VANCOVEST: 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.
What changed
VANCOVEST
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€377,238
2024 · €2.6m-€2.2m
Equity
€6.0m
2024 · €5.6m+€377,238
Cash
€172,570
2024 · €38,847+€133,723
Balance sheet total
€8.6m
2024 · €8.5m+€135,561
Largest movements
Assets
- Receivables within one year -€188,988
down €188,988 (-52.5%), from €360,125 to €171,137
of which Other amounts receivable: -€234,833
- Financial fixed assets +€160,073
up €160,073 (+6.0%), from €2.7m to €2.8m
- Cash +€133,723
up €133,723 (+344%), from €38,847 to €172,570
mainly Net result for the year (+€377,238) and Depreciation (+€241,960)
Equity and liabilities
- Reserves +€377,238
up €377,238 (+6.8%), from €5.6m to €6.0m
of which Distributable reserves: +€466,114
- Debts after one year -€180,257
down €180,257 (-10.6%), from €1.7m to €1.5m
Income statement
- Gross operating margin -€2.8m
down €2.8m (-79.9%), from €3.5m to €693,728
- Depreciation +€117,730
up €117,730 (+94.8%), from €124,230 to €241,960
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
€2.6m
Gross operating margin
-€2.8m
Depreciation
-€117,730
Other operating charges
-€19,733
Financial income
-€14,825
Financial charges
-€3,240
Taxes
-€26,030
Deferred taxes and other
+€755,976
Result 2025
€377,238
lowers the resultnot broken down further in the accounts
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.
From operations
+€720,158
Investment
-€412,542
Financing
-€173,893
Cash 2024
€38,847
From operations (derived)
+€720,158
Net result for the year
+€377,238
Depreciation
+€241,960
Receivables within one year
+€188,988
Deferred charges and accrued income
-€20,244
Provisions
-€29,625
Trade debts
-€27,890
Tax, wage and social debts
-€28,093
Accrued charges and deferred income
+€17,826
Investment (derived)
-€412,542
Investment in fixed assets (net)
-€412,542
Financing
-€173,893
Debts after one year
-€180,257
Current portion of long-term debt
+€6,363
Cash 2025
€172,570
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €8,486,473 | €8,622,034 | +€135,561 | +1.6% |
| Fixed assets | 21/28 | €8,061,964 | €8,232,545 | +€170,582 | +2.1% |
| Tangible fixed assets | 22/27 | €5,394,078 | €5,404,587 | +€10,509 | +0.2% |
| Land and buildings | 22 | €5,361,166 | €5,378,948 | +€17,782 | +0.3% |
| Furniture and vehicles | 24 | €32,912 | €25,639 | -€7,273 | -22.1% |
| Financial fixed assets | 28 | €2,667,885 | €2,827,958 | +€160,073 | +6.0% |
| Current assets | 29/58 | €424,509 | €389,488 | -€35,021 | -8.2% |
| Amounts receivable within one year | 40/41 | €360,125 | €171,137 | -€188,988 | -52.5% |
| Trade receivables | 40 | €5,625 | €51,470 | +€45,845 | +815% |
| Other amounts receivable | 41 | €354,501 | €119,667 | -€234,833 | -66.2% |
| Cash at bank and in hand | 54/58 | €38,847 | €172,570 | +€133,723 | +344% |
| Deferred charges and accrued income | 490/1 | €25,537 | €45,781 | +€20,244 | +79.3% |
| Total equity and liabilities | 10/49 | €8,486,473 | €8,622,034 | +€135,561 | +1.6% |
| Equity | 10/15 | €5,638,321 | €6,015,559 | +€377,238 | +6.7% |
| Contributions | 10/11 | €64,350 | €64,350 | = | 0.0% |
| Capital | 10 | €64,350 | €64,350 | = | 0.0% |
| Issued capital | 100 | €64,350 | €64,350 | = | 0.0% |
| Reserves | 13 | €5,573,971 | €5,951,209 | +€377,238 | +6.8% |
| Non-distributable reserves | 130/1 | €6,435 | €6,435 | = | 0.0% |
| Legal reserve | 130 | €6,435 | €6,435 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,179,053 | €2,090,177 | -€88,876 | -4.1% |
| Distributable reserves | 133 | €3,388,483 | €3,854,597 | +€466,114 | +13.8% |
| Provisions and deferred taxes | 16 | €726,351 | €696,726 | -€29,625 | -4.1% |
| Deferred taxes | 168 | €726,351 | €696,726 | -€29,625 | -4.1% |
| Amounts payable | 17/49 | €2,121,800 | €1,909,749 | -€212,051 | -10.0% |
| Amounts payable after more than one year | 17 | €1,699,967 | €1,519,711 | -€180,257 | -10.6% |
| Financial debts | 170/4 | €1,699,967 | €1,519,711 | -€180,257 | -10.6% |
| Amounts payable within one year | 42/48 | €382,066 | €332,446 | -€49,620 | -13.0% |
| Current portion of amounts payable after more than one year | 42 | €173,893 | €180,257 | +€6,363 | +3.7% |
| Trade debts | 44 | €32,879 | €4,989 | -€27,890 | -84.8% |
| Suppliers | 440/4 | €32,879 | €4,989 | -€27,890 | -84.8% |
| Taxes, remuneration and social security | 45 | €54,198 | €26,105 | -€28,093 | -51.8% |
| Taxes | 450/3 | €54,198 | €26,105 | -€28,093 | -51.8% |
| Other amounts payable | 47/48 | €121,096 | €121,096 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €39,767 | €57,592 | +€17,826 | +44.8% |
| Non-recurring operating income | 76A | €2,962,545 | €0 | -€3.0m | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €124,230 | €241,960 | +€117,730 | +94.8% |
| Other operating charges | 640/8 | €26,774 | €46,507 | +€19,733 | +73.7% |
| Non-recurring operating charges | 66A | - | €0 | +€0 | |
| Gross operating margin | 9900 | €3,450,602 | €693,728 | -€2.8m | -79.9% |
| Operating profit (loss) | 9901 | €3,299,599 | €405,261 | -€2.9m | -87.7% |
| Financial income | 75/76B | €185,253 | €170,428 | -€14,825 | -8.0% |
| Recurring financial income | 75 | €185,253 | €170,428 | -€14,825 | -8.0% |
| Financial charges | 65/66B | €69,466 | €72,705 | +€3,240 | +4.7% |
| Recurring financial charges | 65 | €69,466 | €72,705 | +€3,240 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | €3,415,386 | €502,984 | -€2.9m | -85.3% |
| Transfer from deferred taxes | 780 | €14,285 | €29,625 | +€15,340 | +107% |
| Transfer to deferred taxes | 680 | €740,636 | €0 | -€740,636 | -100% |
| Income taxes | 67/77 | €129,342 | €155,371 | +€26,030 | +20.1% |
| Profit (loss) for the period | 9904 | €2,559,693 | €377,238 | -€2.2m | -85.3% |
| Transfer from tax-exempt reserves | 789 | €42,855 | €88,876 | +€46,021 | +107% |
| Transfer to tax-exempt reserves | 689 | €2,221,909 | €0 | -€2.2m | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €380,640 | €466,114 | +€85,474 | +22.5% |
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 27 October 2026 via checked.be.