VANCODECO: 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.
VANCODECO
Largest movements
- Current investments +€99,962
up €99,962 (+11.2%), from €889,274 to €989,236
- Cash -€36,710
down €36,710 (-23.5%), from €156,367 to €119,656
mainly Other debts (-€100,959) and Current investments (-€99,962)
- Provisions +€226,641
new in 2025: €226,641
- Other debts -€100,959
down €100,959 (-54.3%), from €186,041 to €85,082
- Reserves -€55,000
down €55,000 (-4.8%), from €1.1m to €1.1m
of which Distributable reserves: -€55,000
- Profit (loss) carried forward -€27,601
down €27,601 (-61.0%), from €45,215 to €17,614
- Tax, wage and social debts +€16,923
up €16,923 (+70.0%), from €24,185 to €41,108
- Provisions +€394,024
up €394,024, from -€167,383 to €226,641
- Financial charges -€150,046
down €150,046 (-99.9%), from €150,253 to €207
- Gross operating margin +€25,196
up €25,196 (+8.5%), from €296,049 to €321,245
- Taxes +€17,538
up €17,538 (+31.8%), from €55,099 to €72,637
- Depreciation -€15,762
down €15,762 (-53.7%), from €29,332 to €13,570
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 | €1,422,196 | €1,469,509 | +€47,313 | +3.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €222,551 | €220,478 | -€2,073 | -0.9% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €222,506 | €220,433 | -€2,073 | -0.9% |
| Land and buildings | 22 | €171,008 | €164,813 | -€6,195 | -3.6% |
| Plant, machinery and equipment | 23 | €408 | €65 | -€343 | -84.0% |
| Furniture and vehicles | 24 | €50,240 | €54,803 | +€4,563 | +9.1% |
| Other tangible fixed assets | 26 | €849 | €752 | -€98 | -11.5% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €1,199,645 | €1,249,031 | +€49,386 | +4.1% |
| Amounts receivable within one year | 40/41 | €127,125 | €112,486 | -€14,639 | -11.5% |
| Trade receivables | 40 | €127,125 | €112,486 | -€14,639 | -11.5% |
| Current investments | 50/53 | €889,274 | €989,236 | +€99,962 | +11.2% |
| Cash at bank and in hand | 54/58 | €156,367 | €119,656 | -€36,710 | -23.5% |
| Deferred charges and accrued income | 490/1 | €26,880 | €27,653 | +€774 | +2.9% |
| Total equity and liabilities | 10/49 | €1,422,196 | €1,469,509 | +€47,313 | +3.3% |
| Equity | 10/15 | €1,191,157 | €1,108,557 | -€82,601 | -6.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,139,742 | €1,084,742 | -€55,000 | -4.8% |
| Non-distributable reserves | 130/1 | €36,431 | €36,431 | = | 0.0% |
| Reserves not available under the articles | 1311 | €36,431 | €36,431 | = | 0.0% |
| Tax-exempt reserves | 132 | €105,250 | €105,250 | = | 0.0% |
| Distributable reserves | 133 | €998,061 | €943,061 | -€55,000 | -5.5% |
| Profit (loss) carried forward | 14 | €45,215 | €17,614 | -€27,601 | -61.0% |
| Provisions and deferred taxes | 16 | - | €226,641 | +€226,641 | |
| Provisions for liabilities and charges | 160/5 | - | €226,641 | +€226,641 | |
| Pensions and similar obligations | 160 | - | €226,641 | +€226,641 | |
| Amounts payable | 17/49 | €231,038 | €134,311 | -€96,727 | -41.9% |
| Amounts payable within one year | 42/48 | €228,913 | €134,311 | -€94,602 | -41.3% |
| Current portion of amounts payable after more than one year | 42 | €10,185 | - | -€10,185 | |
| Trade debts | 44 | €8,502 | €8,121 | -€381 | -4.5% |
| Suppliers | 440/4 | €8,502 | €8,121 | -€381 | -4.5% |
| Taxes, remuneration and social security | 45 | €24,185 | €41,108 | +€16,923 | +70.0% |
| Taxes | 450/3 | €24,185 | €41,108 | +€16,923 | +70.0% |
| Other amounts payable | 47/48 | €186,041 | €85,082 | -€100,959 | -54.3% |
| Accrued charges and deferred income | 492/3 | €2,125 | - | -€2,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,332 | €13,570 | -€15,762 | -53.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€167,383 | €226,641 | +€394,024 | |
| Other operating charges | 640/8 | €3,002 | €3,316 | +€314 | +10.5% |
| Non-recurring operating charges | 66A | - | €39,043 | +€39,043 | |
| Gross operating margin | 9900 | €296,049 | €321,245 | +€25,196 | +8.5% |
| Operating profit (loss) | 9901 | €431,097 | €38,675 | -€392,422 | -91.0% |
| Financial income | 75/76B | €7,610 | €6,569 | -€1,041 | -13.7% |
| Recurring financial income | 75 | €7,610 | €6,569 | -€1,041 | -13.7% |
| Financial charges | 65/66B | €150,253 | €207 | -€150,046 | -99.9% |
| Recurring financial charges | 65 | €150,253 | €207 | -€150,046 | -99.9% |
| Profit (loss) for the period before taxes | 9903 | €288,454 | €45,037 | -€243,418 | -84.4% |
| Income taxes | 67/77 | €55,099 | €72,637 | +€17,538 | +31.8% |
| Profit (loss) for the period | 9904 | €233,355 | -€27,601 | -€260,956 | |
| Profit (loss) for the period to be appropriated | 9905 | €233,355 | -€27,601 | -€260,956 |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.