VANELCO: 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.
VANELCO
Largest movements
- Tangible fixed assets +€15,750
up €15,750 (+35.9%), from €43,879 to €59,629
of which Plant, machinery and equipment: +€17,080
- Cash -€12,997
down €12,997 (-75.6%), from €17,203 to €4,205
mainly Investment in fixed assets (net) (-€28,946) and Net result for the year (-€2,601)
- Stocks and contracts -€5,000
no longer reported in 2025 (was €5,000)
- Receivables within one year -€715
down €715 (-37.2%), from €1,925 to €1,210
of which Other amounts receivable: -€1,925
- Profit (loss) carried forward -€2,601
down €2,601 (-8.6%), from -€30,290 to -€32,891
- Tax, wage and social debts +€1,898
up €1,898 (+69.1%), from €2,745 to €4,643
of which Taxes: +€1,898
- Trade debts -€1,791
down €1,791 (-64.4%), from €2,779 to €988
- Gross operating margin +€35,664
up €35,664, from -€24,052 to €11,612
- Depreciation +€6,672
up €6,672 (+102.3%), from €6,523 to €13,196
- Other operating charges -€729
down €729 (-61.7%), from €1,181 to €452
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 | €68,008 | €65,045 | -€2,963 | -4.4% |
| Fixed assets | 21/28 | €43,879 | €59,629 | +€15,750 | +35.9% |
| Tangible fixed assets | 22/27 | €43,879 | €59,629 | +€15,750 | +35.9% |
| Plant, machinery and equipment | 23 | €38,265 | €55,345 | +€17,080 | +44.6% |
| Furniture and vehicles | 24 | €5,614 | €4,284 | -€1,330 | -23.7% |
| Current assets | 29/58 | €24,128 | €5,415 | -€18,713 | -77.6% |
| Stocks and contracts in progress | 3 | €5,000 | - | -€5,000 | |
| Contracts in progress | 37 | €5,000 | - | -€5,000 | |
| Amounts receivable within one year | 40/41 | €1,925 | €1,210 | -€715 | -37.2% |
| Trade receivables | 40 | - | €1,210 | +€1,210 | |
| Other amounts receivable | 41 | €1,925 | - | -€1,925 | |
| Cash at bank and in hand | 54/58 | €17,203 | €4,205 | -€12,997 | -75.6% |
| Total equity and liabilities | 10/49 | €68,008 | €65,045 | -€2,963 | -4.4% |
| Equity | 10/15 | €30,634 | €28,034 | -€2,601 | -8.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €48,524 | €48,524 | = | 0.0% |
| Distributable reserves | 133 | €48,524 | €48,524 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,290 | -€32,891 | -€2,601 | -8.6% |
| Amounts payable | 17/49 | €37,373 | €37,011 | -€362 | -1.0% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Financial debts | 170/4 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €17,373 | €17,011 | -€362 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €5,000 | €5,000 | = | 0.0% |
| Trade debts | 44 | €2,779 | €988 | -€1,791 | -64.4% |
| Suppliers | 440/4 | €2,779 | €988 | -€1,791 | -64.4% |
| Taxes, remuneration and social security | 45 | €2,745 | €4,643 | +€1,898 | +69.1% |
| Taxes | 450/3 | €1,170 | €3,068 | +€1,898 | +162.1% |
| Remuneration and social security | 454/9 | €1,575 | €1,575 | = | 0.0% |
| Other amounts payable | 47/48 | €6,849 | €6,380 | -€469 | -6.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,523 | €13,196 | +€6,672 | +102.3% |
| Other operating charges | 640/8 | €1,181 | €452 | -€729 | -61.7% |
| Gross operating margin | 9900 | -€24,052 | €11,612 | +€35,664 | |
| Operating profit (loss) | 9901 | -€31,756 | -€2,036 | +€29,721 | +93.6% |
| Financial income | 75/76B | €8 | €8 | +€0 | +4.9% |
| Recurring financial income | 75 | €8 | €8 | +€0 | +4.9% |
| Financial charges | 65/66B | €77 | €144 | +€67 | +86.6% |
| Recurring financial charges | 65 | €77 | €144 | +€67 | +86.6% |
| Profit (loss) for the period before taxes | 9903 | -€31,826 | -€2,171 | +€29,654 | +93.2% |
| Income taxes | 67/77 | €325 | €430 | +€105 | +32.4% |
| Profit (loss) for the period | 9904 | -€32,150 | -€2,601 | +€29,549 | +91.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,150 | -€2,601 | +€29,549 | +91.9% |
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 10 October 2026 via checked.be.