VANGUARD VISION: 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 VISION
Largest movements
- Cash +€13,460
up €13,460 (+19.9%), from €67,808 to €81,268
mainly Net result for the year (+€87,881) and Receivables within one year (+€5,134)
- Receivables within one year -€5,134
down €5,134 (-13.6%), from €37,617 to €32,483
of which Trade receivables: -€4,005
- Reserves +€8,732
up €8,732 (+11.0%), from €79,149 to €87,881
- Gross operating margin +€9,113
up €9,113 (+8.5%), from €106,891 to €116,004
- Taxes +€2,489
up €2,489 (+11.4%), from €21,754 to €24,244
- Depreciation -€2,336
down €2,336 (-51.9%), from €4,504 to €2,168
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 | €113,508 | €120,807 | +€7,298 | +6.4% |
| Fixed assets | 21/28 | €4,759 | €4,919 | +€160 | +3.4% |
| Tangible fixed assets | 22/27 | €4,759 | €4,919 | +€160 | +3.4% |
| Furniture and vehicles | 24 | €4,295 | €2,336 | -€1,959 | -45.6% |
| Other tangible fixed assets | 26 | €464 | €2,583 | +€2,118 | +456% |
| Current assets | 29/58 | €108,750 | €115,888 | +€7,139 | +6.6% |
| Amounts receivable within one year | 40/41 | €37,617 | €32,483 | -€5,134 | -13.6% |
| Trade receivables | 40 | €36,488 | €32,483 | -€4,005 | -11.0% |
| Other amounts receivable | 41 | €1,129 | €0 | -€1,129 | -100% |
| Cash at bank and in hand | 54/58 | €67,808 | €81,268 | +€13,460 | +19.9% |
| Deferred charges and accrued income | 490/1 | €3,325 | €2,137 | -€1,188 | -35.7% |
| Total equity and liabilities | 10/49 | €113,508 | €120,807 | +€7,298 | +6.4% |
| Equity | 10/15 | €97,749 | €106,481 | +€8,732 | +8.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €79,149 | €87,881 | +€8,732 | +11.0% |
| Distributable reserves | 133 | €79,149 | €87,881 | +€8,732 | +11.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €15,759 | €14,326 | -€1,433 | -9.1% |
| Amounts payable within one year | 42/48 | €15,759 | €13,936 | -€1,823 | -11.6% |
| Financial debts | 43 | €28 | €0 | -€28 | -100% |
| Credit institutions | 430/8 | €28 | €0 | -€28 | -100% |
| Trade debts | 44 | €2,665 | €1,564 | -€1,100 | -41.3% |
| Suppliers | 440/4 | €2,665 | €1,564 | -€1,100 | -41.3% |
| Taxes, remuneration and social security | 45 | €12,207 | €11,208 | -€999 | -8.2% |
| Taxes | 450/3 | €12,207 | €11,208 | -€999 | -8.2% |
| Other amounts payable | 47/48 | €859 | €1,164 | +€305 | +35.5% |
| Accrued charges and deferred income | 492/3 | €0 | €390 | +€390 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,504 | €2,168 | -€2,336 | -51.9% |
| Other operating charges | 640/8 | €1,066 | €1,157 | +€91 | +8.6% |
| Gross operating margin | 9900 | €106,891 | €116,004 | +€9,113 | +8.5% |
| Operating profit (loss) | 9901 | €101,321 | €112,680 | +€11,359 | +11.2% |
| Financial income | 75/76B | €16 | €67 | +€51 | +327% |
| Recurring financial income | 75 | €16 | €67 | +€51 | +327% |
| Financial charges | 65/66B | €214 | €622 | +€408 | +190% |
| Recurring financial charges | 65 | €214 | €622 | +€408 | +190% |
| Profit (loss) for the period before taxes | 9903 | €101,122 | €112,124 | +€11,002 | +10.9% |
| Income taxes | 67/77 | €21,754 | €24,244 | +€2,489 | +11.4% |
| Profit (loss) for the period | 9904 | €79,368 | €87,881 | +€8,513 | +10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €79,368 | €87,881 | +€8,513 | +10.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.