Vanguard Law: 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.
Vanguard Law
Largest movements
- Cash -€15,602
down €15,602 (-10.8%), from €144,130 to €128,528
mainly Tax, wage and social debts (-€18,049) and Investment in fixed assets (net) (-€17,560)
- Tangible fixed assets +€11,104
up €11,104 (+17.8%), from €62,297 to €73,401
of which Land and buildings: +€12,619
- Receivables within one year +€8,863
up €8,863 (+8.2%), from €107,811 to €116,674
of which Other amounts receivable: +€13,438
- Tax, wage and social debts -€18,049
down €18,049 (-86.8%), from €20,801 to €2,752
of which Taxes: -€16,699
- Other debts +€16,131
up €16,131 (+189%), from €8,541 to €24,673
- Profit (loss) carried forward +€7,920
up €7,920 (+3.1%), from €256,841 to €264,761
- Trade debts -€3,633
down €3,633 (-28.5%), from €12,770 to €9,137
- Gross operating margin -€88,770
down €88,770 (-78.1%), from €113,670 to €24,900
- Taxes -€18,763
down €18,763 (-88.4%), from €21,230 to €2,467
- Depreciation +€4,040
up €4,040 (+167%), from €2,416 to €6,456
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 | €318,079 | €320,214 | +€2,135 | +0.7% |
| Fixed assets | 21/28 | €62,297 | €73,401 | +€11,104 | +17.8% |
| Tangible fixed assets | 22/27 | €62,297 | €73,401 | +€11,104 | +17.8% |
| Land and buildings | 22 | €57,308 | €69,927 | +€12,619 | +22.0% |
| Furniture and vehicles | 24 | €4,989 | €3,474 | -€1,515 | -30.4% |
| Current assets | 29/58 | €255,782 | €246,812 | -€8,970 | -3.5% |
| Amounts receivable within one year | 40/41 | €107,811 | €116,674 | +€8,863 | +8.2% |
| Trade receivables | 40 | €107,811 | €103,236 | -€4,575 | -4.2% |
| Other amounts receivable | 41 | - | €13,438 | +€13,438 | |
| Cash at bank and in hand | 54/58 | €144,130 | €128,528 | -€15,602 | -10.8% |
| Deferred charges and accrued income | 490/1 | €3,841 | €1,610 | -€2,231 | -58.1% |
| Total equity and liabilities | 10/49 | €318,079 | €320,214 | +€2,135 | +0.7% |
| Equity | 10/15 | €275,441 | €283,361 | +€7,920 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €256,841 | €264,761 | +€7,920 | +3.1% |
| Amounts payable | 17/49 | €42,638 | €36,852 | -€5,786 | -13.6% |
| Amounts payable within one year | 42/48 | €42,113 | €36,561 | -€5,552 | -13.2% |
| Trade debts | 44 | €12,770 | €9,137 | -€3,633 | -28.5% |
| Suppliers | 440/4 | €12,770 | €9,137 | -€3,633 | -28.5% |
| Taxes, remuneration and social security | 45 | €20,801 | €2,752 | -€18,049 | -86.8% |
| Taxes | 450/3 | €19,451 | €2,752 | -€16,699 | -85.9% |
| Remuneration and social security | 454/9 | €1,350 | - | -€1,350 | |
| Other amounts payable | 47/48 | €8,541 | €24,673 | +€16,131 | +189% |
| Accrued charges and deferred income | 492/3 | €525 | €291 | -€234 | -44.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,416 | €6,456 | +€4,040 | +167% |
| Other operating charges | 640/8 | €7,346 | €7,649 | +€303 | +4.1% |
| Gross operating margin | 9900 | €113,670 | €24,900 | -€88,770 | -78.1% |
| Operating profit (loss) | 9901 | €103,908 | €10,795 | -€93,113 | -89.6% |
| Financial income | 75/76B | €1 | €22 | +€21 | +2,058% |
| Recurring financial income | 75 | €1 | €22 | +€21 | +2,058% |
| Financial charges | 65/66B | €501 | €430 | -€71 | -14.2% |
| Recurring financial charges | 65 | €501 | €430 | -€71 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €103,409 | €10,387 | -€93,022 | -90.0% |
| Income taxes | 67/77 | €21,230 | €2,467 | -€18,763 | -88.4% |
| Profit (loss) for the period | 9904 | €82,179 | €7,920 | -€74,258 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | €82,179 | €7,920 | -€74,258 | -90.4% |
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 27 October 2026 via checked.be.