VANELGRO: 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
VANELGRO
NACE 42.220, Construction of utility projects for electricity and telecommunications
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€267,515
2024 · €157,816+€109,700
Equity
€617,384
2024 · €597,516+€19,868
Cash
€272,180
2024 · €233,341+€38,839
Balance sheet total
€2.0m
2024 · €2.0m-€86,993
Largest movements
Assets
- Tangible fixed assets -€113,967
down €113,967 (-9.5%), from €1.2m to €1.1m
of which Leasing and similar rights: -€74,579
- Cash +€38,839
up €38,839 (+16.6%), from €233,341 to €272,180
mainly Depreciation (+€341,566) and Net result for the year (+€267,515)
Equity and liabilities
- Debts after one year -€121,627
down €121,627 (-18.8%), from €648,479 to €526,853
- Other debts +€104,860
up €104,860 (+65.2%), from €160,914 to €265,774
- Short-term financial debts -€100,000
down €100,000 (-100.0%), from €100,000 to €0
- Trade debts -€56,590
down €56,590 (-25.3%), from €223,584 to €166,994
- Current portion of long-term debt +€42,985
up €42,985 (+16.8%), from €255,788 to €298,774
Income statement
- Gross operating margin +€264,814
up €264,814 (+11.4%), from €2.3m to €2.6m
- Staff costs +€99,325
up €99,325 (+5.6%), from €1.8m to €1.9m
- Depreciation +€27,986
up €27,986 (+8.9%), from €313,580 to €341,566
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
€157,816
Gross operating margin
+€264,814
Staff costs
-€99,325
Depreciation
-€27,986
Other operating charges
+€532
Other operating items
-€9,980
Financial income
-€891
Financial charges
+€2,154
Taxes
-€19,619
Result 2025
€267,515
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
+€692,727
Investment
-€227,599
Financing
-€426,289
Cash 2024
€233,341
From operations (derived)
+€692,727
Net result for the year
+€267,515
Depreciation
+€341,566
Stocks and contracts
+€9,694
Receivables within one year
+€1,694
Deferred charges and accrued income
+€476
Trade debts
-€56,590
Tax, wage and social debts
+€25,292
Other debts
+€104,860
Accrued charges and deferred income
-€1,781
Investment (derived)
-€227,599
Investment in fixed assets (net)
-€227,599
Financing
-€426,289
Debts after one year
-€121,627
Current portion of long-term debt
+€42,985
Short-term financial debts
-€100,000
Contributions, distributions and other
-€247,647
Cash 2025
€272,180
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,049,379 | €1,962,386 | -€86,993 | -4.2% |
| Fixed assets | 21/28 | €1,199,780 | €1,085,812 | -€113,967 | -9.5% |
| Tangible fixed assets | 22/27 | €1,199,780 | €1,085,812 | -€113,967 | -9.5% |
| Land and buildings | 22 | €76,275 | €75,756 | -€518 | -0.7% |
| Plant, machinery and equipment | 23 | €71,082 | €50,019 | -€21,063 | -29.6% |
| Furniture and vehicles | 24 | €147,071 | €129,264 | -€17,807 | -12.1% |
| Leasing and similar rights | 25 | €905,352 | €830,773 | -€74,579 | -8.2% |
| Current assets | 29/58 | €849,600 | €876,574 | +€26,974 | +3.2% |
| Stocks and contracts in progress | 3 | €372,861 | €363,166 | -€9,694 | -2.6% |
| Stocks | 30/36 | €372,861 | €363,166 | -€9,694 | -2.6% |
| Amounts receivable within one year | 40/41 | €234,289 | €232,595 | -€1,694 | -0.7% |
| Trade receivables | 40 | €138,200 | €164,369 | +€26,169 | +18.9% |
| Other amounts receivable | 41 | €96,089 | €68,226 | -€27,863 | -29.0% |
| Cash at bank and in hand | 54/58 | €233,341 | €272,180 | +€38,839 | +16.6% |
| Deferred charges and accrued income | 490/1 | €9,109 | €8,632 | -€476 | -5.2% |
| Total equity and liabilities | 10/49 | €2,049,379 | €1,962,386 | -€86,993 | -4.2% |
| Equity | 10/15 | €597,516 | €617,384 | +€19,868 | +3.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €578,916 | €598,784 | +€19,868 | +3.4% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €577,057 | €596,925 | +€19,868 | +3.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €1,451,863 | €1,345,002 | -€106,861 | -7.4% |
| Amounts payable after more than one year | 17 | €648,479 | €526,853 | -€121,627 | -18.8% |
| Financial debts | 170/4 | €648,479 | €526,853 | -€121,627 | -18.8% |
| Amounts payable within one year | 42/48 | €800,326 | €816,873 | +€16,547 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €255,788 | €298,774 | +€42,985 | +16.8% |
| Financial debts | 43 | €100,000 | €0 | -€100,000 | -100.0% |
| Credit institutions | 430/8 | €100,000 | €0 | -€100,000 | -100.0% |
| Trade debts | 44 | €223,584 | €166,994 | -€56,590 | -25.3% |
| Suppliers | 440/4 | €223,584 | €166,994 | -€56,590 | -25.3% |
| Taxes, remuneration and social security | 45 | €60,039 | €85,332 | +€25,292 | +42.1% |
| Taxes | 450/3 | €14,092 | €29,883 | +€15,791 | +112.1% |
| Remuneration and social security | 454/9 | €45,947 | €55,449 | +€9,501 | +20.7% |
| Other amounts payable | 47/48 | €160,914 | €265,774 | +€104,860 | +65.2% |
| Accrued charges and deferred income | 492/3 | €3,058 | €1,276 | -€1,781 | -58.3% |
| Non-recurring operating income | 76A | €0 | €207 | +€207 | |
| Remuneration, social security and pensions | 62 | €1,768,054 | €1,867,379 | +€99,325 | +5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €313,580 | €341,566 | +€27,986 | +8.9% |
| Other operating charges | 640/8 | €17,751 | €17,219 | -€532 | -3.0% |
| Non-recurring operating charges | 66A | - | €9,980 | +€9,980 | |
| Gross operating margin | 9900 | €2,330,757 | €2,595,571 | +€264,814 | +11.4% |
| Operating profit (loss) | 9901 | €231,372 | €359,427 | +€128,055 | +55.3% |
| Financial income | 75/76B | €924 | €33 | -€891 | -96.4% |
| Recurring financial income | 75 | €924 | €33 | -€891 | -96.4% |
| Financial charges | 65/66B | €41,628 | €39,474 | -€2,154 | -5.2% |
| Recurring financial charges | 65 | €41,628 | €39,474 | -€2,154 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | €190,667 | €319,986 | +€129,319 | +67.8% |
| Income taxes | 67/77 | €32,851 | €52,471 | +€19,619 | +59.7% |
| Profit (loss) for the period | 9904 | €157,816 | €267,515 | +€109,700 | +69.5% |
| Profit (loss) for the period to be appropriated | 9905 | €157,816 | €267,515 | +€109,700 | +69.5% |
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 5 October 2026 via checked.be.