VANGENCK: 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.
VANGENCK
Largest movements
- Cash +€55,980
up €55,980 (+41.6%), from €134,426 to €190,406
mainly Other debts (+€238,943) and Net result for the year (+€50,380)
- Tangible fixed assets -€8,976
down €8,976 (-9.4%), from €95,963 to €86,987
of which Land and buildings: -€8,673
- Other debts +€238,943
up €238,943 (+22,605%), from €1,057 to €240,000
- Reserves -€189,620
down €189,620 (-86.2%), from €219,850 to €30,230
- Tax, wage and social debts +€3,987
up €3,987 (+88.5%), from €4,504 to €8,491
- Gross operating margin +€5,444
up €5,444 (+7.8%), from €69,994 to €75,438
- Taxes +€1,347
up €1,347 (+11.3%), from €11,906 to €13,253
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.
Derived cash bridge
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 | €249,772 | €299,044 | +€49,271 | +19.7% |
| Fixed assets | 21/28 | €95,963 | €86,987 | -€8,976 | -9.4% |
| Tangible fixed assets | 22/27 | €95,963 | €86,987 | -€8,976 | -9.4% |
| Land and buildings | 22 | €92,865 | €84,192 | -€8,673 | -9.3% |
| Plant, machinery and equipment | 23 | €1,511 | €1,114 | -€397 | -26.3% |
| Furniture and vehicles | 24 | €1,308 | €1,680 | +€372 | +28.4% |
| Other tangible fixed assets | 26 | €278 | - | -€278 | |
| Current assets | 29/58 | €153,810 | €212,057 | +€58,247 | +37.9% |
| Amounts receivable within one year | 40/41 | €16,869 | €18,409 | +€1,540 | +9.1% |
| Trade receivables | 40 | €16,439 | €16,972 | +€533 | +3.2% |
| Other amounts receivable | 41 | €431 | €1,437 | +€1,007 | +234% |
| Cash at bank and in hand | 54/58 | €134,426 | €190,406 | +€55,980 | +41.6% |
| Deferred charges and accrued income | 490/1 | €2,515 | €3,242 | +€727 | +28.9% |
| Total equity and liabilities | 10/49 | €249,772 | €299,044 | +€49,271 | +19.7% |
| Equity | 10/15 | €238,450 | €48,830 | -€189,620 | -79.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €219,850 | €30,230 | -€189,620 | -86.2% |
| Distributable reserves | 133 | €219,850 | €30,230 | -€189,620 | -86.2% |
| Amounts payable | 17/49 | €11,322 | €250,214 | +€238,892 | +2,110% |
| Amounts payable within one year | 42/48 | €9,585 | €248,624 | +€239,039 | +2,494% |
| Current portion of amounts payable after more than one year | 42 | €2,577 | - | -€2,577 | |
| Trade debts | 44 | €1,447 | €134 | -€1,313 | -90.8% |
| Suppliers | 440/4 | €1,447 | €134 | -€1,313 | -90.8% |
| Taxes, remuneration and social security | 45 | €4,504 | €8,491 | +€3,987 | +88.5% |
| Taxes | 450/3 | €4,504 | €8,491 | +€3,987 | +88.5% |
| Other amounts payable | 47/48 | €1,057 | €240,000 | +€238,943 | +22,605% |
| Accrued charges and deferred income | 492/3 | €1,737 | €1,590 | -€147 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,896 | €10,215 | -€681 | -6.3% |
| Other operating charges | 640/8 | €502 | €589 | +€86 | +17.2% |
| Gross operating margin | 9900 | €69,994 | €75,438 | +€5,444 | +7.8% |
| Operating profit (loss) | 9901 | €58,596 | €64,635 | +€6,039 | +10.3% |
| Financial income | 75/76B | - | €34 | +€34 | |
| Recurring financial income | 75 | - | €34 | +€34 | |
| Financial charges | 65/66B | €1,640 | €1,036 | -€604 | -36.8% |
| Recurring financial charges | 65 | €1,640 | €1,036 | -€604 | -36.8% |
| Profit (loss) for the period before taxes | 9903 | €56,955 | €63,632 | +€6,677 | +11.7% |
| Income taxes | 67/77 | €11,906 | €13,253 | +€1,347 | +11.3% |
| Profit (loss) for the period | 9904 | €45,049 | €50,380 | +€5,330 | +11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €45,049 | €50,380 | +€5,330 | +11.8% |
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 13 October 2026 via checked.be.