VANCOPHAR: 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.
VANCOPHAR
Largest movements
- Receivables within one year +€62,870
up €62,870 (+87.9%), from €71,522 to €134,392
of which Trade receivables: +€60,627
- Cash +€12,782
up €12,782 (+6.4%), from €199,737 to €212,519
mainly Net result for the year (+€189,937) and Trade debts (+€106,315)
- Stocks and contracts +€9,565
up €9,565 (+11.0%), from €87,195 to €96,759
- Trade debts +€106,315
up €106,315 (+190%), from €55,984 to €162,300
- Current portion of long-term debt -€42,139
down €42,139 (-82.8%), from €50,892 to €8,753
- Other debts +€20,930
up €20,930 (+13.0%), from €161,197 to €182,127
- Reserves +€9,937
up €9,937 (+13.3%), from €74,501 to €84,438
- Debts after one year -€8,753
no longer reported in 2025 (was €8,753)
- Gross operating margin +€23,337
up €23,337 (+8.9%), from €261,174 to €284,512
- Financial charges -€4,355
down €4,355 (-45.3%), from €9,623 to €5,268
- Staff costs +€4,149
up €4,149 (+5.1%), from €80,743 to €84,892
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 | €383,161 | €466,628 | +€83,467 | +21.8% |
| Fixed assets | 21/28 | €13,495 | €10,914 | -€2,581 | -19.1% |
| Tangible fixed assets | 22/27 | €13,495 | €10,914 | -€2,581 | -19.1% |
| Plant, machinery and equipment | 23 | €5,174 | €3,537 | -€1,636 | -31.6% |
| Other tangible fixed assets | 26 | €8,321 | €7,377 | -€944 | -11.3% |
| Current assets | 29/58 | €369,666 | €455,714 | +€86,048 | +23.3% |
| Stocks and contracts in progress | 3 | €87,195 | €96,759 | +€9,565 | +11.0% |
| Stocks | 30/36 | €87,195 | €96,759 | +€9,565 | +11.0% |
| Amounts receivable within one year | 40/41 | €71,522 | €134,392 | +€62,870 | +87.9% |
| Trade receivables | 40 | €71,522 | €132,149 | +€60,627 | +84.8% |
| Other amounts receivable | 41 | - | €2,243 | +€2,243 | |
| Cash at bank and in hand | 54/58 | €199,737 | €212,519 | +€12,782 | +6.4% |
| Deferred charges and accrued income | 490/1 | €11,213 | €12,044 | +€831 | +7.4% |
| Total equity and liabilities | 10/49 | €383,161 | €466,628 | +€83,467 | +21.8% |
| Equity | 10/15 | €85,853 | €95,790 | +€9,937 | +11.6% |
| Contributions | 10/11 | €11,352 | €11,352 | = | 0.0% |
| Reserves | 13 | €74,501 | €84,438 | +€9,937 | +13.3% |
| Distributable reserves | 133 | €74,501 | €84,438 | +€9,937 | +13.3% |
| Amounts payable | 17/49 | €297,307 | €370,837 | +€73,530 | +24.7% |
| Amounts payable after more than one year | 17 | €8,753 | - | -€8,753 | |
| Financial debts | 170/4 | €8,753 | - | -€8,753 | |
| Amounts payable within one year | 42/48 | €285,445 | €367,981 | +€82,536 | +28.9% |
| Current portion of amounts payable after more than one year | 42 | €50,892 | €8,753 | -€42,139 | -82.8% |
| Trade debts | 44 | €55,984 | €162,300 | +€106,315 | +190% |
| Suppliers | 440/4 | €55,984 | €162,300 | +€106,315 | +190% |
| Taxes, remuneration and social security | 45 | €17,373 | €14,802 | -€2,571 | -14.8% |
| Taxes | 450/3 | €5,477 | €2,511 | -€2,966 | -54.2% |
| Remuneration and social security | 454/9 | €11,896 | €12,291 | +€396 | +3.3% |
| Other amounts payable | 47/48 | €161,197 | €182,127 | +€20,930 | +13.0% |
| Accrued charges and deferred income | 492/3 | €3,109 | €2,856 | -€253 | -8.1% |
| Remuneration, social security and pensions | 62 | €80,743 | €84,892 | +€4,149 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,349 | €2,581 | +€231 | +9.8% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €261,174 | €284,512 | +€23,337 | +8.9% |
| Operating profit (loss) | 9901 | €177,694 | €196,639 | +€18,945 | +10.7% |
| Financial income | 75/76B | €3,182 | €1,935 | -€1,247 | -39.2% |
| Recurring financial income | 75 | €3,182 | €1,935 | -€1,247 | -39.2% |
| Financial charges | 65/66B | €9,623 | €5,268 | -€4,355 | -45.3% |
| Recurring financial charges | 65 | €9,623 | €5,268 | -€4,355 | -45.3% |
| Profit (loss) for the period before taxes | 9903 | €171,253 | €193,306 | +€22,053 | +12.9% |
| Income taxes | 67/77 | €3,325 | €3,369 | +€43 | +1.3% |
| Profit (loss) for the period | 9904 | €167,927 | €189,937 | +€22,010 | +13.1% |
| Profit (loss) for the period to be appropriated | 9905 | €167,927 | €189,937 | +€22,010 | +13.1% |
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 19 October 2026 via checked.be.