VANFA: 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.
VANFA
Largest movements
- Tangible fixed assets +€538,676
up €538,676 (+531.7%), from €101,307 to €639,983
of which Land and buildings: +€550,961
- Revaluation surpluses +€555,590
new in 2025: €555,590
- Debts after one year -€26,139
down €26,139 (-17.3%), from €150,829 to €124,690
- Reserves +€17,362
up €17,362 (+933.5%), from €1,860 to €19,222
of which Tax-exempt reserves: +€17,362
- Profit (loss) carried forward -€14,481
down €14,481 (-46.6%), from €31,095 to €16,614
- Depreciation +€17,550
up €17,550 (+104.9%), from €16,726 to €34,276
- Gross operating margin -€8,475
down €8,475 (-22.8%), from €37,187 to €28,712
- Financial charges -€677
down €677 (-14.8%), from €4,558 to €3,882
- Financial income -€642
down €642 (-28.4%), from €2,256 to €1,614
- Taxes +€395
up €395 (+16.3%), from €2,426 to €2,821
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 | €294,796 | €827,760 | +€532,964 | +180.8% |
| Fixed assets | 21/28 | €261,307 | €799,983 | +€538,676 | +206.1% |
| Tangible fixed assets | 22/27 | €101,307 | €639,983 | +€538,676 | +531.7% |
| Land and buildings | 22 | €19,624 | €570,585 | +€550,961 | +2807.6% |
| Other tangible fixed assets | 26 | €81,683 | €69,399 | -€12,285 | -15.0% |
| Financial fixed assets | 28 | €160,000 | €160,000 | = | 0.0% |
| Current assets | 29/58 | €33,489 | €27,777 | -€5,712 | -17.1% |
| Amounts receivable within one year | 40/41 | €33,309 | €27,544 | -€5,765 | -17.3% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €33,309 | €27,544 | -€5,765 | -17.3% |
| Cash at bank and in hand | 54/58 | €13 | €232 | +€219 | +1633.2% |
| Deferred charges and accrued income | 490/1 | €166 | €0 | -€166 | -100.0% |
| Total equity and liabilities | 10/49 | €294,796 | €827,760 | +€532,964 | +180.8% |
| Equity | 10/15 | €51,555 | €610,026 | +€558,471 | +1083.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | - | €555,590 | +€555,590 | |
| Reserves | 13 | €1,860 | €19,222 | +€17,362 | +933.5% |
| Tax-exempt reserves | 132 | - | €17,362 | +€17,362 | |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €31,095 | €16,614 | -€14,481 | -46.6% |
| Amounts payable | 17/49 | €243,241 | €217,734 | -€25,507 | -10.5% |
| Amounts payable after more than one year | 17 | €150,829 | €124,690 | -€26,139 | -17.3% |
| Financial debts | 170/4 | €150,829 | €124,690 | -€26,139 | -17.3% |
| Amounts payable within one year | 42/48 | €92,412 | €93,044 | +€632 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €27,737 | €28,294 | +€557 | +2.0% |
| Trade debts | 44 | €3,753 | €2,860 | -€894 | -23.8% |
| Suppliers | 440/4 | €3,753 | €2,860 | -€894 | -23.8% |
| Taxes, remuneration and social security | 45 | €5,654 | €1,522 | -€4,132 | -73.1% |
| Taxes | 450/3 | €5,654 | €1,522 | -€4,132 | -73.1% |
| Other amounts payable | 47/48 | €55,267 | €60,368 | +€5,101 | +9.2% |
| Non-recurring operating income | 76A | €3,567 | €0 | -€3,567 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,726 | €34,276 | +€17,550 | +104.9% |
| Other operating charges | 640/8 | €3,816 | €3,828 | +€12 | +0.3% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €37,187 | €28,712 | -€8,475 | -22.8% |
| Operating profit (loss) | 9901 | €16,645 | -€9,392 | -€26,037 | |
| Financial income | 75/76B | €2,256 | €1,614 | -€642 | -28.4% |
| Recurring financial income | 75 | €2,256 | €1,614 | -€642 | -28.4% |
| Financial charges | 65/66B | €4,558 | €3,882 | -€677 | -14.8% |
| Recurring financial charges | 65 | €4,558 | €3,882 | -€677 | -14.8% |
| Profit (loss) for the period before taxes | 9903 | €14,343 | -€11,659 | -€26,002 | |
| Income taxes | 67/77 | €2,426 | €2,821 | +€395 | +16.3% |
| Profit (loss) for the period | 9904 | €11,917 | -€14,481 | -€26,398 | |
| Profit (loss) for the period to be appropriated | 9905 | €11,917 | -€14,481 | -€26,398 |
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 1 October 2026 via checked.be.