000, from -€75,000 to €0
- Financial charges -€8,803
down €8,803 (-93.7%), from €9,394 to €591
- Taxes -€4,055
down €4,055 (-30.9%), from €13,114 to €9,059
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 | €125,574 | €100,424 | -€25,150 | -20.0% |
| Fixed assets | 21/28 | €9,551 | €6,493 | -€3,058 | -32.0% |
| Tangible fixed assets | 22/27 | €8,551 | €5,493 | -€3,058 | -35.8% |
| Furniture and vehicles | 24 | €2,735 | €1,660 | -€1,075 | -39.3% |
| Other tangible fixed assets | 26 | €5,816 | €3,832 | -€1,984 | -34.1% |
| Financial fixed assets | 28 | €1,000 | €1,000 | = | 0.0% |
| Current assets | 29/58 | €116,023 | €93,931 | -€22,092 | -19.0% |
| Amounts receivable within one year | 40/41 | €43,900 | €25,130 | -€18,770 | -42.8% |
| Trade receivables | 40 | €43,900 | €2,610 | -€41,290 | -94.1% |
| Other amounts receivable | 41 | - | €22,520 | +€22,520 | |
| Cash at bank and in hand | 54/58 | €70,742 | €67,376 | -€3,366 | -4.8% |
| Deferred charges and accrued income | 490/1 | €1,381 | €1,426 | +€45 | +3.2% |
| Total equity and liabilities | 10/49 | €125,574 | €100,424 | -€25,150 | -20.0% |
| Equity | 10/15 | -€9,324 | -€6,927 | +€2,398 | +25.7% |
| Contributions | 10/11 | €65,692 | €65,692 | = | 0.0% |
| Capital | 10 | €65,692 | €65,692 | = | 0.0% |
| Issued capital | 100 | €65,692 | €65,692 | = | 0.0% |
| Reserves | 13 | €251,638 | €251,638 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,569 | €6,569 | = | 0.0% |
| Legal reserve | 130 | €6,569 | €6,569 | = | 0.0% |
| Distributable reserves | 133 | €245,069 | €245,069 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€326,654 | -€324,256 | +€2,398 | +0.7% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Pensions and similar obligations | 160 | €0 | - | = | |
| Amounts payable | 17/49 | €134,898 | €107,351 | -€27,548 | -20.4% |
| Amounts payable after more than one year | 17 | €100,000 | €100,000 | = | 0.0% |
| Other amounts payable | 178/9 | €100,000 | €100,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €34,898 | €7,351 | -€27,548 | -78.9% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €1 | €664 | +€664 | +108,795% |
| Suppliers | 440/4 | €1 | €664 | +€664 | +108,795% |
| Taxes, remuneration and social security | 45 | €23,031 | €6,686 | -€16,345 | -71.0% |
| Taxes | 450/3 | €23,031 | €6,686 | -€16,345 | -71.0% |
| Other amounts payable | 47/48 | €11,866 | €0 | -€11,866 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,791 | €3,058 | +€267 | +9.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€75,000 | €0 | +€75,000 | |
| Other operating charges | 640/8 | €131,310 | €1,462 | -€129,848 | -98.9% |
| Gross operating margin | 9900 | €108,940 | €16,460 | -€92,481 | -84.9% |
| Operating profit (loss) | 9901 | €49,839 | €11,940 | -€37,899 | -76.0% |
| Financial income | 75/76B | €0 | €108 | +€108 | |
| Recurring financial income | 75 | €0 | €108 | +€108 | |
| Financial charges | 65/66B | €9,394 | €591 | -€8,803 | -93.7% |
| Recurring financial charges | 65 | €9,394 | €591 | -€8,803 | -93.7% |
| Profit (loss) for the period before taxes | 9903 | €40,445 | €11,457 | -€28,988 | -71.7% |
| Income taxes | 67/77 | €13,114 | €9,059 | -€4,055 | -30.9% |
| Profit (loss) for the period | 9904 | €27,330 | €2,398 | -€24,933 | -91.2% |
| Profit (loss) for the period to be appropriated | 9905 | €27,330 | €2,398 | -€24,933 | -91.2% |
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 13 October 2026 via checked.be.