VANIBEL: 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.
VANIBEL
Largest movements
- Current investments -€760,725
down €760,725 (-100.0%), from €760,725 to €0
- Cash +€178,057
up €178,057 (+305.6%), from €58,268 to €236,325
mainly Current investments (+€760,725) and Net result for the year (+€29,087)
- Tangible fixed assets -€12,125
down €12,125 (-3.7%), from €327,197 to €315,072
of which Land and buildings: -€11,239
- Reserves -€587,992
down €587,992 (-57.5%), from €1.0m to €435,120
of which Distributable reserves: -€581,359
- Financial income -€20,517
down €20,517 (-86.2%), from €23,800 to €3,283
- Taxes -€6,399
down €6,399 (-27.7%), from €23,092 to €16,693
- Gross operating margin +€733
up €733 (+1.3%), from €55,180 to €55,913
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 | €1,152,217 | €560,268 | -€591,949 | -51.4% |
| Fixed assets | 21/28 | €327,197 | €315,072 | -€12,125 | -3.7% |
| Tangible fixed assets | 22/27 | €327,197 | €315,072 | -€12,125 | -3.7% |
| Land and buildings | 22 | €326,226 | €314,988 | -€11,239 | -3.4% |
| Plant, machinery and equipment | 23 | €971 | €84 | -€886 | -91.3% |
| Current assets | 29/58 | €825,020 | €245,197 | -€579,824 | -70.3% |
| Current investments | 50/53 | €760,725 | €0 | -€760,725 | -100.0% |
| Cash at bank and in hand | 54/58 | €58,268 | €236,325 | +€178,057 | +305.6% |
| Deferred charges and accrued income | 490/1 | €6,027 | €8,871 | +€2,844 | +47.2% |
| Total equity and liabilities | 10/49 | €1,152,217 | €560,268 | -€591,949 | -51.4% |
| Equity | 10/15 | €1,085,112 | €497,120 | -€587,992 | -54.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,023,112 | €435,120 | -€587,992 | -57.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €168,042 | €161,409 | -€6,633 | -3.9% |
| Distributable reserves | 133 | €855,069 | €273,711 | -€581,359 | -68.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €56,014 | €53,803 | -€2,211 | -3.9% |
| Deferred taxes | 168 | €56,014 | €53,803 | -€2,211 | -3.9% |
| Amounts payable | 17/49 | €11,091 | €9,346 | -€1,746 | -15.7% |
| Amounts payable within one year | 42/48 | €11,091 | €9,346 | -€1,746 | -15.7% |
| Taxes, remuneration and social security | 45 | €5,715 | €3,969 | -€1,746 | -30.5% |
| Taxes | 450/3 | €5,715 | €3,969 | -€1,746 | -30.5% |
| Other amounts payable | 47/48 | €5,376 | €5,376 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,649 | €12,125 | -€524 | -4.1% |
| Other operating charges | 640/8 | €3,049 | €3,138 | +€89 | +2.9% |
| Gross operating margin | 9900 | €55,180 | €55,913 | +€733 | +1.3% |
| Operating profit (loss) | 9901 | €39,482 | €40,650 | +€1,168 | +3.0% |
| Financial income | 75/76B | €23,800 | €3,283 | -€20,517 | -86.2% |
| Recurring financial income | 75 | €23,800 | €3,283 | -€20,517 | -86.2% |
| Financial charges | 65/66B | €170 | €363 | +€193 | +113.3% |
| Recurring financial charges | 65 | €170 | €363 | +€193 | +113.3% |
| Profit (loss) for the period before taxes | 9903 | €63,112 | €43,569 | -€19,543 | -31.0% |
| Transfer from deferred taxes | 780 | €2,211 | €2,211 | = | 0.0% |
| Income taxes | 67/77 | €23,092 | €16,693 | -€6,399 | -27.7% |
| Profit (loss) for the period | 9904 | €42,231 | €29,087 | -€13,144 | -31.1% |
| Transfer from tax-exempt reserves | 789 | €6,633 | €6,633 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €48,865 | €35,721 | -€13,144 | -26.9% |
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 30 September 2026 via checked.be.