VANCO INVEST: what changed
What changed
VANCO INVEST
filed annual accounts (NBB)
Net result for the year
€7,530
2024 · €112,486-€104,956
Equity
€6.3m
2024 · €6.4m-€117,470
Cash
€88,990
2024 · €323,233-€234,243
Balance sheet total
€7.0m
2024 · €7.2m-€220,781
Largest movements
Assets
- Current investments -€246,581
down €246,581 (-9.8%), from €2.5m to €2.3m
- Cash -€234,243
down €234,243 (-72.5%), from €323,233 to €88,990
mainly Investment in fixed assets (net) (-€372,023) and Contributions, distributions and other (-€125,000)
- Tangible fixed assets +€210,045
up €210,045 (+4.9%), from €4.3m to €4.5m
Equity and liabilities
- Reserves -€121,483
down €121,483 (-6.4%), from €1.9m to €1.8m
of which Distributable reserves: -€85,000
- Debts after one year -€99,850
down €99,850 (-14.3%), from €700,000 to €600,150
of which Financial debts: -€100,000
Income statement
- Gross operating margin -€96,078
down €96,078 (-30.6%), from €313,705 to €217,628
- Taxes +€15,562
up €15,562, from -€2,368 to €13,194
- Financial income +€4,949
up €4,949 (+16.5%), from €29,938 to €34,887
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€112,486
Gross operating margin
-€96,078
Depreciation
+€1,084
Other operating charges
-€1,746
Financial income
+€4,949
Financial charges
+€2,397
Taxes
-€15,562
Result 2025
€7,530
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€116,049
Investment
-€125,442
Financing
-€224,850
Cash 2024
€323,233
From operations (derived)
+€116,049
Net result for the year
+€7,530
Depreciation
+€161,978
Receivables within one year
-€49,998
Trade debts
+€6,311
Tax, wage and social debts
-€9,772
Investment (derived)
-€125,442
Investment in fixed assets (net)
-€372,023
Current investments
+€246,581
Financing
-€224,850
Debts after one year
-€99,850
Contributions, distributions and other
-€125,000
Cash 2025
€88,990
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €7,200,057 | €6,979,276 | -€220,781 | -3.1% |
| Fixed assets | 21/28 | €4,281,641 | €4,491,686 | +€210,045 | +4.9% |
| Tangible fixed assets | 22/27 | €4,281,641 | €4,491,686 | +€210,045 | +4.9% |
| Land and buildings | 22 | €4,281,641 | €4,491,686 | +€210,045 | +4.9% |
| Current assets | 29/58 | €2,918,416 | €2,487,590 | -€430,826 | -14.8% |
| Amounts receivable after more than one year | 29 | €54,825 | €54,825 | = | 0.0% |
| Other amounts receivable | 291 | €54,825 | €54,825 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €22,104 | €72,102 | +€49,998 | +226% |
| Trade receivables | 40 | - | €40,463 | +€40,463 | |
| Other amounts receivable | 41 | €22,104 | €31,639 | +€9,535 | +43.1% |
| Current investments | 50/53 | €2,518,254 | €2,271,673 | -€246,581 | -9.8% |
| Cash at bank and in hand | 54/58 | €323,233 | €88,990 | -€234,243 | -72.5% |
| Total equity and liabilities | 10/49 | €7,200,057 | €6,979,276 | -€220,781 | -3.1% |
| Equity | 10/15 | €6,381,716 | €6,264,246 | -€117,470 | -1.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,911,756 | €1,790,273 | -€121,483 | -6.4% |
| Non-distributable reserves | 130/1 | €6,444 | €6,444 | = | 0.0% |
| Legal reserve | 130 | €6,444 | €6,444 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,139,686 | €1,103,203 | -€36,483 | -3.2% |
| Distributable reserves | 133 | €765,626 | €680,626 | -€85,000 | -11.1% |
| Profit (loss) carried forward | 14 | €4,407,960 | €4,411,973 | +€4,013 | +0.1% |
| Amounts payable | 17/49 | €818,340 | €715,030 | -€103,311 | -12.6% |
| Amounts payable after more than one year | 17 | €700,000 | €600,150 | -€99,850 | -14.3% |
| Financial debts | 170/4 | €700,000 | €600,000 | -€100,000 | -14.3% |
| Other amounts payable | 178/9 | - | €150 | +€150 | |
| Amounts payable within one year | 42/48 | €118,340 | €114,880 | -€3,461 | -2.9% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €5,840 | €12,151 | +€6,311 | +108% |
| Suppliers | 440/4 | €5,840 | €12,151 | +€6,311 | +108% |
| Taxes, remuneration and social security | 45 | €12,500 | €2,728 | -€9,772 | -78.2% |
| Taxes | 450/3 | €12,500 | €2,728 | -€9,772 | -78.2% |
| Non-recurring operating income | 76A | €113,364 | - | -€113,364 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €163,062 | €161,978 | -€1,084 | -0.7% |
| Other operating charges | 640/8 | €56,274 | €58,020 | +€1,746 | +3.1% |
| Gross operating margin | 9900 | €313,705 | €217,628 | -€96,078 | -30.6% |
| Operating profit (loss) | 9901 | €94,369 | -€2,370 | -€96,740 | |
| Financial income | 75/76B | €29,938 | €34,887 | +€4,949 | +16.5% |
| Recurring financial income | 75 | €29,938 | €34,887 | +€4,949 | +16.5% |
| Financial charges | 65/66B | €14,189 | €11,792 | -€2,397 | -16.9% |
| Recurring financial charges | 65 | €14,189 | €11,792 | -€2,397 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €110,118 | €20,724 | -€89,394 | -81.2% |
| Income taxes | 67/77 | -€2,368 | €13,194 | +€15,562 | |
| Profit (loss) for the period | 9904 | €112,486 | €7,530 | -€104,956 | -93.3% |
| Transfer from tax-exempt reserves | 789 | €36,483 | €36,483 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €148,969 | €44,013 | -€104,956 | -70.5% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.