VANGEER: 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.
VANGEER
Largest movements
- Receivables within one year +€46,074
up €46,074 (+65.6%), from €70,271 to €116,345
of which Other amounts receivable: +€43,393
- Current investments -€29,230
no longer reported in 2025 (was €29,230)
- Tangible fixed assets +€11,449
new in 2025: €11,449
of which Furniture and vehicles: +€6,517
- Intangible fixed assets -€10,372
down €10,372 (-21.8%), from €47,483 to €37,111
- Reserves +€46,646
up €46,646 (+300.9%), from €15,500 to €62,146
- Debts after one year -€9,694
down €9,694 (-25.7%), from €37,719 to €28,025
- Accrued charges and deferred income -€7,110
no longer reported in 2025 (was €7,110)
- Trade debts -€6,167
down €6,167 (-14.4%), from €42,749 to €36,582
- Other debts -€4,641
down €4,641 (-28.7%), from €16,152 to €11,511
- Gross operating margin +€86,426
up €86,426 (+48.5%), from €178,238 to €264,664
- Staff costs +€48,490
up €48,490 (+35.6%), from €136,145 to €184,635
- Taxes +€10,140
up €10,140 (+121.3%), from €8,360 to €18,500
- Depreciation +€6,538
up €6,538 (+149.4%), from €4,376 to €10,914
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 | €236,956 | €254,093 | +€17,137 | +7.2% |
| Fixed assets | 21/28 | €47,633 | €48,560 | +€927 | +1.9% |
| Intangible fixed assets | 21 | €47,483 | €37,111 | -€10,372 | -21.8% |
| Tangible fixed assets | 22/27 | - | €11,449 | +€11,449 | |
| Land and buildings | 22 | - | €4,932 | +€4,932 | |
| Furniture and vehicles | 24 | - | €6,517 | +€6,517 | |
| Financial fixed assets | 28 | €150 | - | -€150 | |
| Current assets | 29/58 | €189,323 | €205,533 | +€16,210 | +8.6% |
| Amounts receivable within one year | 40/41 | €70,271 | €116,345 | +€46,074 | +65.6% |
| Trade receivables | 40 | €54,016 | €56,697 | +€2,681 | +5.0% |
| Other amounts receivable | 41 | €16,255 | €59,648 | +€43,393 | +267.0% |
| Current investments | 50/53 | €29,230 | - | -€29,230 | |
| Cash at bank and in hand | 54/58 | €89,208 | €88,495 | -€713 | -0.8% |
| Deferred charges and accrued income | 490/1 | €614 | €693 | +€79 | +12.9% |
| Total equity and liabilities | 10/49 | €236,956 | €254,093 | +€17,137 | +7.2% |
| Equity | 10/15 | €83,671 | €130,317 | +€46,646 | +55.7% |
| Contributions | 10/11 | €68,171 | €68,171 | = | 0.0% |
| Reserves | 13 | €15,500 | €62,146 | +€46,646 | +300.9% |
| Distributable reserves | 133 | €15,500 | €62,146 | +€46,646 | +300.9% |
| Amounts payable | 17/49 | €153,285 | €123,776 | -€29,509 | -19.3% |
| Amounts payable after more than one year | 17 | €37,719 | €28,025 | -€9,694 | -25.7% |
| Financial debts | 170/4 | €37,719 | €28,025 | -€9,694 | -25.7% |
| Amounts payable within one year | 42/48 | €108,456 | €95,751 | -€12,705 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €9,278 | €9,693 | +€415 | +4.5% |
| Trade debts | 44 | €42,749 | €36,582 | -€6,167 | -14.4% |
| Suppliers | 440/4 | €42,749 | €36,582 | -€6,167 | -14.4% |
| Taxes, remuneration and social security | 45 | €40,277 | €37,965 | -€2,312 | -5.7% |
| Taxes | 450/3 | €23,665 | €20,052 | -€3,613 | -15.3% |
| Remuneration and social security | 454/9 | €16,612 | €17,913 | +€1,301 | +7.8% |
| Other amounts payable | 47/48 | €16,152 | €11,511 | -€4,641 | -28.7% |
| Accrued charges and deferred income | 492/3 | €7,110 | - | -€7,110 | |
| Remuneration, social security and pensions | 62 | €136,145 | €184,635 | +€48,490 | +35.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,376 | €10,914 | +€6,538 | +149.4% |
| Other operating charges | 640/8 | €1,687 | €1,649 | -€38 | -2.3% |
| Gross operating margin | 9900 | €178,238 | €264,664 | +€86,426 | +48.5% |
| Operating profit (loss) | 9901 | €36,030 | €67,466 | +€31,436 | +87.2% |
| Financial income | 75/76B | €1,021 | €973 | -€48 | -4.7% |
| Recurring financial income | 75 | €1,021 | €973 | -€48 | -4.7% |
| Financial charges | 65/66B | €2,028 | €3,294 | +€1,266 | +62.4% |
| Recurring financial charges | 65 | €2,028 | €3,294 | +€1,266 | +62.4% |
| Profit (loss) for the period before taxes | 9903 | €35,023 | €65,145 | +€30,122 | +86.0% |
| Income taxes | 67/77 | €8,360 | €18,500 | +€10,140 | +121.3% |
| Profit (loss) for the period | 9904 | €26,663 | €46,645 | +€19,982 | +74.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,663 | €46,645 | +€19,982 | +74.9% |
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 5 October 2026 via checked.be.