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
- Financial fixed assets -€300,408
down €300,408 (-46.7%), from €643,170 to €342,762
- Cash -€69,781
down €69,781 (-79.8%), from €87,479 to €17,697
mainly Net result for the year (-€211,383) and Debts after one year (-€83,759)
- Tangible fixed assets +€49,731
up €49,731 (+6.3%), from €786,397 to €836,128
of which Land and buildings: +€51,690
- Receivables within one year -€45,817
down €45,817 (-50.1%), from €91,448 to €45,631
of which Other amounts receivable: -€87,025
- Profit (loss) carried forward -€211,383
down €211,383, from €99,161 to -€112,222
- Debts after one year -€83,759
down €83,759 (-16.6%), from €504,994 to €421,235
- Other debts -€62,732
down €62,732 (-64.2%), from €97,745 to €35,013
- Other operating charges +€191,387
up €191,387 (+1502.8%), from €12,735 to €204,123
- Financial income -€50,000
down €50,000 (-100.0%), from €50,000 to €0
- Gross operating margin -€32,960
down €32,960 (-36.8%), from €89,488 to €56,528
- Taxes -€2,863
down €2,863 (-100.0%), from €2,863 to €0
- Financial charges -€1,248
down €1,248 (-12.0%), from €10,420 to €9,172
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 | €1,611,069 | €1,242,219 | -€368,850 | -22.9% |
| Fixed assets | 21/28 | €1,429,567 | €1,178,890 | -€250,677 | -17.5% |
| Tangible fixed assets | 22/27 | €786,397 | €836,128 | +€49,731 | +6.3% |
| Land and buildings | 22 | €745,072 | €796,762 | +€51,690 | +6.9% |
| Furniture and vehicles | 24 | €558 | €488 | -€69 | -12.4% |
| Other tangible fixed assets | 26 | €40,767 | €38,877 | -€1,890 | -4.6% |
| Financial fixed assets | 28 | €643,170 | €342,762 | -€300,408 | -46.7% |
| Current assets | 29/58 | €181,502 | €63,329 | -€118,173 | -65.1% |
| Amounts receivable within one year | 40/41 | €91,448 | €45,631 | -€45,817 | -50.1% |
| Trade receivables | 40 | €4,424 | €45,631 | +€41,208 | +931.6% |
| Other amounts receivable | 41 | €87,025 | - | -€87,025 | |
| Cash at bank and in hand | 54/58 | €87,479 | €17,697 | -€69,781 | -79.8% |
| Deferred charges and accrued income | 490/1 | €2,575 | - | -€2,575 | |
| Total equity and liabilities | 10/49 | €1,611,069 | €1,242,219 | -€368,850 | -22.9% |
| Equity | 10/15 | €905,170 | €693,787 | -€211,383 | -23.4% |
| Contributions | 10/11 | €41,000 | €41,000 | = | 0.0% |
| Reserves | 13 | €765,009 | €765,009 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €379,465 | +€379,465 | |
| Reserves not available under the articles | 1311 | - | €19,570 | +€19,570 | |
| Other | 1319 | - | €359,895 | +€359,895 | |
| Tax-exempt reserves | 132 | €16,014 | €544 | -€15,470 | -96.6% |
| Distributable reserves | 133 | €748,995 | €385,000 | -€363,995 | -48.6% |
| Profit (loss) carried forward | 14 | €99,161 | -€112,222 | -€211,383 | |
| Amounts payable | 17/49 | €705,899 | €548,432 | -€157,467 | -22.3% |
| Amounts payable after more than one year | 17 | €504,994 | €421,235 | -€83,759 | -16.6% |
| Financial debts | 170/4 | €504,994 | €421,235 | -€83,759 | -16.6% |
| Amounts payable within one year | 42/48 | €200,905 | €127,197 | -€73,708 | -36.7% |
| Current portion of amounts payable after more than one year | 42 | €82,597 | €83,759 | +€1,162 | +1.4% |
| Financial debts | 43 | - | €3,555 | +€3,555 | |
| Credit institutions | 430/8 | - | €3,555 | +€3,555 | |
| Trade debts | 44 | €3,000 | - | -€3,000 | |
| Suppliers | 440/4 | €3,000 | - | -€3,000 | |
| Taxes, remuneration and social security | 45 | €17,563 | €4,871 | -€12,692 | -72.3% |
| Taxes | 450/3 | €17,563 | €2,136 | -€15,427 | -87.8% |
| Remuneration and social security | 454/9 | - | €2,735 | +€2,735 | |
| Other amounts payable | 47/48 | €97,745 | €35,013 | -€62,732 | -64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €54,578 | €54,616 | +€38 | +0.1% |
| Other operating charges | 640/8 | €12,735 | €204,123 | +€191,387 | +1502.8% |
| Gross operating margin | 9900 | €89,488 | €56,528 | -€32,960 | -36.8% |
| Operating profit (loss) | 9901 | €22,175 | -€202,211 | -€224,386 | |
| Financial income | 75/76B | €50,000 | €0 | -€50,000 | -100.0% |
| Recurring financial income | 75 | €50,000 | €0 | -€50,000 | -100.0% |
| Financial charges | 65/66B | €10,420 | €9,172 | -€1,248 | -12.0% |
| Recurring financial charges | 65 | €10,420 | €9,172 | -€1,248 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | €61,754 | -€211,383 | -€273,137 | |
| Income taxes | 67/77 | €2,863 | €0 | -€2,863 | -100.0% |
| Profit (loss) for the period | 9904 | €58,891 | -€211,383 | -€270,274 | |
| Profit (loss) for the period to be appropriated | 9905 | €58,891 | -€211,383 | -€270,274 |
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 10 October 2026 via checked.be.