VANELEC: 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.
VANELEC
Largest movements
- Tangible fixed assets +€53,522
up €53,522 (+27.4%), from €195,102 to €248,624
of which Furniture and vehicles: +€60,428
- Receivables within one year -€17,025
down €17,025 (-47.0%), from €36,240 to €19,215
of which Trade receivables: -€15,416
- Cash -€9,850
down €9,850 (-21.9%), from €45,063 to €35,213
mainly Investment in fixed assets (net) (-€74,448) and Trade debts (-€31,263)
- Stocks and contracts -€7,835
down €7,835 (-26.6%), from €29,418 to €21,584
- Trade debts -€31,263
down €31,263 (-71.7%), from €43,588 to €12,325
- Profit (loss) carried forward +€23,905
up €23,905 (+27.7%), from €86,267 to €110,172
- Debts after one year +€19,884
up €19,884 (+13.4%), from €148,630 to €168,514
- Gross operating margin +€29,810
up €29,810 (+105%), from €28,379 to €58,189
- Taxes +€6,959
up €6,959 (+960%), from €725 to €7,684
- Depreciation +€5,841
up €5,841 (+36.8%), from €15,885 to €21,726
- Financial charges +€1,434
up €1,434 (+59.8%), from €2,398 to €3,832
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.
Derived cash bridge
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 | €306,623 | €326,084 | +€19,461 | +6.3% |
| Fixed assets | 21/28 | €195,902 | €248,624 | +€52,722 | +26.9% |
| Tangible fixed assets | 22/27 | €195,102 | €248,624 | +€53,522 | +27.4% |
| Land and buildings | 22 | €185,643 | €170,930 | -€14,713 | -7.9% |
| Plant, machinery and equipment | 23 | €1,788 | €9,596 | +€7,808 | +437% |
| Furniture and vehicles | 24 | €7,671 | €68,098 | +€60,428 | +788% |
| Financial fixed assets | 28 | €800 | - | -€800 | |
| Current assets | 29/58 | €110,721 | €77,459 | -€33,262 | -30.0% |
| Stocks and contracts in progress | 3 | €29,418 | €21,584 | -€7,835 | -26.6% |
| Stocks | 30/36 | €29,418 | €21,584 | -€7,835 | -26.6% |
| Amounts receivable within one year | 40/41 | €36,240 | €19,215 | -€17,025 | -47.0% |
| Trade receivables | 40 | €27,760 | €12,344 | -€15,416 | -55.5% |
| Other amounts receivable | 41 | €8,480 | €6,871 | -€1,609 | -19.0% |
| Cash at bank and in hand | 54/58 | €45,063 | €35,213 | -€9,850 | -21.9% |
| Deferred charges and accrued income | 490/1 | - | €1,448 | +€1,448 | |
| Total equity and liabilities | 10/49 | €306,623 | €326,084 | +€19,461 | +6.3% |
| Equity | 10/15 | €94,327 | €118,232 | +€23,905 | +25.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €86,267 | €110,172 | +€23,905 | +27.7% |
| Amounts payable | 17/49 | €212,296 | €207,851 | -€4,445 | -2.1% |
| Amounts payable after more than one year | 17 | €148,630 | €168,514 | +€19,884 | +13.4% |
| Financial debts | 170/4 | €148,630 | €168,514 | +€19,884 | +13.4% |
| Amounts payable within one year | 42/48 | €63,666 | €38,835 | -€24,831 | -39.0% |
| Current portion of amounts payable after more than one year | 42 | €16,685 | €19,515 | +€2,830 | +17.0% |
| Trade debts | 44 | €43,588 | €12,325 | -€31,263 | -71.7% |
| Suppliers | 440/4 | €43,588 | €12,325 | -€31,263 | -71.7% |
| Taxes, remuneration and social security | 45 | €3,393 | €5,286 | +€1,892 | +55.8% |
| Taxes | 450/3 | €3,393 | €5,286 | +€1,892 | +55.8% |
| Other amounts payable | 47/48 | - | €1,710 | +€1,710 | |
| Accrued charges and deferred income | 492/3 | - | €502 | +€502 | |
| Non-recurring operating income | 76A | - | €12,164 | +€12,164 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,885 | €21,726 | +€5,841 | +36.8% |
| Other operating charges | 640/8 | €1,143 | €1,064 | -€79 | -6.9% |
| Gross operating margin | 9900 | €28,379 | €58,189 | +€29,810 | +105% |
| Operating profit (loss) | 9901 | €11,351 | €35,399 | +€24,048 | +212% |
| Financial income | 75/76B | €0 | €22 | +€22 | +27,075% |
| Recurring financial income | 75 | €0 | €22 | +€22 | +27,075% |
| Financial charges | 65/66B | €2,398 | €3,832 | +€1,434 | +59.8% |
| Recurring financial charges | 65 | €2,398 | €3,832 | +€1,434 | +59.8% |
| Profit (loss) for the period before taxes | 9903 | €8,954 | €31,589 | +€22,636 | +253% |
| Income taxes | 67/77 | €725 | €7,684 | +€6,959 | +960% |
| Profit (loss) for the period | 9904 | €8,229 | €23,905 | +€15,677 | +191% |
| Profit (loss) for the period to be appropriated | 9905 | €8,229 | €23,905 | +€15,677 | +191% |
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 16 October 2026 via checked.be.