VANGUARD DECISION: 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.
VANGUARD DECISION
Largest movements
- Receivables after one year +€166,485
up €166,485 (+82.4%), from €201,929 to €368,414
- Tangible fixed assets +€18,650
up €18,650 (+897.7%), from €2,077 to €20,728
of which Furniture and vehicles: +€18,804
- Provisions +€107,192
up €107,192 (+76.6%), from €140,000 to €247,192
- Profit (loss) carried forward +€58,515
up €58,515, from -€2,056 to €56,459
- Trade debts +€28,227
up €28,227 (+61.2%), from €46,142 to €74,369
- Other debts -€24,569
down €24,569 (-31.3%), from €78,373 to €53,804
- Reserves +€14,000
up €14,000 (+43.9%), from €31,923 to €45,923
- Financial income +€100,020
up €100,020 (+1054.7%), from €9,483 to €109,504
- Provisions +€57,131
new in 2025: €57,131
- Gross operating margin +€35,109
up €35,109 (+585.8%), from €5,993 to €41,102
- Taxes +€4,518
up €4,518 (+329.4%), from €1,371 to €5,889
- Financial charges +€1,457
up €1,457 (+15.6%), from €9,338 to €10,795
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 | €339,233 | €519,249 | +€180,015 | +53.1% |
| Fixed assets | 21/28 | €4,978 | €23,859 | +€18,880 | +379.2% |
| Tangible fixed assets | 22/27 | €2,077 | €20,728 | +€18,650 | +897.7% |
| Land and buildings | 22 | €154 | - | -€154 | |
| Furniture and vehicles | 24 | €1,923 | €20,728 | +€18,804 | +977.6% |
| Financial fixed assets | 28 | €2,901 | €3,131 | +€230 | +7.9% |
| Current assets | 29/58 | €334,255 | €495,390 | +€161,135 | +48.2% |
| Amounts receivable after more than one year | 29 | €201,929 | €368,414 | +€166,485 | +82.4% |
| Other amounts receivable | 291 | €201,929 | €368,414 | +€166,485 | +82.4% |
| Amounts receivable within one year | 40/41 | €116,165 | €114,525 | -€1,640 | -1.4% |
| Trade receivables | 40 | €44,317 | €51,651 | +€7,334 | +16.5% |
| Other amounts receivable | 41 | €71,848 | €62,874 | -€8,975 | -12.5% |
| Cash at bank and in hand | 54/58 | €649 | €819 | +€170 | +26.2% |
| Deferred charges and accrued income | 490/1 | €15,511 | €11,632 | -€3,880 | -25.0% |
| Total equity and liabilities | 10/49 | €339,233 | €519,249 | +€180,015 | +53.1% |
| Equity | 10/15 | €42,267 | €114,782 | +€72,515 | +171.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €31,923 | €45,923 | +€14,000 | +43.9% |
| Distributable reserves | 133 | €31,923 | €45,923 | +€14,000 | +43.9% |
| Profit (loss) carried forward | 14 | -€2,056 | €56,459 | +€58,515 | |
| Provisions and deferred taxes | 16 | €140,000 | €247,192 | +€107,192 | +76.6% |
| Provisions for liabilities and charges | 160/5 | €140,000 | €247,192 | +€107,192 | +76.6% |
| Other liabilities and charges | 164/5 | €140,000 | €247,192 | +€107,192 | +76.6% |
| Amounts payable | 17/49 | €156,966 | €157,274 | +€308 | +0.2% |
| Amounts payable within one year | 42/48 | €156,738 | €157,274 | +€536 | +0.3% |
| Financial debts | 43 | €20,234 | €20,204 | -€30 | -0.1% |
| Credit institutions | 430/8 | €20,234 | €20,204 | -€30 | -0.1% |
| Trade debts | 44 | €46,142 | €74,369 | +€28,227 | +61.2% |
| Suppliers | 440/4 | €46,142 | €74,369 | +€28,227 | +61.2% |
| Taxes, remuneration and social security | 45 | €11,989 | €8,898 | -€3,091 | -25.8% |
| Taxes | 450/3 | €11,989 | €8,898 | -€3,091 | -25.8% |
| Other amounts payable | 47/48 | €78,373 | €53,804 | -€24,569 | -31.3% |
| Accrued charges and deferred income | 492/3 | €229 | - | -€229 | |
| Non-recurring operating income | 76A | €7,792 | €275 | -€7,517 | -96.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,085 | €3,435 | +€1,350 | +64.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €57,131 | +€57,131 | |
| Other operating charges | 640/8 | €1,223 | €387 | -€835 | -68.3% |
| Non-recurring operating charges | 66A | €4,774 | €453 | -€4,320 | -90.5% |
| Gross operating margin | 9900 | €5,993 | €41,102 | +€35,109 | +585.8% |
| Operating profit (loss) | 9901 | -€2,088 | -€20,305 | -€18,217 | -872.4% |
| Financial income | 75/76B | €9,483 | €109,504 | +€100,020 | +1054.7% |
| Recurring financial income | 75 | €9,483 | €109,504 | +€100,020 | +1054.7% |
| Financial charges | 65/66B | €9,338 | €10,795 | +€1,457 | +15.6% |
| Recurring financial charges | 65 | €9,338 | €10,795 | +€1,457 | +15.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,942 | €78,404 | +€80,347 | |
| Income taxes | 67/77 | €1,371 | €5,889 | +€4,518 | +329.4% |
| Profit (loss) for the period | 9904 | -€3,314 | €72,515 | +€75,829 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,314 | €72,515 | +€75,829 |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.