Vanguard Europe: what changed
Vanguard Europe
Largest movements
- Receivables after one year +€130,000
new in 2025: €130,000
- Cash +€67,444
up €67,444 (+570%), from €11,830 to €79,274
mainly Net result for the year (+€171,354) and Tax, wage and social debts (+€57,545)
- Receivables within one year +€28,151
up €28,151 (+68.3%), from €41,234 to €69,385
of which Trade receivables: +€23,944
- Deferred charges and accrued income +€8,988
new in 2025: €8,988
- Tangible fixed assets +€5,608
up €5,608 (+78.4%), from €7,153 to €12,761
- Profit (loss) carried forward +€171,354
up €171,354 (+455%), from €37,664 to €209,018
- Tax, wage and social debts +€57,545
up €57,545 (+386%), from €14,909 to €72,454
of which Taxes: +€52,440
- Trade debts +€14,392
up €14,392 (+2,646%), from €544 to €14,936
- Accrued charges and deferred income -€3,100
no longer reported in 2025 (was €3,100)
- Gross operating margin +€218,413
up €218,413 (+424%), from €51,533 to €269,946
- Taxes +€42,872
up €42,872 (+320%), from €13,408 to €56,280
- Staff costs +€40,029
new in 2025: €40,029
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €60,217 | €300,408 | +€240,191 | +399% |
| Fixed assets | 21/28 | €7,153 | €12,761 | +€5,608 | +78.4% |
| Tangible fixed assets | 22/27 | €7,153 | €12,761 | +€5,608 | +78.4% |
| Furniture and vehicles | 24 | €7,153 | €12,761 | +€5,608 | +78.4% |
| Current assets | 29/58 | €53,064 | €287,647 | +€234,583 | +442% |
| Amounts receivable after more than one year | 29 | - | €130,000 | +€130,000 | |
| Other amounts receivable | 291 | - | €130,000 | +€130,000 | |
| Amounts receivable within one year | 40/41 | €41,234 | €69,385 | +€28,151 | +68.3% |
| Trade receivables | 40 | €39,050 | €62,994 | +€23,944 | +61.3% |
| Other amounts receivable | 41 | €2,184 | €6,391 | +€4,207 | +193% |
| Cash at bank and in hand | 54/58 | €11,830 | €79,274 | +€67,444 | +570% |
| Deferred charges and accrued income | 490/1 | - | €8,988 | +€8,988 | |
| Total equity and liabilities | 10/49 | €60,217 | €300,408 | +€240,191 | +399% |
| Equity | 10/15 | €41,664 | €213,018 | +€171,354 | +411% |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,664 | €209,018 | +€171,354 | +455% |
| Amounts payable | 17/49 | €18,553 | €87,390 | +€68,837 | +371% |
| Amounts payable within one year | 42/48 | €15,453 | €87,390 | +€71,937 | +466% |
| Trade debts | 44 | €544 | €14,936 | +€14,392 | +2,646% |
| Suppliers | 440/4 | €544 | €14,936 | +€14,392 | +2,646% |
| Taxes, remuneration and social security | 45 | €14,909 | €72,454 | +€57,545 | +386% |
| Taxes | 450/3 | €14,909 | €67,349 | +€52,440 | +352% |
| Remuneration and social security | 454/9 | - | €5,105 | +€5,105 | |
| Accrued charges and deferred income | 492/3 | €3,100 | - | -€3,100 | |
| Remuneration, social security and pensions | 62 | - | €40,029 | +€40,029 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,645 | +€1,645 | |
| Other operating charges | 640/8 | €437 | €527 | +€90 | +20.6% |
| Gross operating margin | 9900 | €51,533 | €269,946 | +€218,413 | +424% |
| Operating profit (loss) | 9901 | €51,096 | €227,745 | +€176,649 | +346% |
| Financial income | 75/76B | - | €1,224 | +€1,224 | |
| Recurring financial income | 75 | - | €1,224 | +€1,224 | |
| Financial charges | 65/66B | €24 | €1,335 | +€1,311 | +5,463% |
| Recurring financial charges | 65 | €24 | €1,335 | +€1,311 | +5,463% |
| Profit (loss) for the period before taxes | 9903 | €51,072 | €227,634 | +€176,562 | +346% |
| Income taxes | 67/77 | €13,408 | €56,280 | +€42,872 | +320% |
| Profit (loss) for the period | 9904 | €37,664 | €171,354 | +€133,690 | +355% |
| Profit (loss) for the period to be appropriated | 9905 | €37,664 | €171,354 | +€133,690 | +355% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.