VANEMAR: 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.
VANEMAR
Largest movements
- Cash -€17.4m
down €17.4m (-98.3%), from €17.7m to €306,209
mainly Other debts (-€10.5m) and Current investments (-€5.0m)
- Current investments +€5.0m
new in 2025: €5.0m
- Other debts -€10.5m
down €10.5m (-84.0%), from €12.5m to €2.0m
- Reserves -€1.7m
down €1.7m (-31.7%), from €5.2m to €3.6m
of which Distributable reserves: -€1.7m
- Financial income -€14.9m
down €14.9m (-95.9%), from €15.5m to €632,688
of which Non-recurring financial income: -€12.7m
- Financial charges +€217,802
up €217,802 (+145201.6%), from €150 to €217,952
of which Non-recurring financial charges: +€193,656
- Depreciation +€42,223
up €42,223 (+208.7%), from €20,228 to €62,450
- Gross operating margin +€41,158
up €41,158 (+40.9%), from €100,520 to €141,678
- Taxes +€32,288
up €32,288 (+220.5%), from €14,643 to €46,931
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 | €17,967,087 | €5,837,465 | -€12.1m | -67.5% |
| Fixed assets | 21/28 | €293,163 | €458,880 | +€165,717 | +56.5% |
| Tangible fixed assets | 22/27 | €293,163 | €458,880 | +€165,717 | +56.5% |
| Land and buildings | 22 | €293,163 | €458,880 | +€165,717 | +56.5% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €17,673,924 | €5,378,586 | -€12.3m | -69.6% |
| Amounts receivable within one year | 40/41 | €15,357 | €43,440 | +€28,083 | +182.9% |
| Trade receivables | 40 | - | €128 | +€128 | |
| Other amounts receivable | 41 | €15,357 | €43,312 | +€27,955 | +182.0% |
| Current investments | 50/53 | - | €5,027,000 | +€5.0m | |
| Cash at bank and in hand | 54/58 | €17,658,567 | €306,209 | -€17.4m | -98.3% |
| Deferred charges and accrued income | 490/1 | - | €1,937 | +€1,937 | |
| Total equity and liabilities | 10/49 | €17,967,087 | €5,837,465 | -€12.1m | -67.5% |
| Equity | 10/15 | €5,465,273 | €3,814,607 | -€1.7m | -30.2% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Capital | 10 | €250,000 | €250,000 | = | 0.0% |
| Issued capital | 100 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €5,215,273 | €3,564,607 | -€1.7m | -31.7% |
| Non-distributable reserves | 130/1 | €25,000 | €25,000 | = | 0.0% |
| Legal reserve | 130 | €25,000 | €25,000 | = | 0.0% |
| Distributable reserves | 133 | €5,190,273 | €3,539,607 | -€1.7m | -31.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €12,501,813 | €2,022,858 | -€10.5m | -83.8% |
| Amounts payable within one year | 42/48 | €12,501,813 | €2,022,858 | -€10.5m | -83.8% |
| Trade debts | 44 | €1,813 | €18,133 | +€16,320 | +899.9% |
| Suppliers | 440/4 | €1,813 | €18,133 | +€16,320 | +899.9% |
| Taxes, remuneration and social security | 45 | - | €4,725 | +€4,725 | |
| Taxes | 450/3 | - | €4,725 | +€4,725 | |
| Other amounts payable | 47/48 | €12,500,000 | €2,000,000 | -€10.5m | -84.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,228 | €62,450 | +€42,223 | +208.7% |
| Other operating charges | 640/8 | €21,570 | €37,826 | +€16,256 | +75.4% |
| Non-recurring operating charges | 66A | - | €59,871 | +€59,871 | |
| Gross operating margin | 9900 | €100,520 | €141,678 | +€41,158 | +40.9% |
| Operating profit (loss) | 9901 | €58,722 | -€18,471 | -€77,193 | |
| Financial income | 75/76B | €15,545,980 | €632,688 | -€14.9m | -95.9% |
| Recurring financial income | 75 | €2,800,000 | €632,688 | -€2.2m | -77.4% |
| Non-recurring financial income | 76B | €12,745,980 | €0 | -€12.7m | -100.0% |
| Financial charges | 65/66B | €150 | €217,952 | +€217,802 | +145201.6% |
| Recurring financial charges | 65 | €150 | €24,296 | +€24,146 | +16097.6% |
| Non-recurring financial charges | 66B | - | €193,656 | +€193,656 | |
| Profit (loss) for the period before taxes | 9903 | €15,604,552 | €396,265 | -€15.2m | -97.5% |
| Income taxes | 67/77 | €14,643 | €46,931 | +€32,288 | +220.5% |
| Profit (loss) for the period | 9904 | €15,589,909 | €349,334 | -€15.2m | -97.8% |
| Profit (loss) for the period to be appropriated | 9905 | €15,589,909 | €349,334 | -€15.2m | -97.8% |
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 7 October 2026 via checked.be.