VANCOBERT: 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.
What changed
VANCOBERT
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5,688
2024 · €5,026+€663
Equity
€1.0m
2024 · €997,482+€5,688
Cash
€5,906
2024 · €4,291+€1,615
Balance sheet total
€2.3m
2024 · €2.3m-€17,171
Largest movements
Assets
- Tangible fixed assets -€23,362
down €23,362 (-3.3%), from €713,008 to €689,646
of which Land and buildings: -€23,362
Equity and liabilities
- Debts after one year -€72,085
down €72,085 (-17.9%), from €403,616 to €331,531
- Other debts +€46,230
up €46,230 (+10.1%), from €459,064 to €505,294
Income statement
- Gross operating margin -€25,607
down €25,607 (-39.2%), from €65,328 to €39,720
- Financial charges -€17,779
down €17,779 (-36.4%), from €48,782 to €31,003
- Financial income +€7,191
up €7,191 (+51.2%), from €14,040 to €21,231
- Taxes -€1,257
down €1,257 (-100.0%), from €1,257 to €0
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.
Result 2024
€5,026
Gross operating margin
-€25,607
Other operating charges
+€43
Financial income
+€7,191
Financial charges
+€17,779
Taxes
+€1,257
Result 2025
€5,688
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.
From operations
+€71,387
Investment
€0
Financing
-€69,772
Cash 2024
€4,291
From operations (derived)
+€71,387
Net result for the year
+€5,688
Depreciation
+€23,362
Receivables within one year
-€3,243
Deferred charges and accrued income
-€1,333
Provisions
-€2,572
Trade debts
+€4,588
Tax, wage and social debts
-€1,257
Other debts
+€46,230
Accrued charges and deferred income
-€77
Financing
-€69,772
Debts after one year
-€72,085
Current portion of long-term debt
+€2,314
Cash 2025
€5,906
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,323,505 | €2,306,334 | -€17,171 | -0.7% |
| Fixed assets | 21/28 | €1,635,316 | €1,611,954 | -€23,362 | -1.4% |
| Tangible fixed assets | 22/27 | €713,008 | €689,646 | -€23,362 | -3.3% |
| Land and buildings | 22 | €713,008 | €689,646 | -€23,362 | -3.3% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €922,308 | €922,308 | = | 0.0% |
| Current assets | 29/58 | €688,189 | €694,380 | +€6,190 | +0.9% |
| Amounts receivable within one year | 40/41 | €683,898 | €687,141 | +€3,243 | +0.5% |
| Trade receivables | 40 | €2,742 | €0 | -€2,742 | -100.0% |
| Other amounts receivable | 41 | €681,156 | €687,141 | +€5,985 | +0.9% |
| Cash at bank and in hand | 54/58 | €4,291 | €5,906 | +€1,615 | +37.6% |
| Deferred charges and accrued income | 490/1 | - | €1,333 | +€1,333 | |
| Total equity and liabilities | 10/49 | €2,323,505 | €2,306,334 | -€17,171 | -0.7% |
| Equity | 10/15 | €997,482 | €1,003,171 | +€5,688 | +0.6% |
| Contributions | 10/11 | €293,850 | €293,850 | = | 0.0% |
| Capital | 10 | €293,850 | €293,850 | = | 0.0% |
| Issued capital | 100 | €293,850 | €293,850 | = | 0.0% |
| Reserves | 13 | €703,632 | €709,321 | +€5,688 | +0.8% |
| Non-distributable reserves | 130/1 | €29,385 | €29,385 | = | 0.0% |
| Legal reserve | 130 | €29,385 | €29,385 | = | 0.0% |
| Tax-exempt reserves | 132 | €246,902 | €239,186 | -€7,716 | -3.1% |
| Distributable reserves | 133 | €427,345 | €440,749 | +€13,404 | +3.1% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €82,301 | €79,729 | -€2,572 | -3.1% |
| Deferred taxes | 168 | €82,301 | €79,729 | -€2,572 | -3.1% |
| Amounts payable | 17/49 | €1,243,722 | €1,223,435 | -€20,288 | -1.6% |
| Amounts payable after more than one year | 17 | €403,616 | €331,531 | -€72,085 | -17.9% |
| Financial debts | 170/4 | €403,616 | €331,531 | -€72,085 | -17.9% |
| Amounts payable within one year | 42/48 | €839,578 | €891,453 | +€51,875 | +6.2% |
| Current portion of amounts payable after more than one year | 42 | €71,463 | €73,777 | +€2,314 | +3.2% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €157,794 | €162,382 | +€4,588 | +2.9% |
| Suppliers | 440/4 | €157,794 | €162,382 | +€4,588 | +2.9% |
| Taxes, remuneration and social security | 45 | €1,257 | €0 | -€1,257 | -100.0% |
| Taxes | 450/3 | €1,257 | €0 | -€1,257 | -100.0% |
| Other amounts payable | 47/48 | €459,064 | €505,294 | +€46,230 | +10.1% |
| Accrued charges and deferred income | 492/3 | €529 | €451 | -€77 | -14.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,362 | €23,362 | = | 0.0% |
| Other operating charges | 640/8 | €3,514 | €3,471 | -€43 | -1.2% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €65,328 | €39,720 | -€25,607 | -39.2% |
| Operating profit (loss) | 9901 | €38,452 | €12,888 | -€25,564 | -66.5% |
| Financial income | 75/76B | €14,040 | €21,231 | +€7,191 | +51.2% |
| Recurring financial income | 75 | €14,040 | €21,231 | +€7,191 | +51.2% |
| Financial charges | 65/66B | €48,782 | €31,003 | -€17,779 | -36.4% |
| Recurring financial charges | 65 | €48,782 | €31,003 | -€17,779 | -36.4% |
| Profit (loss) for the period before taxes | 9903 | €3,711 | €3,116 | -€594 | -16.0% |
| Transfer from deferred taxes | 780 | €2,572 | €2,572 | = | 0.0% |
| Income taxes | 67/77 | €1,257 | €0 | -€1,257 | -100.0% |
| Profit (loss) for the period | 9904 | €5,026 | €5,688 | +€663 | +13.2% |
| Transfer from tax-exempt reserves | 789 | €7,716 | €7,716 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,741 | €13,404 | +€663 | +5.2% |
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 29 September 2026 via checked.be.