Vanguard Operations: 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 Operations
Largest movements
- Financial fixed assets +€15,000
up €15,000 (+50000.0%), from €30 to €15,030
- Receivables within one year +€2,009
up €2,009 (+581.9%), from €345 to €2,354
of which Other amounts receivable: +€2,340
- Cash +€1,144
up €1,144 (+92.3%), from €1,239 to €2,382
mainly Debts after one year (+€34,750) and Tax, wage and social debts (+€296)
- Tangible fixed assets -€291
down €291 (-21.0%), from €1,391 to €1,099
- Debts after one year +€34,750
new in 2025: €34,750
- Profit (loss) carried forward -€15,870
down €15,870 (-1360.8%), from -€1,166 to -€17,036
- Trade debts -€1,563
no longer reported in 2025 (was €1,563)
- Tax, wage and social debts +€296
up €296 (+275.6%), from €107 to €403
- Other debts +€248
up €248 (+49.6%), from €500 to €748
- Gross operating margin -€13,496
down €13,496 (-1315.1%), from -€1,026 to -€14,523
- Financial charges +€540
up €540 (+308.8%), from €175 to €715
- Other operating charges +€530
new in 2025: €530
- Depreciation +€225
up €225 (+335.7%), from €67 to €291
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 | €3,005 | €20,866 | +€17,861 | +594.4% |
| Fixed assets | 21/28 | €1,421 | €16,129 | +€14,709 | +1035.4% |
| Tangible fixed assets | 22/27 | €1,391 | €1,099 | -€291 | -21.0% |
| Furniture and vehicles | 24 | €1,391 | €1,099 | -€291 | -21.0% |
| Financial fixed assets | 28 | €30 | €15,030 | +€15,000 | +50000.0% |
| Current assets | 29/58 | €1,584 | €4,737 | +€3,152 | +199.0% |
| Amounts receivable within one year | 40/41 | €345 | €2,354 | +€2,009 | +581.9% |
| Trade receivables | 40 | €331 | - | -€331 | |
| Other amounts receivable | 41 | €14 | €2,354 | +€2,340 | +16836.6% |
| Cash at bank and in hand | 54/58 | €1,239 | €2,382 | +€1,144 | +92.3% |
| Total equity and liabilities | 10/49 | €3,005 | €20,866 | +€17,861 | +594.4% |
| Equity | 10/15 | €834 | -€15,036 | -€15,870 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,166 | -€17,036 | -€15,870 | -1360.8% |
| Amounts payable | 17/49 | €2,171 | €35,902 | +€33,731 | +1553.8% |
| Amounts payable after more than one year | 17 | - | €34,750 | +€34,750 | |
| Other amounts payable | 178/9 | - | €34,750 | +€34,750 | |
| Amounts payable within one year | 42/48 | €2,171 | €1,152 | -€1,019 | -47.0% |
| Trade debts | 44 | €1,563 | - | -€1,563 | |
| Suppliers | 440/4 | €1,563 | - | -€1,563 | |
| Taxes, remuneration and social security | 45 | €107 | €403 | +€296 | +275.6% |
| Taxes | 450/3 | €107 | €403 | +€296 | +275.6% |
| Other amounts payable | 47/48 | €500 | €748 | +€248 | +49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67 | €291 | +€225 | +335.7% |
| Other operating charges | 640/8 | - | €530 | +€530 | |
| Gross operating margin | 9900 | -€1,026 | -€14,523 | -€13,496 | -1315.1% |
| Operating profit (loss) | 9901 | -€1,093 | -€15,344 | -€14,251 | -1303.6% |
| Financial income | 75/76B | €102 | €189 | +€87 | +85.8% |
| Recurring financial income | 75 | €102 | €189 | +€87 | +85.8% |
| Financial charges | 65/66B | €175 | €715 | +€540 | +308.8% |
| Recurring financial charges | 65 | €175 | €715 | +€540 | +308.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,166 | -€15,870 | -€14,704 | -1260.8% |
| Profit (loss) for the period | 9904 | -€1,166 | -€15,870 | -€14,704 | -1260.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,166 | -€15,870 | -€14,704 | -1260.8% |
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 5 October 2026 via checked.be.