VANESCO: 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.
VANESCO
Largest movements
- Stocks and contracts +€129,976
up €129,976 (+21.0%), from €619,977 to €749,953
- Tangible fixed assets +€29,360
up €29,360 (+465%), from €6,315 to €35,675
- Cash -€22,826
down €22,826 (-90.0%), from €25,358 to €2,532
mainly Stocks and contracts (-€129,976) and Investment in fixed assets (net) (-€34,300)
- Receivables within one year +€16,305
up €16,305 (+33.4%), from €48,815 to €65,120
of which Other amounts receivable: +€9,314
- Other debts +€105,417
up €105,417 (+36.1%), from €291,904 to €397,321
- Trade debts +€38,805
up €38,805 (+16.7%), from €232,590 to €271,395
- Gross operating margin +€114,977
up €114,977, from -€11,478 to €103,499
- Staff costs +€23,541
up €23,541 (+34.7%), from €67,883 to €91,423
- Depreciation +€1,080
up €1,080 (+28.0%), from €3,859 to €4,940
- Financial charges -€1,041
down €1,041 (-72.3%), from €1,439 to €399
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 | €755,764 | €908,579 | +€152,815 | +20.2% |
| Fixed assets | 21/28 | €61,614 | €90,975 | +€29,360 | +47.7% |
| Tangible fixed assets | 22/27 | €6,315 | €35,675 | +€29,360 | +465% |
| Plant, machinery and equipment | 23 | - | €8,345 | +€8,345 | |
| Furniture and vehicles | 24 | €6,315 | €16,595 | +€10,280 | +163% |
| Other tangible fixed assets | 26 | - | €10,735 | +€10,735 | |
| Financial fixed assets | 28 | €55,300 | €55,300 | = | 0.0% |
| Current assets | 29/58 | €694,149 | €817,604 | +€123,455 | +17.8% |
| Stocks and contracts in progress | 3 | €619,977 | €749,953 | +€129,976 | +21.0% |
| Stocks | 30/36 | €619,977 | €749,953 | +€129,976 | +21.0% |
| Amounts receivable within one year | 40/41 | €48,815 | €65,120 | +€16,305 | +33.4% |
| Trade receivables | 40 | €16,007 | €22,998 | +€6,991 | +43.7% |
| Other amounts receivable | 41 | €32,808 | €42,122 | +€9,314 | +28.4% |
| Cash at bank and in hand | 54/58 | €25,358 | €2,532 | -€22,826 | -90.0% |
| Total equity and liabilities | 10/49 | €755,764 | €908,579 | +€152,815 | +20.2% |
| Equity | 10/15 | €206,524 | €212,822 | +€6,297 | +3.0% |
| Contributions | 10/11 | €173,525 | €173,525 | = | 0.0% |
| Capital | 10 | €173,525 | €173,525 | = | 0.0% |
| Issued capital | 100 | €173,525 | €173,525 | = | 0.0% |
| Reserves | 13 | €111,849 | €111,849 | = | 0.0% |
| Non-distributable reserves | 130/1 | €111,849 | €111,849 | = | 0.0% |
| Legal reserve | 130 | €17,353 | €17,353 | = | 0.0% |
| Reserves not available under the articles | 1311 | €94,497 | €94,497 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€78,851 | -€72,553 | +€6,297 | +8.0% |
| Amounts payable | 17/49 | €549,240 | €695,757 | +€146,518 | +26.7% |
| Amounts payable within one year | 42/48 | €549,240 | €695,757 | +€146,518 | +26.7% |
| Trade debts | 44 | €232,590 | €271,395 | +€38,805 | +16.7% |
| Suppliers | 440/4 | €232,590 | €271,395 | +€38,805 | +16.7% |
| Taxes, remuneration and social security | 45 | €24,745 | €27,041 | +€2,295 | +9.3% |
| Taxes | 450/3 | €16,983 | €8,989 | -€7,994 | -47.1% |
| Remuneration and social security | 454/9 | €7,763 | €18,052 | +€10,289 | +133% |
| Other amounts payable | 47/48 | €291,904 | €397,321 | +€105,417 | +36.1% |
| Remuneration, social security and pensions | 62 | €67,883 | €91,423 | +€23,541 | +34.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,859 | €4,940 | +€1,080 | +28.0% |
| Other operating charges | 640/8 | €695 | €445 | -€250 | -36.0% |
| Gross operating margin | 9900 | -€11,478 | €103,499 | +€114,977 | |
| Operating profit (loss) | 9901 | -€83,915 | €6,691 | +€90,606 | |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €1,439 | €399 | -€1,041 | -72.3% |
| Recurring financial charges | 65 | €1,439 | €399 | -€1,041 | -72.3% |
| Profit (loss) for the period before taxes | 9903 | -€85,354 | €6,297 | +€91,652 | |
| Profit (loss) for the period | 9904 | -€85,354 | €6,297 | +€91,652 | |
| Profit (loss) for the period to be appropriated | 9905 | -€85,354 | €6,297 | +€91,652 |
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 25 October 2026 via checked.be.