VANGEEL: 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.
VANGEEL
Largest movements
- Tangible fixed assets -€354,941
down €354,941 (-19.7%), from €1.8m to €1.4m
- Cash +€212,623
up €212,623 (+201.2%), from €105,677 to €318,300
mainly Investment in fixed assets (net) (+€291,914) and Net result for the year (+€84,009)
- Debts after one year -€99,609
down €99,609 (-10.9%), from €914,669 to €815,060
- Current portion of long-term debt -€41,277
down €41,277 (-36.9%), from €111,889 to €70,612
- Depreciation -€9,470
down €9,470 (-13.1%), from €72,497 to €63,027
- Gross operating margin +€8,857
up €8,857 (+3.5%), from €250,344 to €259,201
- Taxes +€3,511
up €3,511 (+11.8%), from €29,727 to €33,238
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 | €1,905,877 | €1,763,559 | -€142,318 | -7.5% |
| Fixed assets | 21/28 | €1,800,200 | €1,445,259 | -€354,941 | -19.7% |
| Tangible fixed assets | 22/27 | €1,800,200 | €1,445,259 | -€354,941 | -19.7% |
| Land and buildings | 22 | €1,800,200 | €1,445,259 | -€354,941 | -19.7% |
| Current assets | 29/58 | €105,677 | €318,300 | +€212,623 | +201.2% |
| Cash at bank and in hand | 54/58 | €105,677 | €318,300 | +€212,623 | +201.2% |
| Total equity and liabilities | 10/49 | €1,905,877 | €1,763,559 | -€142,318 | -7.5% |
| Equity | 10/15 | €556,887 | €541,184 | -€15,703 | -2.8% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Capital | 10 | €120,000 | €120,000 | = | 0.0% |
| Issued capital | 100 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €418,860 | €403,157 | -€15,703 | -3.7% |
| Non-distributable reserves | 130/1 | €52,000 | €52,000 | = | 0.0% |
| Legal reserve | 130 | €52,000 | €52,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €320,524 | €304,821 | -€15,703 | -4.9% |
| Distributable reserves | 133 | €46,336 | €46,336 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,027 | €18,027 | = | 0.0% |
| Provisions and deferred taxes | 16 | €228,353 | €223,119 | -€5,234 | -2.3% |
| Deferred taxes | 168 | €228,353 | €223,119 | -€5,234 | -2.3% |
| Amounts payable | 17/49 | €1,120,637 | €999,256 | -€121,381 | -10.8% |
| Amounts payable after more than one year | 17 | €914,669 | €815,060 | -€99,609 | -10.9% |
| Financial debts | 170/4 | €914,669 | €815,060 | -€99,609 | -10.9% |
| Amounts payable within one year | 42/48 | €205,968 | €184,196 | -€21,772 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €111,889 | €70,612 | -€41,277 | -36.9% |
| Trade debts | 44 | €386 | €236 | -€150 | -38.9% |
| Suppliers | 440/4 | €386 | €236 | -€150 | -38.9% |
| Taxes, remuneration and social security | 45 | €4,505 | €12,742 | +€8,237 | +182.8% |
| Taxes | 450/3 | €4,505 | €12,742 | +€8,237 | +182.8% |
| Other amounts payable | 47/48 | €89,188 | €100,606 | +€11,418 | +12.8% |
| Non-recurring operating income | 76A | - | €13,985 | +€13,985 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €72,497 | €63,027 | -€9,470 | -13.1% |
| Other operating charges | 640/8 | €21,660 | €23,007 | +€1,347 | +6.2% |
| Gross operating margin | 9900 | €250,344 | €259,201 | +€8,857 | +3.5% |
| Operating profit (loss) | 9901 | €156,187 | €173,167 | +€16,980 | +10.9% |
| Financial charges | 65/66B | €59,104 | €61,155 | +€2,051 | +3.5% |
| Recurring financial charges | 65 | €59,104 | €61,155 | +€2,051 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €97,083 | €112,012 | +€14,929 | +15.4% |
| Transfer from deferred taxes | 780 | €5,234 | €5,235 | +€1 | 0.0% |
| Income taxes | 67/77 | €29,727 | €33,238 | +€3,511 | +11.8% |
| Profit (loss) for the period | 9904 | €72,590 | €84,009 | +€11,419 | +15.7% |
| Transfer from tax-exempt reserves | 789 | €15,704 | €15,703 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €88,294 | €99,712 | +€11,418 | +12.9% |
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 8 October 2026 via checked.be.