VANEFF: 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.
VANEFF
Largest movements
- Cash +€48,631
up €48,631 (+49.7%), from €97,877 to €146,508
mainly Net result for the year (+€64,466) and Current investments (+€12,142)
- Current investments -€12,142
down €12,142 (-19.0%), from €63,807 to €51,665
- Reserves +€48,616
up €48,616 (+29.2%), from €166,752 to €215,368
- Other debts -€15,244
down €15,244 (-56.4%), from €27,024 to €11,780
- Financial income +€21,847
up €21,847 (+294.6%), from €7,416 to €29,263
- Financial charges +€5,494
up €5,494 (+410.5%), from €1,338 to €6,832
- Staff costs +€1,982
new in 2025: €1,982
- Gross operating margin +€1,126
up €1,126 (+1.6%), from €68,821 to €69,947
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 | €186,364 | €223,588 | +€37,224 | +20.0% |
| Fixed assets | 21/28 | €3,435 | €1,949 | -€1,486 | -43.3% |
| Tangible fixed assets | 22/27 | €3,435 | €1,949 | -€1,486 | -43.3% |
| Plant, machinery and equipment | 23 | €2,359 | €1,682 | -€677 | -28.7% |
| Furniture and vehicles | 24 | €1,076 | €267 | -€809 | -75.2% |
| Current assets | 29/58 | €182,930 | €221,639 | +€38,710 | +21.2% |
| Amounts receivable within one year | 40/41 | €21,246 | €22,821 | +€1,575 | +7.4% |
| Trade receivables | 40 | €20,960 | €22,617 | +€1,657 | +7.9% |
| Other amounts receivable | 41 | €286 | €204 | -€82 | -28.7% |
| Current investments | 50/53 | €63,807 | €51,665 | -€12,142 | -19.0% |
| Cash at bank and in hand | 54/58 | €97,877 | €146,508 | +€48,631 | +49.7% |
| Deferred charges and accrued income | 490/1 | - | €646 | +€646 | |
| Total equity and liabilities | 10/49 | €186,364 | €223,588 | +€37,224 | +20.0% |
| Equity | 10/15 | €143,994 | €192,610 | +€48,616 | +33.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €166,752 | €215,368 | +€48,616 | +29.2% |
| Distributable reserves | 133 | €166,752 | €215,368 | +€48,616 | +29.2% |
| Profit (loss) carried forward | 14 | -€41,350 | -€41,350 | = | 0.0% |
| Amounts payable | 17/49 | €42,370 | €30,978 | -€11,392 | -26.9% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €42,370 | €30,935 | -€11,435 | -27.0% |
| Trade debts | 44 | €618 | €2,256 | +€1,638 | +265.2% |
| Suppliers | 440/4 | €618 | €2,256 | +€1,638 | +265.2% |
| Taxes, remuneration and social security | 45 | €14,729 | €16,900 | +€2,171 | +14.7% |
| Taxes | 450/3 | €14,729 | €13,900 | -€829 | -5.6% |
| Remuneration and social security | 454/9 | - | €3,000 | +€3,000 | |
| Other amounts payable | 47/48 | €27,024 | €11,780 | -€15,244 | -56.4% |
| Accrued charges and deferred income | 492/3 | €0 | €43 | +€43 | |
| Remuneration, social security and pensions | 62 | - | €1,982 | +€1,982 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,437 | €1,486 | +€49 | +3.4% |
| Other operating charges | 640/8 | €896 | €1,114 | +€218 | +24.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €68,821 | €69,947 | +€1,126 | +1.6% |
| Operating profit (loss) | 9901 | €66,488 | €65,366 | -€1,122 | -1.7% |
| Financial income | 75/76B | €7,416 | €29,263 | +€21,847 | +294.6% |
| Recurring financial income | 75 | €7,416 | €29,263 | +€21,847 | +294.6% |
| Financial charges | 65/66B | €1,338 | €6,832 | +€5,494 | +410.5% |
| Recurring financial charges | 65 | €1,338 | €6,832 | +€5,494 | +410.5% |
| Profit (loss) for the period before taxes | 9903 | €72,565 | €87,796 | +€15,231 | +21.0% |
| Income taxes | 67/77 | €23,742 | €23,330 | -€411 | -1.7% |
| Profit (loss) for the period | 9904 | €48,824 | €64,466 | +€15,642 | +32.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,824 | €64,466 | +€15,642 | +32.0% |
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 29 September 2026 via checked.be.