VANFREMAT: 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.
What changed
VANFREMAT
NACE 68.110, Buying and selling of own real estate
financial year 2026 compared with 2025filed annual accounts (NBB)
Net result for the year
€70,575
2025 · €38,132+€32,443
Equity
€1.9m
2025 · €1.8m+€68,909
Cash
€44,695
2025 · €39,968+€4,727
Balance sheet total
€1.9m
2025 · €1.9m-€14,725
Largest movements
Assets
No asset line moved by more than 1% of the balance sheet total.
Equity and liabilities
- Other debts -€78,000
down €78,000 (-97.9%), from €79,666 to €1,666
- Reserves +€50,000
up €50,000 (+12.7%), from €393,900 to €443,900
Income statement
- Gross operating margin +€24,834
up €24,834 (+34.1%), from €72,899 to €97,733
- Financial income +€11,893
up €11,893 (+481%), from €2,472 to €14,365
- Taxes +€10,482
up €10,482 (+71.6%), from €14,634 to €25,116
- Depreciation -€5,762
down €5,762 (-36.6%), from €15,731 to €9,969
From the 2025 result to the 2026 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 2025
€38,132
Gross operating margin
+€24,834
Depreciation
+€5,762
Other operating charges
+€46
Financial income
+€11,893
Financial charges
+€390
Taxes
-€10,482
Result 2026
€70,575
raises the resultlowers the result
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€5,555
Investment
+€8,315
Financing
-€9,143
Cash 2025
€39,968
From operations (derived)
+€5,555
Net result for the year
+€70,575
Depreciation
+€9,969
Receivables within one year
+€1,201
Smaller working-capital items
-€151
Trade debts
+€1,659
Advances received
+€500
Other debts
-€78,000
Accrued charges and deferred income
-€198
Investment (derived)
+€8,315
Current investments
+€8,315
Financing
-€9,143
Current portion of long-term debt
-€477
Short-term financial debts
-€7,000
Contributions, distributions and other
-€1,666
Cash 2026
€44,695
brings cash intakes cash out
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,937,442 | €1,922,718 | -€14,725 | -0.8% |
| Fixed assets | 21/28 | €1,546,363 | €1,536,394 | -€9,969 | -0.6% |
| Tangible fixed assets | 22/27 | €283,850 | €273,880 | -€9,969 | -3.5% |
| Land and buildings | 22 | €283,163 | €273,880 | -€9,283 | -3.3% |
| Furniture and vehicles | 24 | €686 | €0 | -€686 | -100% |
| Financial fixed assets | 28 | €1,262,514 | €1,262,514 | = | 0.0% |
| Current assets | 29/58 | €391,079 | €386,323 | -€4,755 | -1.2% |
| Amounts receivable within one year | 40/41 | €12,875 | €11,674 | -€1,201 | -9.3% |
| Trade receivables | 40 | €11,495 | €11,495 | = | 0.0% |
| Other amounts receivable | 41 | €1,380 | €179 | -€1,201 | -87.0% |
| Current investments | 50/53 | €335,873 | €327,558 | -€8,315 | -2.5% |
| Cash at bank and in hand | 54/58 | €39,968 | €44,695 | +€4,727 | +11.8% |
| Deferred charges and accrued income | 490/1 | €2,362 | €2,396 | +€34 | +1.4% |
| Total equity and liabilities | 10/49 | €1,937,442 | €1,922,718 | -€14,725 | -0.8% |
| Equity | 10/15 | €1,813,247 | €1,882,156 | +€68,909 | +3.8% |
| Contributions | 10/11 | €679,000 | €679,000 | = | 0.0% |
| Reserves | 13 | €393,900 | €443,900 | +€50,000 | +12.7% |
| Distributable reserves | 133 | €393,900 | €443,900 | +€50,000 | +12.7% |
| Profit (loss) carried forward | 14 | €740,347 | €759,256 | +€18,909 | +2.6% |
| Amounts payable | 17/49 | €124,195 | €40,561 | -€83,634 | -67.3% |
| Amounts payable within one year | 42/48 | €123,262 | €39,827 | -€83,435 | -67.7% |
| Current portion of amounts payable after more than one year | 42 | €477 | €0 | -€477 | -100% |
| Financial debts | 43 | €28,000 | €21,000 | -€7,000 | -25.0% |
| Credit institutions | 430/8 | €28,000 | €21,000 | -€7,000 | -25.0% |
| Trade debts | 44 | €4,557 | €6,215 | +€1,659 | +36.4% |
| Suppliers | 440/4 | €4,557 | €6,215 | +€1,659 | +36.4% |
| Advances received on contracts in progress | 46 | - | €500 | +€500 | |
| Taxes, remuneration and social security | 45 | €10,562 | €10,446 | -€117 | -1.1% |
| Taxes | 450/3 | €10,562 | €10,446 | -€117 | -1.1% |
| Other amounts payable | 47/48 | €79,666 | €1,666 | -€78,000 | -97.9% |
| Accrued charges and deferred income | 492/3 | €933 | €734 | -€198 | -21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,731 | €9,969 | -€5,762 | -36.6% |
| Other operating charges | 640/8 | €5,231 | €5,184 | -€46 | -0.9% |
| Gross operating margin | 9900 | €72,899 | €97,733 | +€24,834 | +34.1% |
| Operating profit (loss) | 9901 | €51,937 | €82,579 | +€30,642 | +59.0% |
| Financial income | 75/76B | €2,472 | €14,365 | +€11,893 | +481% |
| Recurring financial income | 75 | €2,472 | €14,365 | +€11,893 | +481% |
| Financial charges | 65/66B | €1,643 | €1,254 | -€390 | -23.7% |
| Recurring financial charges | 65 | €1,643 | €1,254 | -€390 | -23.7% |
| Profit (loss) for the period before taxes | 9903 | €52,766 | €95,690 | +€42,925 | +81.3% |
| Income taxes | 67/77 | €14,634 | €25,116 | +€10,482 | +71.6% |
| Profit (loss) for the period | 9904 | €38,132 | €70,575 | +€32,443 | +85.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,132 | €70,575 | +€32,443 | +85.1% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.