VANERLUDE: 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.
VANERLUDE
Largest movements
- Receivables within one year -€1,905
down €1,905 (-9.9%), from €19,204 to €17,299
- Deferred charges and accrued income +€1,599
new in 2025: €1,599
- Tangible fixed assets -€679
down €679 (-9.2%), from €7,356 to €6,676
of which Furniture and vehicles: -€1,396
- Cash +€669
up €669 (+6.4%), from €10,406 to €11,074
mainly Net result for the year (+€49,277) and Tax, wage and social debts (+€6,278)
- Other debts -€58,033
down €58,033 (-62.3%), from €93,113 to €35,081
- Profit (loss) carried forward +€49,277
up €49,277 (+26.1%), from -€188,585 to -€139,309
- Tax, wage and social debts +€6,278
up €6,278 (+25.6%), from €24,519 to €30,797
of which Taxes: +€8,114
- Trade debts +€2,656
up €2,656 (+53.8%), from €4,938 to €7,595
- Accrued charges and deferred income -€496
no longer reported in 2025 (was €496)
- Gross operating margin +€17,332
up €17,332 (+23.1%), from €74,984 to €92,316
- Taxes +€5,774
up €5,774 (+43.9%), from €13,148 to €18,922
- Staff costs -€1,658
down €1,658 (-8.2%), from €20,266 to €18,608
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 | €37,431 | €37,113 | -€318 | -0.8% |
| Fixed assets | 21/28 | €7,822 | €7,142 | -€679 | -8.7% |
| Tangible fixed assets | 22/27 | €7,356 | €6,676 | -€679 | -9.2% |
| Land and buildings | 22 | €1,712 | €1,531 | -€181 | -10.6% |
| Plant, machinery and equipment | 23 | €2,267 | €1,586 | -€680 | -30.0% |
| Furniture and vehicles | 24 | €3,377 | €1,981 | -€1,396 | -41.3% |
| Other tangible fixed assets | 26 | - | €1,578 | +€1,578 | |
| Financial fixed assets | 28 | €466 | €466 | = | 0.0% |
| Current assets | 29/58 | €29,609 | €29,971 | +€362 | +1.2% |
| Amounts receivable within one year | 40/41 | €19,204 | €17,299 | -€1,905 | -9.9% |
| Trade receivables | 40 | €19,204 | €17,299 | -€1,905 | -9.9% |
| Cash at bank and in hand | 54/58 | €10,406 | €11,074 | +€669 | +6.4% |
| Deferred charges and accrued income | 490/1 | - | €1,599 | +€1,599 | |
| Total equity and liabilities | 10/49 | €37,431 | €37,113 | -€318 | -0.8% |
| Equity | 10/15 | -€85,635 | -€36,359 | +€49,277 | +57.5% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €40,950 | €40,950 | = | 0.0% |
| Tax-exempt reserves | 132 | €34,750 | €34,750 | = | 0.0% |
| Distributable reserves | 133 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€188,585 | -€139,309 | +€49,277 | +26.1% |
| Amounts payable | 17/49 | €123,066 | €73,472 | -€49,594 | -40.3% |
| Amounts payable within one year | 42/48 | €122,571 | €73,472 | -€49,099 | -40.1% |
| Trade debts | 44 | €4,938 | €7,595 | +€2,656 | +53.8% |
| Suppliers | 440/4 | €4,938 | €7,595 | +€2,656 | +53.8% |
| Taxes, remuneration and social security | 45 | €24,519 | €30,797 | +€6,278 | +25.6% |
| Taxes | 450/3 | €19,778 | €27,891 | +€8,114 | +41.0% |
| Remuneration and social security | 454/9 | €4,741 | €2,906 | -€1,836 | -38.7% |
| Other amounts payable | 47/48 | €93,113 | €35,081 | -€58,033 | -62.3% |
| Accrued charges and deferred income | 492/3 | €496 | - | -€496 | |
| Remuneration, social security and pensions | 62 | €20,266 | €18,608 | -€1,658 | -8.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,846 | €2,565 | +€718 | +38.9% |
| Other operating charges | 640/8 | €1,701 | €2,428 | +€727 | +42.7% |
| Gross operating margin | 9900 | €74,984 | €92,316 | +€17,332 | +23.1% |
| Operating profit (loss) | 9901 | €51,171 | €68,716 | +€17,545 | +34.3% |
| Financial income | 75/76B | €8 | €0 | -€8 | -99.8% |
| Recurring financial income | 75 | €8 | €0 | -€8 | -99.8% |
| Financial charges | 65/66B | €610 | €517 | -€93 | -15.3% |
| Recurring financial charges | 65 | €610 | €517 | -€93 | -15.3% |
| Profit (loss) for the period before taxes | 9903 | €50,569 | €68,198 | +€17,630 | +34.9% |
| Income taxes | 67/77 | €13,148 | €18,922 | +€5,774 | +43.9% |
| Profit (loss) for the period | 9904 | €37,420 | €49,277 | +€11,856 | +31.7% |
| Profit (loss) for the period to be appropriated | 9905 | €37,420 | €49,277 | +€11,856 | +31.7% |
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.