VANGOD: 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.
VANGOD
Largest movements
- Receivables within one year +€39,374
up €39,374 (+34.4%), from €114,590 to €153,963
of which Trade receivables: +€34,832
- Tangible fixed assets -€5,059
down €5,059 (-46.0%), from €10,994 to €5,934
of which Furniture and vehicles: -€5,059
- Stocks and contracts -€2,500
down €2,500 (-2.7%), from €91,500 to €89,000
- Trade debts +€36,823
up €36,823 (+226.7%), from €16,246 to €53,068
- Tax, wage and social debts -€14,853
down €14,853 (-37.4%), from €39,749 to €24,896
of which Taxes: -€12,832
- Reserves +€9,951
up €9,951 (+17.7%), from €56,225 to €66,176
of which Distributable reserves: +€9,951
- Short-term financial debts +€9,743
up €9,743 (+37.2%), from €26,197 to €35,940
- Other debts -€6,584
down €6,584 (-12.1%), from €54,474 to €47,891
- Gross operating margin +€13,754
up €13,754 (+10.3%), from €134,175 to €147,929
- Staff costs +€5,265
up €5,265 (+4.3%), from €122,925 to €128,190
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 | €217,187 | €249,001 | +€31,814 | +14.6% |
| Fixed assets | 21/28 | €10,994 | €5,934 | -€5,059 | -46.0% |
| Tangible fixed assets | 22/27 | €10,994 | €5,934 | -€5,059 | -46.0% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €10,994 | €5,934 | -€5,059 | -46.0% |
| Current assets | 29/58 | €206,193 | €243,067 | +€36,874 | +17.9% |
| Stocks and contracts in progress | 3 | €91,500 | €89,000 | -€2,500 | -2.7% |
| Stocks | 30/36 | €91,500 | €89,000 | -€2,500 | -2.7% |
| Amounts receivable within one year | 40/41 | €114,590 | €153,963 | +€39,374 | +34.4% |
| Trade receivables | 40 | €114,590 | €149,422 | +€34,832 | +30.4% |
| Other amounts receivable | 41 | €0 | €4,541 | +€4,541 | |
| Current investments | 50/53 | €103 | €103 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €0 | €0 | = | |
| Total equity and liabilities | 10/49 | €217,187 | €249,001 | +€31,814 | +14.6% |
| Equity | 10/15 | €77,255 | €87,206 | +€9,951 | +12.9% |
| Contributions | 10/11 | €21,030 | €21,030 | = | 0.0% |
| Capital | 10 | €21,030 | €21,030 | = | 0.0% |
| Issued capital | 100 | €21,030 | €21,030 | = | 0.0% |
| Reserves | 13 | €56,225 | €66,176 | +€9,951 | +17.7% |
| Non-distributable reserves | 130/1 | €2,103 | €2,103 | = | 0.0% |
| Legal reserve | 130 | €2,103 | €2,103 | = | 0.0% |
| Distributable reserves | 133 | €54,122 | €64,073 | +€9,951 | +18.4% |
| Amounts payable | 17/49 | €139,932 | €161,795 | +€21,863 | +15.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €139,932 | €161,795 | +€21,863 | +15.6% |
| Current portion of amounts payable after more than one year | 42 | €3,266 | €0 | -€3,266 | -100.0% |
| Financial debts | 43 | €26,197 | €35,940 | +€9,743 | +37.2% |
| Credit institutions | 430/8 | €26,197 | €35,940 | +€9,743 | +37.2% |
| Trade debts | 44 | €16,246 | €53,068 | +€36,823 | +226.7% |
| Suppliers | 440/4 | €16,246 | €53,068 | +€36,823 | +226.7% |
| Taxes, remuneration and social security | 45 | €39,749 | €24,896 | -€14,853 | -37.4% |
| Taxes | 450/3 | €17,746 | €4,914 | -€12,832 | -72.3% |
| Remuneration and social security | 454/9 | €22,003 | €19,982 | -€2,021 | -9.2% |
| Other amounts payable | 47/48 | €54,474 | €47,891 | -€6,584 | -12.1% |
| Non-recurring operating income | 76A | €4,312 | €977 | -€3,335 | -77.3% |
| Remuneration, social security and pensions | 62 | €122,925 | €128,190 | +€5,265 | +4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,059 | €5,059 | = | 0.0% |
| Other operating charges | 640/8 | €918 | €596 | -€322 | -35.1% |
| Gross operating margin | 9900 | €134,175 | €147,929 | +€13,754 | +10.3% |
| Operating profit (loss) | 9901 | €5,273 | €14,084 | +€8,811 | +167.1% |
| Financial charges | 65/66B | €4,809 | €4,133 | -€676 | -14.1% |
| Recurring financial charges | 65 | €4,809 | €4,133 | -€676 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €463 | €9,951 | +€9,487 | +2047.1% |
| Profit (loss) for the period | 9904 | €463 | €9,951 | +€9,487 | +2047.1% |
| Profit (loss) for the period to be appropriated | 9905 | €463 | €9,951 | +€9,487 | +2047.1% |
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 6 October 2026 via checked.be.