VANERCK: 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.
VANERCK
Largest movements
- Tangible fixed assets -€44,726
down €44,726 (-3.9%), from €1.1m to €1.1m
of which Land and buildings: -€47,095
- Receivables within one year -€42,628
down €42,628 (-83.2%), from €51,213 to €8,585
- Cash -€27,720
down €27,720 (-75.8%), from €36,546 to €8,826
mainly Debts after one year (-€76,384) and Contributions, distributions and other (-€45,101)
- Deferred charges and accrued income +€21,078
up €21,078 (+2,160%), from €976 to €22,054
- Debts after one year -€76,384
down €76,384 (-7.3%), from €1.0m to €971,934
- Reserves -€40,103
down €40,103 (-25.7%), from €155,937 to €115,834
- Other debts +€16,955
up €16,955 (+58.2%), from €29,135 to €46,090
- Other operating charges -€142,916
down €142,916 (-96.9%), from €147,455 to €4,539
- Gross operating margin -€104,960
down €104,960 (-49.3%), from €212,753 to €107,793
- Financial income -€70,002
down €70,002 (-58.3%), from €120,005 to €50,003
- Financial charges +€56,688
up €56,688 (+138%), from €40,969 to €97,657
- Depreciation +€16,076
up €16,076 (+47.8%), from €33,629 to €49,705
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 | €1,336,623 | €1,242,628 | -€93,995 | -7.0% |
| Fixed assets | 21/28 | €1,247,888 | €1,203,163 | -€44,726 | -3.6% |
| Tangible fixed assets | 22/27 | €1,145,408 | €1,100,683 | -€44,726 | -3.9% |
| Land and buildings | 22 | €1,141,354 | €1,094,259 | -€47,095 | -4.1% |
| Furniture and vehicles | 24 | €3,464 | €6,031 | +€2,566 | +74.1% |
| Other tangible fixed assets | 26 | €590 | €394 | -€197 | -33.3% |
| Financial fixed assets | 28 | €102,480 | €102,480 | = | 0.0% |
| Current assets | 29/58 | €88,735 | €39,465 | -€49,270 | -55.5% |
| Amounts receivable within one year | 40/41 | €51,213 | €8,585 | -€42,628 | -83.2% |
| Other amounts receivable | 41 | €51,213 | €8,585 | -€42,628 | -83.2% |
| Cash at bank and in hand | 54/58 | €36,546 | €8,826 | -€27,720 | -75.8% |
| Deferred charges and accrued income | 490/1 | €976 | €22,054 | +€21,078 | +2,160% |
| Total equity and liabilities | 10/49 | €1,336,623 | €1,242,628 | -€93,995 | -7.0% |
| Equity | 10/15 | €162,137 | €122,034 | -€40,103 | -24.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €155,937 | €115,834 | -€40,103 | -25.7% |
| Distributable reserves | 133 | €155,937 | €115,834 | -€40,103 | -25.7% |
| Amounts payable | 17/49 | €1,174,486 | €1,120,594 | -€53,892 | -4.6% |
| Amounts payable after more than one year | 17 | €1,048,318 | €971,934 | -€76,384 | -7.3% |
| Financial debts | 170/4 | €1,048,318 | €971,934 | -€76,384 | -7.3% |
| Amounts payable within one year | 42/48 | €125,957 | €148,660 | +€22,703 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €74,771 | €77,833 | +€3,062 | +4.1% |
| Trade debts | 44 | €1,979 | €3,367 | +€1,389 | +70.2% |
| Suppliers | 440/4 | €1,979 | €3,367 | +€1,389 | +70.2% |
| Taxes, remuneration and social security | 45 | €20,072 | €21,370 | +€1,298 | +6.5% |
| Taxes | 450/3 | €16,732 | €17,142 | +€409 | +2.4% |
| Remuneration and social security | 454/9 | €3,340 | €4,228 | +€889 | +26.6% |
| Other amounts payable | 47/48 | €29,135 | €46,090 | +€16,955 | +58.2% |
| Accrued charges and deferred income | 492/3 | €212 | - | -€212 | |
| Non-recurring operating income | 76A | €150,794 | - | -€150,794 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,629 | €49,705 | +€16,076 | +47.8% |
| Other operating charges | 640/8 | €147,455 | €4,539 | -€142,916 | -96.9% |
| Gross operating margin | 9900 | €212,753 | €107,793 | -€104,960 | -49.3% |
| Operating profit (loss) | 9901 | €31,669 | €53,549 | +€21,880 | +69.1% |
| Financial income | 75/76B | €120,005 | €50,003 | -€70,002 | -58.3% |
| Recurring financial income | 75 | €120,005 | €50,003 | -€70,002 | -58.3% |
| Financial charges | 65/66B | €40,969 | €97,657 | +€56,688 | +138% |
| Recurring financial charges | 65 | €40,969 | €97,657 | +€56,688 | +138% |
| Profit (loss) for the period before taxes | 9903 | €110,705 | €5,895 | -€104,810 | -94.7% |
| Income taxes | 67/77 | €10,450 | €897 | -€9,553 | -91.4% |
| Profit (loss) for the period | 9904 | €100,254 | €4,998 | -€95,257 | -95.0% |
| Profit (loss) for the period to be appropriated | 9905 | €100,254 | €4,998 | -€95,257 | -95.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.