VANE BALCAN: 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.
VANE BALCAN
Largest movements
- Receivables within one year -€11,356
down €11,356 (-35.1%), from €32,314 to €20,958
of which Trade receivables: -€13,597
- Cash -€8,011
down €8,011 (-98.3%), from €8,150 to €138
mainly Net result for the year (-€18,897) and Tax, wage and social debts (-€10,544)
- Tangible fixed assets -€6,254
down €6,254 (-22.2%), from €28,177 to €21,923
of which Furniture and vehicles: -€5,843
- Receivables after one year -€5,450
down €5,450 (-15.6%), from €35,000 to €29,550
- Stocks and contracts -€1,637
no longer reported in 2025 (was €1,637)
- Profit (loss) carried forward -€18,048
down €18,048 (-61.7%), from €29,233 to €11,185
- Tax, wage and social debts -€10,544
down €10,544 (-90.4%), from €11,666 to €1,123
of which Taxes: -€7,268
- Debts after one year -€2,821
down €2,821 (-10.3%), from €27,338 to €24,517
of which Financial debts: -€2,821
- Gross operating margin -€55,792
down €55,792, from €44,789 to -€11,003
- Staff costs -€24,960
down €24,960 (-99.1%), from €25,183 to €224
- Depreciation +€3,592
up €3,592 (+134.9%), from €2,662 to €6,254
- Other operating charges +€1,323
up €1,323 (+208.2%), from €636 to €1,959
- Financial charges +€627
up €627 (+243.2%), from €258 to €884
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 | €108,356 | €75,646 | -€32,709 | -30.2% |
| Fixed assets | 21/28 | €28,177 | €21,923 | -€6,254 | -22.2% |
| Tangible fixed assets | 22/27 | €28,177 | €21,923 | -€6,254 | -22.2% |
| Plant, machinery and equipment | 23 | €1,214 | €802 | -€411 | -33.9% |
| Furniture and vehicles | 24 | €26,963 | €21,120 | -€5,843 | -21.7% |
| Current assets | 29/58 | €80,179 | €53,724 | -€26,455 | -33.0% |
| Amounts receivable after more than one year | 29 | €35,000 | €29,550 | -€5,450 | -15.6% |
| Other amounts receivable | 291 | €35,000 | €29,550 | -€5,450 | -15.6% |
| Stocks and contracts in progress | 3 | €1,637 | - | -€1,637 | |
| Stocks | 30/36 | €1,637 | - | -€1,637 | |
| Amounts receivable within one year | 40/41 | €32,314 | €20,958 | -€11,356 | -35.1% |
| Trade receivables | 40 | €13,732 | €135 | -€13,597 | -99.0% |
| Other amounts receivable | 41 | €18,582 | €20,823 | +€2,242 | +12.1% |
| Cash at bank and in hand | 54/58 | €8,150 | €138 | -€8,011 | -98.3% |
| Deferred charges and accrued income | 490/1 | €3,079 | €3,077 | -€2 | -0.1% |
| Total equity and liabilities | 10/49 | €108,356 | €75,646 | -€32,709 | -30.2% |
| Equity | 10/15 | €62,112 | €43,215 | -€18,897 | -30.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €26,679 | €25,830 | -€849 | -3.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,819 | €3,970 | -€849 | -17.6% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,233 | €11,185 | -€18,048 | -61.7% |
| Provisions and deferred taxes | 16 | €1,606 | €1,323 | -€283 | -17.6% |
| Deferred taxes | 168 | €1,606 | €1,323 | -€283 | -17.6% |
| Amounts payable | 17/49 | €44,637 | €31,108 | -€13,530 | -30.3% |
| Amounts payable after more than one year | 17 | €27,338 | €24,517 | -€2,821 | -10.3% |
| Financial debts | 170/4 | €12,338 | €9,517 | -€2,821 | -22.9% |
| Other amounts payable | 178/9 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €17,299 | €6,590 | -€10,709 | -61.9% |
| Current portion of amounts payable after more than one year | 42 | €2,662 | €2,532 | -€129 | -4.9% |
| Trade debts | 44 | €2,971 | €2,935 | -€35 | -1.2% |
| Suppliers | 440/4 | €2,971 | €2,935 | -€35 | -1.2% |
| Taxes, remuneration and social security | 45 | €11,666 | €1,123 | -€10,544 | -90.4% |
| Taxes | 450/3 | €8,391 | €1,123 | -€7,268 | -86.6% |
| Remuneration and social security | 454/9 | €3,276 | - | -€3,276 | |
| Remuneration, social security and pensions | 62 | €25,183 | €224 | -€24,960 | -99.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,662 | €6,254 | +€3,592 | +134.9% |
| Other operating charges | 640/8 | €636 | €1,959 | +€1,323 | +208.2% |
| Non-recurring operating charges | 66A | €1,635 | - | -€1,635 | |
| Gross operating margin | 9900 | €44,789 | -€11,003 | -€55,792 | |
| Operating profit (loss) | 9901 | €14,673 | -€19,440 | -€34,113 | |
| Financial income | 75/76B | €1,391 | €1,393 | +€2 | +0.1% |
| Recurring financial income | 75 | €1,391 | €1,393 | +€2 | +0.1% |
| Financial charges | 65/66B | €258 | €884 | +€627 | +243.2% |
| Recurring financial charges | 65 | €258 | €884 | +€627 | +243.2% |
| Profit (loss) for the period before taxes | 9903 | €15,807 | -€18,931 | -€34,738 | |
| Transfer from deferred taxes | 780 | €355 | €283 | -€72 | -20.2% |
| Transfer to deferred taxes | 680 | €1,961 | - | -€1,961 | |
| Income taxes | 67/77 | €874 | €249 | -€625 | -71.5% |
| Profit (loss) for the period | 9904 | €13,326 | -€18,897 | -€32,223 | |
| Transfer from tax-exempt reserves | 789 | €1,064 | €849 | -€215 | -20.2% |
| Transfer to tax-exempt reserves | 689 | €5,883 | - | -€5,883 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,507 | -€18,048 | -€26,555 |
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 12 October 2026 via checked.be.