VANELEK: 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.
VANELEK
Largest movements
- Stocks and contracts +€442,936
up €442,936 (+68.6%), from €645,227 to €1.1m
of which Contracts in progress: +€480,918
- Receivables within one year -€276,138
down €276,138 (-16.5%), from €1.7m to €1.4m
of which Trade receivables: -€287,789
- Tangible fixed assets -€61,398
down €61,398 (-13.4%), from €456,716 to €395,319
of which Furniture and vehicles: -€93,384
- Cash +€59,758
up €59,758 (+31.6%), from €188,860 to €248,618
mainly Receivables within one year (+€276,138) and Short-term financial debts (+€273,657)
- Intangible fixed assets +€49,203
up €49,203 (+554.1%), from €8,880 to €58,082
- Short-term financial debts +€273,657
up €273,657 (+40.7%), from €672,146 to €945,802
- Advances received -€123,935
down €123,935 (-47.4%), from €261,689 to €137,754
- Trade debts -€96,185
down €96,185 (-8.1%), from €1.2m to €1.1m
- Tax, wage and social debts +€75,256
up €75,256 (+26.9%), from €280,156 to €355,412
of which Remuneration and social security: +€68,546
- Current portion of long-term debt +€36,786
up €36,786 (+40.8%), from €90,263 to €127,049
- Gross operating margin -€358,317
down €358,317 (-10.6%), from €3.4m to €3.0m
- Staff costs -€181,331
down €181,331 (-6.2%), from €2.9m to €2.7m
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 | €3,016,115 | €3,209,230 | +€193,115 | +6.4% |
| Fixed assets | 21/28 | €472,073 | €459,536 | -€12,537 | -2.7% |
| Intangible fixed assets | 21 | €8,880 | €58,082 | +€49,203 | +554.1% |
| Tangible fixed assets | 22/27 | €456,716 | €395,319 | -€61,398 | -13.4% |
| Plant, machinery and equipment | 23 | €42,403 | €28,632 | -€13,771 | -32.5% |
| Furniture and vehicles | 24 | €412,221 | €318,836 | -€93,384 | -22.7% |
| Leasing and similar rights | 25 | - | €36,141 | +€36,141 | |
| Other tangible fixed assets | 26 | €2,092 | €11,709 | +€9,617 | +459.7% |
| Financial fixed assets | 28 | €6,477 | €6,135 | -€342 | -5.3% |
| Current assets | 29/58 | €2,544,042 | €2,749,694 | +€205,653 | +8.1% |
| Stocks and contracts in progress | 3 | €645,227 | €1,088,163 | +€442,936 | +68.6% |
| Stocks | 30/36 | €509,482 | €471,500 | -€37,982 | -7.5% |
| Contracts in progress | 37 | €135,745 | €616,663 | +€480,918 | +354.3% |
| Amounts receivable within one year | 40/41 | €1,677,501 | €1,401,363 | -€276,138 | -16.5% |
| Trade receivables | 40 | €1,481,005 | €1,193,216 | -€287,789 | -19.4% |
| Other amounts receivable | 41 | €196,497 | €208,148 | +€11,651 | +5.9% |
| Cash at bank and in hand | 54/58 | €188,860 | €248,618 | +€59,758 | +31.6% |
| Deferred charges and accrued income | 490/1 | €32,454 | €11,551 | -€20,903 | -64.4% |
| Total equity and liabilities | 10/49 | €3,016,115 | €3,209,230 | +€193,115 | +6.4% |
| Equity | 10/15 | €352,455 | €384,661 | +€32,206 | +9.1% |
| Contributions | 10/11 | €20,210 | €20,210 | = | 0.0% |
| Reserves | 13 | €332,245 | €364,451 | +€32,206 | +9.7% |
| Tax-exempt reserves | 132 | €242,839 | €31,191 | -€211,647 | -87.2% |
| Distributable reserves | 133 | €89,406 | €333,259 | +€243,854 | +272.7% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €382 | €0 | -€382 | -100.0% |
| Deferred taxes | 168 | €382 | €0 | -€382 | -100.0% |
| Amounts payable | 17/49 | €2,663,278 | €2,824,570 | +€161,292 | +6.1% |
| Amounts payable after more than one year | 17 | €148,631 | €160,744 | +€12,112 | +8.1% |
| Financial debts | 170/4 | €148,631 | €160,744 | +€12,112 | +8.1% |
| Amounts payable within one year | 42/48 | €2,499,647 | €2,663,826 | +€164,179 | +6.6% |
| Current portion of amounts payable after more than one year | 42 | €90,263 | €127,049 | +€36,786 | +40.8% |
| Financial debts | 43 | €672,146 | €945,802 | +€273,657 | +40.7% |
| Credit institutions | 430/8 | €672,146 | €945,802 | +€273,657 | +40.7% |
| Trade debts | 44 | €1,193,994 | €1,097,808 | -€96,185 | -8.1% |
| Suppliers | 440/4 | €1,193,994 | €1,097,808 | -€96,185 | -8.1% |
| Advances received on contracts in progress | 46 | €261,689 | €137,754 | -€123,935 | -47.4% |
| Taxes, remuneration and social security | 45 | €280,156 | €355,412 | +€75,256 | +26.9% |
| Taxes | 450/3 | €8,328 | €15,038 | +€6,710 | +80.6% |
| Remuneration and social security | 454/9 | €271,828 | €340,374 | +€68,546 | +25.2% |
| Other amounts payable | 47/48 | €1,400 | €0 | -€1,400 | -100.0% |
| Accrued charges and deferred income | 492/3 | €15,000 | €0 | -€15,000 | -100.0% |
| Non-recurring operating income | 76A | €26,298 | €11,995 | -€14,303 | -54.4% |
| Remuneration, social security and pensions | 62 | €2,925,710 | €2,744,378 | -€181,331 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €161,920 | €183,796 | +€21,876 | +13.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €12,312 | €6,045 | -€6,267 | -50.9% |
| Non-recurring operating charges | 66A | €0 | €12,295 | +€12,295 | |
| Gross operating margin | 9900 | €3,382,321 | €3,024,004 | -€358,317 | -10.6% |
| Operating profit (loss) | 9901 | €282,380 | €77,489 | -€204,891 | -72.6% |
| Financial income | 75/76B | €1,048 | €2,534 | +€1,486 | +141.7% |
| Recurring financial income | 75 | €1,048 | €2,534 | +€1,486 | +141.7% |
| Financial charges | 65/66B | €79,657 | €47,323 | -€32,334 | -40.6% |
| Recurring financial charges | 65 | €79,657 | €47,323 | -€32,334 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | €203,772 | €32,700 | -€171,071 | -84.0% |
| Transfer from deferred taxes | 780 | €1,283 | €382 | -€900 | -70.2% |
| Income taxes | 67/77 | €1,295 | €877 | -€418 | -32.3% |
| Profit (loss) for the period | 9904 | €203,759 | €32,206 | -€171,553 | -84.2% |
| Transfer from tax-exempt reserves | 789 | €130,148 | €211,647 | +€81,500 | +62.6% |
| Profit (loss) for the period to be appropriated | 9905 | €333,907 | €243,854 | -€90,053 | -27.0% |
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 6 October 2026 via checked.be.