VANGAEVER: 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
VANGAEVER
NACE 46.630, Wholesale trade
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€80,877
2024 · €181,385-€100,508
Equity
€3.5m
2024 · €3.4m+€80,877
Cash
€191,853
2024 · €337,739-€145,886
Balance sheet total
€11.2m
2024 · €11.9m-€636,512
Largest movements
Assets
- Stocks and contracts -€1.4m
down €1.4m (-15.8%), from €8.6m to €7.2m
- Receivables within one year +€808,743
up €808,743 (+54.2%), from €1.5m to €2.3m
of which Trade receivables: +€883,703
- Cash -€145,886
down €145,886 (-43.2%), from €337,739 to €191,853
mainly Short-term financial debts (-€3.4m) and Receivables within one year (-€808,743)
Equity and liabilities
- Short-term financial debts -€3.4m
down €3.4m (-80.2%), from €4.3m to €850,000
- Trade debts +€1.7m
up €1.7m (+138.0%), from €1.2m to €2.9m
- Current portion of long-term debt +€390,771
up €390,771 (+255.5%), from €152,926 to €543,697
- Debts after one year +€296,637
up €296,637 (+13.3%), from €2.2m to €2.5m
of which Financial debts: +€549,983
- Accrued charges and deferred income +€274,531
up €274,531 (+1742.6%), from €15,754 to €290,285
Income statement
- Write-downs -€646,968
down €646,968, from €589,526 to -€57,442
- Turnover -€583,640
down €583,640 (-3.3%), from €17.5m to €16.9m
- Services and other goods +€229,563
up €229,563 (+13.5%), from €1.7m to €1.9m
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
€181,385
Turnover
-€583,640
Other operating income
+€74,036
Goods and materials
+€156,946
Services and other goods
-€229,563
Staff costs
-€76,328
Depreciation
-€80,682
Write-downs
+€646,968
Other operating charges
+€3,631
Other operating items
+€32,107
Financial income
+€433
Financial charges
+€106,965
Taxes
-€151,380
Result 2025
€80,877
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
+€3.1m
Investment
-€537,951
Financing
-€2.8m
Cash 2024
€337,739
From operations (derived)
+€3.1m
Net result for the year
+€80,877
Depreciation
+€442,037
Stocks and contracts
+€1.4m
Receivables within one year
-€808,743
Deferred charges and accrued income
+€35,749
Trade debts
+€1.7m
Tax, wage and social debts
+€92,092
Accrued charges and deferred income
+€274,531
Investment (derived)
-€537,951
Investment in fixed assets (net)
-€537,951
Financing
-€2.8m
Debts after one year
+€296,637
Current portion of long-term debt
+€390,771
Short-term financial debts
-€3.4m
Cash 2025
€191,853
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €11,856,387 | €11,219,875 | -€636,512 | -5.4% |
| Fixed assets | 21/28 | €1,388,837 | €1,484,751 | +€95,914 | +6.9% |
| Intangible fixed assets | 21 | €40,375 | €26,678 | -€13,698 | -33.9% |
| Tangible fixed assets | 22/27 | €1,287,642 | €1,396,962 | +€109,321 | +8.5% |
| Plant, machinery and equipment | 23 | €660,859 | €552,623 | -€108,236 | -16.4% |
| Furniture and vehicles | 24 | €202,277 | €140,437 | -€61,840 | -30.6% |
| Leasing and similar rights | 25 | €346,844 | €629,708 | +€282,864 | +81.6% |
| Other tangible fixed assets | 26 | €77,661 | €74,195 | -€3,467 | -4.5% |
| Financial fixed assets | 28 | €60,820 | €61,111 | +€291 | +0.5% |
| Other financial fixed assets | 284/8 | €60,820 | €61,111 | +€291 | +0.5% |
| Amounts receivable and cash guarantees | 285/8 | €60,820 | €61,111 | +€291 | +0.5% |
| Current assets | 29/58 | €10,467,550 | €9,735,124 | -€732,426 | -7.0% |
| Stocks and contracts in progress | 3 | €8,594,687 | €7,235,154 | -€1.4m | -15.8% |
| Stocks | 30/36 | €8,594,687 | €7,235,154 | -€1.4m | -15.8% |
| Goods purchased for resale | 34 | €8,594,687 | €7,235,154 | -€1.4m | -15.8% |
| Amounts receivable within one year | 40/41 | €1,493,197 | €2,301,940 | +€808,743 | +54.2% |
| Trade receivables | 40 | €1,418,197 | €2,301,899 | +€883,703 | +62.3% |
| Other amounts receivable | 41 | €75,000 | €41 | -€74,959 | -99.9% |
| Cash at bank and in hand | 54/58 | €337,739 | €191,853 | -€145,886 | -43.2% |
| Deferred charges and accrued income | 490/1 | €41,926 | €6,177 | -€35,749 | -85.3% |
| Total equity and liabilities | 10/49 | €11,856,387 | €11,219,875 | -€636,512 | -5.4% |
| Equity | 10/15 | €3,385,618 | €3,466,495 | +€80,877 | +2.4% |
| Contributions | 10/11 | €900,000 | €900,000 | = | 0.0% |
| Capital | 10 | €900,000 | €900,000 | = | 0.0% |
| Issued capital | 100 | €900,000 | €900,000 | = | 0.0% |
| Reserves | 13 | €2,485,618 | €2,566,495 | +€80,877 | +3.3% |
| Non-distributable reserves | 130/1 | €90,000 | €90,000 | = | 0.0% |
| Legal reserve | 130 | €90,000 | €90,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €7,437 | €7,437 | = | 0.0% |
| Distributable reserves | 133 | €2,388,181 | €2,469,058 | +€80,877 | +3.4% |
| Amounts payable | 17/49 | €8,470,769 | €7,753,380 | -€717,389 | -8.5% |
| Amounts payable after more than one year | 17 | €2,225,438 | €2,522,075 | +€296,637 | +13.3% |
| Financial debts | 170/4 | €285,774 | €835,757 | +€549,983 | +192.5% |
| Leasing and similar obligations | 172 | €204,036 | €385,141 | +€181,105 | +88.8% |
| Credit institutions | 173 | €81,738 | €450,616 | +€368,878 | +451.3% |
| Other amounts payable | 178/9 | €1,939,664 | €1,686,318 | -€253,346 | -13.1% |
| Amounts payable within one year | 42/48 | €6,229,577 | €4,941,020 | -€1.3m | -20.7% |
| Current portion of amounts payable after more than one year | 42 | €152,926 | €543,697 | +€390,771 | +255.5% |
| Financial debts | 43 | €4,295,000 | €850,000 | -€3.4m | -80.2% |
| Credit institutions | 430/8 | €4,295,000 | €850,000 | -€3.4m | -80.2% |
| Trade debts | 44 | €1,213,022 | €2,886,602 | +€1.7m | +138.0% |
| Suppliers | 440/4 | €1,213,022 | €2,886,602 | +€1.7m | +138.0% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €568,629 | €660,721 | +€92,092 | +16.2% |
| Taxes | 450/3 | €270,577 | €363,903 | +€93,326 | +34.5% |
| Remuneration and social security | 454/9 | €298,052 | €296,818 | -€1,234 | -0.4% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Accrued charges and deferred income | 492/3 | €15,754 | €290,285 | +€274,531 | +1742.6% |
| Operating income | 70/76A | €17,749,810 | €17,121,468 | -€628,342 | -3.5% |
| Turnover | 70 | €17,497,306 | €16,913,667 | -€583,640 | -3.3% |
| Other operating income | 74 | €76,764 | €150,800 | +€74,036 | +96.4% |
| Non-recurring operating income | 76A | €175,739 | €57,001 | -€118,738 | -67.6% |
| Operating charges | 60/66A | €17,211,450 | €16,639,634 | -€571,816 | -3.3% |
| Goods for resale, raw materials and consumables | 60 | €12,362,454 | €12,205,507 | -€156,946 | -1.3% |
| Purchases | 600/8 | €11,421,262 | €10,776,269 | -€644,993 | -5.6% |
| Change in stocks: decrease (increase) | 609 | €941,192 | €1,429,239 | +€488,047 | +51.9% |
| Services and other goods | 61 | €1,703,675 | €1,933,238 | +€229,563 | +13.5% |
| Remuneration, social security and pensions | 62 | €1,993,064 | €2,069,393 | +€76,328 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €361,354 | €442,037 | +€80,682 | +22.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €589,526 | -€57,442 | -€646,968 | |
| Other operating charges | 640/8 | €49,658 | €46,027 | -€3,631 | -7.3% |
| Non-recurring operating charges | 66A | €151,719 | €875 | -€150,844 | -99.4% |
| Operating profit (loss) | 9901 | €538,360 | €481,834 | -€56,526 | -10.5% |
| Financial income | 75/76B | €4,039 | €4,472 | +€433 | +10.7% |
| Recurring financial income | 75 | €4,039 | €4,472 | +€433 | +10.7% |
| Income from current assets | 751 | €424 | €184 | -€240 | -56.7% |
| Other financial income | 752/9 | €3,615 | €4,288 | +€673 | +18.6% |
| Financial charges | 65/66B | €358,739 | €251,774 | -€106,965 | -29.8% |
| Recurring financial charges | 65 | €358,739 | €251,774 | -€106,965 | -29.8% |
| Debt charges | 650 | €342,700 | €236,599 | -€106,102 | -31.0% |
| Other financial charges | 652/9 | €16,039 | €15,176 | -€863 | -5.4% |
| Profit (loss) for the period before taxes | 9903 | €183,660 | €234,532 | +€50,872 | +27.7% |
| Income taxes | 67/77 | €2,274 | €153,654 | +€151,380 | +6655.6% |
| Taxes | 670/3 | €2,274 | €153,654 | +€151,380 | +6655.6% |
| Profit (loss) for the period | 9904 | €181,385 | €80,877 | -€100,508 | -55.4% |
| Profit (loss) for the period to be appropriated | 9905 | €181,385 | €80,877 | -€100,508 | -55.4% |
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 7 October 2026 via checked.be.