VANGHEEL: 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.
VANGHEEL
Largest movements
- Receivables within one year -€72,898
down €72,898 (-46.4%), from €157,076 to €84,179
- Stocks and contracts -€47,521
down €47,521 (-14.1%), from €337,941 to €290,420
- Tangible fixed assets -€11,434
down €11,434 (-36.7%), from €31,138 to €19,704
of which Plant, machinery and equipment: -€8,896
- Reserves -€118,889
down €118,889 (-31.2%), from €380,525 to €261,636
- Trade debts -€17,978
down €17,978 (-92.9%), from €19,360 to €1,383
- Current portion of long-term debt +€6,160
up €6,160 (+129%), from €4,791 to €10,951
- Gross operating margin -€235,885
down €235,885, from €145,277 to -€90,609
- Taxes -€32,364
down €32,364 (-99.5%), from €32,524 to €160
- Financial charges -€17,265
down €17,265 (-73.1%), from €23,633 to €6,368
- Staff costs +€7,261
new in 2025: €7,261
- Depreciation +€5,050
up €5,050 (+69.3%), from €7,292 to €12,342
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 | €553,703 | €418,114 | -€135,589 | -24.5% |
| Fixed assets | 21/28 | €32,713 | €19,704 | -€13,009 | -39.8% |
| Tangible fixed assets | 22/27 | €31,138 | €19,704 | -€11,434 | -36.7% |
| Plant, machinery and equipment | 23 | €27,279 | €18,383 | -€8,896 | -32.6% |
| Furniture and vehicles | 24 | €3,859 | €1,321 | -€2,538 | -65.8% |
| Financial fixed assets | 28 | €1,575 | - | -€1,575 | |
| Current assets | 29/58 | €520,990 | €398,410 | -€122,580 | -23.5% |
| Stocks and contracts in progress | 3 | €337,941 | €290,420 | -€47,521 | -14.1% |
| Stocks | 30/36 | €337,941 | €290,420 | -€47,521 | -14.1% |
| Amounts receivable within one year | 40/41 | €157,076 | €84,179 | -€72,898 | -46.4% |
| Other amounts receivable | 41 | €157,076 | €84,179 | -€72,898 | -46.4% |
| Cash at bank and in hand | 54/58 | €25,973 | €23,811 | -€2,162 | -8.3% |
| Total equity and liabilities | 10/49 | €553,703 | €418,114 | -€135,589 | -24.5% |
| Equity | 10/15 | €399,125 | €280,236 | -€118,889 | -29.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €380,525 | €261,636 | -€118,889 | -31.2% |
| Distributable reserves | 133 | €380,525 | €261,636 | -€118,889 | -31.2% |
| Amounts payable | 17/49 | €154,578 | €137,878 | -€16,700 | -10.8% |
| Amounts payable after more than one year | 17 | €2,495 | - | -€2,495 | |
| Financial debts | 170/4 | €2,495 | - | -€2,495 | |
| Amounts payable within one year | 42/48 | €152,083 | €137,878 | -€14,205 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €4,791 | €10,951 | +€6,160 | +129% |
| Trade debts | 44 | €19,360 | €1,383 | -€17,978 | -92.9% |
| Suppliers | 440/4 | €19,360 | €1,383 | -€17,978 | -92.9% |
| Taxes, remuneration and social security | 45 | €22,292 | €18,464 | -€3,828 | -17.2% |
| Taxes | 450/3 | €19,414 | €17,524 | -€1,890 | -9.7% |
| Remuneration and social security | 454/9 | €2,878 | €940 | -€1,938 | -67.3% |
| Other amounts payable | 47/48 | €105,639 | €107,080 | +€1,441 | +1.4% |
| Remuneration, social security and pensions | 62 | - | €7,261 | +€7,261 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,292 | €12,342 | +€5,050 | +69.3% |
| Other operating charges | 640/8 | €917 | €2,149 | +€1,232 | +134% |
| Gross operating margin | 9900 | €145,277 | -€90,609 | -€235,885 | |
| Operating profit (loss) | 9901 | €137,067 | -€112,361 | -€249,428 | |
| Financial income | 75/76B | €1 | €1 | -€0 | -36.7% |
| Recurring financial income | 75 | €1 | €1 | -€0 | -36.7% |
| Financial charges | 65/66B | €23,633 | €6,368 | -€17,265 | -73.1% |
| Recurring financial charges | 65 | €23,633 | €6,368 | -€17,265 | -73.1% |
| Profit (loss) for the period before taxes | 9903 | €113,435 | -€118,729 | -€232,164 | |
| Income taxes | 67/77 | €32,524 | €160 | -€32,364 | -99.5% |
| Profit (loss) for the period | 9904 | €80,911 | -€118,889 | -€199,800 | |
| Profit (loss) for the period to be appropriated | 9905 | €80,911 | -€118,889 | -€199,800 |
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 17 October 2026 via checked.be.