VANICA: 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.
VANICA
Largest movements
- Cash -€416,484
down €416,484 (-59.5%), from €700,029 to €283,545
mainly Investment in fixed assets (net) (-€436,321) and Current investments (-€194,175)
- Tangible fixed assets +€387,588
up €387,588 (+60.3%), from €642,610 to €1.0m
of which Assets under construction and advance payments: +€417,877
- Current investments +€194,175
up €194,175 (+13.4%), from €1.4m to €1.6m
- Reserves +€254,218
up €254,218 (+11.4%), from €2.2m to €2.5m
of which Distributable reserves: +€254,218
- Other debts -€140,095
down €140,095 (-69.8%), from €200,764 to €60,670
- Trade debts -€67,164
down €67,164 (-54.2%), from €123,870 to €56,706
- Current portion of long-term debt +€66,667
new in 2025: €66,667
- Tax, wage and social debts +€40,870
up €40,870 (+54.4%), from €75,143 to €116,014
of which Taxes: +€40,856
- Gross operating margin -€42,350
down €42,350 (-7.9%), from €534,346 to €491,995
- Financial income +€25,518
up €25,518 (+124%), from €20,637 to €46,155
- Depreciation -€17,951
down €17,951 (-37.2%), from €48,240 to €30,289
- Financial charges +€7,968
up €7,968 (+27.8%), from €28,624 to €36,593
- Other operating charges +€6,142
up €6,142 (+80.4%), from €7,636 to €13,778
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 | €3,536,592 | €3,717,663 | +€181,071 | +5.1% |
| Fixed assets | 21/28 | €1,257,407 | €1,663,439 | +€406,032 | +32.3% |
| Tangible fixed assets | 22/27 | €642,610 | €1,030,198 | +€387,588 | +60.3% |
| Land and buildings | 22 | €81,406 | €78,085 | -€3,321 | -4.1% |
| Furniture and vehicles | 24 | €79,171 | €57,579 | -€21,592 | -27.3% |
| Other tangible fixed assets | 26 | €143,679 | €138,303 | -€5,376 | -3.7% |
| Assets under construction and advance payments | 27 | €338,354 | €756,231 | +€417,877 | +124% |
| Financial fixed assets | 28 | €614,798 | €633,242 | +€18,444 | +3.0% |
| Current assets | 29/58 | €2,279,185 | €2,054,224 | -€224,961 | -9.9% |
| Amounts receivable within one year | 40/41 | €133,015 | €122,564 | -€10,451 | -7.9% |
| Trade receivables | 40 | €130,484 | €120,034 | -€10,451 | -8.0% |
| Other amounts receivable | 41 | €2,530 | €2,530 | -€1 | 0.0% |
| Current investments | 50/53 | €1,444,385 | €1,638,559 | +€194,175 | +13.4% |
| Cash at bank and in hand | 54/58 | €700,029 | €283,545 | -€416,484 | -59.5% |
| Deferred charges and accrued income | 490/1 | €1,756 | €9,556 | +€7,800 | +444% |
| Total equity and liabilities | 10/49 | €3,536,592 | €3,717,663 | +€181,071 | +5.1% |
| Equity | 10/15 | €2,409,789 | €2,664,006 | +€254,218 | +10.5% |
| Contributions | 10/11 | €185,920 | €185,920 | = | 0.0% |
| Reserves | 13 | €2,223,869 | €2,478,086 | +€254,218 | +11.4% |
| Non-distributable reserves | 130/1 | €18,592 | €18,592 | = | 0.0% |
| Reserves not available under the articles | 1311 | €18,592 | €18,592 | = | 0.0% |
| Distributable reserves | 133 | €2,205,277 | €2,459,494 | +€254,218 | +11.5% |
| Amounts payable | 17/49 | €1,126,804 | €1,053,657 | -€73,147 | -6.5% |
| Amounts payable after more than one year | 17 | €707,088 | €733,942 | +€26,854 | +3.8% |
| Financial debts | 170/4 | - | €36,854 | +€36,854 | |
| Other amounts payable | 178/9 | €707,088 | €697,088 | -€10,000 | -1.4% |
| Amounts payable within one year | 42/48 | €399,778 | €300,056 | -€99,721 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | - | €66,667 | +€66,667 | |
| Trade debts | 44 | €123,870 | €56,706 | -€67,164 | -54.2% |
| Suppliers | 440/4 | €123,870 | €56,706 | -€67,164 | -54.2% |
| Taxes, remuneration and social security | 45 | €75,143 | €116,014 | +€40,870 | +54.4% |
| Taxes | 450/3 | €72,394 | €113,250 | +€40,856 | +56.4% |
| Remuneration and social security | 454/9 | €2,750 | €2,764 | +€14 | +0.5% |
| Other amounts payable | 47/48 | €200,764 | €60,670 | -€140,095 | -69.8% |
| Accrued charges and deferred income | 492/3 | €19,938 | €19,658 | -€280 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,240 | €30,289 | -€17,951 | -37.2% |
| Other operating charges | 640/8 | €7,636 | €13,778 | +€6,142 | +80.4% |
| Gross operating margin | 9900 | €534,346 | €491,995 | -€42,350 | -7.9% |
| Operating profit (loss) | 9901 | €478,470 | €447,929 | -€30,541 | -6.4% |
| Financial income | 75/76B | €20,637 | €46,155 | +€25,518 | +124% |
| Recurring financial income | 75 | €20,637 | €46,155 | +€25,518 | +124% |
| Financial charges | 65/66B | €28,624 | €36,593 | +€7,968 | +27.8% |
| Recurring financial charges | 65 | €28,624 | €36,593 | +€7,968 | +27.8% |
| Profit (loss) for the period before taxes | 9903 | €470,483 | €457,491 | -€12,991 | -2.8% |
| Income taxes | 67/77 | €149,037 | €145,153 | -€3,884 | -2.6% |
| Profit (loss) for the period | 9904 | €321,445 | €312,338 | -€9,107 | -2.8% |
| Profit (loss) for the period to be appropriated | 9905 | €321,445 | €312,338 | -€9,107 | -2.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.