Vanelic: 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.
Vanelic
Largest movements
- Receivables within one year -€140,799
down €140,799 (-34.5%), from €408,375 to €267,576
of which Trade receivables: -€141,125
- Tax, wage and social debts -€175,467
down €175,467 (-100.0%), from €175,467 to €0
- Reserves -€128,811
down €128,811 (-13.9%), from €925,232 to €796,421
of which Distributable reserves: -€128,811
- Trade debts +€101,404
up €101,404 (+235.9%), from €42,993 to €144,397
- Gross operating margin -€143,078
down €143,078 (-87.6%), from €163,358 to €20,279
- Financial charges +€23,176
up €23,176 (+18.4%), from €125,914 to €149,090
- Taxes -€7,465
down €7,465 (-100.0%), from €7,465 to €0
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 | €7,852,764 | €7,703,562 | -€149,201 | -1.9% |
| Fixed assets | 21/28 | €7,431,522 | €7,431,522 | = | 0.0% |
| Financial fixed assets | 28 | €7,431,522 | €7,431,522 | = | 0.0% |
| Current assets | 29/58 | €421,241 | €272,040 | -€149,201 | -35.4% |
| Amounts receivable within one year | 40/41 | €408,375 | €267,576 | -€140,799 | -34.5% |
| Trade receivables | 40 | €408,375 | €267,250 | -€141,125 | -34.6% |
| Other amounts receivable | 41 | - | €326 | +€326 | |
| Cash at bank and in hand | 54/58 | €12,637 | €2,978 | -€9,659 | -76.4% |
| Deferred charges and accrued income | 490/1 | €229 | €1,486 | +€1,257 | +548.9% |
| Total equity and liabilities | 10/49 | €7,852,764 | €7,703,562 | -€149,201 | -1.9% |
| Equity | 10/15 | €3,525,232 | €3,396,421 | -€128,811 | -3.7% |
| Contributions | 10/11 | €2,600,000 | €2,600,000 | = | 0.0% |
| Capital | 10 | €2,600,000 | €2,600,000 | = | 0.0% |
| Issued capital | 100 | €2,600,000 | €2,600,000 | = | 0.0% |
| Reserves | 13 | €925,232 | €796,421 | -€128,811 | -13.9% |
| Non-distributable reserves | 130/1 | €46,262 | €46,262 | = | 0.0% |
| Legal reserve | 130 | €46,262 | €46,262 | = | 0.0% |
| Distributable reserves | 133 | €878,971 | €750,160 | -€128,811 | -14.7% |
| Amounts payable | 17/49 | €4,327,531 | €4,307,141 | -€20,390 | -0.5% |
| Amounts payable after more than one year | 17 | €3,557,143 | €3,606,687 | +€49,544 | +1.4% |
| Financial debts | 170/4 | €3,557,143 | €3,606,687 | +€49,544 | +1.4% |
| Amounts payable within one year | 42/48 | €733,683 | €658,682 | -€75,001 | -10.2% |
| Current portion of amounts payable after more than one year | 42 | €514,286 | €514,286 | = | 0.0% |
| Trade debts | 44 | €42,993 | €144,397 | +€101,404 | +235.9% |
| Suppliers | 440/4 | €42,993 | €144,397 | +€101,404 | +235.9% |
| Taxes, remuneration and social security | 45 | €175,467 | €0 | -€175,467 | -100.0% |
| Taxes | 450/3 | €175,467 | €0 | -€175,467 | -100.0% |
| Other amounts payable | 47/48 | €938 | €0 | -€938 | -100.0% |
| Accrued charges and deferred income | 492/3 | €36,705 | €41,772 | +€5,067 | +13.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | - | = | |
| Other operating charges | 640/8 | €118 | €0 | -€118 | -100.0% |
| Gross operating margin | 9900 | €163,358 | €20,279 | -€143,078 | -87.6% |
| Operating profit (loss) | 9901 | €163,240 | €20,279 | -€142,960 | -87.6% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €125,914 | €149,090 | +€23,176 | +18.4% |
| Recurring financial charges | 65 | €125,914 | €149,090 | +€23,176 | +18.4% |
| Profit (loss) for the period before taxes | 9903 | €37,326 | -€128,811 | -€166,137 | |
| Income taxes | 67/77 | €7,465 | €0 | -€7,465 | -100.0% |
| Profit (loss) for the period | 9904 | €29,861 | -€128,811 | -€158,672 | |
| Profit (loss) for the period to be appropriated | 9905 | €29,861 | -€128,811 | -€158,672 |
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 8 October 2026 via checked.be.