VANGALA: 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.
VANGALA
Largest movements
- Financial fixed assets +€6.1m
up €6.1m (+120.6%), from €5.1m to €11.2m
- Current investments +€4.3m
up €4.3m (+33.2%), from €13.0m to €17.3m
- Deferred charges and accrued income +€965,879
up €965,879 (+4670.0%), from €20,683 to €986,562
- Cash -€950,619
down €950,619 (-77.7%), from €1.2m to €272,331
mainly Investment in fixed assets (net) (-€6.4m) and Current investments (-€4.3m)
- Profit (loss) carried forward +€11.0m
up €11.0m (+62.2%), from €17.7m to €28.7m
- Short-term financial debts -€1.5m
down €1.5m (-100.0%), from €1.5m to €0
- Reserves +€1.0m
up €1.0m (+20.2%), from €5.0m to €6.0m
- Financial income +€13.0m
up €13.0m (+2948.1%), from €439,763 to €13.4m
- Taxes +€4.5m
up €4.5m, from -€3.9m to €604,267
- Financial charges +€483,363
up €483,363 (+785.5%), from €61,537 to €544,900
- Gross operating margin +€27,496
up €27,496 (+20.3%), from -€135,597 to -€108,101
- Depreciation -€9,898
down €9,898 (-8.2%), from €121,308 to €111,410
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 | €24,448,933 | €35,006,911 | +€10.6m | +43.2% |
| Fixed assets | 21/28 | €7,006,018 | €13,287,126 | +€6.3m | +89.7% |
| Tangible fixed assets | 22/27 | €1,930,244 | €2,088,869 | +€158,626 | +8.2% |
| Land and buildings | 22 | €1,904,605 | €2,057,493 | +€152,888 | +8.0% |
| Plant, machinery and equipment | 23 | €14,644 | €17,294 | +€2,650 | +18.1% |
| Furniture and vehicles | 24 | €10,995 | €14,082 | +€3,088 | +28.1% |
| Financial fixed assets | 28 | €5,075,774 | €11,198,257 | +€6.1m | +120.6% |
| Current assets | 29/58 | €17,442,915 | €21,719,785 | +€4.3m | +24.5% |
| Amounts receivable within one year | 40/41 | €3,197,147 | €3,139,384 | -€57,762 | -1.8% |
| Other amounts receivable | 41 | €3,197,147 | €3,139,384 | -€57,762 | -1.8% |
| Current investments | 50/53 | €13,002,136 | €17,321,507 | +€4.3m | +33.2% |
| Cash at bank and in hand | 54/58 | €1,222,950 | €272,331 | -€950,619 | -77.7% |
| Deferred charges and accrued income | 490/1 | €20,683 | €986,562 | +€965,879 | +4670.0% |
| Total equity and liabilities | 10/49 | €24,448,933 | €35,006,911 | +€10.6m | +43.2% |
| Equity | 10/15 | €22,753,151 | €34,765,797 | +€12.0m | +52.8% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €4,960,407 | €5,960,407 | +€1.0m | +20.2% |
| Distributable reserves | 133 | €4,960,407 | €5,960,407 | +€1.0m | +20.2% |
| Profit (loss) carried forward | 14 | €17,692,744 | €28,705,390 | +€11.0m | +62.2% |
| Provisions and deferred taxes | 16 | €0 | - | = | |
| Provisions for liabilities and charges | 160/5 | €0 | - | = | |
| Taxes | 161 | €0 | - | = | |
| Amounts payable | 17/49 | €1,695,782 | €241,114 | -€1.5m | -85.8% |
| Amounts payable within one year | 42/48 | €1,688,853 | €235,112 | -€1.5m | -86.1% |
| Financial debts | 43 | €1,532,316 | €0 | -€1.5m | -100.0% |
| Credit institutions | 430/8 | €1,532,316 | €0 | -€1.5m | -100.0% |
| Trade debts | 44 | €6,915 | €21,393 | +€14,478 | +209.4% |
| Suppliers | 440/4 | €6,915 | €21,393 | +€14,478 | +209.4% |
| Taxes, remuneration and social security | 45 | €2,550 | €2,550 | = | 0.0% |
| Taxes | 450/3 | €1,950 | €1,950 | = | 0.0% |
| Remuneration and social security | 454/9 | €600 | €600 | = | 0.0% |
| Other amounts payable | 47/48 | €147,072 | €211,169 | +€64,097 | +43.6% |
| Accrued charges and deferred income | 492/3 | €6,929 | €6,003 | -€926 | -13.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €121,308 | €111,410 | -€9,898 | -8.2% |
| Other operating charges | 640/8 | €20,447 | €22,933 | +€2,486 | +12.2% |
| Gross operating margin | 9900 | -€135,597 | -€108,101 | +€27,496 | +20.3% |
| Operating profit (loss) | 9901 | -€277,352 | -€242,444 | +€34,908 | +12.6% |
| Financial income | 75/76B | €439,763 | €13,404,257 | +€13.0m | +2948.1% |
| Recurring financial income | 75 | €439,763 | €13,404,257 | +€13.0m | +2948.1% |
| Financial charges | 65/66B | €61,537 | €544,900 | +€483,363 | +785.5% |
| Recurring financial charges | 65 | €61,537 | €544,900 | +€483,363 | +785.5% |
| Profit (loss) for the period before taxes | 9903 | €100,874 | €12,616,913 | +€12.5m | +12407.6% |
| Income taxes | 67/77 | -€3,929,844 | €604,267 | +€4.5m | |
| Profit (loss) for the period | 9904 | €4,030,718 | €12,012,645 | +€8.0m | +198.0% |
| Profit (loss) for the period to be appropriated | 9905 | €4,030,718 | €12,012,645 | +€8.0m | +198.0% |
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 5 October 2026 via checked.be.