VANESTATE: 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.
What changed
VANESTATE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€908,680
2024 · €971,686-€63,006
Equity
€10.3m
2024 · €8.8m+€1.5m
Cash
€2.8m
2024 · €2.1m+€726,424
Balance sheet total
€14.5m
2024 · €12.8m+€1.7m
Largest movements
Assets
- Cash +€726,424
up €726,424 (+35.1%), from €2.1m to €2.8m
mainly Net result for the year (+€908,680) and Contributions, distributions and other (+€597,249)
- Receivables within one year +€553,825
up €553,825 (+800.4%), from €69,192 to €623,016
of which Trade receivables: +€457,426
- Current investments +€510,240
up €510,240 (+99.7%), from €511,994 to €1.0m
Equity and liabilities
- Reserves +€1.5m
up €1.5m (+17.5%), from €8.6m to €10.1m
of which Distributable reserves: +€1.4m
- Accrued charges and deferred income +€481,769
up €481,769 (+427.4%), from €112,729 to €594,498
- Debts after one year -€250,000
down €250,000 (-33.3%), from €750,000 to €500,000
Income statement
- Provisions +€445,549
up €445,549, from -€195,549 to €250,000
- Taxes +€424,309
up €424,309 (+116.6%), from €363,917 to €788,227
- Gross operating margin +€250,345
up €250,345 (+13.0%), from €1.9m to €2.2m
- Depreciation -€230,811
down €230,811 (-45.5%), from €506,777 to €275,967
- Write-downs +€137,055
new in 2025: €137,055
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.
Result 2024
€971,686
Gross operating margin
+€250,345
Depreciation
+€230,811
Write-downs
-€137,055
Provisions
-€445,549
Other operating charges
-€15,217
Financial income
+€13,540
Financial charges
+€4,953
Taxes
-€424,309
Deferred taxes and other
+€459,476
Result 2025
€908,680
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.
From operations
+€1.1m
Investment
-€693,457
Financing
+€347,249
Cash 2024
€2.1m
From operations (derived)
+€1.1m
Net result for the year
+€908,680
Depreciation
+€275,967
Receivables after one year
+€3,000
Receivables within one year
-€553,825
Deferred charges and accrued income
-€591
Provisions
-€55,901
Trade debts
-€76,223
Tax, wage and social debts
-€33,263
Advances received
+€42,494
Other debts
+€80,524
Accrued charges and deferred income
+€481,769
Investment (derived)
-€693,457
Investment in fixed assets (net)
-€183,217
Current investments
-€510,240
Financing
+€347,249
Debts after one year
-€250,000
Contributions, distributions and other
+€597,249
Cash 2025
€2.8m
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €12,809,100 | €14,504,429 | +€1.7m | +13.2% |
| Fixed assets | 21/28 | €10,124,142 | €10,031,392 | -€92,750 | -0.9% |
| Tangible fixed assets | 22/27 | €10,122,757 | €10,030,007 | -€92,750 | -0.9% |
| Land and buildings | 22 | €5,586,990 | €5,528,781 | -€58,209 | -1.0% |
| Plant, machinery and equipment | 23 | €3,631 | €4,565 | +€934 | +25.7% |
| Furniture and vehicles | 24 | €93,521 | €103,451 | +€9,930 | +10.6% |
| Other tangible fixed assets | 26 | €4,438,615 | €4,393,210 | -€45,404 | -1.0% |
| Assets under construction and advance payments | 27 | €0 | - | = | |
| Financial fixed assets | 28 | €1,385 | €1,385 | = | 0.0% |
| Current assets | 29/58 | €2,684,958 | €4,473,037 | +€1.8m | +66.6% |
| Amounts receivable after more than one year | 29 | €20,000 | €17,000 | -€3,000 | -15.0% |
| Other amounts receivable | 291 | €20,000 | €17,000 | -€3,000 | -15.0% |
| Amounts receivable within one year | 40/41 | €69,192 | €623,016 | +€553,825 | +800.4% |
| Trade receivables | 40 | €58,724 | €516,150 | +€457,426 | +778.9% |
| Other amounts receivable | 41 | €10,468 | €106,867 | +€96,399 | +920.9% |
| Current investments | 50/53 | €511,994 | €1,022,234 | +€510,240 | +99.7% |
| Cash at bank and in hand | 54/58 | €2,068,889 | €2,795,313 | +€726,424 | +35.1% |
| Deferred charges and accrued income | 490/1 | €14,884 | €15,474 | +€591 | +4.0% |
| Total equity and liabilities | 10/49 | €12,809,100 | €14,504,429 | +€1.7m | +13.2% |
| Equity | 10/15 | €8,804,032 | €10,309,961 | +€1.5m | +17.1% |
| Contributions | 10/11 | €191,837 | €191,837 | = | 0.0% |
| Reserves | 13 | €8,612,195 | €10,118,124 | +€1.5m | +17.5% |
| Tax-exempt reserves | 132 | €2,798,360 | €2,861,586 | +€63,226 | +2.3% |
| Distributable reserves | 133 | €5,813,835 | €7,256,538 | +€1.4m | +24.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €1,780,130 | €1,724,228 | -€55,901 | -3.1% |
| Provisions for liabilities and charges | 160/5 | €1,092,926 | €1,342,926 | +€250,000 | +22.9% |
| Major repairs and maintenance | 162 | €692,926 | €692,926 | = | 0.0% |
| Environmental obligations | 163 | €400,000 | €650,000 | +€250,000 | +62.5% |
| Deferred taxes | 168 | €687,203 | €381,302 | -€305,901 | -44.5% |
| Amounts payable | 17/49 | €2,224,939 | €2,470,240 | +€245,301 | +11.0% |
| Amounts payable after more than one year | 17 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Financial debts | 170/4 | €750,000 | €500,000 | -€250,000 | -33.3% |
| Amounts payable within one year | 42/48 | €1,362,210 | €1,375,742 | +€13,532 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €250,000 | €250,000 | = | 0.0% |
| Trade debts | 44 | €103,165 | €26,942 | -€76,223 | -73.9% |
| Suppliers | 440/4 | €103,165 | €26,942 | -€76,223 | -73.9% |
| Advances received on contracts in progress | 46 | - | €42,494 | +€42,494 | |
| Taxes, remuneration and social security | 45 | €78,917 | €45,654 | -€33,263 | -42.1% |
| Taxes | 450/3 | €78,917 | €45,654 | -€33,263 | -42.1% |
| Other amounts payable | 47/48 | €930,128 | €1,010,652 | +€80,524 | +8.7% |
| Accrued charges and deferred income | 492/3 | €112,729 | €594,498 | +€481,769 | +427.4% |
| Non-recurring operating income | 76A | €0 | €3,300 | +€3,300 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €506,777 | €275,967 | -€230,811 | -45.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €137,055 | +€137,055 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€195,549 | €250,000 | +€445,549 | |
| Other operating charges | 640/8 | €230,186 | €245,403 | +€15,217 | +6.6% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €1,932,149 | €2,182,494 | +€250,345 | +13.0% |
| Operating profit (loss) | 9901 | €1,390,735 | €1,274,069 | -€116,666 | -8.4% |
| Financial income | 75/76B | €26,332 | €39,872 | +€13,540 | +51.4% |
| Recurring financial income | 75 | €26,332 | €39,872 | +€13,540 | +51.4% |
| Financial charges | 65/66B | €126,972 | €122,019 | -€4,953 | -3.9% |
| Recurring financial charges | 65 | €126,972 | €122,019 | -€4,953 | -3.9% |
| Profit (loss) for the period before taxes | 9903 | €1,290,095 | €1,191,922 | -€98,172 | -7.6% |
| Transfer from deferred taxes | 780 | €45,509 | €504,984 | +€459,476 | +1009.6% |
| Transfer to deferred taxes | 680 | €0 | - | = | |
| Income taxes | 67/77 | €363,917 | €788,227 | +€424,309 | +116.6% |
| Profit (loss) for the period | 9904 | €971,686 | €908,680 | -€63,006 | -6.5% |
| Transfer from tax-exempt reserves | 789 | €494,376 | €1,514,953 | +€1.0m | +206.4% |
| Transfer to tax-exempt reserves | 689 | €0 | €980,930 | +€980,930 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,466,062 | €1,442,703 | -€23,359 | -1.6% |
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 9 October 2026 via checked.be.