VANEXCO: 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.
VANEXCO
Largest movements
- Tangible fixed assets +€25,408
up €25,408 (+28.7%), from €88,605 to €114,014
- Financial fixed assets +€4,500
up €4,500, from €0 to €4,500
- Deferred charges and accrued income -€3,089
down €3,089 (-76.4%), from €4,041 to €952
- Cash -€2,396
down €2,396 (-100%), from €2,396 to €0
mainly Investment in fixed assets (net) (-€34,041) and Debts after one year (-€16,800)
- Trade debts +€30,162
up €30,162 (+235%), from €12,832 to €42,994
- Debts after one year -€16,800
down €16,800 (-27.9%), from €60,321 to €43,521
- Tax, wage and social debts +€9,383
up €9,383 (+233%), from €4,029 to €13,412
of which Taxes: +€9,383
- Short-term financial debts +€4,787
new in 2025: €4,787
- Current portion of long-term debt -€2,993
down €2,993 (-15.1%), from €19,793 to €16,800
- Depreciation -€18,409
down €18,409 (-81.7%), from €22,542 to €4,133
- Staff costs +€2,622
up €2,622 (+191%), from €1,370 to €3,992
- Financial charges +€1,025
up €1,025 (+23.2%), from €4,425 to €5,450
- Gross operating margin +€853
up €853 (+5.3%), from €16,014 to €16,868
- Other operating charges -€414
down €414 (-28.4%), from €1,455 to €1,041
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 | €105,383 | €131,061 | +€25,678 | +24.4% |
| Fixed assets | 21/28 | €88,605 | €118,514 | +€29,908 | +33.8% |
| Tangible fixed assets | 22/27 | €88,605 | €114,014 | +€25,408 | +28.7% |
| Plant, machinery and equipment | 23 | €3,152 | €11,784 | +€8,633 | +274% |
| Furniture and vehicles | 24 | €29,664 | €37,253 | +€7,589 | +25.6% |
| Leasing and similar rights | 25 | €55,789 | €55,789 | = | 0.0% |
| Other tangible fixed assets | 26 | - | €9,187 | +€9,187 | |
| Financial fixed assets | 28 | €0 | €4,500 | +€4,500 | |
| Current assets | 29/58 | €16,778 | €12,548 | -€4,230 | -25.2% |
| Amounts receivable within one year | 40/41 | €10,340 | €11,596 | +€1,256 | +12.1% |
| Trade receivables | 40 | €5,136 | €11,252 | +€6,116 | +119% |
| Other amounts receivable | 41 | €5,204 | €344 | -€4,860 | -93.4% |
| Cash at bank and in hand | 54/58 | €2,396 | €0 | -€2,396 | -100% |
| Deferred charges and accrued income | 490/1 | €4,041 | €952 | -€3,089 | -76.4% |
| Total equity and liabilities | 10/49 | €105,383 | €131,061 | +€25,678 | +24.4% |
| Equity | 10/15 | €8,408 | €9,387 | +€979 | +11.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €19,000 | €19,000 | = | 0.0% |
| Distributable reserves | 133 | €19,000 | €19,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€13,592 | -€12,613 | +€979 | +7.2% |
| Amounts payable | 17/49 | €96,975 | €121,674 | +€24,699 | +25.5% |
| Amounts payable after more than one year | 17 | €60,321 | €43,521 | -€16,800 | -27.9% |
| Financial debts | 170/4 | €60,321 | €43,521 | -€16,800 | -27.9% |
| Amounts payable within one year | 42/48 | €36,655 | €78,154 | +€41,499 | +113% |
| Current portion of amounts payable after more than one year | 42 | €19,793 | €16,800 | -€2,993 | -15.1% |
| Financial debts | 43 | - | €4,787 | +€4,787 | |
| Credit institutions | 430/8 | - | €4,787 | +€4,787 | |
| Trade debts | 44 | €12,832 | €42,994 | +€30,162 | +235% |
| Suppliers | 440/4 | €12,832 | €42,994 | +€30,162 | +235% |
| Taxes, remuneration and social security | 45 | €4,029 | €13,412 | +€9,383 | +233% |
| Taxes | 450/3 | €4,029 | €13,412 | +€9,383 | +233% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €160 | +€160 | |
| Non-recurring operating income | 76A | - | €4,336 | +€4,336 | |
| Remuneration, social security and pensions | 62 | €1,370 | €3,992 | +€2,622 | +191% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,542 | €4,133 | -€18,409 | -81.7% |
| Other operating charges | 640/8 | €1,455 | €1,041 | -€414 | -28.4% |
| Non-recurring operating charges | 66A | €0 | €1,334 | +€1,334 | |
| Gross operating margin | 9900 | €16,014 | €16,868 | +€853 | +5.3% |
| Operating profit (loss) | 9901 | -€9,352 | €6,368 | +€15,720 | |
| Financial income | 75/76B | €0 | €62 | +€62 | +615,600% |
| Recurring financial income | 75 | €0 | €62 | +€62 | +615,600% |
| Financial charges | 65/66B | €4,425 | €5,450 | +€1,025 | +23.2% |
| Recurring financial charges | 65 | €4,425 | €5,450 | +€1,025 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | -€13,777 | €979 | +€14,757 | |
| Profit (loss) for the period | 9904 | -€13,777 | €979 | +€14,757 | |
| Profit (loss) for the period to be appropriated | 9905 | -€13,777 | €979 | +€14,757 |
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 28 October 2026 via checked.be.