VANINVEST: 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.
What changed
VANINVEST
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€688,997
2024 · €217,338+€471,659
Equity
€11.7m
2024 · €13.3m-€1.6m
Cash
€2.6m
2024 · €319,095+€2.3m
Balance sheet total
€23.6m
2024 · €24.5m-€821,041
Largest movements
Assets
- Tangible fixed assets -€2.6m
down €2.6m (-16.5%), from €15.9m to €13.3m
of which Land and buildings: -€2.6m
- Cash +€2.3m
up €2.3m (+724%), from €319,095 to €2.6m
mainly Investment in fixed assets (net) (+€4.3m) and Debts after one year (+€1.9m)
- Financial fixed assets -€1.8m
down €1.8m (-31.4%), from €5.8m to €4.0m
- Receivables within one year +€1.3m
up €1.3m (+302%), from €442,953 to €1.8m
of which Other amounts receivable: +€1.3m
Equity and liabilities
- Short-term financial debts -€2.0m
down €2.0m (-100%), from €2.0m to €0
- Debts after one year +€1.9m
up €1.9m (+30.3%), from €6.3m to €8.3m
- Contributions -€1.3m
down €1.3m (-17.9%), from €7.1m to €5.9m
- Other debts +€611,264
up €611,264 (+25.4%), from €2.4m to €3.0m
- Reserves -€344,445
down €344,445 (-5.6%), from €6.2m to €5.8m
of which Distributable reserves: -€679,046
Income statement
- Financial charges +€2.2m
up €2.2m (+989%), from €226,910 to €2.5m
of which Non-recurring financial charges: +€1.9m
- Financial income +€1.2m
up €1.2m (+87.1%), from €1.4m to €2.6m
- Depreciation -€534,006
down €534,006 (-71.1%), from €751,254 to €217,249
- Turnover +€153,921
up €153,921 (+30.7%), from €500,898 to €654,819
- Other operating income +€130,325
up €130,325 (+44.4%), from €293,553 to €423,878
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.
Result 2024
€217,338
Turnover
+€153,921
Other operating income
+€130,325
Goods and materials
+€8,965
Services and other goods
-€60,800
Staff costs
-€25,868
Depreciation
+€534,006
Other operating charges
-€110,715
Other operating items
+€948,962
Financial income
+€1.2m
Financial charges
-€2.2m
Taxes
+€9,885
Deferred taxes and other
-€105,292
Result 2025
€688,997
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€242,317
Investment
+€4.3m
Financing
-€2.2m
Cash 2024
€319,095
From operations (derived)
+€242,317
Net result for the year
+€688,997
Depreciation
+€217,249
Receivables within one year
-€1.3m
Deferred charges and accrued income
-€5,344
Provisions
+€105,292
Trade debts
+€34,218
Tax, wage and social debts
-€54,323
Other debts
+€611,264
Accrued charges and deferred income
-€17,645
Investment (derived)
+€4.3m
Investment in fixed assets (net)
+€4.3m
Financing
-€2.2m
Debts after one year
+€1.9m
Current portion of long-term debt
+€203,358
Short-term financial debts
-€2.0m
Contributions, distributions and other
-€2.3m
Cash 2025
€2.6m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €24,462,911 | €23,641,870 | -€821,041 | -3.4% |
| Fixed assets | 21/28 | €21,789,172 | €17,314,222 | -€4.5m | -20.5% |
| Tangible fixed assets | 22/27 | €15,941,564 | €13,304,116 | -€2.6m | -16.5% |
| Land and buildings | 22 | €13,468,620 | €10,848,017 | -€2.6m | -19.5% |
| Plant, machinery and equipment | 23 | €671 | €448 | -€224 | -33.3% |
| Furniture and vehicles | 24 | €1,551,307 | €1,539,953 | -€11,354 | -0.7% |
| Other tangible fixed assets | 26 | €920,966 | €915,699 | -€5,267 | -0.6% |
| Financial fixed assets | 28 | €5,847,608 | €4,010,106 | -€1.8m | -31.4% |
| Affiliated companies | 280/1 | €5,847,608 | €4,010,106 | -€1.8m | -31.4% |
| Participating interests | 280 | €5,431,848 | €3,581,848 | -€1.9m | -34.1% |
| Amounts receivable | 281 | €415,760 | €428,258 | +€12,498 | +3.0% |
| Current assets | 29/58 | €2,673,739 | €6,327,648 | +€3.7m | +137% |
| Stocks and contracts in progress | 3 | €1,768,282 | €1,768,282 | = | 0.0% |
| Stocks | 30/36 | €1,768,282 | €1,768,282 | = | 0.0% |
| Property held for sale | 35 | €1,768,282 | €1,768,282 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €442,953 | €1,780,343 | +€1.3m | +302% |
| Trade receivables | 40 | €224,509 | €255,462 | +€30,952 | +13.8% |
| Other amounts receivable | 41 | €218,444 | €1,524,881 | +€1.3m | +598% |
| Current investments | 50/53 | €112,500 | €112,500 | = | 0.0% |
| Other investments | 51/53 | €112,500 | €112,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €319,095 | €2,630,269 | +€2.3m | +724% |
| Deferred charges and accrued income | 490/1 | €30,909 | €36,254 | +€5,344 | +17.3% |
| Total equity and liabilities | 10/49 | €24,462,911 | €23,641,870 | -€821,041 | -3.4% |
| Equity | 10/15 | €13,313,375 | €11,692,339 | -€1.6m | -12.2% |
| Contributions | 10/11 | €7,130,540 | €5,853,950 | -€1.3m | -17.9% |
| Capital | 10 | €7,130,540 | €5,853,950 | -€1.3m | -17.9% |
| Issued capital | 100 | €7,130,540 | €5,853,950 | -€1.3m | -17.9% |
| Reserves | 13 | €6,182,834 | €5,838,389 | -€344,445 | -5.6% |
| Non-distributable reserves | 130/1 | €410,427 | €429,151 | +€18,725 | +4.6% |
| Legal reserve | 130 | €410,427 | €429,151 | +€18,725 | +4.6% |
| Tax-exempt reserves | 132 | - | €315,876 | +€315,876 | |
| Distributable reserves | 133 | €5,772,407 | €5,093,361 | -€679,046 | -11.8% |
| Provisions and deferred taxes | 16 | - | €105,292 | +€105,292 | |
| Deferred taxes | 168 | - | €105,292 | +€105,292 | |
| Amounts payable | 17/49 | €11,149,537 | €11,844,239 | +€694,702 | +6.2% |
| Amounts payable after more than one year | 17 | €6,332,174 | €8,250,004 | +€1.9m | +30.3% |
| Financial debts | 170/4 | €6,332,174 | €8,250,004 | +€1.9m | +30.3% |
| Credit institutions | 173 | €361,952 | €1,917,965 | +€1.6m | +430% |
| Other loans | 174 | €5,970,221 | €6,332,039 | +€361,818 | +6.1% |
| Amounts payable within one year | 42/48 | €4,650,825 | €3,445,342 | -€1.2m | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €90,626 | €293,984 | +€203,358 | +224% |
| Financial debts | 43 | €2,000,000 | €0 | -€2.0m | -100% |
| Credit institutions | 430/8 | €2,000,000 | €0 | -€2.0m | -100% |
| Trade debts | 44 | €48,263 | €82,480 | +€34,218 | +70.9% |
| Suppliers | 440/4 | €48,263 | €82,480 | +€34,218 | +70.9% |
| Taxes, remuneration and social security | 45 | €105,945 | €51,622 | -€54,323 | -51.3% |
| Taxes | 450/3 | €40,928 | €9,574 | -€31,355 | -76.6% |
| Remuneration and social security | 454/9 | €65,017 | €42,048 | -€22,968 | -35.3% |
| Other amounts payable | 47/48 | €2,405,991 | €3,017,255 | +€611,264 | +25.4% |
| Accrued charges and deferred income | 492/3 | €166,538 | €148,893 | -€17,645 | -10.6% |
| Operating income | 70/76A | €794,450 | €2,013,142 | +€1.2m | +153% |
| Turnover | 70 | €500,898 | €654,819 | +€153,921 | +30.7% |
| Other operating income | 74 | €293,553 | €423,878 | +€130,325 | +44.4% |
| Non-recurring operating income | 76A | - | €934,446 | +€934,446 | |
| Operating charges | 60/66A | €1,758,581 | €1,398,476 | -€360,105 | -20.5% |
| Goods for resale, raw materials and consumables | 60 | €8,965 | €0 | -€8,965 | -100% |
| Purchases | 600/8 | €8,965 | €0 | -€8,965 | -100% |
| Services and other goods | 61 | €660,866 | €721,666 | +€60,800 | +9.2% |
| Remuneration, social security and pensions | 62 | €282,392 | €308,260 | +€25,868 | +9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €751,254 | €217,249 | -€534,006 | -71.1% |
| Other operating charges | 640/8 | €40,587 | €151,302 | +€110,715 | +273% |
| Non-recurring operating charges | 66A | €14,517 | €0 | -€14,517 | -100% |
| Operating profit (loss) | 9901 | -€964,131 | €614,666 | +€1.6m | |
| Financial income | 75/76B | €1,416,610 | €2,649,966 | +€1.2m | +87.1% |
| Recurring financial income | 75 | €1,416,610 | €2,649,966 | +€1.2m | +87.1% |
| Income from financial fixed assets | 750 | €1,299,960 | €2,599,925 | +€1.3m | +100% |
| Income from current assets | 751 | €31,255 | €49,731 | +€18,476 | +59.1% |
| Other financial income | 752/9 | €85,395 | €309 | -€85,085 | -99.6% |
| Financial charges | 65/66B | €226,910 | €2,471,997 | +€2.2m | +989% |
| Recurring financial charges | 65 | €226,910 | €621,997 | +€395,086 | +174% |
| Debt charges | 650 | €216,545 | €608,339 | +€391,794 | +181% |
| Other financial charges | 652/9 | €10,366 | €13,658 | +€3,292 | +31.8% |
| Non-recurring financial charges | 66B | - | €1,850,000 | +€1.9m | |
| Profit (loss) for the period before taxes | 9903 | €225,569 | €792,635 | +€567,066 | +251% |
| Transfer from deferred taxes | 780 | - | €3,290 | +€3,290 | |
| Transfer to deferred taxes | 680 | - | €108,582 | +€108,582 | |
| Income taxes | 67/77 | €8,231 | -€1,654 | -€9,885 | |
| Taxes | 670/3 | €8,249 | €2,432 | -€5,817 | -70.5% |
| Tax adjustments and reversals of tax provisions | 77 | €18 | €4,086 | +€4,068 | +22,386% |
| Profit (loss) for the period | 9904 | €217,338 | €688,997 | +€471,659 | +217% |
| Transfer from tax-exempt reserves | 789 | - | €9,871 | +€9,871 | |
| Transfer to tax-exempt reserves | 689 | - | €325,747 | +€325,747 | |
| Profit (loss) for the period to be appropriated | 9905 | €217,338 | €373,121 | +€155,783 | +71.7% |
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 19 October 2026 via checked.be.