VANGARDE: 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.
VANGARDE
Largest movements
- Receivables within one year -€49,507
down €49,507 (-56.6%), from €87,429 to €37,922
of which Trade receivables: -€35,036
- Profit (loss) carried forward -€38,296
down €38,296, from €33,101 to -€5,195
- Tax, wage and social debts -€11,617
down €11,617 (-23.6%), from €49,293 to €37,676
of which Taxes: -€11,617
- Gross operating margin -€41,573
down €41,573, from €0 to -€41,573
- Depreciation -€4,152
no longer reported in 2025 (was €4,152)
- Financial income +€1,685
up €1,685 (+55.7%), from €3,025 to €4,710
- Other operating charges +€1,200
new in 2025: €1,200
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 | €90,454 | €40,577 | -€49,877 | -55.1% |
| Fixed assets | 21/28 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €90,454 | €40,577 | -€49,877 | -55.1% |
| Amounts receivable within one year | 40/41 | €87,429 | €37,922 | -€49,507 | -56.6% |
| Trade receivables | 40 | €35,036 | - | -€35,036 | |
| Other amounts receivable | 41 | €52,393 | €37,922 | -€14,471 | -27.6% |
| Cash at bank and in hand | 54/58 | €0 | - | = | |
| Deferred charges and accrued income | 490/1 | €3,025 | €2,656 | -€370 | -12.2% |
| Total equity and liabilities | 10/49 | €90,454 | €40,577 | -€49,877 | -55.1% |
| Equity | 10/15 | €41,161 | €2,865 | -€38,296 | -93.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,101 | -€5,195 | -€38,296 | |
| Amounts payable | 17/49 | €49,293 | €37,713 | -€11,581 | -23.5% |
| Amounts payable within one year | 42/48 | €49,293 | €37,713 | -€11,581 | -23.5% |
| Financial debts | 43 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €0 | €37 | +€37 | |
| Suppliers | 440/4 | €0 | €37 | +€37 | |
| Taxes, remuneration and social security | 45 | €49,293 | €37,676 | -€11,617 | -23.6% |
| Taxes | 450/3 | €49,293 | €37,676 | -€11,617 | -23.6% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,152 | - | -€4,152 | |
| Other operating charges | 640/8 | - | €1,200 | +€1,200 | |
| Gross operating margin | 9900 | €0 | -€41,573 | -€41,573 | |
| Operating profit (loss) | 9901 | -€4,152 | -€42,773 | -€38,620 | -930.1% |
| Financial income | 75/76B | €3,025 | €4,710 | +€1,685 | +55.7% |
| Recurring financial income | 75 | €3,025 | €4,710 | +€1,685 | +55.7% |
| Financial charges | 65/66B | €5 | €233 | +€228 | +4352.9% |
| Recurring financial charges | 65 | €5 | €233 | +€228 | +4352.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,132 | -€38,296 | -€37,164 | -3281.7% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€1,132 | -€38,296 | -€37,164 | -3281.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,132 | -€38,296 | -€37,164 | -3281.7% |
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 10 October 2026 via checked.be.