Vanéflon Holding: 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.
What changed
Vanéflon Holding
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3.0m
2024 · €4.0m-€969,889
Equity
€6.9m
2024 · €4.1m+€2.7m
Cash
€8,367
2024 · €65,896-€57,529
Balance sheet total
€13.5m
2024 · €12.0m+€1.5m
Largest movements
Assets
- Current investments +€1.9m
new in 2025: €1.9m
- Receivables within one year -€329,423
down €329,423 (-15.3%), from €2.2m to €1.8m
of which Other amounts receivable: -€329,423
Equity and liabilities
- Reserves +€1.9m
up €1.9m (+960.0%), from €200,000 to €2.1m
- Debts after one year -€1.2m
down €1.2m (-15.6%), from €7.7m to €6.5m
- Profit (loss) carried forward +€1.0m
up €1.0m (+53.0%), from €1.9m to €2.9m
- Contributions -€200,000
down €200,000 (-10.0%), from €2.0m to €1.8m
Income statement
- Financial income -€1.0m
down €1.0m (-25.0%), from €4.0m to €3.0m
- Turnover +€24,241
up €24,241 (+6.0%), from €400,759 to €425,000
- Financial charges -€5,976
down €5,976 (-4.6%), from €130,897 to €124,922
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
€4.0m
Turnover
+€24,241
Services and other goods
+€1,795
Other operating charges
-€96
Financial income
-€1.0m
Financial charges
+€5,976
Result 2025
€3.0m
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.
From operations
+€3.4m
Investment
-€1.9m
Financing
-€1.5m
Cash 2024
€65,896
From operations (derived)
+€3.4m
Net result for the year
+€3.0m
Receivables within one year
+€329,423
Trade debts
+€15,072
Smaller working-capital items
-€5,021
Other debts
-€17,753
Investment (derived)
-€1.9m
Current investments
-€1.9m
Financing
-€1.5m
Debts after one year
-€1.2m
Contributions, distributions and other
-€289,852
Cash 2025
€8,367
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,952,781 | €13,485,828 | +€1.5m | +12.8% |
| Fixed assets | 21/28 | €9,729,000 | €9,729,000 | = | 0.0% |
| Financial fixed assets | 28 | €9,729,000 | €9,729,000 | = | 0.0% |
| Companies linked by participating interests | 282/3 | €9,729,000 | €9,729,000 | = | 0.0% |
| Participating interests | 282 | €9,729,000 | €9,729,000 | = | 0.0% |
| Current assets | 29/58 | €2,223,780 | €3,756,828 | +€1.5m | +68.9% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €2,157,884 | €1,828,461 | -€329,423 | -15.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €2,157,884 | €1,828,461 | -€329,423 | -15.3% |
| Current investments | 50/53 | - | €1,920,000 | +€1.9m | |
| Own shares | 50 | - | €1,920,000 | +€1.9m | |
| Cash at bank and in hand | 54/58 | €65,896 | €8,367 | -€57,529 | -87.3% |
| Total equity and liabilities | 10/49 | €11,952,781 | €13,485,828 | +€1.5m | +12.8% |
| Equity | 10/15 | €4,127,135 | €6,867,885 | +€2.7m | +66.4% |
| Contributions | 10/11 | €2,000,000 | €1,800,000 | -€200,000 | -10.0% |
| Capital | 10 | €2,000,000 | €1,800,000 | -€200,000 | -10.0% |
| Issued capital | 100 | €2,000,000 | €1,800,000 | -€200,000 | -10.0% |
| Uncalled capital | 101 | €0 | - | = | |
| Reserves | 13 | €200,000 | €2,120,000 | +€1.9m | +960.0% |
| Non-distributable reserves | 130/1 | €200,000 | €2,120,000 | +€1.9m | +960.0% |
| Legal reserve | 130 | €200,000 | €200,000 | = | 0.0% |
| Own shares acquired | 1312 | - | €1,920,000 | +€1.9m | |
| Profit (loss) carried forward | 14 | €1,927,135 | €2,947,885 | +€1.0m | +53.0% |
| Amounts payable | 17/49 | €7,825,645 | €6,617,943 | -€1.2m | -15.4% |
| Amounts payable after more than one year | 17 | €7,700,000 | €6,500,000 | -€1.2m | -15.6% |
| Financial debts | 170/4 | €7,700,000 | €6,500,000 | -€1.2m | -15.6% |
| Credit institutions | 173 | €5,500,000 | €5,000,000 | -€500,000 | -9.1% |
| Other loans | 174 | €2,200,000 | €1,500,000 | -€700,000 | -31.8% |
| Amounts payable within one year | 42/48 | €120,829 | €117,943 | -€2,886 | -2.4% |
| Trade debts | 44 | €13,019 | €28,091 | +€15,072 | +115.8% |
| Suppliers | 440/4 | €13,019 | €28,091 | +€15,072 | +115.8% |
| Taxes, remuneration and social security | 45 | €205 | €0 | -€205 | -100.0% |
| Taxes | 450/3 | €205 | €0 | -€205 | -100.0% |
| Other amounts payable | 47/48 | €107,605 | €89,852 | -€17,753 | -16.5% |
| Accrued charges and deferred income | 492/3 | €4,816 | €0 | -€4,816 | -100.0% |
| Operating income | 70/76A | €400,759 | €425,000 | +€24,241 | +6.0% |
| Turnover | 70 | €400,759 | €425,000 | +€24,241 | +6.0% |
| Operating charges | 60/66A | €271,175 | €269,477 | -€1,698 | -0.6% |
| Services and other goods | 61 | €270,005 | €268,211 | -€1,795 | -0.7% |
| Other operating charges | 640/8 | €1,170 | €1,266 | +€96 | +8.2% |
| Operating profit (loss) | 9901 | €129,584 | €155,523 | +€25,939 | +20.0% |
| Financial income | 75/76B | €4,001,804 | €3,000,000 | -€1.0m | -25.0% |
| Recurring financial income | 75 | €4,001,804 | €3,000,000 | -€1.0m | -25.0% |
| Income from financial fixed assets | 750 | €4,000,000 | €3,000,000 | -€1.0m | -25.0% |
| Income from current assets | 751 | €1,804 | €0 | -€1,804 | -100.0% |
| Financial charges | 65/66B | €130,897 | €124,922 | -€5,976 | -4.6% |
| Recurring financial charges | 65 | €130,897 | €124,922 | -€5,976 | -4.6% |
| Debt charges | 650 | €130,308 | €124,029 | -€6,280 | -4.8% |
| Other financial charges | 652/9 | €589 | €893 | +€304 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | €4,000,491 | €3,030,602 | -€969,889 | -24.2% |
| Profit (loss) for the period | 9904 | €4,000,491 | €3,030,602 | -€969,889 | -24.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,000,491 | €3,030,602 | -€969,889 | -24.2% |
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 9 October 2026 via checked.be.