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
- Cash -€100,807
down €100,807 (-29.2%), from €344,686 to €243,880
mainly Other debts (-€143,770) and Debts after one year (-€8,970)
- Other debts -€143,770
down €143,770 (-61.1%), from €235,256 to €91,486
- Profit (loss) carried forward +€30,885
up €30,885 (+45.0%), from -€68,585 to -€37,700
- Tax, wage and social debts +€18,499
up €18,499 (+155.3%), from €11,915 to €30,415
- Debts after one year -€8,970
down €8,970 (-20.7%), from €43,353 to €34,384
- Taxes +€17,320
up €17,320 (+14486.5%), from €120 to €17,440
- Gross operating margin +€17,149
up €17,149 (+35.7%), from €48,093 to €65,243
- Depreciation -€12,523
down €12,523 (-54.7%), from €22,904 to €10,381
- Financial income +€1,904
up €1,904 (+836.5%), from €228 to €2,132
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 | €402,062 | €298,451 | -€103,611 | -25.8% |
| Fixed assets | 21/28 | €38,091 | €34,340 | -€3,750 | -9.8% |
| Tangible fixed assets | 22/27 | €38,091 | €34,340 | -€3,750 | -9.8% |
| Land and buildings | 22 | €23,765 | €19,693 | -€4,072 | -17.1% |
| Plant, machinery and equipment | 23 | €3,607 | €2,515 | -€1,093 | -30.3% |
| Furniture and vehicles | 24 | €10,719 | €12,133 | +€1,414 | +13.2% |
| Current assets | 29/58 | €363,971 | €264,111 | -€99,860 | -27.4% |
| Amounts receivable within one year | 40/41 | €19,285 | €20,231 | +€946 | +4.9% |
| Trade receivables | 40 | €19,285 | €20,231 | +€946 | +4.9% |
| Cash at bank and in hand | 54/58 | €344,686 | €243,880 | -€100,807 | -29.2% |
| Total equity and liabilities | 10/49 | €402,062 | €298,451 | -€103,611 | -25.8% |
| Equity | 10/15 | €102,312 | €133,197 | +€30,885 | +30.2% |
| Contributions | 10/11 | €20,451 | €20,451 | = | 0.0% |
| Reserves | 13 | €150,446 | €150,446 | = | 0.0% |
| Distributable reserves | 133 | €150,446 | €150,446 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€68,585 | -€37,700 | +€30,885 | +45.0% |
| Amounts payable | 17/49 | €299,750 | €165,254 | -€134,496 | -44.9% |
| Amounts payable after more than one year | 17 | €43,353 | €34,384 | -€8,970 | -20.7% |
| Financial debts | 170/4 | €43,353 | €34,384 | -€8,970 | -20.7% |
| Amounts payable within one year | 42/48 | €256,397 | €130,871 | -€125,526 | -49.0% |
| Current portion of amounts payable after more than one year | 42 | €8,970 | €8,970 | = | 0.0% |
| Trade debts | 44 | €255 | - | -€255 | |
| Suppliers | 440/4 | €255 | - | -€255 | |
| Taxes, remuneration and social security | 45 | €11,915 | €30,415 | +€18,499 | +155.3% |
| Taxes | 450/3 | €11,915 | €30,415 | +€18,499 | +155.3% |
| Other amounts payable | 47/48 | €235,256 | €91,486 | -€143,770 | -61.1% |
| Non-recurring operating income | 76A | - | €973 | +€973 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,904 | €10,381 | -€12,523 | -54.7% |
| Other operating charges | 640/8 | €318 | €320 | +€2 | +0.6% |
| Gross operating margin | 9900 | €48,093 | €65,243 | +€17,149 | +35.7% |
| Operating profit (loss) | 9901 | €24,871 | €54,542 | +€29,670 | +119.3% |
| Financial income | 75/76B | €228 | €2,132 | +€1,904 | +836.5% |
| Recurring financial income | 75 | €228 | €2,132 | +€1,904 | +836.5% |
| Financial charges | 65/66B | €8,446 | €8,349 | -€97 | -1.1% |
| Recurring financial charges | 65 | €8,446 | €8,349 | -€97 | -1.1% |
| Profit (loss) for the period before taxes | 9903 | €16,653 | €48,324 | +€31,671 | +190.2% |
| Income taxes | 67/77 | €120 | €17,440 | +€17,320 | +14486.5% |
| Profit (loss) for the period | 9904 | €16,534 | €30,885 | +€14,351 | +86.8% |
| Profit (loss) for the period to be appropriated | 9905 | €16,534 | €30,885 | +€14,351 | +86.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.