Vanham: 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.
Vanham
Largest movements
- Tangible fixed assets -€6,029
down €6,029 (-21.3%), from €28,310 to €22,281
of which Plant, machinery and equipment: -€3,579
- Cash -€4,177
down €4,177 (-20.0%), from €20,927 to €16,750
mainly Other debts (-€12,174) and Investment in fixed assets (net) (-€4,674)
- Receivables within one year +€2,544
new in 2025: €2,544
- Other debts -€12,174
down €12,174 (-40.6%), from €30,001 to €17,828
- Reserves +€9,178
up €9,178 (+107%), from €8,579 to €17,757
- Tax, wage and social debts -€3,090
down €3,090 (-41.2%), from €7,508 to €4,418
of which Remuneration and social security: -€2,192
- Accrued charges and deferred income -€970
no longer reported in 2025 (was €970)
- Trade debts -€872
down €872 (-21.8%), from €4,007 to €3,136
- Staff costs -€2,137
down €2,137 (-20.6%), from €10,367 to €8,230
- Depreciation +€2,037
up €2,037 (+23.5%), from €8,666 to €10,703
- Other operating charges -€2,022
down €2,022 (-58.7%), from €3,446 to €1,424
- Taxes +€982
up €982 (+66.6%), from €1,474 to €2,456
- Gross operating margin -€586
down €586 (-1.8%), from €32,672 to €32,086
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 | €54,066 | €46,559 | -€7,507 | -13.9% |
| Fixed assets | 21/28 | €28,310 | €22,281 | -€6,029 | -21.3% |
| Tangible fixed assets | 22/27 | €28,310 | €22,281 | -€6,029 | -21.3% |
| Plant, machinery and equipment | 23 | €13,641 | €10,061 | -€3,579 | -26.2% |
| Furniture and vehicles | 24 | €182 | - | -€182 | |
| Other tangible fixed assets | 26 | €14,488 | €12,220 | -€2,268 | -15.7% |
| Current assets | 29/58 | €25,756 | €24,277 | -€1,478 | -5.7% |
| Stocks and contracts in progress | 3 | €4,829 | €4,984 | +€155 | +3.2% |
| Stocks | 30/36 | €4,829 | €4,984 | +€155 | +3.2% |
| Amounts receivable within one year | 40/41 | - | €2,544 | +€2,544 | |
| Other amounts receivable | 41 | - | €2,544 | +€2,544 | |
| Cash at bank and in hand | 54/58 | €20,927 | €16,750 | -€4,177 | -20.0% |
| Total equity and liabilities | 10/49 | €54,066 | €46,559 | -€7,507 | -13.9% |
| Equity | 10/15 | €11,579 | €20,757 | +€9,178 | +79.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €8,579 | €17,757 | +€9,178 | +107% |
| Distributable reserves | 133 | €8,579 | €17,757 | +€9,178 | +107% |
| Amounts payable | 17/49 | €42,487 | €25,802 | -€16,685 | -39.3% |
| Amounts payable within one year | 42/48 | €41,517 | €25,802 | -€15,715 | -37.9% |
| Financial debts | 43 | - | €420 | +€420 | |
| Credit institutions | 430/8 | - | €420 | +€420 | |
| Trade debts | 44 | €4,007 | €3,136 | -€872 | -21.8% |
| Suppliers | 440/4 | €4,007 | €3,136 | -€872 | -21.8% |
| Taxes, remuneration and social security | 45 | €7,508 | €4,418 | -€3,090 | -41.2% |
| Taxes | 450/3 | €5,315 | €4,417 | -€898 | -16.9% |
| Remuneration and social security | 454/9 | €2,193 | €2 | -€2,192 | -99.9% |
| Other amounts payable | 47/48 | €30,001 | €17,828 | -€12,174 | -40.6% |
| Accrued charges and deferred income | 492/3 | €970 | - | -€970 | |
| Remuneration, social security and pensions | 62 | €10,367 | €8,230 | -€2,137 | -20.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,666 | €10,703 | +€2,037 | +23.5% |
| Other operating charges | 640/8 | €3,446 | €1,424 | -€2,022 | -58.7% |
| Gross operating margin | 9900 | €32,672 | €32,086 | -€586 | -1.8% |
| Operating profit (loss) | 9901 | €10,192 | €11,729 | +€1,537 | +15.1% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €139 | €95 | -€44 | -31.8% |
| Recurring financial charges | 65 | €139 | €95 | -€44 | -31.8% |
| Profit (loss) for the period before taxes | 9903 | €10,053 | €11,634 | +€1,581 | +15.7% |
| Income taxes | 67/77 | €1,474 | €2,456 | +€982 | +66.6% |
| Profit (loss) for the period | 9904 | €8,579 | €9,178 | +€599 | +7.0% |
| Profit (loss) for the period to be appropriated | 9905 | €8,579 | €9,178 | +€599 | +7.0% |
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 14 October 2026 via checked.be.