VANCOFRU: 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.
VANCOFRU
Largest movements
- Receivables within one year -€52,090
down €52,090 (-60.2%), from €86,504 to €34,414
of which Trade receivables: -€50,301
- Cash +€44,887
up €44,887 (+18.6%), from €241,858 to €286,745
mainly Receivables within one year (+€52,090) and Net result for the year (+€20,650)
- Tangible fixed assets -€7,463
down €7,463 (-14.4%), from €51,819 to €44,355
of which Furniture and vehicles: -€14,913
- Trade debts -€38,429
down €38,429 (-39.8%), from €96,603 to €58,175
- Reserves +€20,650
up €20,650 (+31.0%), from €66,663 to €87,313
- Debts after one year -€19,489
down €19,489 (-28.9%), from €67,347 to €47,859
- Other debts +€10,652
up €10,652 (+7.2%), from €148,477 to €159,130
- Tax, wage and social debts +€9,892
up €9,892 (+45.6%), from €21,703 to €31,595
of which Taxes: +€8,878
- Gross operating margin +€14,089
up €14,089 (+14.7%), from €95,601 to €109,690
- Other operating charges +€5,258
up €5,258 (+200.5%), from €2,622 to €7,880
- Staff costs +€3,635
up €3,635 (+8.8%), from €41,357 to €44,992
- Taxes +€1,425
up €1,425 (+12.5%), from €11,403 to €12,827
- Depreciation +€1,153
up €1,153 (+6.5%), from €17,684 to €18,837
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 | €438,139 | €421,804 | -€16,335 | -3.7% |
| Fixed assets | 21/28 | €51,819 | €44,355 | -€7,463 | -14.4% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €51,819 | €44,355 | -€7,463 | -14.4% |
| Plant, machinery and equipment | 23 | €4,736 | €12,186 | +€7,450 | +157.3% |
| Furniture and vehicles | 24 | €47,083 | €32,170 | -€14,913 | -31.7% |
| Current assets | 29/58 | €386,321 | €377,449 | -€8,872 | -2.3% |
| Amounts receivable after more than one year | 29 | €50,000 | €50,000 | = | 0.0% |
| Trade receivables | 290 | €50,000 | €50,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €2,893 | €3,016 | +€122 | +4.2% |
| Stocks | 30/36 | €2,893 | €3,016 | +€122 | +4.2% |
| Amounts receivable within one year | 40/41 | €86,504 | €34,414 | -€52,090 | -60.2% |
| Trade receivables | 40 | €83,824 | €33,523 | -€50,301 | -60.0% |
| Other amounts receivable | 41 | €2,681 | €891 | -€1,790 | -66.8% |
| Cash at bank and in hand | 54/58 | €241,858 | €286,745 | +€44,887 | +18.6% |
| Deferred charges and accrued income | 490/1 | €5,065 | €3,274 | -€1,790 | -35.3% |
| Total equity and liabilities | 10/49 | €438,139 | €421,804 | -€16,335 | -3.7% |
| Equity | 10/15 | €91,452 | €112,102 | +€20,650 | +22.6% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €66,663 | €87,313 | +€20,650 | +31.0% |
| Distributable reserves | 133 | €66,663 | €87,313 | +€20,650 | +31.0% |
| Amounts payable | 17/49 | €346,687 | €309,702 | -€36,985 | -10.7% |
| Amounts payable after more than one year | 17 | €67,347 | €47,859 | -€19,489 | -28.9% |
| Financial debts | 170/4 | €67,347 | €47,859 | -€19,489 | -28.9% |
| Amounts payable within one year | 42/48 | €279,340 | €261,844 | -€17,496 | -6.3% |
| Current portion of amounts payable after more than one year | 42 | €12,556 | €12,944 | +€388 | +3.1% |
| Trade debts | 44 | €96,603 | €58,175 | -€38,429 | -39.8% |
| Suppliers | 440/4 | €96,603 | €58,175 | -€38,429 | -39.8% |
| Taxes, remuneration and social security | 45 | €21,703 | €31,595 | +€9,892 | +45.6% |
| Taxes | 450/3 | €15,429 | €24,307 | +€8,878 | +57.5% |
| Remuneration and social security | 454/9 | €6,275 | €7,288 | +€1,014 | +16.2% |
| Other amounts payable | 47/48 | €148,477 | €159,130 | +€10,652 | +7.2% |
| Remuneration, social security and pensions | 62 | €41,357 | €44,992 | +€3,635 | +8.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,684 | €18,837 | +€1,153 | +6.5% |
| Other operating charges | 640/8 | €2,622 | €7,880 | +€5,258 | +200.5% |
| Non-recurring operating charges | 66A | - | €3,000 | +€3,000 | |
| Gross operating margin | 9900 | €95,601 | €109,690 | +€14,089 | +14.7% |
| Operating profit (loss) | 9901 | €33,939 | €34,981 | +€1,042 | +3.1% |
| Financial income | 75/76B | €3,305 | €3,106 | -€199 | -6.0% |
| Recurring financial income | 75 | €3,305 | €3,106 | -€199 | -6.0% |
| Financial charges | 65/66B | €4,978 | €4,610 | -€369 | -7.4% |
| Recurring financial charges | 65 | €4,978 | €4,610 | -€369 | -7.4% |
| Profit (loss) for the period before taxes | 9903 | €32,266 | €33,477 | +€1,212 | +3.8% |
| Income taxes | 67/77 | €11,403 | €12,827 | +€1,425 | +12.5% |
| Profit (loss) for the period | 9904 | €20,863 | €20,650 | -€213 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €20,863 | €20,650 | -€213 | -1.0% |
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 30 September 2026 via checked.be.