VANEE: 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.
VANEE
Largest movements
- Receivables within one year +€123,901
up €123,901 (+172.4%), from €71,888 to €195,789
of which Trade receivables: +€150,690
- Intangible fixed assets -€35,930
down €35,930 (-15.0%), from €239,502 to €203,572
- Stocks and contracts -€22,259
down €22,259 (-14.1%), from €157,703 to €135,445
- Tangible fixed assets -€11,935
down €11,935 (-17.1%), from €69,789 to €57,853
of which Other tangible fixed assets: -€9,743
- Cash +€7,533
up €7,533 (+10.8%), from €69,754 to €77,287
mainly Trade debts (+€90,815) and Other debts (+€75,629)
- Reserves -€127,139
down €127,139 (-75.0%), from €169,483 to €42,344
- Trade debts +€90,815
up €90,815 (+85.9%), from €105,761 to €196,576
- Other debts +€75,629
new in 2025: €75,629
- Tax, wage and social debts +€63,503
up €63,503 (+490.1%), from €12,956 to €76,459
of which Taxes: +€60,440
- Debts after one year -€48,335
down €48,335 (-17.8%), from €270,957 to €222,622
- Gross operating margin +€109,333
up €109,333 (+58.8%), from €185,805 to €295,138
- Staff costs +€29,531
up €29,531 (+18.0%), from €163,821 to €193,351
- Other operating charges -€11,200
down €11,200 (-68.3%), from €16,399 to €5,199
- Financial charges +€3,331
up €3,331 (+23.7%), from €14,060 to €17,391
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 | €626,981 | €688,295 | +€61,314 | +9.8% |
| Fixed assets | 21/28 | €327,516 | €279,650 | -€47,866 | -14.6% |
| Intangible fixed assets | 21 | €239,502 | €203,572 | -€35,930 | -15.0% |
| Tangible fixed assets | 22/27 | €69,789 | €57,853 | -€11,935 | -17.1% |
| Plant, machinery and equipment | 23 | €1,425 | €8,017 | +€6,592 | +462.7% |
| Leasing and similar rights | 25 | €32,660 | €23,875 | -€8,785 | -26.9% |
| Other tangible fixed assets | 26 | €35,704 | €25,961 | -€9,743 | -27.3% |
| Financial fixed assets | 28 | €18,225 | €18,225 | = | 0.0% |
| Current assets | 29/58 | €299,465 | €408,645 | +€109,180 | +36.5% |
| Stocks and contracts in progress | 3 | €157,703 | €135,445 | -€22,259 | -14.1% |
| Stocks | 30/36 | €157,703 | €135,445 | -€22,259 | -14.1% |
| Amounts receivable within one year | 40/41 | €71,888 | €195,789 | +€123,901 | +172.4% |
| Trade receivables | 40 | €19,035 | €169,725 | +€150,690 | +791.6% |
| Other amounts receivable | 41 | €52,852 | €26,064 | -€26,789 | -50.7% |
| Cash at bank and in hand | 54/58 | €69,754 | €77,287 | +€7,533 | +10.8% |
| Deferred charges and accrued income | 490/1 | €120 | €124 | +€4 | +3.4% |
| Total equity and liabilities | 10/49 | €626,981 | €688,295 | +€61,314 | +9.8% |
| Equity | 10/15 | €174,483 | €47,344 | -€127,139 | -72.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €169,483 | €42,344 | -€127,139 | -75.0% |
| Distributable reserves | 133 | €169,483 | €42,344 | -€127,139 | -75.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €452,498 | €640,951 | +€188,453 | +41.6% |
| Amounts payable after more than one year | 17 | €270,957 | €222,622 | -€48,335 | -17.8% |
| Financial debts | 170/4 | €270,957 | €222,622 | -€48,335 | -17.8% |
| Amounts payable within one year | 42/48 | €177,740 | €409,434 | +€231,694 | +130.4% |
| Current portion of amounts payable after more than one year | 42 | €46,929 | €48,335 | +€1,405 | +3.0% |
| Financial debts | 43 | €11,148 | €11,043 | -€105 | -0.9% |
| Credit institutions | 430/8 | €11,148 | €11,043 | -€105 | -0.9% |
| Trade debts | 44 | €105,761 | €196,576 | +€90,815 | +85.9% |
| Suppliers | 440/4 | €105,761 | €196,576 | +€90,815 | +85.9% |
| Advances received on contracts in progress | 46 | €945 | €1,391 | +€446 | +47.3% |
| Taxes, remuneration and social security | 45 | €12,956 | €76,459 | +€63,503 | +490.1% |
| Taxes | 450/3 | €0 | €60,440 | +€60,440 | |
| Remuneration and social security | 454/9 | €12,956 | €16,019 | +€3,063 | +23.6% |
| Other amounts payable | 47/48 | - | €75,629 | +€75,629 | |
| Accrued charges and deferred income | 492/3 | €3,802 | €8,896 | +€5,094 | +134.0% |
| Remuneration, social security and pensions | 62 | €163,821 | €193,351 | +€29,531 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €55,352 | €56,339 | +€987 | +1.8% |
| Other operating charges | 640/8 | €16,399 | €5,199 | -€11,200 | -68.3% |
| Gross operating margin | 9900 | €185,805 | €295,138 | +€109,333 | +58.8% |
| Operating profit (loss) | 9901 | -€49,766 | €40,249 | +€90,015 | |
| Financial income | 75/76B | €149 | €3 | -€146 | -97.9% |
| Recurring financial income | 75 | €149 | €3 | -€146 | -97.9% |
| Financial charges | 65/66B | €14,060 | €17,391 | +€3,331 | +23.7% |
| Recurring financial charges | 65 | €14,060 | €17,391 | +€3,331 | +23.7% |
| Profit (loss) for the period before taxes | 9903 | -€63,678 | €22,861 | +€86,539 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€63,678 | €22,861 | +€86,539 | |
| Profit (loss) for the period to be appropriated | 9905 | -€63,678 | €22,861 | +€86,539 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.